Headlines

British businesses have reported a sharp rise in recruitment difficulties within the space of just a few weeks - partly as a result of a continued lack of European Union workers, official figures showed on Thursday, Reuters reported. Some 41% of companies with 10 or more staff reported greater than usual recruitment challenges in the two weeks to Sept. 5, up from 32% in early August, the Office for National Statistics (ONS) said.

Australian employment dived in August as coronavirus lockdowns in Sydney and Melbourne forced businesses to lay off workers and slash hours, while the jobless rate was nudged lower by a sharp fall in the number of people looking for work, Reuters reported. Thursday's data from the Australian Bureau of Statistics (ABS) showed employment fell by 146,000 in August, compared to median forecasts of a drop of 90,000. The unemployment rate dipped to 4.5%, having already fallen to 4.6% in July when lockdowns also distorted the data.

El Salvador's adoption of bitcoin as legal tender has immediate negative implications for it credit rating S&P Global said on Thursday, Reuters reported. S&P said the main risks were that it could threaten its hopes of securing a support programme with the International Monetary Fund, increase fiscal vulnerabilities and hurt banks by creating currency mismatches when they dish out loans. "The risks associated with the adoption of bitcoin as legal tender in El Salvador seem to outweigh its potential benefits," S&P said. "There are immediate negative implications for (the) credit".

The Swiss government lowered its outlook for economic growth this year, citing headwinds such as the global logistics logjam and the slow resumption of intercontinental travel, Bloomberg News reported. Gross domestic product is forecast to expand 3.4% this year, down from a previous forecast of 3.8%, the State Secretariat for Economic Affairs said on Thursday. The inflation rate is set to remain low, averaging just 0.5% in 2021.

Italy is making Covid-19 health passes mandatory for all workers in the private and public sectors, in one of the toughest vaccine-promoting measures adopted by any major Western country, the Wall Street Journal reported. Prime Minister Mario Draghi’s government passed a decree Thursday requiring workers, including those who are self-employed, to have a digital certificate known as a green pass. This shows a person has been fully vaccinated, has recently recovered from Covid-19 or has freshly tested negative for the virus.

South Korea’s leading opposition candidate warned of a potential collapse in the housing market and a spike in bankruptcies as interest rates rise, blaming President Moon Jae-in for letting debt levels hit a record through expansionary spending, Bloomberg News reported. Hong Joon-pyo, one of the top-ranked conservatives seeking to be the next president, said the current level of fiscal spending is unsustainable with government debt expected at over 1,000 trillion ($855 billion) next year.

Chinese authorities have told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, according to people familiar with the matter, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings, Bloomberg News reported. The Ministry of Housing and Urban-Rural Development told banks in a meeting this week that Evergrande won’t be able to pay its debt obligations due on Sept. 20. Evergrande is still discussing the possibility of getting extensions and rolling over some loans.

The committee of creditors of Vasan Health Care Pvt. Ltd and the resolution professional, S. Rajendran, have gone on appeal before the National Company Law Appellate Tribunal (NCLAT) against the order rejecting extension of time frame under the insolvency process, The Hindu reported. Last month, the National Company Law Tribunal (NCLT) said that the corporate insolvency resolution process for Vasan Health Care Pvt.

India’s largest conglomerate the Tata Group has submitted a financial bid for state-run Air India Ltd. as the government tries to sell the money-losing carrier after two failed attempts, Bloomberg News reported. The bid was entered Wednesday by Tata Sons Ltd., the group holding company, which controls Jaguar Land Rover and owns a majority stake in AirAsia India, according to a Tata spokesperson. The bid has boosted prospects for the sale after the government sweetened the deal by allowing suitors to decide how much of the carrier’s debt they want to take on.

Argentina’s monthly inflation eased more than expected in August to a 13-month low as food and living cost increases lost some momentum, Bloomberg News reported. Consumer prices rose 2.5% in August from a month earlier, the lowest level since July 2020 and less than economists’ median estimate for a 2.9% increase. From a year ago, inflation reached 51.4%, one of the highest levels since President Alberto Fernandez took office in December 2019.