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The Star
17 hours ago
- Business
- The Star
The global war on public holidays is too lazy
People make their way as they carry their shopping bags during the holiday season in New York City, U.S., December 10, 2023. REUTERS/Eduardo Munoz WORRIES about fiscal sustainability and tepid economic growth are enticing governments to embrace a simple but controversial step: reduce the number of public holidays so employees produce more. Yet the economic benefit of doing this is marginal. There are better ways to boost productivity and the number of hours worked that would neutralise bitter conflicts about how the economic cake is divided. French Prime Minister Francois Bayrou's plan to scrap two of the country's 11 national holidays amid a budgetary crisis has triggered predictable outrage in a country that prizes leisure and a 35-hour work week. But he's in good company: Slovakia, which has a relatively generous 14 public holidays, last month said it would reclassify one of these as a working day to plug a hole in the budget. In 2023, Denmark abolished the Great Prayer Day springtime holiday to help pay for rearmament. Economists and business groups in Germany and Finland have mooted similar ideas. Even US president Donald Trump, an improbable Stakhanovite, posted on Truth Social last month that the United States has 'too many non-working holidays,' which he claimed are costing the country billions of dollars. The notion that most Americans don't work enough actually seems farfetched to this European: The United States has 11 public holidays, the same as France, yet it doesn't guarantee paid time off, whereas the French are entitled to at least five weeks. Europeans have long accepted lower per capita output in return for having a better work-life balance. However, weak growth and lousy demographics have left states without sufficient cash to pay for welfare programmes, threatening this social bargain. The comparatively low number of hours worked isn't helping. In Germany – where the economy is set to barely grow for a third year – employees take an average of 31 vacation days a year, plus there are nine or more public holidays, many of which fall between Easter and early June when workers are rarely at the office. My compatriots also now take around 15 paid sickness days on average, compared with 10 in 2015. We're a long way from economist John Maynard Keynes's prediction that by 2030 his grandchildren would work only 15 hours a week, but I can understand why business leaders say we need to work a bit harder as the large baby-boomer generation retires. Although politically unpopular, cutting a public holiday is comparatively straightforward in most countries, and the government would collect more in taxes from the increased value generated. Bayrou estimates France's public finances would benefit to the tune of several billion euros, in part because French employers would pay a levy for the free additional labour they receive. But sacrificing a couple of public holidays probably doesn't move the needle much in terms of growth. — Bloomberg Chris Bryant is a Bloomberg Opinion columnist covering industrial companies in Europe. The views expressed here are the writer's own.
GMA Network
4 days ago
- Science
- GMA Network
Martian meteorite sells for record $5.3 million at Sotheby's
The meteorite NWA 16788, the largest known piece of Mars on Earth, is displayed during the press preview of Sotheby's Natural History auction in New York City, US, July 8, 2025. REUTERS/Eduardo Munoz/File Photo NEW YORK - A 54-pound (24.5-kg) Martian meteorite that is the largest known piece of Mars found on Earth has sold for $5.3 million at Sotheby's, setting a new auction record for a meteorite. The auction on Wednesday for the rock known as NWA 16788 sparked a 15-minute bidding war between online and phone bidders. "This is an amazing Martian meteorite that broke off of the Martian surface," said Cassandra Hatton, Sotheby's vice chairman and global head of science and natural history, ahead of the auction. The fragment was discovered in November 2023 by a meteorite hunter in the Sahara Desert, in Niger's remote Agadez region. "The people there knew already that it was something special," said Hatton. "It wasn't until it got to the lab and pieces were tested that we realized, 'Oh my gosh, it's Martian.' And then when those results came back and we compared and saw, OK, it's not just Martian, it is the biggest piece of Mars on the planet." About 5 million years ago, an asteroid or comet slammed into Mars so hard that rocks and other debris launched into space. "So it comes hurtling... 140 million miles through space, makes it through Earth's atmosphere," said Hatton, noting that most things burn up in our planet's atmosphere. "It's incredible that it made it through and then that it crashed in the middle of the desert instead of the middle of the ocean, in a place where we could find it, and that somebody who could recognize what it was found it. "So there's a whole kind of process or a layer of things that have to happen in order for this to become reality and be here in front of us." Just like its mother planet, NWA 16788 has a distinctly reddish hue, as well as signs of fusion crust from its violent descent through Earth's atmosphere. There are about 400 officially recognized Martian meteorites on Earth, of which NWA 16788 is by far the largest. — Reuters
Straits Times
4 days ago
- Politics
- Straits Times
Over 11 million refugees may lose aid access due to cuts, says UN agency
Find out what's new on ST website and app. FILE PHOTO: The logo of the United Nations is seen in the General Assembly hall before heads of state begin to address the 76th Session of the U.N. General Assembly in New York City, U.S., September 21, 2021. REUTERS/Eduardo Munoz/Pool/File photo GENEVA - Up to 11.6 million refugees are in danger of losing access to humanitarian assistance due to cuts in foreign aid by donor nations, the United Nations refugee agency said on Friday. This is about one-third of refugees normally supported by the U.N. agency, it said. "Our funding situation is dramatic. We fear that up to 11.6 million refugees and people forced to flee are losing access to humanitarian assistance provided by UNHCR," said Dominique Hyde, UNHCR's director of external relations. Just 23% of the UNHCR's funding requirement of $10.6 billion has been fulfilled so far for this year, it said. The funding crisis stems from large foreign aid cuts by donor countries such as Sweden, France and Japan, compounded by major U.S. aid cuts. Forced displacement is increasing globally, while humanitarian aid is sharply decreasing, creating a "deadly cocktail" that places displaced populations at grave risk, according to a new report published on Friday by the UNHCR. The agency said it has had to stop or suspend about $1.4 billion worth of aid programmes, including a 60% reduction in emergency relief supplies in many countries, including Sudan, Chad and Afghanistan. Top stories Swipe. Select. Stay informed. Singapore 30% of aviation jobs could be redesigned due to AI, automation; $200m fund to support workers: CAAS Singapore HSA looking to get anti-vape cyber surveillance tool with AI capabilities Singapore Alleged Kpod peddler filmed trying to flee raid in Bishan charged with 6 offences Singapore NTU upholds zero grade for student who used AI in essay; panel found 14 false citations or data Singapore Character counts as much as grades: Desmond Lee tells students after a class on race and culture Singapore Residents in South West District get help to improve employability, find career opportunities Life Kinokuniya opens third bookstore at Raffles City, weeks ahead of schedule Business DBS shares rally to a new record as STI clocks yet another high Critical areas such as medical aid, education, shelter, nutrition, and protection are among the services being lost. Women and girls are disproportionately affected by UNHCR funding cuts, with the agency having to cut one quarter of its support to programmes that provide protection and response to gender-based violence. Women and girls in Afghanistan are the hardest hit by cuts, the UNHCR said. "Protection activities have been slashed by over 50%, undermining programmes on women's empowerment, mental health and prevention and response to gender-based violence," Hyde said. Globally the agency is downsizing by 30%, cutting 3,500 staff positions. REUTERS
Straits Times
15-07-2025
- Politics
- Straits Times
Attacks against Palestinians intensify in occupied West Bank, says UN rights office
FILE PHOTO: The logo of the United Nations is seen in the General Assembly hall before heads of state begin to address the 76th Session of the U.N. General Assembly in New York City, U.S., September 21, 2021. REUTERS/Eduardo Munoz/Pool/File photo GENEVA - There has been an increase in killings of and attacks against Palestinians by settlers and security forces in the occupied West Bank in recent weeks, the United Nations human rights office said on Tuesday. "Israeli settlers and security forces have intensified their killings, attacks and harassment of Palestinians in the occupied West Bank, including East Jerusalem, in the past weeks," Thameen Al-Kheetan, a spokesperson for the U.N. Office of the High Commissioner for Human Rights (OCHCR), told reporters in Geneva. About 30,000 Palestinians have been forcibly displaced in the north of the occupied West Bank since the Israeli military launched its "Iron Wall" operation. It is contributing to the ongoing consolidation of annexation of the West Bank, in violation of international law, the OHCHR said. In June, the U.N. recorded the highest monthly count of Palestinians injured in over two decades in the West Bank. Since January there have been 757 settler attacks on Palestinians or their properties, which is a 13% increase on the same period last year, OHCHR said. At least 964 Palestinians have been killed since October 7, 2023, by Israeli forces and settlers in the occupied West Bank, including East Jerusalem. Fifty-three Israelis have been killed in the West Bank and in Israel in reported attacks by Palestinians or in armed clashes, the office added. REUTERS Top stories Swipe. Select. Stay informed. Business Singapore financial sector growth doubles in 2024, assets managed cross $6 trillion in a first: MAS Singapore $3b money laundering case: MinLaw acts against 4 law firms and 1 lawyer over seized properties Singapore Man charged with attempted murder of woman at Kallang Wave Mall Singapore Ex-cleaner jailed over safety lapses linked to guard's death near 1-Altitude rooftop bar Singapore Real estate firm PropNex donates $6 million to Community Chest for 25th anniversary Singapore Sengkang-Punggol LRT gets 15.8 per cent capacity boost with new trains Singapore Air India crash: SIA, Scoot find no issues with Boeing 787 fuel switches after precautionary checks Multimedia From local to global: What made top news in Singapore over the last 180 years?
Japan Today
28-06-2025
- Business
- Japan Today
U.N. bids to salvage global development summit after U.S. boycott
FILE PHOTO: The logo of the United Nations is seen in the General Assembly hall before heads of state begin to address the 76th Session of the U.N. General Assembly in New York City, U.S., September 21, 2021. REUTERS/Eduardo Munoz/Pool/File photo By David Latona and Marc Jones Scores of world leaders will be sweltering in the summer sun of southern Spain this week at a once-a-decade United Nations development financing summit aimed at curbing global poverty, disease and the worst-case threats of climate change. Despite the scorching temperatures, though, a major chill looms over the event - the decision early this month by the United States, traditionally the world's largest aid giver and key finance provider, not to show up. U.N. countries want to close a $4 trillion-a-year funding gap they now estimate prevents the developing world achieving the organization's Sustainable Development Goals that range from cutting infant death rates to minimizing global warming. Critics say the promises at the heart of the conference - called the "Seville Commitment" - are nowhere near bold enough. The measures, agreed by consensus after a year of tough negotiations, include tripling multilateral lending capacity, debt relief, a push to boost tax-to-GDP ratios to at least 15%, and shifting special IMF money to countries that need it most. The run-up, however, has been marred by the U.S. decision to withdraw over what it said was the crossing of a number of its red lines, including the push to triple development bank lending, change tax rules and the use of the term "gender" in summit wording. The European Union only joined the summit with reservations, particularly over how debt is discussed within the U.N. Speaking to reporters, U.N. Deputy Secretary-General Amina Mohammed described Washington's boycott as "regrettable", especially after its "catastrophic" recent aid cuts that she said had cost lives and livelihoods. Speaking alongside officials from summit host Spain and Zambia, which has helped organize it, she said the final outcome document agreed reflected both "ambition and realism" and that the U.N. would try to re-engage the U.S. afterwards. Remy Rioux, chief executive officer of the French Development Agency, said Washington's withdrawal had not been a total surprise given Donald Trump's views. The hope is that agreements will allow bolder action at the U.N. climate talks in Brazil in November. "We will push for the new framework... (and) its operationalization from Seville to Belem," he added, referring to the Brazilian city that will host COP30. AID IN DECLINE Other measures to be announced include multilateral lenders automatically giving vulnerable countries the option to insert repayment break clauses into their loans in case of hurricane, drought or flood. Another buzz phrase will be a "Global SDR playbook" - a plan where the wealthiest countries rechannel the IMF's reserve-like Special Draw Rights they hold to the multilateral banks, who then leverage them as capital in order to lend more. Campaigners warn that it will fall far short of what is needed, especially as more than 130 countries now face critically high debt levels and many spend more on repayments than on health or education. Aid and support from rich countries, who themselves have rising debts, is dropping too. In March, the U.S. slashed more than 80% of programs at its USAID agency following federal budget cuts spearheaded by billionaire Elon Musk. Britain, France, Germany, the Netherlands and Sweden have all made cuts in recent years too. The OECD projects a 9–17% drop in net official development assistance (ODA) in 2025, following a 9% decline in 2024. It looks set to hit the poorest countries hardest: bilateral ODA to least developed countries and sub-Saharan Africa may fall by 13-25% and 16-28% respectively, the OECD estimates, and health funding could drop by up to 60% from its 2022 peak. So what would be a good outcome in Seville, especially given the U.S. pull-out? "We should make sure we are not backtracking at this point," said Orville Grey at the International Institute for Sustainable Development, referring to funding commitments. "We should at least remain stable." © Thomson Reuters 2025.
