The economic recession disproportionately hurt women. How can they bounce back?
Since the pandemic began, the resulting economic recession has cost women more jobs than men. Layoffs affected more women, and women also left jobs at higher rates, often in order to care for children or relatives at home.
Many lost career opportunities when industries like retail and hospitality, where women are a disproportionate share of the workforce, largely shut down to slow the spread of the coronavirus.
With President Joe Biden directing states to make all adults eligible to for the COVID-19 vaccine by May, job hiring could be on the rebound. But women who have exited the workforce face an array of added hurdles that could make it harder for them to return to work.
“It’s a real issue in terms of not only thinking about equality in the workplace but also making sure that we have access to all the best talent.,” says Dr. Sian Beilock, a cognitive scientist and president of Barnard College in New York City.
Beilock spoke with economic opportunities reporter Charisse Jones on the ‘5 Things’ podcast about how lawmakers and employers can help women bounce back from the current economic recession.
Hear that conversation by clicking ‘play’ below.
Listen to the ‘5 Things’ podcast for more in-depth conversations on the biggest news stories. You can listen on Apple Podcasts, Spotify, or Google Podcasts.
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Putin to get coronavirus vaccine shot in Russia on Tuesday
MOSCOW — President Vladimir Putin said he will get a coronavirus vaccine shot on Tuesday, months after widespread vaccination has started in Russia.
Speaking at a meeting with government officials on Monday, Putin said he will get his shot “tomorrow,” without specifying which vaccine out of three approved for use in Russia he will take.
According to the Russian president, over 6 million people in Russia have already received at least one shot, and over 4 million have gotten both doses of the COVID-19 vaccine.
Widespread vaccination with the domestically developed Sputnik V shot started in Russia in December, but has so far been going slower compared to many other countries.
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Volkswagen Mulls Job Cuts, Hiring Freeze
German automaker Volkswagen AG announced plans for job cuts and hiring freeze at the January 2021 level to cut cost. This is part of its digital transformation roadmap to focus on electric vehicles and other new technologies.
In the extensive retirement package, the company said up to 900 workers are expected to opt for early retirement, while a low four-digit figure would take partial retirement up to the end of 2023.
Training budget has been increased by 40 million euros to a total of 200 million euros for future jobs.
Meanwhile, German financial newspaper Handlesblatt reported that around 5,000 people could leave the firm, and the plans could cost around 500 million euros.
In a statement, Chief Human Resources Officer Gunnar Kilian revealed options for early retirement scheme and partial retirement for employees born between 1956 and 1962, while partial retirement to employees born in 1964.
Further, Volkswagen decided to extend the “level freeze” introduced in 2020, and announced plans to freeze the size of the workforce at the January 2021 level. Unoccupied positions will also be evaluated as part of the fixed cost reduction program, the company said.
Volkswagen added that external new hires are still planned in forward-looking areas such as electrification, digitalization and battery cell development.
Kilian said, “Disciplined cost management will continue to be necessary to finance the required investments in the future, to remain competitive and, above all, to make it possible to safeguard jobs in the long run.”
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CANADA STOCKS-TSX opens lower on weakness in commodity-linked stocks
March 22 (Reuters) – Canada’s main stock index opened lower on Monday, dragged down by weakness in energy and materials stocks, while government data showed the domestic wholesale trade most likely fell in February.
* At 9:30 a.m. ET (13:30 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 20.09 points, or 0.11%, at 18,833.91.
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Cubic Corp. Receives $76/Share Unsolicited Proposal From ST Engineering – Quick Facts
Cubic Corp. (CUB) confirmed Monday that it recently received an unsolicited proposal from Singapore Technologies Engineering or STE, to acquire all of Cubic’s outstanding stock for $76 per share in cash.
The STE proposal contemplates that, immediately following the acquisition of all of Cubic’s outstanding stock, STE would sell Cubic’s CMPS business to an affiliate of Blackstone Tactical Opportunities.
On February 7, 2021, Cubic’s Board of Directors unanimously approved entering into a definitive merger agreement with an affiliate of Veritas Capital, under which Veritas and Evergreen Coast Capital Corp., an affiliate of Elliott Investment Management L.P., will acquire Cubic for $70 per share in cash.
The Veritas Merger Agreement remains in full force and effect, and the Board of Directors of Cubic has not withdrawn or modified its recommendation that the stockholders of Cubic vote in favor of the approval of the merger, the Veritas Merger Agreement and the transactions contemplated thereby.
However, Cubic’s Board of Directors has determined that the STE proposal is or would reasonably be expected to lead to a superior proposal, as that term is defined under the Veritas Merger Agreement.
Accordingly, the Board has determined to engage in discussions with ST Engineering to further evaluate the merits and risks of the proposed transaction relative to the pending transaction.