Iran’s currency sees a new record low amid biting sanctions

A mask-clad man (COVID-19 coronavirus pandemic precaution) rides a scooter along Valiasr Square in Iran's capital Tehran on September 27, 2020, past a giant billboard depicting the faces of slain Iranian general Qasem Soleimani and Iraqi paramilitary chief Abu Mahdi al-Muhandis along with other medical workers with text in Persian reading "we are a nation of martyrs". (AFP)
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Updated 01 October 2020

Iran’s currency sees a new record low amid biting sanctions

TEHRAN: Iran’s currency dropped Thursday to its lowest value ever at 300,000 rial for each dollar amid severe US sanctions against the country.
The rial has tumbled from a rate of around 262,000 in mid-September, a 12% drop.
Iran’s currency was at 32,000 rials to the dollar at the time of Tehran’s 2015 nuclear deal with world powers.
US sanctions have caused Iran’s oil exports, the country’s main source of income, to fall sharply.
Following President Donald Trump’s decision more than two years ago to withdraw the US from the nuclear deal and reimpose crippling trade sanctions on Iran, the currency unexpectedly rallied for some time.
Iranian officials for months have warned exporters to bring their foreign earnings home from abroad or face having their export licenses revoked, and the central bank has warned it would publish the names of violators.
In June, the central bank reported that Iranian companies export more than $40 billion in non-oil products per year, and officials say some 50% of that remains abroad. Traders blame the sanctions for sparking a failure in returning export earnings.


50% of workers fear losing job in next 12 months: Global economic survey

Updated 45 min 21 sec ago

50% of workers fear losing job in next 12 months: Global economic survey

  • Saudi adults more optimistic of developing new skills for future jobs
  • 195m jobs lost worldwide amid COVID-19 pandemic: Egyptian minister

DUBAI: More than half the global workforce fears being made redundant in the next 12 months, according to a World Economic Forum-Ipsos survey.

The study, released on the eve of the World Economic Forum’s (WEF) Jobs Reset Summit, questioned 12,000 adults in 27 countries about employment prospects during the ongoing coronavirus disease (COVID-19) pandemic.

And although at least 50 percent were concerned about losing their jobs over the coming year, two-thirds of workers worldwide said they could learn the skills needed for the jobs of the future through their current employer.

In Saudi Arabia, less than 20 percent of those who took part in the survey were very concerned about their jobs disappearing, compared to 39 percent in Spain.

While the findings painted an overall gloomy picture of the global job situation amid the COVID-19 outbreak, they also highlighted green shoots of optimism, particularly in the Kingdom.

Around 18 percent of Saudi workers were not at all worried about losing their jobs, more than the global average of 17 percent.

On learning, Saudis were even more enthusiastic, with 39 percent confident of gaining the necessary skills to compete for the new job opportunities of the future.

During a WEF discussion on the impact of the global health crisis on employment, Rania Al-Mashat, the Egyptian minister for international cooperation, described the COVID-19 pandemic as a mix of many crises that had rendered 195 million people jobless around the world.

But she said that Egypt’s young population offered great opportunities for the country and the government had already rolled out plans to tap into youth development before the virus outbreak.

“The Egyptian government has taken comprehensive measures to reshape the education system incorporating a significant technology element to the sector and this turned out to be very useful for home schooling during the lockdown,” the minister added during a session titled, “Building a New Economy and Society.”

Al-Mashat pointed out that Egypt was adopting the principles of stakeholder capitalism, and in order to utilize the energies of its youth had been actively creating entrepreneurial space and building a strong digital infrastructure. She said there had been many policy movements, especially in the creation of gender equality accelerators.

Alan Jope, the CEO of Unilever and a speaker in the same session, said COVID-19 was not the only current world crisis, adding that economic, health, geopolitical, trade wars, climate change, capital wars, and a few looming military conflicts could be added to a global list of crises.

He also noted that gross domestic product (GDP) should not be considered the only economic measure. “Our measures for success need to change, we’ll have to look at social and environmental parameters, and not just the GDP.”

Jope predicted plenty of future jobs but not in traditional areas of work. “Most of the jobs will be created in the low-carbon sector, along with the IT and biotech industries,” he said.