tv World Business Report BBC News December 14, 2021 5:30am-6:01am GMT
this is bbc news with the latest business headlines for viewers in the uk and around the world. the new employent crisis. uk businesses, desperate to hire, can't find the workers needed. the lira takes yet another plunge. we'll gauge the impact of turkish president erdogan�*s economic policy. and what to do about christmas waste, we look at the solutions to an annual problem.
the uk jobs market is awaiting the next set of figures expecting to record the highest ever number of vacancies exacerbating the staff shortage problem faced by many businesses. last quarters figures showed thatjob vacancies had reached 1.2 million due to post—brexit labour shortages and the post—covid reopening. many businesses are struggling to recruit as the latest report from manpower shows the jobs market hiring intentions has accelerated to a 30—year high. nina warhurst reports. who could have predicted this? from a pandemic that punished the economy, lots ofjobs are now available and not enough people to fill them. this hotel in manchester bounced back to a high number of bookings but despite recruitment drives and training new faces they are 30 members of staff down. adrian, where is everyone gone then?
good question. some went back to europe in the early part of the year and then some people just chose the last 1.5 years to do other things. some went to do other things. some went to work at libraries, some started their own business, some went to work from home. . some went to work from home. , what are you doing to entice people back? we what are you doing to entice peeple back?— what are you doing to entice --eole back? ~ ., ., , , people back? we have addressed some of the _ people back? we have addressed some of the key _ people back? we have addressed some of the key positions - people back? we have addressed some of the key positions where l some of the key positions where we just felt market forces required us to prove —— improve. required us to prove -- improve-— required us to prove -- improve. required us to prove -- imrove. �* . ., , improve. and increased salaries in one job _ improve. and increased salaries in one job market _ improve. and increased salaries in one job market can _ improve. and increased salaries in one job market can put - in onejob market can put pressure on others. 10% of uk jobs are in hospitality and there is some evidence that is pulling workers away from roles like cleaning. ryan employs around 25 people cleaning office spaces but it is not enough to fulfil his contracts. he needs more. ﬁx, enough to fulfil his contracts. he needs more.— he needs more. a lot of applicants _ he needs more. a lot of applicants and - he needs more. a lot of. applicants and candidates he needs more. a lot of- applicants and candidates have left the industry particularly to go to the supermarket industry, for example, where they have seen a huge growth during covid and they know they are not going to be furloughed,
the work will carry on regardless in a supermarket environment where as in the cleaning industry or if they have been cleaning a pub, there is a high chance they might be furloughed or potentially lose their job furloughed or potentially lose theirjob when that business closes. . , ., closes. vacancies here and across the _ closes. vacancies here and across the board _ closes. vacancies here and across the board are - closes. vacancies here and across the board are down| closes. vacancies here and l across the board are down to closes. vacancies here and - across the board are down to a variety of reasons yet partly european workers going home because of covid and because of the exit that also lock down lead to people reassessing what they wanted out of life inking about the priorities and in fact the number of people switching jobs is also at a record job —— record high. some people are calling this period to the great resignation. helen has lost a staff at her workshop and it is starting to affect business. we workshop and it is starting to affect business.— workshop and it is starting to affect business. we are having to ush affect business. we are having to push out — affect business. we are having to push out our— affect business. we are having to push out our leadtimes - affect business. we are having to push out our leadtimes to i to push out our leadtimes to our customers, and some of our customers are being patient but some just reallyjust can't wait as long as we are quoting them in terms of timeframes and they are taking their business elsewhere. 0bviously working in a foundry is dirty work but we
do pay more than we pay the staff that we have in our warehouse, as a little bit of compensation for the working environment.— environment. keeping fewer rooms epen. _ environment. keeping fewer rooms open, delaying - environment. keeping fewer- rooms open, delaying deadlines, failing to expand all consequences of not having enough people. increasing wages can impact prices more generally, putting more pressure on family budgets. nina warhurst, bbc news. joining me now is chris grey, director of manpower uk. chris, good to speak to you this morning. many experts were anticipating high unemployment numbers coming out of the coronavirus lockdowns and furlough scheme, why hasn't this happened? that is a good question. the furlough scheme ended in september and most of the people coming off furlough either went back into the roles from which they were furloughed or they were really skilled into other roles with the same employer. and also the end of
furlough times very well with the previous high that we saw in terms of hiring activity which was due for 2021 so i think there is a matter of timing but also an element of employers adapting and trying to hold onto their staff. interesting. and other staff shortages we are seeing across all industries or are some sectors are struggling to hire staff more than others? we are seeinu staff more than others? we are seeing the _ staff more than others? we are seeing the challenge _ staff more than others? we are seeing the challenge across - staff more than others? we are seeing the challenge across all| seeing the challenge across all industries and manyjob roles. i was listening to a podcast and i was —— it is ranging from shortages in restaurants, hg g drivers which we have seen a shift, bus drivers are seeing increased pay for hgv drivers and leaving bus driving. multilingual roles in multi— service roles and all the way
up service roles and all the way up to roles which have in in high demand during the course of the pandemic for niche it skills, especially with security and data as we move into working from home environment is well. and other vacancies _ environment is well. and other vacancies we — environment is well. and other vacancies we are _ environment is well. and other vacancies we are seeing - environment is well. and other vacancies we are seeing acrossj vacancies we are seeing across all skill sets or are we seeing vacancies in roles that would have taken by migrant workers? it is across all skill sets but it is across all skill sets but i think we are particularly challenged in some of the entry—level roles particularly in hospitality, restaurants, hotels, where we did see a lot of european skills, if you will, servicing those industries. and we will have to wait and see how that unfolds but obviously, there is quite a ping for young workers as well and i think as young workers who have been taking a bit of a speu who have been taking a bit of a spell from coming into the workforce, as we have been going through this period, become more confident and get their booster shots, we will hopefully see some of those
filling those roles which were left by some of the migrants. equally on the other side, which sectors are benefiting from the current situation? i think those which are offered —— able to offer all flexibility through virtual or hybrid working. those that need on—site customer facing roles, those roles are challenged. sectors which can afford to pay a bit more as well as offer flexibility and benefits as well and those sectors which might be more attractive versus those sectors that have really struggled and so people are looking for a sector which offers security and stability. and what are employers having to do to ensure that they recruit the right candidates? is the move to homeworking or hybrid working having an impact on recruitment? it hybrid working having an impact on recruitment?— on recruitment? it certainly is and i on recruitment? it certainly is and i think— on recruitment? it certainly is and i think that _ on recruitment? it certainly is and i think that those - on recruitment? it certainly is and i think that those who - on recruitment? it certainly is| and i think that those who can offer full flexibility, full
virtual working, have most definitely got something over hybrid working let alone on—site working but employers are having to speed up the recruitment process, they are having to speed up the offer process, get those candidates as quickly as possible and offer flexibility with empathy at the same time. irate offer flexibility with empathy at the same time.— offer flexibility with empathy at the same time. we will have to leave it _ at the same time. we will have to leave it there _ at the same time. we will have to leave it there but _ at the same time. we will have to leave it there but chris - to leave it there but chris grey, good to talk to you, director of manpower uk. and there is a similar problem in the us. companies big and small are struggling to fill their payrolls. specifically there's a shortage of is older workers. america's unemployment data shows that the number of workers over the age of 55 plummeted by five and half million in early 2020 and has still not recovered. some employers are now mounting major campaigns to hire older workers including their own retirees. samira hussain reports from new york.
the new york subway system, the city's engine and great unifier. but like many companies, they can't find enough staff to meet demand so it is lowering back workers like 65—year—old pauljones who retired in january last year. new york city transit authority needed help at this time so opportunity presents itself so why not help out? the financial incentives _ why not help out? the financial incentives really _ why not help out? the financial incentives really help _ why not help out? the financial incentives really help with - incentives really help with retirees earning up to $35,000 in addition to their pension. a costly wage which address staffing shortages but has also come with some unanticipated benefits. ~ ., ., ., benefits. what we founded our most experienced _ benefits. what we founded our most experienced workers - benefits. what we founded our most experienced workers are | most experienced workers are some of the most motivated. they are frequently people who take over time and are willing to take the extra hours and they are also enthusiastic about training and other generation. —— training and other generation. the
generation. -- training and other generation. the retiree programme _ other generation. the retiree programme has _ other generation. the retiree programme has been - other generation. the retiree | programme has been running other generation. the retiree l programme has been running a short time but the transportation authority says it has been a success so far so it has been a success so far so it is certainly one way to bridge current gaps in the labour market, but really more needs to be done to bring older workers back into the workforce as unemployment for that group remains high. between march and april of last year, 5.7 million workers, 55 years and older, lost theirjob. to date, they are short of pre—pandemic levels which suggests attitudes to work may have changed. the andemic to work may have changed. the pandemic has — to work may have changed. tue: pandemic has fundamentally changed notjust older workers but everybody�*s relationship to what work is and when it comes to older workers there are people that are also thinking that there is not such a bright line between work and retirement. you can switch careers, drop down to part—time, you can find other ways of staying engaged. part-time, you can find other ways of staying engaged. giving their ageing _ ways of staying engaged. giving their ageing populations - their ageing populations another disruption to the pandemic, there may be more people like paul marching back
from retirement. samir hussein, bbc news, new york. the turkish lira has tumbled to an all—time low, hitting record depths against the dollar and losing nearly 30% in value in the last month alone. annual inflation in turkey has also risen by over 21%. the currency has been in freefall as president erdogan continues to support interest rate cuts despite surging inflation. concern is also rising that the country's central bank will cut rates even further later this week. joining me now is guido cozzi, professor of macroeconomics, university of st gallen. what is causing the currency crisis in turkey? certainly, the overall uncertainty of monetary policy because we have seen quite a massive set of replacement in
the position in the central bank and in the government so in this general situation of turbulence and inflationary pressures everywhere and certainty about interest rates everywhere, adding another level of leadership uncertainty, it is certainly, uncertainty, it is certainly, uncertainty is certainly implying that the financial markets and foreign exchange markets and foreign exchange markets freak out and tend to escape from unsafe currencies. how is the rising inflation figure affecting the economy and the people of turkey? it is affecting the economy in subtle ways. something that strikes is that given nominal
wages, realwages strikes is that given nominal wages, real wages are under stress so labour is becoming cheaper in real terms which is exacerbating, at the same time exacerbating, at the same time exacerbating gdp. we see it booming, exports increasing in fundamentals going on the right direction. �* , , direction. and why is the central bank _ direction. and why is the central bank continuing i direction. and why is the l central bank continuing to direction. and why is the - central bank continuing to cut interest rates get —— given what is going on in the country. what is going on in the country-— country. the reason is fundamentalist - country. the reason is fundamentalist and i country. the reason is - fundamentalist and religious buyers of the president that is forcing. so the central bankers have no freedom to refrain from not increasing, if not decreasing the interest rates,
three central bankers has been replaced in on a couple of years. replaced in on a couple of ears. , ., ., , , , years. interesting analysis. thank you _ years. interesting analysis. thank you very _ years. interesting analysis. thank you very much - years. interesting analysis. thank you very much for i years. interesting analysis. - thank you very much forjoining us. let's get some of the day's other news. a powerful us senate committee is warning of serious weaknesses in the way new boeing aircrafts are built and certified. the report is based on the testimony of seven named whistleblowers from within the industry, and included former employees of both boeing and the faa. boeing's 737 max was grounded for over a year after two deadly crashes within five months. the united states work safety watchdog has opened a probe into amazon after a collapse at one of its warehouses. six people were killed in the incident that happened in illinois. the collapse was caused by a tornado that devastated the area on friday. amazon said it will co—operate
with the investigation. stay with us on bbc news, still to come: what to do about christmas waste? we look at the solutions to an annual problem. saddam hussein is finished because he killed our people, our women, our children. the signatures took only a few minutes, but they brought a formal end to 3.5 years of conflict — conflict that has claimed more than 200,000 lives. before an audience of foreign leaders, the presidents of bosnia, serbia and croatia put their names to the peace agreement. the romanian border- was sealed and silent today. romania has cut itself off - from the outside world in order to prevent the details - of the presumed massacre
in timisoara from leaking out. from sex at the white house to a trial for his political life — the lewinsky affair tonight guaranteed bill clinton his place in history, as only the second president ever to be impeached. stay with us on bbc news, still to come: prime minister borisjohnson faces a rebellion by his own mps — in a commons vote on new covid rules for england as 0micron cases increase. donald trump's former chief of staff, mark meadows, is being referred for criminal contempt of congress charges for refusing to testify in an investigation into the capitol riots. us stocks have dropped ahead of a key federal reserve meeting later this week.
investors worried about moves from the fed whether it will speed up tapering of the bond—buying programme and raise interest rates sooner than expected. the spread of the new coronavirus variant 0micron also on their minds. joining me now is simon french, chief economist, panmure gordon. many thanks for joining many thanks forjoining me. what is going on on the us markets?— what is going on on the us markets? ., , ., markets? good morning. global eaui markets? good morning. global equity markets _ markets? good morning. global equity markets are _ markets? good morning. global equity markets are at _ markets? good morning. global equity markets are at all-time l equity markets are at all—time highs with very high valuations, about 35 times next year's earning which any historical standard is very expensive. even though we are not talking about interest rate, federal reserve, the us federal bank starting to slow it programme, quicker than it
was announced a few months ago, there are worries that liquidity will push evaluations down and in some stocks, which are not making profits, it is quite a rush to the door. the oint of quite a rush to the door. the point of this _ quite a rush to the door. the point of this discussion is always trying to second guess what the federal reserve, the us central bank will do. how likely like they move closer and faster and raise interest rates sooner than expected? rates sooner than expected ? earlier rates sooner than expected? earlier in the programme we were talking aboutjob losses in the united states. the us economy is still 4 million jobs short of what it was pre— pandemic. there is a link between the rise of interest rates to maximum employment. you might say, that will be seen as 4 million jobs retired but there are concerns of those
jobs are not coming back. then we might be closer to maximum employment than the markets have focus. having started the year and going into 2022 not expecting it, there is a possibility although not a big one that the federal reserve will signal quite an aggressive hike cycle particularly anything second half of the other. i personally think they will proceed with a fair degree of caution. qt will proceed with a fair degree of caution-— of caution. of course the “obs market in i of caution. of course the “obs market in the i of caution. of course the “obs market in the us i of caution. of course the jobs| market in the us fundamental of caution. of course the jobs i market in the us fundamental to all major economic decisions inside that country but so is the status of covid and the 0micron variant is a huge factor at the moment? tt omicron variant is a huge factor at the moment? it is another thing _ factor at the moment? it is another thing for _ factor at the moment? it is another thing for the i factorat the moment? tit 3 another thing for the federal reserve to think about when they are making decision because have seen in previous waves, consumers pull back on
spending and transfer spending to goods where there has been big inflation. 6.8% year—on—year in the us and that is entirely driven by its consumption. what 0micron will do is not only slow overall economic growth but push up inflation even more into the goods sector, really uncomfortable balance for any central to have to deal with. really good to check with you this morning. as the days tick closer towards christmas, the retail machine cranks up to full speed, shopping for presents, festive foods and decorations to brighten up your home. but it's estimated that a0 million christmas crackers head straight to landfill once the cornyjoke has been read out. joining me now is kate hardcastle, consumer expert, insight with passion. we do create a huge
amount of waste at christmas, but surely much of it is recyclable these days isn't it? you would like to think so but unfortunately in most of the research, it does not seem to be the case and i think that is down to almost the hierarchy of needs. when we are shopping, particularly at emotional times of yellow christmas, thoughts around sustainability and environmental impact tend to move down the list and start to think about availability and price affordability and this year consumers are very concerned that this has to be a good christmas, trying to make up good christmas, trying to make up for what they felt last year to be very challenging time and retailers are trying to make sure their wares are affordable. that environmental messaging that we had particularly in october and november around cop26 does not seem to be relevant in either
the retail or consumer steak but thankfully changes are coming. a huge push in opportunities to recycle or even render products is happening in the christmas market as well and we are on the brink of change.- the brink of change. took us throu~h the brink of change. took us through some _ the brink of change. took us through some of _ the brink of change. took us through some of that i the brink of change. took us | through some of that change. the brink of change. took us i through some of that change. is there a more gentle solution? 0r there a more gentle solution? or do we start banning things like crackers or can consumers opt and have the power to enjoy all of the traditional christmas items but being more environmentally friendly in the process?. environmentally friendly in the rocess?. ~ . environmentally friendly in the process?-_ environmentally friendly in the rocess?. ., , , process?. what consumers need is that it is _ process?. what consumers need is that it is affordable. _ process?. what consumers need is that it is affordable. it - is that it is affordable. it needs to be something realistically they can get within time pressures and timeframe. that is where small businesses have proven again
and they vibrancy to the economy because it tends to be this start—up organisation is that will push forward the change and that social media helps to spread the word. christmas tree rental is not usually popular but it is starting to grow. more tutorials about this idea of perhaps remaking, reusing, recycling christmas decorations, making your own christmas crackers. businesses enable that, support that and in the long run we will certainly win but more than anything it is about consumers trying to recover the value of christmas. it has to be perhaps one that we associate with the real meaning of christmas. i would imagine that you do believe that manufacturers should be held more accountable for producing items that can easily be more recyclable? easy to know which _
easily be more recyclable? easy to know which is _ easily be more recyclable? easy to know which is recyclable and which is not so that the power could be in line with the consumer to make the right choice? 50 consumer to make the right choice? ., , , ., choice? so many consumers what business is _ choice? so many consumers what business is to _ choice? so many consumers what business is to be _ choice? so many consumers what business is to be better _ choice? so many consumers what business is to be better and i business is to be better and businesses can make big inroads without a lot of effort. most packaging still is really challenging to read through and woke out, is that this recyclable or not. it is very difficult. i'll mean need is clarity, what does it mean, how much is recyclable, what do we need to do with it and are there better ways to buy and businesses who start to enable us and championed us as the people with the power of the purse will make such a difference in the long run because we will associate better values and that change is happening. we are very much on the tipping point and i look forward to christmas is where we are wrapping things in brown paper packages and string again. it is good for the environment, it looks better and it is more of the tradition
we used to. and it is more of the tradition we used to-— we used to. ok, you are all cau~ht we used to. ok, you are all caught up _ we used to. ok, you are all caught up with _ we used to. ok, you are all caught up with the - we used to. ok, you are all| caught up with the business use. good to have you with us. stay with us. tuesday generally cloudy, perhaps damp in a few places, nothing spectacular. spectacular. it is december after all. you can see a lot of cloud on the satellite picture, but this little gap in the cloud that's over us right now has actually led to some clear spells across parts of northern england and northern ireland too, perhaps the north of wales. so, i think these are the most likely areas for fog to form early in the morning. the very far north—west of the uk, wet and windy first thing. the south of the country, really quite mild. look at these starting temperatures — 10 degrees along the channel coast. so, this is the weather map for tuesday. we have high pressure to the south,
which will continue to build through the course of the week, but weather fronts are grazing the north—west of the uk. so, for ourfriends in the western isles, it's going to be wet and windy at times. we are expecting some rain or so in 0rkney and shetland. perhaps a little bit of rain around the lowlands and south—western areas of scotland, but i think eastern areas, in fact all along the east of the country, i think there will be some brightness around. and temperatures typically around 7—9 degrees, but southern areas, london, cardiff, plymouth with the cloud and the murk hanging around, that mild air from the south, it will be around 12 degrees in one or two spots. here's the weather map for wednesday. so, again, high pressure in the south, weather fronts grazing the north, but increasingly these weather fronts will bring less rain as we go through the course of the week. so, more than anything, it's just an area of cloud with some dampness here across parts of scotland and northern ireland. it's because it's high pressure starting to build in from the south. and look at these temperatures — double figures right across the board midweek. now, this high pressure is going to anchor itself across the uk thursday and friday, and i wouldn't be surprised
if it stays here, well, right up till christmas quite possibly. this means generally settled conditions across the uk, light winds, with some fog in the morning. still mild on thursday, but i think gradually what we'll find is these temperatures, even though we'll have high pressure, gradually these temperatures will ease so down into single figures by the time we get to the weekend. but i think it's going to stay mostly settled for the rest of the week. bye— bye.
good morning, welcome to breakfast with sally nugent and dan walker. 0ur headlines today. the rebellion over new covid rules — boris johnson faces what could be his biggest revolt from conservative mps. the call goes out for volunteers to help at vaccination centres, after half a million boosters were booked in england on monday. more than two years after harry dunn was killed in a road accident, an american woman is due to face criminal proceedings in the uk. the reality of being the victim of online abuse, as mps call on big tech companies to take tougher action. i was utterly shocked, because ijust felt like, "where did that come from?" itjust made me feel disgusted.