UN labour body cuts global job forecast amid economic slowdown
Geneva: The United Nation's agency for labour on Wednesday cut its global employment forecast for job growth this year to 1.5 per cent due to a worsening global economic outlook and trade tensions..Some 53 million jobs will be created this year, that is seven million less than previously thought as economic growth predictions were lowered to 2.8 per cent, from 3.2 per cent, the International Labour Organization (ILO) said in a report..TCS calls Gen AI a civilisational shift, to build large pool of AI agents to work alongside humans."Economic uncertainty has been high in 2025, shaped by ongoing conflicts, geo-economic realignments, and trade-related disruptions," the report said..Some of the 84 million jobs across 71 countries that are linked to US consumer demand are increasingly at risk of disruption due to trade tensions, the ILO said. Jobs in Canada and Mexico have the highest share of jobs exposed, it added.."If geopolitical tensions and trade disruptions continue, and if we do not address fundamental questions that are reshaping the world of work, then they will most certainly have negative ripple effects on labour markets worldwide," said the ILO Director-General Gilbert F. Houngbo.
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Business Standard
a day ago
- Business Standard
Indian companies struggle to offer clarity, guidance on GenAI use: Report
Enterprises across business verticals in India are struggling to provide the structure, access, and clarity needed to support the use of generative AI (GenAI) at workplaces, according to a report by recruitment firm Michael Page India. About 3,000 professionals across various experience levels were surveyed in the country in the report titled 'Talent Trends India 2025', which pointed out that despite growing access to GenAI tools, many professionals remain unsure how these technologies will shape their careers. 'The disconnect between GenAI rollout and employee confidence has broader implications. When individuals cannot see how emerging technologies support their future, hesitation grows, and engagement can decline. In a GenAI-enabled workplace, clarity isn't just a support function – it's essential to building trust and retaining talent in times of rapid change,' the report said. Forty-two per cent of professionals in India view GenAI as a threat to job security as deeper concerns surface regarding its use and implications, while the number inches up to 44 per cent when it comes to middle-level management. The top management, with 30 per cent, feels the least threatened. Sixty per cent of those surveyed believe it will impact their long-term career path, the report found. This uncertainty points to a broader readiness gap, one not just about technical skills, but about trust, guidance, and future alignment. Many employees may not be resistant to GenAI, but without clear direction, they feel under-equipped to make the most of it. According to the report, employee sentiment on GenAI preparedness is mixed even as 80 per cent of professionals have access to employer-provided GenAI tools. Thirty-one per cent say their employer is preparing them very well, 22 per cent feel fairly well supported, and 16 per cent each describe the support as average and unprepared. Besides clarity on the use of GenAI tools, some of the other questions that employees are asking include queries on salary and career expectations, work arrangement policy, transparent company culture, and approach to inclusivity. 'Candidates are becoming increasingly focused on transparency and alignment with their personal and professional goals. They are seeking employers who offer clarity – not only on salary and flexibility but also on culture, values, and the responsible use of emerging technologies,' Nilay Khandelwal, senior managing director, Michael Page India and Singapore said in a statement. Workplace arrangement policy, a topic that became important since the pandemic, shows signs of stabilisation as most companies adopt a hybrid policy, with 54 per cent saying they were working more days in office compared to a year earlier. Remote work changes have also remained steady (21 per cent vs 23 per cent last year), and the proportion of professionals experiencing no change in their work setup has nudged up slightly from 21 per cent to 22 per cent. India leads the region in workplace trust, with 61 per cent of professionals expressing high or complete trust in their leadership, well above the APAC (57 per cent) and global (49 per cent) averages. Transparency is also a standout strength, with 65 per cent of employees rating their organisations as open and communicative, the report stated.
Time of India
a day ago
- Time of India
OPEC+ countries agree production adjustment of 411,000 barrels per day in July 2025
Vienna: The eight OPEC+ countries , which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman met virtually on May 31 to review global market conditions and outlook. In view of a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories, and in accordance with the decision agreed upon on December 5, 2024 to start a gradual and flexible return of the 2.2 million barrels per day voluntary adjustments starting from April 1 2025, the eight participating countries will implement a production adjustment of 411,000 barrels per day in July 2025 from June 2025 required production level. This is equivalent to three monthly increments. The gradual increases may be paused or reversed subject to evolving market conditions. This flexibility will allow the group to continue to support oil market stability . The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation. The eight countries reiterated their collective commitment to achieve full conformity with the Declaration of Cooperation, including the additional voluntary production adjustments that were agreed to be monitored by the JMMC during its 53rd meeting held on April 3, 2024. They also confirmed their intention to fully compensate for any overproduced volume since January 2024. The eight OPEC+ countries will hold monthly meetings to review market conditions, conformity, and compensation. The eight countries will meet on 6 July 2025 to decide on August production levels.
Time of India
a day ago
- Time of India
Judge to Google asking not to restrict its reach in AI: What you are telling is …
A federal judge sharply challenged Google 's arguments against proposed antitrust remedies during closing arguments Friday, questioning the tech giant's stance on restrictions that could limit its artificial intelligence ambitions and search dominance. U.S. District Judge Amit Mehta pushed back against Google lawyer John Schmidtlein's claims that the Justice Department hadn't proven sufficient causation for drastic remedies. "They are telling you that you don't need any causal connection to do any of these remedies," Schmidtlein argued. "That is wrong." The judge's pointed questioning suggested skepticism toward Google's defense strategy. Government seeks unprecedented AI restrictions The Justice Department has proposed sweeping remedies including forcing Google to sell its Chrome browser, ending its $20 billion annual payments to Apple for default search placement, and crucially, restricting Google's ability to promote its Gemini AI product . "The reason we are so focused on Gen AI is because that is the new search access point," Justice Department lawyer David Dahlquist explained, positioning AI as the future battleground for search dominance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Free P2,000 GCash eGift UnionBank Credit Card Apply Now Undo The government's case centers on preventing Google from monopolizing next-generation search through AI, pointing to testimony that Google now pays Samsung and Motorola to pre-install Gemini on devices. This mirrors the exclusive deals that helped maintain Google's roughly 90% search market share. Market shifts signal competitive pressure The urgency surrounding AI became apparent when Apple executives testified that Google searches in Safari had declined for the first time in two decades, while Apple plans to offer AI options like ChatGPT within the next year. Alphabet shares fell sharply following this revelation, though Google disputed the claims. Judge Mehta questioned whether AI companies that don't build traditional search engines should access Google's valuable data under proposed remedies. He also floated making payment bans contingent on other remedies failing and asked whether forcing Chrome's sale might be "cleaner and more elegant" than alternatives. The judge expects to rule in August, with Google planning to appeal regardless of the outcome. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
