FT News Briefing Global equities surge, Broadway woes, India tries to tackle job shortage with new hiring rules
Mar 22, 2021
Investors have poured nearly $170 billion into global stocks recently, signaling a strong market recovery. Meanwhile, Broadway faces significant challenges as stage workers await the return of live performances, leaving many uncertain about their future. In India, the state of Haryana has introduced local hiring mandates aimed at tackling youth unemployment, but these rules may create friction for businesses trying to remain competitive. The podcast also highlights how international tourism impacts Broadway attendance, contrasting it with adaptive measures taken by Berlin's theaters.
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Global Stock Surge vs. European Slowdown
- Investors have injected almost $170B into global stocks in the last four weeks.
- This surge is driven by US stimulus payments and a positive Federal Reserve outlook, contrasting a gloomy European forecast due to rising COVID-19 cases.
India's Local Hiring Mandate
- India's Haryana state mandates that 75% of new hires for lower-paying jobs must be local residents.
- This aims to address youth unemployment, which has been exacerbated by the pandemic and caused violent protests in the past.
Businesses Oppose Local Hiring
- Haryana's new hiring rules, requiring 75% local hires for lower-paying jobs, impact significant industries like BPO and automotive.
- Businesses argue that these rules restrict their ability to hire the best talent from a national pool, impacting their competitiveness.