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Jio-Mubadala Deal
Reliance Industries Limited and Jio Platforms Limited, India’s main digital services platform, announced that Mubadala Investment Company, the Abu Dhabi-based sovereign investor, will invest rupees. Rs 9,093.60 crore on Jio platforms with a capital of Rs. 4.91 lakh crore and a commercial value of Rs. 5.16 lakh crore.
Mubadala’s investment will result in a 1.85% stake in Jio Platforms on a fully diluted basis. Thanks to this investment, Jio Platforms has increased its rupees. Rs 87,655.35 crore from the world’s best technology and growth investors, including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.
Jio Platforms, a wholly owned subsidiary of Reliance Industries, is a next generation datasheet focused on providing high quality affordable digital services across India with more than 388 million subscribers.
Jio Platforms has made significant investments in its digital ecosystem, using cutting-edge technologies covering broadband connectivity, smart devices, cloud computing and advanced analytics, big data, artificial intelligence, Internet of Things, the augmented and mixed reality blockchain Jio’s vision is to enable a digital India for 1.3 billion people and businesses across the country, including small traders, micro-enterprises and farmers, so that everyone can benefit from the fruits of growth.
Mubadala Investment Company is a sovereign investor who manages a global portfolio, with the objective of generating sustainable financial returns for its shareholder, the government of Abu Dhabi. Mubadala’s $ 229 million portfolio spans five continents with interests in multiple sectors, including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, good deals , pharmaceuticals and medical technologies, agribusiness and a global portfolio of financial holdings in all asset classes.
Mubadala has offices in Rio de Janeiro, Moscow, New York, and San Francisco, with a joint venture in Hong Kong. Mubadala is a sociable sociable, a committed shareholder and a responsible global company committed to meeting world-class government commitments.
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Jio Platform: A “Cash Cow” for Reliance
Cash Cow, in business parlance, is a business that generates a constant return on profit that far exceeds the cash expenses necessary to buy or start up. Telecom behemoth Reliance #JIO sounds like cash cow for #RelianceIndustries. An analysis given below shows how #RIL taking “Cash Shower” by virtue of their latest venture.
Last week, Face book announced it would invest Rs 43,547 crore ($5.7 billion) in RIL’s wholly-owned subsidiary Jio Platforms to expand its presence in India for a 9.9 per cent stake in Jio. This transaction also marked the largest foreign direct investment for a minority investment in India. Facebook’s investment will translate into a 9.99% equity stake in Jio Platforms on a fully diluted basis. Reliance Industries Limited and Jio Platforms Limited also announced couple a day before that Silver Lake will invest Rs 5,655.75 crore into Jio Platforms. This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5% premium to the equity valuation of the Facebook investment announced on April 22, 2020.
With approximately $40 billion in combined assets under management and committed capital and a singular focus on the world’s great tech and tech-enabled opportunities, Silver Lake is the global leader in large-scale technology investing. Its mission is to build and grow great companies by partnering with world-class management teams. Its investments have included Airbnb, Alibaba, Ant Financial, Alphabet’s Verily and Waymo units, Dell Technologies, Twitter and numerous other global technology leaders.This investment by Silver Lake is further testament to the world-class digital platform that Jio has built, powered by leading technologies, such as Broadband connectivity, Smart Devices, Cloud and Edge Computing, Big Data Analytics, Artificial Intelligence, Internet of Things, Augmented and Mixed Reality and Blockchain. India is home to some of Facebook’s most thriving communities on WhatsApp, Facebook and Instagram.
Over the years, Facebook has invested in India based on a strong belief in India’s entrepreneurial talent and opportunity, to help create meaningful impact for Indians and Indian businesses using their multiple platforms.The partnership between Facebook and Jio is unprecedented in many ways. This is the largest investment for a minority stake by a technology company anywhere in the world and the largest FDI in the technology sector in India.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries Limited, is a next-generation technology company building a Digital Society for India by bringing together Jio’s leading digital apps, digital ecosystems and India’s #1 high speed connectivity platform under one umbrella. The investment values Jio Platforms amongst the top 5 listed companies in India by market capitalization, within just three and a half years of launch of commercial services, validating Reliance Industries’ capability in incubating and building disruptive next-generation businesses, while delivering market defining shareholder value.
Reliance Industries Limited RIL is India’s largest private sector company, with a consolidated turnover of INR 622,809 crore ($90.1 billion), cash profit of INR 64,478 crore ($ 9.3 billion), and net profit of INR 39,588 crore ($5.7 billion) for the year ended March 31, 2019.
RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services. RIL is the top most ranked company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ – currently ranking 106th in terms of both revenues and profits.
The company stands 71st in the ‘Forbes Global 2000’ rankings for 2019 – top-most among Indian companies. It ranks 10th among LinkedIn’s ‘The Best Companies to Work For In India’ (2019). About Jio Platforms Limited Jio Platforms Limited (“Jio”), a wholly-owned subsidiary of Reliance Industries Limited (“RIL”), has built a world-class all-IP data strong future proof network with latest 4G LTE technology (through its wholly owned subsidiary, Reliance Jio Infocomm Limited).
It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. It is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond. Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital India for 1.2 billion Indians and propel India into global leadership in the digital economy.
It has created an eco-system comprising of network, devices, applications and content, platforms, service experience and affordable tariffs for everyone to live the Jio Digital Life. As part of its customer offers, Jio has revolutionised the Indian telecom landscape by making voice calls for Jio customers absolutely free, across India, to any network, and always. Jio makes India the highest quality, most affordable data market in the world.
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Jio Platform – TPG Deal
Reliance Industries’ Jio Platforms digital unit attracted yet another investment from global investment firm TPG and PE L Catterton. Thanks to these investments, the mega telecommunications company has so far raised Rs.1.04 crore lakh and sold a 22.38% stake. TPG will invest rupees. Rs 4,546.80 million on Jio platforms with a capital of Rs. 4.91 crore de lakh and a commercial value of Rs. 5.16 crore de lakh. The investment will result in a 0.93% interest in Jio Platforms on a fully diluted basis for TPG.
TPG is a leading global alternative asset company founded in 1992 with more than $ 79 billion in assets under management in a wide range of asset classes, including private equity, growth stocks, real estate and public stocks.
During its more than 25 years of existence, TPG has created an ecosystem of hundreds of portfolio companies and a network of value-added professionals, executives and advisers worldwide. Their investments in global tech companies include Airbnb, Uber, and Spotify, among others. TPG invests in its funds TPG Capital Asia, TPG Growth and TPG Tech Adjacencies (TTAD).
RIL’s fundraising journey so far
- On 22 April, social media giant Facebook announced investment of Rs.43,574 crore into Jio Platforms, the investment will translate into a 9.99 per cent equity stake in Jio Platforms, the largest FDI in the Indian tech sector.
- On 8 May, US-based private equity firm Vista Equity Partners will buy a 2.32 per cent stake in billionaire Mukesh Ambani’s digital unit for Rs.11,367 crore.
- Silver Lake, one of the world’s largest tech investors, agreed to invest Rs. 5,655.75 crore to buy a 1.15 per cent stake in Jio Platforms.
- On 17 May, General Atlantic, the US investment firm that helped fund Airbnb Inc. and Uber Technologies Inc, has picked up 1.34 per cent stake in the digital unit of Reliance Industries for Rs. 6,598.38 crore.
- In May, Reliance Industries had announced sale of a 2.32 per cent stake in its digital unit to the US-based private equity giant KKR for Rs.11,367 crore.
- On 5 June, Mubadala Investment Company, the Abu-Dhabi based sovereign investor, will invest Rs.9,093.60 crore into Jio platforms. Mubadala’s investment will translate into a 1.85 per cent equity stake on a fully diluted basis.
- On 5 June, private equity fund Silver Lake invested another Rs. 4,546.80 crore for additional 0.93 per cent stake in Jio Platforms.
- Abu Dhabi Investment Authority (ADIA) has taken 1.16 per cent equity stake in Jio Platforms for Rs.5,683.5 crore.
- On 13 June, Reliance Industries has sold a 0.93 per cent stake in Jio Platforms to global alternative asset firm TPG for Rs.4,546.80 crore.
- On 13 June, L Catterton, one of the world’s largest consumer focused private equity firms, said it will invest Rs.1894.50 crore, translating into a 0.39 per cent equity stake in Jio Platforms on a fully diluted basis.
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Jio – KKR Deal
Reliance Industries Limited and Jio Platforms Limited, India’s leading digital services platform, announced today that KKR will invest rupees. Rs 11,367 million on Jio platforms. This transaction values Jio platforms with a capital value of Rs.4.91 lakh crore and a company value of Rs 5.16 crore dekh. This is KKR’s largest investment in Asia and will result in a 2.32% stake in Jio Platforms on a fully diluted basis. Last month, top tech investors like Facebook, Silver Lake, Vista, General Atlantic and KKR announced global investments of Rs 78.562 billion on Jio platforms.
Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments in its digital ecosystem, fueled by cutting-edge technologies including broadband connectivity, smart devices, cloud and advanced computing, big data analytics, artificial intelligence, Internet of things, augmented and mixed reality and blockchain. Jio’s vision is to enable a digital India for 1.3 billion people and businesses across the country, including small traders, micro-enterprises and farmers, so that everyone can benefit from the fruits of a inclusive growth.
Founded in 1976, KKR has a long history of building large global companies and successful investments in technology companies, including BMC Software, ByteDance and GoJek through its private equity and technology growth funds. . Since its inception, the company has invested more than $ 30 billion (total company value) in technology companies, and today, the company’s technology portfolio includes more than 20 companies in the technology, media, and telecommunications sectors. Furthermore, India has been a key strategic market for KKR with a history of investing in the country since 2006.
Jio Platforms Limited, a wholly-owned subsidiary of Reliance Industries Limited, has built a future-proof, world-class network with the latest 4G LTE technology (through its wholly-owned subsidiary, Reliance Jio Infocomm Limited). It is the only network designed and born as a mobile video network from scratch and compatible with voice over LTE technology. It’s future-ready and can be easily updated to support even more data as technologies evolve to 5G, 6G, and more. Jio will bring transformative changes to India’s digital services space to enable the vision of digital India for 1.3 billion Indians and propel India towards global leadership in the digital economy. Jio created an ecosystem that includes affordable network, devices, apps and content, platforms, service experience, and prices so everyone can experience digital life. As part of its customer offerings, Jio has revolutionized the Indian telecommunications landscape by making voice calls for Jio customers absolutely free, across India, to any network and always.
KKR is a leading global investment company that manages various alternative asset classes, including private equity, energy, infrastructure, real estate, and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class employees and stimulating growth and value creation with KKR’s portfolio companies. KKR invests its own capital together with the capital it manages for fund investors and provides financing solutions and investment opportunities through its activities in the capital market. References to KKR investments may include the activities of its sponsored funds.
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Japan’s economy contracted at its fastest rate in 40
Japan’s economy contracted at its fastest rate on record as it battles the coronavirus pandemic
The world’s third-largest economy saw a 7.8% drop in gross domestic product in April-June compared to in the previous quarter, a 27.8% on an annualized basis. Japan was already struggling with weak economic growth before the crisis. The figures released on Monday are a stark reminder of the severe financial shock facing countries around the world.
- Japan entered recession earlier this year after two successive quarters of economic contraction. Its latest data for the April-June quarter was the biggest drop since comparable figures were available in 1980 and was slightly higher than analysts’ expectations.
- One of the main factors behind the recession was a sharp drop in domestic consumption, which accounts for more than half of the Japanese economy.
- Exports have also fallen dramatically as global trade is affected by the pandemic. The most recent data is the third consecutive quarter of decline for the Japanese economy, which represents its worst performance since 1955.
- The recession puts additional pressure on a Japanese economy that was already struggling with 10% sale last year the effects of a higher tax, with Typhoon Hagibis.
- Japan is the latest in a series of Asian economies to report significantly weaker second-quarter GDP data. This should come as no surprise; No one escaped the reach of the pandemic, and even though strict closures weren’t in place, people generally stayed inside and didn’t spend any money.
- This has a ripple effect on business profits, as consumers buy less and businesses earn less. This is a vicious cycle which in turn leads to a lack of confidence in recruiting potential candidates, which means that there is also nervousness about job prospects.
- All of this is reflected in today’s numbers. Yet now is the time to look to the future and the possibility of a rebound. Japan is expected to do better than other economies, some analysts say.
- Capital Economics says that although the world’s third largest economy is in the midst of a second wave of infections, its health care systems are not overwhelmed and new cases have started to decline.
- The research house says it expects third-quarter GDP to rebound and continue into the next year. After the record contraction, most analysts expect Japan’s economic growth to rebound in the coming months.
- Prime Minister Shinzo Abe has introduced massive stimulus packages aimed at helping cushion the blow of the pandemic. As Japan lifted state of emergency measures at the end of May, fears persist that a recent spike in infections could again affect business and household spending.
- China, the world’s second-largest economy, also offers reasons for hope. Its economy rebounded in the period from April to June, with a growth of 3.2%.
- Preliminary data on gross domestic product, the total value of goods and services produced in the country, is down 7.8 percent on a seasonally adjusted quarterly basis, marking negative growth for the third quarter in a row, according to the Bureau of the Cabinet.
- Comparable data is available for the April-June 1980 quarter. But a Cabinet Office official said the latest figure was seen as the biggest contraction on record, even since 1955, the first time the government can track reference values.
- Before the outbreak of the pandemic, the Japanese economy was already lagging behind due to the trade dispute between the United States and China and a 2 percentage point increase in excise duties last year.
- Damage to the economy worsened during the pandemic after the central government declared a state of emergency in April.
- Local governments have asked residents to stay at home and non-essential businesses to suspend operations in accordance with the emergency declaration, which was first issued on April 7 for Tokyo and six other prefectures and for the whole. of the country later. It was lifted for the 47 prefectures at the end of May.
- The latest figures, which far exceeded the previous record of an annualized real contraction of 17.8% in the January-March 2009 quarter in the wake of the global financial crisis, were worse than the average economy forecast.
- The latest figures, which far exceed the previous record of an annualized contraction of 17.8% in real volume in the January-March 2009 quarter after the global financial crisis, were worse than the average predicted by economists. private sector decreased 26.59%.
- The Japanese economy contracted 7.0% year-on-year during the October-December period, affected by the increase in the consumption tax from 8% to 10% in October and the consequences of a devastating typhoon. During the period from January to March, the economy contracted 2.5% as the virus began to spread throughout the country.
- In the quarter under review, private consumption, which accounts for more than half of the Japanese economy, fell 8.2% from the previous quarter, as spending on travel, restaurants and shopping fell significantly in the middle.
- The drop in consumer spending was also the largest on record, exceeding a 4.8% drop between April and June 2014, after the previous increase in consumption tax from 5% to 8% on the 1st April of the same year.
- Exports of goods and services, including foreign tourist spending, fell 18.5%. Global demand for products like cars and auto parts declined amid strict closures in many major cities abroad, and the number of inbound visitors declined due to strict restrictions on international travel to slow the spread of virus.
- Meanwhile, imports posted a relatively small decline of 0.5%, as strong imports from China helped offset lower imports from the United States and European countries.
- Spending on private investment, another key pillar of domestic demand, fell 1.5%, while private residential investment fell 0.2% as the pandemic increased uncertainty about the business outlook.
- Public investment increased by 1.2%, supported by spending on infrastructure construction to prepare for natural disasters in the future, while public spending fell by 0.3%.
- In nominal terms, or without adjusting for price changes, the Japanese economy contracted 7.4% during the quarter, or 26.4% annualized.
- Japan last experienced a GDP contraction for three consecutive quarters, from October-December 2010 to April-June 2011, due to weak private consumption and a massive earthquake and tsunami that devastated the northeast region of Japan in March 2011.
Jamia Millia Islamia Extends Application Deadline for CUET
Interested candidates can register on the official JMI exam website, jmicoe.in, before April 20, 2023.
Jamia Millia Islamia has extended the deadline to apply for BTech, BArch and PG programs under the Common University Entrance Test (CUET) 2023. Interested applicants can apply via the official website of the exams JMI: jmicoe.in.
According to the official notification, applicants now have until April 20 to complete the Jamia application forms.
“The Vice Chancellor, JMI, has very kindly approved the extension of the last registration date for the University’s BTech, BArch and PG programs to be tested by CUET for the 2023-24 academic session from 04.05.2023 starting on 04.20. 2023,”
says the official notification.
This year, Jamia Millia Islamia will only accept CUET UG scores for admission to 20 courses. For this, applicants must fill out the CUET application form and Jamia UG courses in which admission would be through CUET are: BA (Hons) (Turkish Language and Literature)* (Hons) Sanskrit, BA (Hons) French and Francophone Studies, BA (Hons) Spanish and Latin American Studies, BA (Hons) History, BA (Hons) Hindi, BA (Hons) Urdu, BA (Hons) Korean Language, BA (Hons) Persian, BSc Biotechnology, BVoc (Solar Energy), BSc (Hons) Physics, BSc (Hons) Chemistry, BSc (Hons) Applied Mathematics and BA (Hons) Economics In 2022, Jamia received 1,44,134 applications through CUET, making it the 7th most applied central university.
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IT services companies to suspend recruitment this year:
India’s information technology services industry would see a hiring freeze this year and executives would be cut by 20-25% in wages due to the negative impact of the coronavirus pandemic, said Mohandas Pai, a veteran of the IT industry. The former Chief Financial Officer of IT services major, Infosys Ltd, said the IT industry has done a “fabulous, unbelievable and remarkable” job in transitioning more than 90 per cent of its employees to work from home. It has achieved this task by setting up infrastructure at home, taking permission from their clients, and making sure that “security and oversight are there. The chairman of the private equity fund Aarin Capital and Manipal Global Education have declared that 25 to 30%, perhaps more, of the employees of IT companies will continue to work from home on a rotating basis, even after the closure of the caused closure by the coronavirus and the situation returns to normal. Speaking to P T I, Pai said he does not expect demand for office space in the IT sector to decrease in the future, as businesses now have to maintain social distance in their small offices.
“Now with social distancing, you need more space per person. So, 25 per cent working from home will provide additional space. I think space in the offices for people would get bigger; so for the next one year, the market (office space segment) could be very soft, and then it will grow at the normal pace”
– Mohandas Pai
“Secondly, if people leave, I don’t think they will fill up the backlog, because this quarter and next quarter, the market is going to be soft. All the clients are in the West, they have not opened their offices yet, they are still going through the pains. So, I think next year there is going to be recruitment, this year will be soft, they (IT companies) will not grow in (terms of) people,”
he added.
“There will be salary cuts. There will be promotions but not increments in salaries for most people. For senior level they will cut salaries to adjust costs. People getting Rs 75,000 to Rs one lakh and above per month, they will see salary cuts, may be 20-25 per cent,”
he added.
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Is there life on Venus?
An announcement made on Monday by an international team of astronomers about the discovery of phosphine gas in the atmosphere of Venus sparked worldwide excitement about the possibility of the presence of life forms on the neighboring planet.
- In addition to being produced in industrial processes, phosphine, a colorless but smelly gas, is known to be produced only by certain species of bacteria that survive in the absence of oxygen.
- In an article published in Nature Astronomy, a team of scientists reported traces of phosphine at a concentration of around 20 parts per billion, thousands to millions of times more than one might otherwise expect.
So, is there life on Venus?
No one is saying it yet. What scientists have discovered is the presence of a chemical that is known to be produced only by a biological process and not by a natural chemical process. There are other ways to produce this chemical, for example in the bellies of volcanoes or in meteorite activity, but it would have been shown at much lower concentrations.
- In any case, scientists have ruled out all of these kinds of known possibilities that could be attributed to the presence of this gas.
- In fact, this discovery was made in 2017, and scientists verified and rechecked their data from the past three years before deciding to make it public.
- The summary of their paper in Nature Astronomy says that this presence of phosphine is “inexplicable” after careful study of all other possible sources and “production pathways in the atmosphere, clouds, surface and subsoil of Venus, or by the discharge of lightning, volcanic or meteorite “.
- So the only possible explanation for the origin of this phosphine, according to our current knowledge, could be in biological processes, the way it is produced on Earth, by certain microbes.
- In an announcement on Monday, scientists were careful to stress, on several occasions, that this was not a confirmation of the presence of life on Venus.
So why is this important?
This is the most credible evidence to date of the possibility of life outside of Earth. Scientists say it’s more significant, for example, than the discovery of water on the Moon or Mars.
“In the search for extraterrestrial life, this is the biggest find, hands down. Of course, that cannot mean that there is indeed life on Venus, or elsewhere, but if you are a scientist looking for life forms on other planets, I think this is your first. real breakthrough, ”
said Dibyendu Nandi of IISER. , Calcutta.
- This is how Professor Sara Seager of the Physics Department at the Massachusetts Institute of Technology, who is one of the study’s authors, also described the discovery. He said the detection of the phosphine had raised Venus “higher on the scale of interesting targets” where the possible presence of life forms can be explored.
But Venus can’t stand life, right?
There are several things we know about Venus that make life, as we know it, unsustainable on this planet. Venus’s temperature is too high and its atmosphere is very acidic, just two of the things that would make life miserable.
- But Somak Raychaudhuri, director of the Pune-based Interuniversity Center for Astronomy and Astrophysics, suggested this phosphine could be a holdover from a time when Venus was a much more hospitable place.
- Look, this discovery opens up many interesting possibilities. We don’t know how long the phosphine molecules survive.
- Additionally, we know that Venus was not always as inhospitable as it seems today.
- So one of the possibilities, if we wanted to explore the question of the presence of life on Venus, it could be whether this phosphine is in fact something left over from a time when the planet was home to life forms. These are open questions at the moment.
- All of these will be explored. What we have now is just one foot in the door. Now we can probe with more enthusiasm, ”he said.
- Infact, it’s bigger than raincoats that way. Water only has a detailed relationship with life. It is not produced by life. Phosphine is produced through biological processes. So it’s definitely significant and nothing like that has been discovered so far.
What could this mean for the Venus missions?
- The discovery may spark greater interest in space missions to Venus. Missions to Venus are not new.
- Spaceships have been closing in on the planet since the 1960s, and some of them have even landed.
- In fact, the Indian Space Research Organization (ISRO) is also planning a mission to Venus, tentatively named Shukrayaan, in the near future. For now, the plan is still on the drawing board.
- All future missions to Venus would now be geared towards finding new evidence for the presence of life.
International Labor Day and COVID-19 Pandemic.
To honor the struggles and achievements of workers, May Day is celebrated as International Labor Day. On May 1, 1886, unions in the United States decided to go on strike demanding that workers not be required to work more than 8 hours a day. Just three days after the strike started, an explosion occurred in Haymarket Square, Chicago, killing many people. To pay tribute to those who died in the explosion, the International Socialist Conference declared May Day a day dedicated to workers. Memorial Day was established at a meeting in 1889 and has gradually spread to other parts of the world.
In India, the first Labor Day was celebrated on May 1, 1923 in Chennai. The day was celebrated by the Hindustan Kisan Labor Party. The red flag, symbolizing Labor Day, was used for the first time in India. Exceptional communist leader Malayapuram Singaravelu Chettiar raised the flag and held meetings to celebrate the occasion. Chettiar passed a resolution declaring that the government should announce a national holiday on Labor Day in India and since then the country has continued to celebrate May Day.
Some of the most well-known events of the day include the acts of civil disobedience by the United States against the Vietnam War in 1971. More recently, in 2016, on May 1, various demonstrations and marches were held around the world in places like Istanbul, Moscow and Taipei, where workers have commemorated the holidays or called on governments to reduce working hours and raise wages. In India, May 1 is also celebrated as the day of Maharashtra and the day of Gujarat. On that day, in 1960, they obtained state status after the division of Bombay (now Mumbai) on the basis of linguistic lines.
The immediate danger of destroying their livelihoods warns the International Labor Organization. The drop in working hours in the (second) quarter of 2020 should be significantly worse than previously estimated. Compared to pre-crisis levels (Q4 2019), a deterioration of 10.5% is now expected, i.e. 305 million full-time jobs (assuming a 48-hour work week).
The previous estimate predicts a decrease of 6.7%, which is equivalent to 195 million full-time workers. This is due to the length and length of the blocking measures. At the regional level, the situation has worsened for all major regional groups. Estimates suggest a loss of 12.4% of second-quarter work hours for the Americas (compared to pre-crisis levels) and 11.8% for Europe and Central Asia. Estimates for the rest of the regional groups follow closely and exceed 9.5%.
As a result of the economic crisis created by the pandemic, nearly 1.6 billion workers in the informal economy (representing the most vulnerable in the labor market), out of a global total of 2 billion and a global workforce 3.3 billion, suffered considerable damage to his ability to earn a living. This is due to blocking measures and / or because they work in the most affected sectors.
It is estimated that the first month of the crisis led to a 60% drop in the income of informal workers worldwide. This translates into a drop of 81% in Africa and the Americas, 21.6% in Asia and the Pacific and 70% in Europe and Central Asia. Without alternative sources of income, these workers and their families will have no means of survival.
The proportion of workers living in countries with recommended or mandatory job closings has increased from 81% to 68% in the past two weeks. The decrease from the previous estimate of 81% in the second edition of the monitor (published April 7) is mainly due to changes in China; Elsewhere, measures to close workplaces have increased. Globally, more than 436 million businesses face high risks of serious disruption.
These companies operate in the most affected economic sectors, including 232 million in wholesale and retail trade, 111 million in manufacturing, 51 million in food and accommodation services and 42 million in real estate, retail and other commercial activities. The ILO calls for urgent, targeted and flexible measures to support workers and businesses, particularly smaller enterprises, those in the informal economy and others who are vulnerable.
“For millions of workers, no income means no food, no security and no future. As the pandemic and the jobs crisis evolve, the need to protect the most vulnerable becomes even more urgent.”
Guy Ryder ILO Director-General
Economic recovery measures must follow a job-rich approach, backed by stronger employment policies and institutions, more comprehensive and better resourced social protection systems. International coordination of stimulus packages and debt relief measures will also be essential for the recovery to be effective and sustainable. International labor standards, which already enjoy a tripartite consensus, can provide a framework.
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