Australia’s fertility rate has reached a record low. What might that mean for the economy?

BaLL LunLa/Shutterstock Jonathan Boymal, RMIT University; Ashton De Silva, RMIT University, and Sarah Sinclair, RMIT UniversityAustralia’s fertility rate has fallen to a new record low of 1.5 babies per woman. That’s well below the “replacement rate” of 2.1 needed to sustain a country’s population. On face value, it might not seem like a big deal. But we can’t afford to ignore this issue. The health of an economy is deeply intertwined with the size and structure of its population. Australians simply aren’t having as many babies as they used to, raising some serious questions about how we can maintain our country’s workforce, sustain economic growth and fund important services. So what’s going on with fertility rates here and around the world, and what might it mean for the future of our economy? What can we do about it? Are lower birth rates always a problem? Falling fertility rates can actually have some short-term benefits. Having fewer dependent young people in an economy can increase workforce participation, as well as boost savings and wealth. Smaller populations...

Read More........ → October 24, 2024

Apple hit with 1.8-bn-euro EU fine for music streaming restrictions

PARIS - The EU on Monday hit Apple with a 1.8 billion-euro-fine ($1.9 billion) for violating the bloc's laws by preventing music streaming services from informing users about subscription options outside of its App Store.The iPhone maker immediately vowed to appeal the first ever antitrust fine slapped on Apple by Brussels, the culmination of a case triggered by a complaint by Swedish music streaming giant Spotify.The European Commission said it "found that Apple applied restrictions on app developers preventing them from informing iOS users about alternative and cheaper music subscription services available outside of the app"."This is illegal under EU antitrust rules," the EU's powerful antitrust regulator said."Apple's conduct, which lasted for almost ten years, may have led many iOS users to pay significantly higher prices for music streaming subscriptions because of the high commission fee imposed by Apple on developers and passed on to consumers," it added.Spotify's complaint in 2019 triggered a broad commission investigation into the iPhone maker in 2021, but Brussels narrowed...

Read More........ → October 10, 2024

Australia plans huge fines if big tech fails to tackle disinformation

SYDNEY - Tech giants could face billions of dollars in fines for failing to tackle disinformation under proposed Australian laws, which a watchdog on Monday said would bring "mandatory" standards to the little-regulated sector.Under the proposed legislation, the owners of platforms like Facebook, Google, Twitter, TikTok and podcasting services would face penalties worth up to five percent of annual global turnover -- some of the highest proposed anywhere in the world.The Australian Communications and Media Authority, a government watchdog, would be granted a range of powers to force companies to prevent misinformation or disinformation from spreading and stop it from being monetised."The legislation, if passed, would provide the ACMA with a range of new powers to compel information from digital platforms, register and enforce mandatory industry codes as well as make industry standards," a spokesperson told AFP.The watchdog would not have the power to take down or sanction individual posts.But it could instead punish platforms for failing to monitor and combat intentionally "false, misleading...

Read More........ → October 09, 2024

India among top 3 countries with highest road deaths in SE Asia: WHO

New Delhi, (IANS): India, Indonesia, and Myanmar are the top 3 countries with the highest road deaths in South-East Asia, according to a World Health Organisation (WHO) report on road safety launched on Monday.The report ‘WHO South-East Asia Regional Status Report on Road Safety: Towards Safer and Sustainable Mobility’ was launched at the 15th World Conference on Injury Prevention and Safety Promotion (Safety 2024) being held in the national capital.The report outlines road traffic injury patterns in SE Asian countries and highlights best practices and country-specific interventions. It showed that India had the highest reported road traffic deaths -- 153,972 -- in the year 2021, followed by Indonesia (25,266 deaths), and Myanmar (5,325).India also reported the highest road traffic injuries (384,448) in the year 2021, followed by Indonesia (128,466 road injuries), and Nepal (94,665). “Vulnerable road users, including pedestrians, bicyclists, and two or three-wheelers constitute 66 per cent of all reported road traffic deaths in our Region," said Saima Wazed, Regional Director, WHO South-East...

Read More........ → September 13, 2024

What’s a recession – and how can we tell if we’re in one?

William Barton/Shutterstock Leonora Risse, University of CanberraThis article is part of The Conversation’s “Business Basics” series where we ask experts to discuss key concepts in business, economics and finance. Today’s economic data shows that, outside of the pandemic, the Australian economy has slowed down to its lowest annual rate of growth since the early-1990s recession. That’s prompting the dreaded question: are we headed for another one? Any mention of the “R” word can trigger anxiety. Recessions bring job losses and financial strain, and put serious pressure on people’s mental health. These impacts can be especially severe for people who are already experiencing disadvantage and vulnerabilities. But what exactly does it mean to be in a recession? What are the different ways we define them? And are these current approaches the best way to measure people’s economic pain? What’s a recession? A bit like the waves of the ocean, our economy is characterised by ebbs and flows in overall activity. Spending and business growth can swell during times of confidence,...

Read More........ → September 06, 2024

One small update brought down millions of IT systems around the world. It’s a timely warning

Gerd Altmann/Pixabay David Tuffley, Griffith UniversityThis weekend’s global IT outage caused by a software update gone wrong highlights the interconnected and often fragile nature of modern IT infrastructure. It demonstrates how a single point of failure can have far-reaching consequences. The outage was linked to a single update automatically rolled out to Crowdstrike Falcon, a ubiquitous cyber security tool used primarily by large organisations. This caused Microsoft Windows computers around the world to crash. CrowdStrike has since fixed the problem on their end. While many organisations have been able to resume work now, it will take some time for IT teams to fully repair all the affected systems – some of that work has to be done manually. How could this happen? Many organisations rely on the same cloud providers and cyber security solutions. The result is a form of digital monoculture. While this standardisation means computer systems can run efficiently and are widely compatible, it also means a problem can cascade across many industries and geographies. As we’ve now...

Read More........ → July 22, 2024

Air India Express cancels over 80 flights due to cabin crew shortage

Air India Express has cancelled more than 80 flights and scores of flights have been delayed as a section of cabin crew members have reported sick to protest against certain policies of the airline management. An Air India Express spokesperson said, the airline is engaging with the cabin crew members to understand the reasons for reporting sick and also apologised for the flight disruptions. Several Air India Express flight services from the four international airports in Kerala have been disrupted since last night, as many cabin crew employees of the carrier have collectively taken sick leave. At the Cochin International Airport, four international flights and a domestic flight to Bengaluru were cancelled by the airline. The affected international services include flights to Sharjah, Bahrain, Dammam, and Muscat. Additionally, Air India Express flights from Muscat, Bahrain, and Dammam scheduled for arrival this evening have also been cancelled. Reports said that in the state capital Thiruvananthapuram, Air India Express flights bound for Sharjah, Dubai, Muscat, and Abu Dhabi were...

Read More........ → May 24, 2024

80% of us suffer from workplace anxiety: how can employers help?

Recent research from Fora, London’s leading premium workspace provider, shows that four in five hybrid workers have experienced workplace anxiety since the start of the pandemic.Such experiences may be one factor that helps to explain the UK’s continuing decline in productivity. The average hybrid worker missed six days of work in 2023 because of workplace anxiety, which led to a total of more than 28m days missed.Leading workplace behaviour psychologist Dr Craig Knight has six tips for employers who want to support their employees and minimise the lost time:Create an enriched environment, which includes elements like art and considered interior designOffer a range of spaces to suit different styles of work, and understand that not all work can be done in the same wayListen to employees’ opinions – you don’t need to implement everything that’s requested but it should all form part of the decision-making processEmbrace the importance of recharging – a suitable space to get back in the zone after a big meeting can boost productivityWatch out for signs of workplace anxiety, which may be...

Read More........ → May 14, 2024

Air India Express cancels over 80 flights due to cabin crew shortage

Air India Express has cancelled more than 80 flights and scores of flights have been delayed as a section of cabin crew members have reported sick to protest against certain policies of the airline management. An Air India Express spokesperson said, the airline is engaging with the cabin crew members to understand the reasons for reporting sick and also apologised for the flight disruptions. Several Air India Express flight services from the four international airports in Kerala have been disrupted since last night, as many cabin crew employees of the carrier have collectively taken sick leave. At the Cochin International Airport, four international flights and a domestic flight to Bengaluru were cancelled by the airline. The affected international services include flights to Sharjah, Bahrain, Dammam, and Muscat. Additionally, Air India Express flights from Muscat, Bahrain, and Dammam scheduled for arrival this evening have also been cancelled. Reports said that in the state capital Thiruvananthapuram, Air India Express flights bound for Sharjah, Dubai, Muscat, and Abu Dhabi were cancelled....

Read More........ → May 13, 2024

India will remain fastest growing economy; South Asia outlook poor: UN report

FILE PHOTO: A worker arranges food packets inside a retail store in Kolkata October 24, 2013. REUTERS/Rupak De Chowdhuri/File PhotoIndia will remain the fastest-growing major economy recording a growth of 5.8 per cent this year while the rest of the world will grow by a paltry 1.9 per cent, the UN said on Jan. 26, 2023. The UN’s World Economic Situation and Prospects (WESP) report sliced off 0.2 per cent from the 6 per cent gross domestic product growth projection made last May without affecting India’s rank as the country faces headwinds from the global economy Overall, the report said, “Growth in India is expected to remain strong at 5.8 per cent, albeit slightly lower than the estimated 6.4 per cent in 2022, as higher interest rates and a global slowdown weigh on investment and exports”. Next year, the UN expects India’s economy to grow by 6.7 per cent. The WESP gave a positive picture of India’s jobs scene, noting that its “unemployment rate dropped to a four-year low of 6.4 per cent in India, as the economy added jobs both in urban and rural areas in 2022”. For the world, the WESP...

Read More........ → March 14, 2024

China’s youth unemployment problem has become a crisis we can no longer ignore

Shutterstock Christian Yao, Te Herenga Waka — Victoria University of WellingtonYouth unemployment is a global problem, but in China the rate - 21.3% - is particularly alarming, not just because it’s high, but because it could affect other economies and geopolitical relations. The release of the rate, which more than doubled the pre-COVID rate of May 2018, coincided with China’s National Bureau of Statistics announcing it would no longer report age specific data because it needed to “improve and optimise labour force survey statistics”. Youth unemployment is a complex issue, but even more so in China as a result of government policy and society’s expectations. Under the Hukou system, households in China are required to register, and authorities then determine where they live and work and which public services they can access. The system often stops rural residents taking advantage of urban opportunities, which can limit their work prospects. The stress and uncertainty experienced by this demographic is only worsened by the expectations that come with being the only child...

Read More........ → October 13, 2023

IAEA to run out of money within weeks, Grossi warns : Regulation & Safety

Grossi at the meeting at IAEA headquarters in Austria (Image: IAEA)Member states of the International Atomic Energy Agency (IAEA) now owe more than EUR200 million (USD214 million), and Director General Rafael Mariano Grossi has warned that unless payments are made, then in a month's time "we will run out of money ... I will not be able to pay salaries or for the lights ... we will grind to a halt".Before getting on to the substance of his statement to the IAEA board - covering issues including the on-going work in Ukraine and Fukushima and the new Atoms4Food initiative - Grossi said he had to start with the urgent finance situation because he found it "contradictory ... that we talk about so many important things when I don't know whether I'm going to be able to open the shop in one month".He said that 44% of member states were in arrears "including the major donors" and he said what made it even more frustrating was that he had been in touch with the United Nations Secretariat in New York and with other agencies and global institutions and "no one is in a situation like us"."So we...

Read More........ → September 19, 2023

A guide: Uranium in Niger : Uranium & Fuel

Current events in Niger mean world attention is turning to the West African uranium-producing country. Here is an overview of Niger's uranium sector.  What has happened in Niger? After reports on 26 July that presidential guards had seized Niger's president, Mohamed Bazoum, General Abdourahmane Tchiani - also known as Omar Tchiani - went on national TV on 28 July and declared himself the new leader of Niger. Bazoum became president following a runoff election in February 2021 in which he won 55.67% of the vote. How much uranium does Niger produce? Niger produced 2020 tU in 2022, just over 4% of world uranium output. Current production is from the open-pit operations of SOMAÏR (Société des Mines de l’Aïr), near the town of Arlit. SOMAÏR is 63.4% owned by French company Orano and 36.66% owned by Sopamin (Société du Patrimoine des Mines du Niger). Sopamin manages Niger's state participation in mining ventures. According to data from the World Bank, uranium is Niger's second largest export, in monetary terms, after gold. What is Niger's uranium history? Uranium...

Read More........ → August 10, 2023

Joe Biden announces new Ukraine assistance package as he makes surprise visit to Kyiv

It is the first time US President Joe Biden has visited Ukraine since Russia invaded in February 2022.(Reuters/Ukrainian Presidential Press Service)US President Joe Biden has made an unannounced visit to the Ukrainian capital Kyiv, days before the first anniversary of Russia's full-scale invasion of Ukraine in 2022.Air raid sirens blared across the Ukrainian capital as Mr Biden visited Kyiv but there were no reports of Russian missile or air strikes.He delivered remarks and met with President Volodymyr Zelenskyy at Mariinskyi Palace to announce an additional half billion dollars in US assistance and to reassure Ukraine of American and allied support as the conflict continues."One year later, Kyiv stands. And Ukraine stands. Democracy stands," Mr Biden said."[Putin] is counting on us not sticking together. He was counting on the inability to keep NATO united. He was counting on us not to be able to bring in others to the side of Ukraine."He thought he could outlast us. I don't think he's thinking that right now. He's just been plain wrong."Mr Biden said Washington would provide Kyiv...

Read More........ → February 21, 2023

Zelensky: 'Ukraine will acquire missile, drone interception system'

Ukrainian President Volodymyr Zelenskyy in Brussels, Belgium on February 09, 2023. [Dursun Aydemir - Anadolu Agency]Ukrainian President Volodymyr Zelensky announced during the Munich Security Conference on Friday that Ukraine's acquisition of an Israeli missile interception system to use against Russia "is only a matter of time". He added that his country needs to acquire the David's Sling air defence system from Israel to use against the Russian Goliath.The David's Sling system is a system for intercepting medium-range missiles and drones. Ukraine has requested to obtain missile interception systems several times since the start of the war with Russia, but Israel has so far refused.During his speech, Zelensky attacked Iran for providing aid to Russia and said Iran would use the experience of using drones in Ukraine to improve its performance and use it in the Middle East.Israeli Security Minister Yoav Gallant spoke at the Munich Security Conference and said that Iran is in talks with 50 countries regarding selling drones and missiles, according to quotes by the Israeli media.Gallant...

Read More........ → February 19, 2023

A wake-up call for public education

New Jersey Department of Education header photo from Twitter. (Photo: Twitter)A recent national analysis contained a deeply disturbing finding that has generated little public discussion when it should be causing an outcry: Nearly 1.3 million students have left public schools since the pandemic began. Most states have seen enrollment declines for two straight years. In New York City, K-12 enrollment has dropped by an astounding 9%.Given that state education funding formulas rely on student population numbers, a large reduction in students will lead to a corresponding reduction in school budgets. That’s the law of supply and demand. Otherwise, at this rate, the public will soon be paying teachers to lead half-empty classrooms. The message to educators and elected officials could hardly be clearer: Too many public schools are failing, parents are voting with their feet, and urgent and bold action is needed. Until now, however, the only governmental response has been to spend more money – too much of which has gone to everyone but our children.Since 2020, Congress has sent an additional...

Read More........ → February 16, 2023