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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Is Elon Musk The New Steve Jobs? Bill Gates Says No

Many people see a likening between Tesla Inc (NASDAQ: TSLA) CEO Elon Musk and Apple Inc (NASDAQ: AAPL) co-founder Steve Jobs, but Bill Gates isn’t one of them.

What Happened: “You wouldn’t walk into a room and confuse them with each other,” the co-founder of Microsoft Corporation (NASDAQ: MSFT) remarked in an interview with Bloomberg on Thursday, when asked if Musk was the new Jobs.

“Elon is more of a hands-on engineer,” the billionaire philanthropist added. “Steve was a genius at design and picking people and marketing.”

Gates acknowledged that Musk and others have made great contributions to the electric car and therefore to the “climate change effort.”

“He did it with quality,” Gates said on Musk’s efforts. “It’s still a little premium-priced but fine. You know he’s got that initial market,” he observed.

The former CEO of Microsoft said he was not trivializing in any way the need to

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Hundreds of thousands will lose their jobs without additional emergency aid, says American Airlines CEO

“Hundreds of thousands of people will be out of work, and service to small communities will be discontinued,” if a new round of emergency airline funding is not approved, American Airlines Chief Executive Doug Parker said on NBC’s “TODAY” show Friday morning.



Doug Parker wearing a suit and tie


© Provided by NBC News


Moreover, the critical national infrastructure that the airline industry provides, and that will be key to the nation’s economic recovery, could be severely impacted by the sweeping industry cuts, he said.

“We want to make sure that when the economy recovers we are here,” Parker said.

Parker’s comments come after emergency talks at the White House on Thursday, when executives from the major U.S. airlines met with White House Chief of Staff Mark Meadows in a last-minute plea for additional funding in order to avoid tens of thousands of layoffs across the entire airline sector.

“We airline CEOs are here on behalf

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Jobs market still challenging: Frydenberg





Treasurer Josh Frydenberg concedes Australia’s labour market is still challenging despite a surprise fall in unemployment.

The jobless rate unexpectedly fell to 6.8 per cent in August, bucking widespread predictions of a slight rise.

“The labour market is still very challenging,” Mr Frydenberg told Sky News on Friday.

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“There is a lot of uncertainty out there in the economy – not just here in Australia but globally – and that’s a reflection of the nature of the virus.”

Roughly 111,000 people gained employment in August, the third month of exceptionally strong results.

Over half the massive jobs losses in April and May have been recovered.

However such strength masked a 42,400 drop in employment numbers in Victoria, where restrictions remain.

Mr Frydenberg, a Victorian MP, said businesses in the state were still hard hit by lockdowns.

“I’m hoping and the prime minister is hoping those restrictions can be

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UPDATE 1-Dutch government boosts spending to support jobs during pandemic

(Adds updated economic projections)

AMSTERDAM, Sept 15 (Reuters) – The Dutch government will maintain heavy spending in an effort to counter the effects of the coronavirus pandemic despite a rapid deterioration of the state finances, its draft budget for 2021 showed on Tuesday.

The budget deficit is set to balloon to 7% of gross domestic product this year and 5.5% in 2021, while national debt is expected to hit 62% of GDP next year, as support for workers and companies struck by the pandemic is extended well into 2021.

“In these insecure times, the government chooses not to cut spending but to invest in job security, social safety nets and a stronger economy,” King Willem-Alexander said in his annual speech presenting the government’s new budget.

The Dutch economy is expected to shrink by an unprecedented 5% this year before rebounding by 3.5% in 2021, said the government’s main economic policy

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Early departures saved flight attendants’ jobs

Delta Air Lines will not furlough any flight attendants and front-line workers in 2020 due to the many employees who opted for early retirement, the airline announced on Tuesday.



a large room: Delta: Early departures saved flight attendants' jobs


© The Hill
Delta: Early departures saved flight attendants’ jobs

More than 40,000 employees voluntarily signed up for short- and long-term unpaid leaves of absences and 20 percent chose to voluntarily exit the company, CEO Ed Bastian wrote in a memo to employees. Delta also scaled down operations and reduced ground-based employees work hours by 25 percent.

“While it is difficult to see so many of our colleagues leave, every one of those departures helped save Delta jobs,” Bastian wrote. “As a result of these actions, Delta will be able to avoid involuntary furloughs for our flight attendants and ground-based frontline employees in the U.S., as we’ve effectively managed our staffing between now and the start of peak summer 2021

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Air New Zealand plans to cut up to 385 more cabin crew jobs

* Would take job losses to 37% of pre-COVID workforce

* Cuts are deeper than at rivals Qantas, Singapore Airlines

* Union calls on airline to stop outsourcing roles

SYDNEY, Sept 16 (Reuters) – Air New Zealand Ltd said on Wednesday it aims to cut up to 385 more cabin crew jobs due to the lack of long-haul international flying, which would take its COVID-19 related job losses to around 37% of its workforce.

The percentage figure is higher than the cuts to nearly 30% of jobs at Australia’s Qantas Airways Ltd and around 20% at Singapore Airlines Ltd.

Air New Zealand said in a statement it would need fewer cabin crew due to the decline in demand on North American routes, which had led it to reduce return flights to Los Angeles to three a week from daily and convert San Francisco flights to cargo only.

“In the foreseeable

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Fed Sees Rates Near Zero Through 2023 to Boost Jobs, Prices

(Bloomberg) — Federal Reserve officials held interest rates near zero and signaled they would stay there for at least three years, vowing to delay tightening until the U.S. gets back to maximum employment and 2% inflation.

The U.S. central bank “expects to maintain an accommodative stance” until those outcomes are achieved, it said in a statement Wednesday following a two-day meeting that beefed up its description of future policy.

The fresh guidance is the Fed’s first step in an evolving communication strategy, after it unveiled a new long-term policy framework last month to allow inflation to overshoot its 2% target after periods of under-performance.



a screenshot of a video game: The Fed's New Dot Plot


© Bloomberg
The Fed’s New Dot Plot

Announced by Chair Jerome Powell at the Fed’s Jackson Hole conference, officials expect to refine their approach to economic projections later this year and they may also reach consensus on how to talk about their balance sheet.

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5G Revolution Will Create 4.6 Million Jobs in America Through 2034 as Part of “Next Wave” of Mobility

5G will grow jobs, not just in tech, but in sectors across the economy in what would be traditionally considered white- and blue-collar positions 

More than 100,000 5G-related positions already created

The National Spectrum Consortium and the Progressive Policy Institute (PPI) today unveiled groundbreaking research that finds that the 5G revolution will create 4.6 million jobs through 2034 as part of a new wave of mobility and innovation. Additionally, the study finds that current 5G build-out and engineering activities have created 106,000 jobs as of April/May 2020, helping in a modest way to offset the impact of the COVID-19 crisis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200917005253/en/

The Third Wave: How 5G Will Drive Job Growth Over the Next Fifteen Years (Graphic: Business Wire)

The study, conducted by Dr. Michael Mandel and Elliott Long of PPI on behalf of the National Spectrum Consortium, finds that this

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British Airways Says Pandemic May Cost 10,000 Jobs

(Bloomberg) — British Airways is expecting to cut as many as 10,000 jobs due to the Covid-19 pandemic even as the airline reached deals or agreements in principle with its various unions.



a plane sitting on top of a truck: Crew members prepare an air stair for a passenger aircraft, operated by British Airways, a unit of International Consolidated Airlines Group SA (IAG), at Bournemouth Airport in Bournemouth, U.K., on Tuesday, March 31, 2020. European airlines will take the biggest hit to demand from the coronavirus, with passenger traffic set to fall 46% this year, according to economists at the International Air Transport Association.


© Bloomberg
Crew members prepare an air stair for a passenger aircraft, operated by British Airways, a unit of International Consolidated Airlines Group SA (IAG), at Bournemouth Airport in Bournemouth, U.K., on Tuesday, March 31, 2020. European airlines will take the biggest hit to demand from the coronavirus, with passenger traffic set to fall 46% this year, according to economists at the International Air Transport Association.

The flagship U.K. carrier has seen 7,200 people leave as of last week, Chief Executive Officer Alex Cruz told lawmakers in London on Wednesday. The company remains in discussions with some labor groups, he said, and has rowed back on a plan to fire and rehire staff on new contracts.

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