Night-time industry ‘set to lose 700,000 jobs without further Government support’, NTIA warns



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The night-time economy is “on the brink of collapse” with more than 700,000 jobs at risk — and the end of the furlough scheme could be “the final blow”, an industry body has warned.

A survey of Night-Time Industries Association (NTIA) members found 71 per cent of businesses are set to make “more than half” of their workforce redundant “in a matter of weeks”.

The Job Retention Scheme, which has seen the Government pay 80 per cent of wages for more than 10 million furloughed employees during the Covid-19 pandemic, is set to end on October 31.

Indoor performances at music venues have been allowed since August 15, although many venues such as nightclubs remain shut due to physical and financial issues surrounding social distancing.

The NTIA warning comes after the latest figures from the Office of National Statistics reported a drop in employment of

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Meredith cuts 180 jobs, ‘minimal’ impact on Des Moines office

Meredith Corporation laid off 180 workers this week, but its Des Moines offices avoided most of the cuts.



a sign in front of a building: Outside of the Meredith Corporation's downtown Des Moines campus on Tuesday, May 12, 2020.


© Kelsey Kremer/The Register
Outside of the Meredith Corporation’s downtown Des Moines campus on Tuesday, May 12, 2020.

The layoffs included 130 employees from its local media group, which owns 17 TV stations. The rest of the cuts came from its national media group, which publishes magazines such as People and Better Homes & Gardens.

The Des Moines-based media company has suffered in the midst of the broader economic recession because of the COVID-19 pandemic. Driven by a 17% drop in ad revenue compared with 2019, Meredith reported a $234 million loss in fiscal year 2020, which ended June 30. This spring, the company decreased employee salaries, a move that Meredith reversed at the beginning of this month.



Outside of the Meredith Corporation's downtown Des Moines campus on Tuesday, May 12, 2020.


© Kelsey Kremer/The Register
Outside of the Meredith Corporation’s downtown Des Moines campus on

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The federal government is jeopardizing manufacturing jobs

MONTREAL, Sept. 17, 2020 /CNW Telbec/ – The federal government will soon publish the new Clean Fuel Standard (CFS). Although this reform has attracted less attention from the general public than the imposition of a carbon tax, it is once again Canadian manufacturing companies and consumers who will feel its effects. A new Montreal Economic Institute publication, prepared by economist Miguel Ouellette, shines a light on the unintended consequences of the CFS.

“Given Canada’s precarious economic situation during this pandemic, governments should show some flexibility when it comes to businesses, since many of them are struggling just to stay afloat,” says Miguel Ouellette. “Unfortunately, it seems that the federal government is about to take a step in the wrong direction by imposing a new fuel standard. With this measure, Canada would stand alone, placing its companies at a disadvantage with regard to foreign competitors,” points out the

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Banking giant Investec will slash 210 jobs from its London HQ



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Banking giant Investec has confirmed plans to axe 210 jobs from its London headquarters amid a ‘challenging economic backdrop’.

The firm said it will slash around 13 per cent of roles in the capital in order to help ‘simplify and focus the business’ amid the pandemic. 

Investec added its performance in the five months to August 31 was impacted by lower average interest rates, reduced client activity and a 22 per cent depreciation of the South African rand against the pound.   

Fani Titi, chief executive of Investec, said severe contractions in GDP and volatile international markets pressed down on revenues during this turbulent period.

However, he added that the business had ‘proved resilient’ despite the impact of lockdown in the first quarter before economies slowly started to reopen.

A spokesman added: ‘The strategy was set prior to Covid-19 but the crisis has also

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Investec cuts jobs, retail rebounds, pound gains

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and around the world:

Investec axes jobs

International banking giant Investec (INVP.L) said today that it’s planning to cut 210 jobs in London to “simplify and focus the business.” The statement was made as part of its trading announcement for the first half of the year.

The business added that a challenging economic backdrop, primarily caused by COVID-19, resulted in reduced economic activity and increased market volatility for the business.

Adjusted operating profit for the six months to the end of September was expected to be between 50 and 60 per cent behind the £175.6m ($228m) posted in the same period last year, the company said.

Retail sales registered their fourth month in a row of growth in August, the Office for National Statistics (ONS) said on Friday.

Spending in

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Cleaning Up Dormant Oil and Gas Wells, Supporting 1,200 Jobs in B.C.

OTTAWA, Sept. 18, 2020 /CNW/ – The Governments of Canada and British Columbia are working together to support Canadian energy workers during these difficult times by creating thousands of jobs that will have a lasting benefit on the environment as we continue to safely restart our economy.

Today, the Honourable Seamus O’Regan, Canada’s Minister of Natural Resources; the Honourable Jonathan Wilkinson, Canada’s Minister of Environment and Climate Change; and the Honourable Bruce Ralston, British Columbia’s Minister of Energy, Mines and Petroleum Resources, announced that the first $50 million under British Columbia’s Dormant Sites Reclamation program has been allocated. The funding will support energy jobs at 79 individual service companies that will undertake reclamation work on 1,880 dormant wells in the province, creating over 1,200 jobs in the process.

The British Columbia Dormant Sites Reclamation program was established following the Government of Canada’s April 2020 announcement of a $1.72-billion

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Economists expect Shreveport-Bossier to recover some, but not all, jobs in 2021 and 2022

Shreveport-Bossier City likely won’t see full job recovery from COVID-19 until 2023, LSU business professor emeritus of economics Loren Scott said Wednesday.

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Scott spoke virtually on the Louisiana Economic Outlook he produces annually with his co-author LSU professor Greg Upton. The Port of Caddo-Bossier and Committee of 100 hosted the event.

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Shreveport-Bossier, the state’s fourth-largest metropolitan statistical area, has Louisiana’s third-highest job loss (10,600 jobs or 5.9%) for 2020.

The big losses came from Libbey Glass, DiamondJacks Casino and Dolet Hills mine and plant. Libbey Glass is shutting down its 450-person plant in Shreveport. DiamondJacks permanently closed its resort and casino in Bossier City, meaning 349 jobs were lost. Dolet Hills in Mansfield is closing its mine (155 jobs) and power plant (88 jobs).

Those were the biggest job losses in the area, but Shreveport-Bossier also lost jobs in hospitality and tourism as

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ADP Canada National Employment Report: Employment in Canada Decreased by 205,400 Jobs in August 2020

The MarketWatch News Department was not involved in the creation of this content.

TORONTO, Sep. 17, 2020 (Canada NewsWire via COMTEX) —
Employment in Canada decreased by 205,400 jobs from July to August according to the August ADP(®) Canada National Employment Report. Broadly distributed to the public each month, free of charge, the ADP Canada National Employment Report is produced by the ADP Research Institute(®). The report, which is derived from actual ADP payroll data, measures the change in total nonfarm payroll employment each month on a seasonally-adjusted basis.

August 2020 Report Highlights*

Total Canada Nonfarm Payroll Employment(1): -205,400

Industry Snapshot:

– Goods Producing:

    --  Manufacturing - 39,000
    --  Construction - 86,200
    --  Natural Resources and Mining - 1,300


– Service Providing:

    --  Trade/Transportation and Utilities - 49,500
    --  Information - 2,500
    --  Finance/Real Estate 3,000
    --  Professional/Business Services - 29,100
        - Professional/Technical - 18,400
        - Management of Companies - 
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Thousands of jobs could be lost in London unless business rates holiday extended, Sadiq Khan warns



Sadiq Khan wearing a suit and tie: (Getty Images)


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Sadiq Khan is urging the Government to extend the business rates holiday for another year over fears thousands of jobs could be lost in London and across the country.

After the coronavirus pandemic hit the UK, business rates for retail, hospitality and leisure businesses in England were halted until the new financial year starts in April.

In a joint submission to the Government’s business rates review, the mayor of London has joined with councils in the capital to call for an extension to 2021/22.

Raising concerns that thousands of jobs could be lost, the mayor’s office said this would provide support to businesses who have suffered a drop in footfall due to the coronavirus crisis.

“Businesses across London continue to struggle from the impact of Covid-19,” Mr Khan said.

“If the business rates holiday comes to an end, I worry any employers will

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HSBC Prepares to Cut Trading Jobs in Paris

(Bloomberg) — HSBC Holdings Plc is exploring plans to cut the jobs of almost all its Paris-based bankers working on structured derivatives products, according to people familiar with the matter.

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The move would affect the equity and fixed-income derivatives teams, the people said, asking not to be identified discussing private information. It’s not clear how many jobs will be affected. Europe’s biggest bank aims to cut 255 jobs throughout the 678-person French investment bank by early 2022, Bloomberg News has reported.

Some jobs will be moved to Asia, where most clients for those products are located, the people said, adding that the plans aren’t yet final.

The French cutbacks form part of a worldwide overhaul announced by Chief Executive Officer Noel Quinn last February, which aims to reduce gross risk-weighted assets by more than $100 billion and cut 35,000 jobs by 2022. London-based HSBC has focused particularly on

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