As seas rise, coastal communities face hard choices over ‘managed retreat’

LONDON — With climate change expected to drive a meter or more of sea level rise this century, planning now for “managed retreat” from places facing inundation could help at-risk communities preserve what they value most, researchers and city officials said Tuesday.  Whether families opt for floating homes or new ones inland, coming moves also present opportunities to address historical inequities and ensure that protecting…

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Public borrowing falls but debt still at highest since the 1960s

Government borrowing fell last month as the economic recovery boosted tax revenues, official figures show, but national debt is still at the highest levels since the 1960s. Public sector net borrowing, excluding public sector banks, fell by £19.4 billion year-on-year to £24.3 billion in May, the Office for National Statistics said. This was better than the £26 billion forecast by…

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CBI and City bosses warn against giving staff legal right to work from home

The heads of the UK’s largest business lobby group and two major City employers have warned against giving workers the legal right to demand remote working, claiming it would harm young employees and city centre economies. Lord Bilimoria, the president of the CBI, said that while employees should be able to request the option of working from home, flexible working…

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[B-SIDE Podcast] Sweet dreams, Philippines: how to deal with ‘coronasomnia’ and sleep better at night

Follow us on Spotify BusinessWorld B-Side The Philippines isn’t sleeping well. Because of the coronavirus pandemic, we’re spending hours in bed, doomscrolling on Twitter, reading endless news articles about virus mutations and vaccine delays.   The anxiety-inducing pandemic has done no favors to a country that has a robust business process outsourcing industry that operates in a different time zone. “We have a lot…

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Employers can put self-isolating staff on furlough

Employers can claim from the furlough scheme for staff who are self-isolating. The entitlement exists despite government guidance stating it is not what the scheme is intended for. The little-known entitlement was first reported by Politico magazine after emails from civil servants complaining about government guidance were leaked. One email from a civil servant said the Treasury was “reluctant” to…

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BoP 2021 estimate raised on better economic landscape

The Philippine central bank raised its balance of payment (BoP) projection for this year on expectations of an improved economic landscape here and overseas. It now expects the payment position to post a $7.1 billion surplus by year-end, which is lower than the $16-billion surplus last year but higher than the $6.2-billion surplus projection made in March. “The better-than-expected global…

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Duterte to finish 29 flagship projects before term ends

The government expects to finish 29 flagship infrastructure projects worth P238.48 billion before President Rodrigo R. Duterte’s term ends in 2022. It has added 13 more projects for a total of 119 projects worth P4.73 trillion, presidential adviser for flagship infrastructure projects Vivencio B. Dizon told a televised news briefing on Friday. The National Economic and Development Authority (NEDA) has…

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TikTok sees its earnings double in 2020

ByteDance, the Chinese company behind the smash-hit video app TikTok, saw its earnings double last year. An internal memo released to staff showed that the firm’s total revenue jumped by 111% to $34.3bn (£25.6bn) for 2020. The figures underscore TikTok’s continued global popularity. It comes as ByteDance and several other Chinese technology giants have come under increasing pressure from governments…

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US issues new guidance to ease COVID-19 assistance to countries hit by sanctions

WASHINGTON — The United States on Thursday issued guidance easing the way for delivery of products such as face masks, ventilators, and vaccines to combat the coronavirus pandemic to heavily sanctioned countries like Iran, Venezuela, and Syria.  The US Treasury Department issued general licenses related to those three countries aimed at allowing more coronavirus-related transactions and activities, according to a statement, but stopped short…

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