Browsed by
Tag: Cuts

Pandemic-related job cuts have led 14.6M in U.S. to lose insurance

Pandemic-related job cuts have led 14.6M in U.S. to lose insurance

Up to 7.7 million U.S. workers lost jobs with employer-sponsored health insurance during the coronavirus pandemic, and 6.9 million of their dependents also lost coverage, a new study finds.

Workers in manufacturing, retail, accommodation and food services were especially hard-hit by job losses, but unequally impacted by losses in insurance coverage.

Manufacturing accounted for 12% of unemployed workers in June. But because the sector has one of the highest rates of employer-sponsored coverage at 66%, it accounted for a bigger loss of jobs with insurance — 18% — and 19% of potential coverage loss when dependents are included.

Nearly 3.3 million workers in accommodation and food services had lost their jobs as of June — 30% of the industry’s workforce. But only 25% of workers in the sector had employer-sponsored insurance before the pandemic. Seven percent lost jobs with employer-provided coverage.

The situation was similar in the retail sector. Retail workers represented 10% of pre-pandemic employment and 14% of unemployed workers in June. But only 4 in 10 retail workers had employer-sponsored insurance before the pandemic. They accounted for 12% of lost jobs with employer-sponsored insurance and 11% of potential loss including dependents.

The study was a joint project of the Employee Benefit Research Institute, the W.E. Upjohn Institute for Employment Research and the Commonwealth Fund.

“Demographics also play an important role. Workers ages 35 to 44 and 45 to 54 bore the brunt of [employer insurance]-covered job losses, in large part because workers in these age groups were the most likely to be covering spouses and other dependents,” said Paul Fronstin, director of EBRI’s Health Research and Education Program.

“The adverse effects of the pandemic recession also fell disproportionately on women,” Fronstin added in an EBRI news release. “Although women made up 47% of pre-pandemic employment, they accounted for

Read the rest
TikTok ban: Pakistan cuts ties with app in latest China snub – ‘Immoral and indecent!’ | World | News

TikTok ban: Pakistan cuts ties with app in latest China snub – ‘Immoral and indecent!’ | World | News

The ban was issued by the Pakistan Telecommunication Authority over long-standing issued with content filtering to the app’s young users. TikTok has claimed it follows the “law run markets where the app is offered”. Pakistan is the latest country to ban the app, following neighbouring India and threats from the US.

The Pakistan Telecommunication Authority issued a statement saying the app had failed to follow the country’s request to monitor unlawful content.

They said they issued the ban over “complaints from different segments of the society against immoral and indecent content on the video-sharing application”

The PTA has said they will remain in discussions with TikTok and owners ByteDance over lifting the ban.

But the authority has warned the app it would only be lifted if a satisfactory mechanism to moderate unlawful content was added to the platform.

READ MORE: TikTok ban: Trump humiliation as US judge HALTS ban hours before it was set to start

TikTok has responded to the PTA’s ban, and claimed it remains “committed to following the law in markets where the app is offered”.

They added: “We have been in regular communication with the PTA and continue to work with them.

“We are hopeful to reach a conclusion that helps us continue to serve the country’s vibrant and creative online community.”

TikTok reportedly has over 20 million monthly active users in Pakistan, and is the third most downloaded app in the country.

Pakistani TikTok stars and users have urged Mr Khan to revoke the ban.

Hareem Shah urged the PTA ahead of the ban to reconsider blocking access to the app as TikTok already moderates content on its platform.

She said: “TikTok administration removes such content itself. Hence there is no need to place a ban on the video-sharing application.”

Jannat Mirza, in September, also

Read the rest
MoffettNathanson cuts box-office view, urges creative thinking for theaters (NYSE:CNK)

MoffettNathanson cuts box-office view, urges creative thinking for theaters (NYSE:CNK)

MoffettNathanson is joining in with analysts cutting U.S. box-office projections, pointing to a murky view of when attendance can recover.

As with MKM Partners earlier, it expects 2020 domestic box office will be down 81%.

That brings liquidity concerns back to the forefront for exhibitors.

MoffettNathanson is recommending some “flexibility” when it comes to release window arrangements as an incentive to getting films back into theaters. And it’s urging possible deals with subscription video-on-demand services like Netflix (NFLX +0.8%) and Amazon.com (AMZN +2.9%) as a source of product. (AMC has pointed to the revenue share from its landmark release-window deal with Universal as one of the reasons it can keep theaters open even as more movie releases get delayed.)

MoffettNathanson is maintaining a Neutral on Cinemark (CNK -3.4%), which it says is in the strongest liquidity position among theaters, but it’s cutting its price target to $12 from $16. AMC (AMC -1.8%) and Cineworld (OTC:CNWGY) were “overleveraged” even before the pandemic crisis began, it says.

Other theater stocks: IMAX +0.5%; Marcus (NYSE:MCS) +1%; Reading International (NASDAQ:RDI) -3.8%; National CineMedia (NASDAQ:NCMI) -4.3%; Cineplex (OTCPK:CPXGF) -6.3%.

Source Article Read the rest

Australia rushes through tax cuts in COVID-19 economic stimulus

Australia rushes through tax cuts in COVID-19 economic stimulus

By Colin Packham



a large pool of water: Construction workers go about their day near scaffolding at a construction site in central Sydney


© Reuters/David Gray
Construction workers go about their day near scaffolding at a construction site in central Sydney

SYDNEY (Reuters) – Australia’s parliament approved A$17.8 billion ($12.78 billion)in personal tax cuts on Friday, quickly pushing through measures announced earlier this week to support the country’s coronavirus-ravaged economy.

Looking to get 1 million people back to work, Australia’s conservative government pledged billions in tax cuts and measures to boost jobs on Tuesday, the bulk of which are retrospective from July 1.

Australia’s economy saw its worst contraction on record in the second quarter due to the coronavirus and unemployment has hit its highest in over two decades, even as the country managed to contain the outbreak better than many of its peers.

Prime Minister Scott Morrison said on Friday 11 million Australians will benefit.

Video: Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion (ABC NEWS)

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

UP NEXT

UP NEXT

“This is a plan to boost business, to boost jobs,” Morrison told reporters in Canberra. “Our plan for the economic recovery from the COVID-19 recession is moving. It’s happening. It’s law.”

Earlier this week, Australian treasurer Josh Frydenberg said the tax cuts will begin to take effect in December, stoking some concern that much needed stimulus remains weeks away.

The economy has been reliant on a wage subsidy scheme since March but this support will be reduced over the coming months before being stopped in March 2021.

Australia’s economy shrank 7% in the three months that ended in June, the most since records began in 1959, while the unemployment rate hit a 22-year high of 7.5% in July as businesses and borders closed to deal with the coronavirus.

Australia pledged

Read the rest
SAG-AFTRA Cuts Staff For Third Time During Pandemic, Offers More Dues Relief To Members In Financial Distress

SAG-AFTRA Cuts Staff For Third Time During Pandemic, Offers More Dues Relief To Members In Financial Distress

SAG-AFTRA said today that it has further reduced its workforce “across most operations and locals” through a combination of early retirements and job eliminations. This is the union’s third workforce reduction since the pandemic and production shutdown began in mid-March, and will bring the number of its employees to about 400 nationwide.

“Someday, this crisis will end,” said David White, the union’s national executive director. “For now, with cases spiking across the country and a second global surge possible this winter, we must take steps to further align expenses with anticipated revenues. Adjusting our staff size is difficult and painful, but unavoidable. I thank each and every person for their service and dedication to SAG-AFTRA members. We will continue to maximize all of our resources and deliver on our core functions while maintaining excellent service to members and move toward a leaner and more efficient operation.”

“We must act wisely and prudently to ensure a strong union while remaining a fierce and steadfast advocate for our members who also are facing COVID-19 related challenges,” said SAG-AFTRA president Gabrielle Carteris. “Our work over the last decade resulted in responsible fiscal management and consistent budget surpluses. Because of those surpluses, and with additional expense management, we are positioned to withstand the pandemic and serve our members for generations to come.”

SAG-AFTRA Approves $96 Million Budget, Expects Employee Furloughs & Work-Hour Reductions

In a statement to members tonight, White and Carteris said:

“We take this step in response to the accelerating impact of the pandemic on the union’s current and future financial condition. We live in extraordinary times. Across America, our people and institutions face unprecedented challenges as a result of the COVID-19 pandemic that continues to ravage our communities. SAG-AFTRA is no different in this respect. Our leadership and staff have confronted

Read the rest