Economy

Understanding the size of the gig economy is so complicated, you couldn't ask gig economists to do it. The Treasury Department had one estimate of 0.7 percent last year after poring through administrative tax records. Last week, the Bureau of Labor Statistics said 1.3 percent, 1.6 percent, and 3.8 percent over three estimates, and the Federal Reserve Bank said 30 percent . With answers like these, why bother to ask the question? With all the talk about the gig economy, though, it's smart to separate hype from reality. Whether you're an entrepreneur, a business manager, or a worker, you can't ignore it. But to grapple, you've got to understand it first. Definitions are everything The major reason the numbers are spread so far is that everyone works from a different definition. The Treasury used administrative tax records, taking a sample and analyzing results. But the data was from 2014 and the analysis depended on people having declared their gig …

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The Federal Reserve felt at its December meeting that the US economy still needed help despite signs of strength, according to minutes released on Tuesday that showed little appetite to trim bond-buying plans. Some Fed officials indicated a "fairly high" threshold for reconsidering the USD 600 billion in purchases first announced back in November, while others thought more time was needed before any such re-evaluation. The rather dovish tone of the minutes suggested anyone thinking the central bank might curtail its controversial bond-buying plans, known in the markets as the second round of quantitative easing or QE2, may be getting ahead of themselves. "There is no indication that members are inclined to curtail the program," said Eric Green, chief economist at TD Securities. "The Fed will follow through with the USD 600 billion." Indeed, the December 14 meeting minutes noted that "members generally felt that the change in the outlook was not sufficient to warrant …

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- A + A KUALA LUMPUR (July 31): Focus should be shifted back to efforts to fight the Covid-19 pandemic to ensure the health of the people, apart from rebuilding the country's economy through the implementation of the National Recovery Plan (PPN). Information chiefs of the parties under the Perikatan Nasional coalition, in a joint statement today, said that the efforts to fight the pandemic are the real priority of the country at this time, for the good of the people as a whole. “We call on all levels of society to examine the series of explanations given by the government on the current situation because too many parties are trying to fish in troubled waters for personal gain or to save themselves. “This includes deliberately creating fake news and exploiting the current situation through social media. Therefore, the people must be aware of this irresponsible act, and always refer to authentic sources to find out the real situation,” the statement read. As the …

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Malaysians gesture as they take part in a rare anti-government rally in Kuala Lumpur on July 31, 2021, despite a tough Covid-19 coronavirus lockdown in place restricting gatherings and public assemblies. (Photo by Arif KARTONO / AFP) KUALA LUMPUR — Hundreds of black-clad Malaysians staged an anti-government protest Saturday in defiance of a ban on public gatherings under coronavirus curbs, piling pressure on the embattled prime minister to resign. The mostly young protesters, wearing masks and keeping a distance from one another, waved banners reading “failed government” as well as black flags. It was the first sizeable demonstration in Malaysia for some time, as many had been reluctant to take to the streets due to virus curbs and for fear of getting infected. But anger is growing at the government’s handling of a virus outbreak — which is escalating despite a lockdown — and Prime Minister Muhyiddin Yassin’s attempts to keep his crisis-riven administration in power. “We …

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LONDONERS appear far more interested in getting back to shops and restaurants in the West End than they are in returning to the office, and even England’s much-vaunted “Freedom Day” earlier this month had little impact on shifting workers. Despite the lifting of coronavirus restrictions on July 19, minicab and courier company Addison Lee says that passenger bookings to and from the capital’s financial hubs recovered less than expected. “A damp squib,” was the blunt description of Freedom Day from chief operating officer Patrick Gallagher. “In Canary Wharf, the lack of a return to the office is stark,” he said. “We didn’t see any impact of the restrictions being lifted.” City of London bookings were at 48% of February 2020 levels, and Canary Wharf was just 32%, both barely changed from the previous week. West End bookings have been far stronger, at 62% of the pre-pandemic number.Addison Lee bought black-taxi service ComCab at the start of the UK’s first lockdown last year. The …

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asnaf entrepreneurs by equipping them with skills and knowledge needed to expand their business. Launched by Entrepreneur Development and Cooperatives (MEDAC) Minister Datuk Seri Wan Junaidi Tuanku Jaafar, the six-month long programme, which has an allocation of RM2 million, aims to help 200 asnaf entrepreneurs from all over the country increase their incomes. "The programme is in line with the ministry's efforts in helping to develop the capacity and competitiveness of B40 entrepreneurs, including informal entrepreneurs, micro-entrepreneurs and small and medium enterprises, to ensure the recovery and sustainability of business operations as the country faces the Covid-19 pandemic. "Through the programme, more asnaf entrepreneurs could be helped in their bid to improve their economic and social status and drive the country's economic growth,” said Wan Junaidi in a statement today. The RAKYATpreneur 2.0 programme is a continuation of the RAKYATpreneur pilot programme …

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KOTA KINABALU: The state government should focus on modernising the fisheries, agriculture and livestock industries in the state to achieve self-sufficiency, says the Sabah United Chinese Chambers of Commerce (SUCCC). Its president Tan Sri Andrew Lim said that strategic development of the industry would help not only in self-sufficiency, but also provide employment for the youth in the state. He said such focus by the state government would improve the economic situation of the state especially when it was facing the prolonged Covid-19 pandemic that has affected all sectors of the economy. "It will assist the people as well as rejuvenate the economy," said Liew, who is also a member of the Sabah Economic Advisory Committee and vice-president of the Associated of Chinese Chambers of Commerce and Industry of Malaysia. Liew said that SUCCC hoped that the state government would urge the Federal Government to expedite the infrastructure projects under the 12th Malaysia Plan for …

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General view of one of the world's largest floating solar panel farms in Singapore, July 13, 2021, in this still image taken from video. (Image: Reuters) Singapore Wednesday unveiled one of the world's biggest floating solar power farms, covering an area the size of 45 football pitches, as part of the city-state's push to cut greenhouse gas emissions. The project is the country's most ambitious yet, comprising 122,000 panels on Tengeh Reservoir that will produce enough electricity to run its five water treatment plants. Singapore is among the biggest per capita carbon dioxide emitters in Asia and its land scarcity makes boosting renewable energy sources a challenge. The prosperous financial hub has turned to setting up plants off its coasts and in reservoirs, and aims to quadruple solar energy production by 2025. The new farm can produce up to 60 megawatts of electricity, and will lead to carbon emissions reductions equivalent to removing 7,000 cars from roads, according …

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With Virgin Galactic making its highest profile test flight to date with boss Richard Branson aboard, it’s only a matter of time before paying customers get their chance and New Mexico realizes a dream that has been decades in the making. With Virgin Galactic making its highest profile test flight to date with boss Richard Branson aboard, it’s only a matter of time before paying customers get their chance and New Mexico realizes a dream that has been decades in the making. Former Gov. Bill Richardson is among those who have been watching the progress of the space tourism company, ever since he and his team recruited the British billionaire to New Mexico. The two shook hands on a promise — Branson would build the world's first commercial spaceline for tourists, and New Mexico would build the spaceport. To naysayers who thought it was a boondoggle and a waste of taxpayer money, Richardson said: “You were dead wrong. You have to have a vision for the future, and it’s …

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Guests enjoy outdoor dining in the Manhattan borough of New York City, United States on May 23, 2021 (Image: Reuters/Caitlin Ochs) From the moment US coronavirus cases emerged in the Seattle area and then devastated New York City last spring, sweeping predictions about the future of city life followed. Density was done for. An exodus to the suburbs and small towns would ensue. Transit would become obsolete. The appeal of a yard and a home office would trump demand for bustling urban spaces. And Zoom would replace the in-person connections that give big cities their economic might. The pandemic promised nothing short of the End of Cities, a prophecy foretold by pundits, tweets and headlines, at times with unveiled schadenfreude. If the past year has laid bare many underlying forces in society, this was another one: a deep-rooted discomfort — suspicion, even — about urban life in America. But now city sidewalks are returning to life, pandemic migration patterns have become …

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