Latest news with #jobloss
Independent Singapore
9 hours ago
- Business
- Independent Singapore
Tan Kin Lian slams Trump's Tariff policies in blistering Facebook post
SINGAPORE: Former presidential candidate and businessman Tan Kin Lian took to Facebook on May 31 to sharply criticise U.S. President Donald Trump, describing his tariff policies as economically damaging and politically reckless. In a post titled ' Wrecking Ball Trump,' Tan warned that the tariffs imposed during Trump's administration were backfiring on American businesses, making them less competitive both at home and abroad. Tariffs backfiring on U.S. businesses Tan argued that by taxing imported components, American manufacturers were forced to pay more for the parts they needed to assemble their final products. These higher input costs, he said, had a knock-on effect: companies either raised prices for U.S. consumers, contributing to inflation, or struggled to sell competitively on the export market. 'This made U.S. manufacturers uncompetitive when they export… [and] more expensive to U.S. buyers,' Tan wrote. He cited online videos, claiming that many U.S. factories had shut down and some major companies had relocated operations overseas to escape the rising costs caused by tariffs. See also Open letter to the new CEO of SMRT Job losses and delayed promises The knock-on effect, according to Tan, is widespread job loss across affected states, contradicting Trump's promise that tariffs would bring jobs back to America. 'The new jobs that were supposed to be created in the U.S., due to the tariffs, may take several years to realize,' he noted. Tan echoed critics who liken Trump's approach to a 'wrecking ball'—a blunt-force strategy that damages everything in its path without building anything lasting in its wake. Strong language, sharper criticism Tan did not mince words when addressing Trump's decision-making, stating bluntly that many people consider Trump to be 'insane and incredibly stupid'—an assessment he openly said he shared. Tourism slump paints bleak picture of U.S. soft power In a separate post, Tan commented on the sharp decline in international tourism to the U.S. since Trump returned to office in January 2025. He noted that international arrivals fell year-on-year in March, with even steeper declines from key regions like Western Europe and Central America. He attributed the drop to a mix of political and policy-driven deterrents—among them, aggressive immigration enforcement, border detentions, and controversial rhetoric, including Trump's threat to annex Canada. Countries such as Germany and Canada experienced booking cancellations of over 30%. Cities like New York and Los Angeles have felt the brunt of this shift, with ticket sales to tourist attractions and hotel occupancy rates falling significantly. Canadian flight bookings to the U.S. have reportedly plunged by over 70%. Tan remarked that these developments signal a larger erosion of the U.S.'s global appeal, not just economically but diplomatically. A pattern of self-inflicted harm From shrinking global market share to waning tourism dollars, Tan Kin Lian's posts paint a picture of an America under Trump that is isolating itself—economically, diplomatically, and culturally. 'The U.S. position risks being perceived as unreasonable because it simultaneously escalates tech restrictions while demanding concessions on unrelated issues,' he wrote. Tan concluded that unless the U.S. adopts a more balanced and reciprocal approach, particularly in its dealings with China and the global economy, it risks long-term strategic losses that no short-term posturing can undo.
Globe and Mail
9 hours ago
- Business
- Globe and Mail
Hudson's Bay employees who lost jobs can apply for federal support, court rules
The Ontario Superior Court has granted approval for thousands of Hudson's Bay Co. employees who have lost their jobs to seek support under the federal government's Wage Earner Protection Program. The court decision on Tuesday triggers an entitlement to federal benefits for the retailer's former staff. More than 8,300 Bay employees have now been terminated without severance pay. The court hearing occurred just two days after Canada's oldest retailer completed its liquidation sales, closing its doors for the final time over the weekend. 'That's a milestone, albeit an unhappy one,' Ontario Superior Court Justice Peter Osborne said during Tuesday's hearing. While discussing the end of the Bay's liquidation, he remarked, 'The end of an era.' Lawyers appointed to represent the Hudson's Bay employees are now in discussions with Service Canada to develop a timeline for employees to access those federal benefits. 'We know they want it as soon as possible,' Susan Ursel of Ursel Phillips Fellows Hopkinson LLP said at the hearing. Also on Tuesday, the court approved a motion from RioCan Real Estate Investment Trust to place a joint venture it co-owns with Hudson's Bay into receivership. The joint venture gives RioCan a stake in 12 properties where Bay stores were located, including buildings in downtown Montreal, Vancouver, Calgary and Ottawa, and locations in high-profile malls such as Yorkdale and Scarborough Town Centre in Toronto. FTI Consulting Canada Inc. will act as receiver for the companies that fall under the joint venture. A third matter before the court on Tuesday was an application to approve Canadian Tire Corp.'s $30-million deal to acquire Hudson's Bay's intellectual property. That approval is needed to transfer ownership of a trove of the historic retailer's brand names, logos, and stripe design dating back to the point blankets used in the fur trade in the 18th century. Justice Osborne stood down that matter on Tuesday, saying that he wanted to consider some specific matters related to the deal. In particular, he questioned lawyers for Hudson's Bay about the inclusion of the trademark for the company's 1670 Royal Charter. The charter itself is part of a separate auction of the Hudson's Bay art and artifacts collection, which has yet to occur. The process for that auction is still in development. It is important that the deal does not allow Canadian Tire to prevent others from calling the document 'the royal charter,' or advertising it as such, Justice Osborne said during Tuesday's hearing. Ashley Taylor, a lawyer with Stikeman Elliott LLP representing Hudson's Bay, told the court on Tuesday that there was no opposition to the Canadian Tire deal, which was reached after 'a robust' sales process. Reflect Advisors LLC, the financial adviser handling that process, initially sent out materials related to the sale to 407 parties considered potential bidders, and received a total of 17 bids. Hudson's Bay had been seeking a going-concern transaction to keep alive the operations of at least some of the stores. The company pitched a plan to potential buyers or investors, proposing a turnaround of six Bay stores that had initially been left out of liquidation, as well as the e-commerce operations, according to a confidential memorandum prepared by Hudson's Bay in March, a copy of which was obtained by The Globe and Mail. That plan would have required $82-million in investment in the first year, according to the document. No such buyer or investor emerged.
BBC News
12 hours ago
- Business
- BBC News
Gateshead Union Electric Steel to close with 180 jobs losses
A steel company has announced its only UK plant is to shut next year with the loss of about 180 jobs. Union Electric Steel blamed a lack of demand for UK-manufactured products, high energy costs and the ongoing effects of Brexit for its decision to axe the site in company's managing director Will Garrett said job losses were not "imminent", but some redundancies would be made before the closure in spring 2026. He said the firm would return to consultations with union representatives to discuss the "timing and phasing" of redundancies. The firm said it would fulfil existing order books until the plant ceases operations. Mr Garrett said: "We recognise the significance of this decision for our employees, their families and the local community. "It is with a heavy heart that we announce the closure of our Gateshead operations after over 180 years of manufacturing."I wish to personally thank every one of our dedicated employees for their hard work, commitment and understanding during this difficult period." The factory was originally home to the Davy Roll Company before it was acquired in 1999 by Union Electric Steel. Follow BBC North East on X, Facebook, Nextdoor and Instagram.
BBC News
20 hours ago
- Business
- BBC News
Goodwin Academy in Deal facing staff walk-out over job cuts
Teachers and support staff will walk out at a Kent secondary school on Tuesday in a dispute over job losses, their union Academy in Deal informed some staff in May they would face compulsory redundancy, according to the National Education Union (NEU).The BBC understands the school is making five support staff roles redundant.A Goodwin Academy spokesperson said: "We are committed to continuing to provide the highest quality education for our students and the best working environment for our staff." As well as Tuesday's walk-out, NEU members at the school will strike on 12 June, 18 to 19 June, and 24 to 26 June. South Kent NEU joint secretary Jamie Pout said industrial action was "a last resort" but it was "very clear that these cuts to front line staffing will have significant negative impact on the education the children at Goodwin receive".The trust must "clearly show they understand it is unacceptable for children to suffer the consequences of inadequate school funding", he NEU said 60% of its 49 members at the school took part in May's ballot on industrial action, all of whom voted to union added it was negotiating with the academy trust but opposed compulsory redundancies and was concerned that not replacing staff who choose leave the school would increase workloads. Goodwin Academy, which currently has over 800 pupils, said it was "continuing to work closely" with affected staff to "provide them support throughout this process".A spokesperson added: "These are very difficult decisions and we value all our team, but it is no secret that schools across the country are facing exceptionally challenging financial conditions and the impact of falling birth rates."It is therefore vital we take proactive action now to remain financially sound, while not compromising on the excellent education and care our students receive."Goodwin Academy is run by the Thinking Schools Academy Trust, which manages 24 schools in total.
RNZ News
a day ago
- Business
- RNZ News
IT workers struggling in New Zealand's tight job market
Photo: Unsplash / Sigmond IT professionals appear to be under growing pressure in 2025, with signs of continued job losses as companies respond to economic gloom and expand the use of artificial intelligence. In May, Microsoft announced it would cut approximately 6000 jobs - about 3 percent of its global workforce. The American tech giant said the move was part of a broader strategy to streamline operations and accelerate its AI initiatives. In New Zealand, Health New Zealand confirmed in April it would slash hundreds of IT jobs - about a third of all roles. Some job seekers have described the tech job market as a "nightmare", citing fierce competition and a shortage of opportunities that have made finding employment increasingly difficult. James Zhang spent more than a year applying for IT jobs from China without success. A software developer with roughly 12 years of experience, Zhang has previously held roles at several prominent technology firms in Beijing, including ride-hailing platform DiDi as well as Tencent, the company behind social media platform WeChat. Zhang said one factor behind his decision to seek work in New Zealand's technology sector was the so-called "curse of 35" - a term widely used in China to describe age discrimination in the tech industry, where workers over 35 often face greater risk of layoffs and increasing difficulty securing new roles. "I've had colleagues being laid off continuously since 2018, and it's often the older ones," he said. "In large tech companies, it's common to expect your age to align with your position - for example, by 35, you're supposed to be in a management role. If you're not, the company might see you as underperforming or no longer valuable." Photo: 123rf Zhang, 34, said he began applying for overseas IT jobs from China in 2023, targeting companies in countries such as New Zealand and Canada. However, he said responses from New Zealand employers were rare. "I probably submitted hundreds of CVs to New Zealand tech companies, but I had absolutely no chance of getting an interview," he said. "When an employer was initially interested, they often backed out once they realised I was based in Beijing." By contrast, Zhang said he applied for around 20 to 30 positions in Canada and received at least two interview opportunities. James Zhang is now pursuing a master's degree in IT project management at Auckland University of Technology. Photo: Supplied In a bid to improve his prospects, Zhang moved to New Zealand this February and is now pursuing a master's degree in IT project management at Auckland University of Technology. He hoped the qualification would help him break into the country's competitive tech sector after graduation. Still, he said he remained uncertain about his chances, noting that many New Zealand employers appeared more inclined to hire local candidates. "I'm still studying, so I can only apply for internship positions," he said. "When a New Zealand software company gave a presentation at our school, the eligibility criteria for interns clearly stated that only New Zealand or Australian citizens and permanent residents could apply." Despite years of experience as a senior software engineer in China, Zhang said he would gladly take an entry-level position if it helped him gain a foothold in the industry. Grace Zheng, who graduated from Lincoln University in 2023 with a master's degree in applied computing, has also struggled to find work in the competitive tech job market. "I've probably submitted a hundred CVs over six months," she said. "For most [graduate or junior] positions, there are usually 200 or 300 applicants competing for the same role." Zheng said she received four or five interview invitations but was never called back after the first round. "I was told they had stronger candidates," she said. Discouraged by the lack of progress, Zhang said she had stopped applying for IT jobs this year and was instead focusing on learning new skills to better align with market demands. Photo: 123RF Peter Xia, who has worked as a software tester in New Zealand's tech sector for about five years, said he had been made redundant twice since 2023. "The day before Christmas in 2023, the company announced layoffs," he said. "It specialized in software testing and cut at least 20 percent of its staff in the first round." Xia said he was fortunate to secure another testing role three months later at a start-up, but the company shut down just three months after he joined, citing a lack of investor funding and limited profitability. He likened the IT job market between 2023 and 2024 to a "freezing winter," noting that several roles he applied for were abruptly cancelled during the interview process. Xia said the market appeared to be gradually improving this year, though uncertainty remained. He said all the companies he had previously worked for had hired him on permanent contracts. But after being laid off multiple times, he realized that a permanent contract offered little security in the face of ongoing economic instability. Lisa Cooley, managing director at BrightSpark Recruitment. Photo: Supplied Lisa Cooley, managing director at BrightSpark Recruitment, said New Zealand's tech job market remained flat and competitive, though there were early signs of a gradual recovery. "Employers are adopting a very cautious approach to hiring at the moment," she said. "If they're looking for contractors, they've been favoring more fixed-term. "If they're looking for permanent [staff], they're looking for someone absolute best and ticks 100 percent of the boxes [before] taking the risk to hire." Cooley said immigrants faced greater challenges securing interviews in New Zealand, as the job market has been flooded with candidates in recent years due to economic downturns, large-scale restructures and widespread redundancies. She said visa conditions remained a key factor putting immigrants at a disadvantage in an already competitive market. "The visa process was also taking a very long time for a while," she said. "We were hearing stories of it taking four to five months from end to end. "Obviously, most companies aren't going to wait that long, unless it's for a highly skilled role that few people in New Zealand can fill." Shay Peters, chief executive at recruitment agency Robert Walters Australia and New Zealand. Photo: Supplied Shay Peters, chief executive at recruitment agency Robert Walters Australia and New Zealand, agreed that visa restrictions remained a significant barrier for immigrants seeking work in the tech sector. "The first barrier for immigrants on work visas is their eligibility to generally work only for accredited employers," he said. "Within ICT (information and communication technology), most accredited employers are vendors or consultancies who hire skilled migrant workers and then provide their services to a customer. "Unfortunately, with the lack of funding, customers have to [reduce] spending on vendors or consultancies. There is less opportunity for them to provide to migrant workers." Peters said employer demand had also shifted, with a growing emphasis on highly skilled workers in areas such as cybersecurity and software development. "Organizations are seeking highly specialized and technical resources rather than the 'Jack of all trades' which were popular in 2022," he said. Photo: 123rf Peters said salaries and hourly rates had also recallibrated. Contractors with strong reputations and a strong track record of going above and beyond were still commanding higher rates, while candidates with more generic skillsets - particularly in management roles - were now seeing offers that were $10,000 to $20,000 lower than what they were two or three years ago. Peters said most of the firm's government clients had shifted towards hiring more contractors rather than permanent or fixed-term staff, citing budget constraints and operational headcount limits following recent cuts and restructures. However, the private sector remained relatively steady in its hiring of permanent staff. According to SEEK's latest New Zealand Employment Report , job advertisements in the information and communication technology sector rose by 7 percent from March to April and were also 7 percent higher year on year. Rob Clark, country manager at SEEK New Zealand, said April marked the second consecutive month of positive momentum, suggesting a modest but noticeable job market recovery trend over the past seven months. Cooley said job seekers should not be disheartened by current conditions, as the market appeared to be on the verge of a turnaround. For immigrants, she said building a strong professional network was crucial to securing employment.
