Unemployment is biggest risk for business: World Economic Forum survey

LONDON: Unemployment is the biggest risk for businesses globally, according to a World Economic Forum survey of business leaders published on Wednesday.

The company executives put unemployment or underemployment as the top risk over the next 10 years, followed by fiscal crises and the failure of national governance, data from the WEF’s Executive Opinion Survey showed.The survey of 12,411 executives across 136 countries provides a backdrop for the World Economic Forum’s Global Risks report published shortly before its annual January meeting in Davos, Switzerland, according to a spokesman for insurance broker Marsh. Marsh is part of Marsh & McLennan (MMC.N), which published the data together with Zurich Insurance (ZURN.S).

“Geopolitical risks and events have led to uncertainties which raise questions about how to manage resilience in uncertain times,” said John Scott, chief risk officer, commercial insurance, at Zurich.

For businesses in the North America, East Asia and Pacific regions, the biggest risks were considered to be cyber attacks and asset bubbles.

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‘Clean India’ mission not ending manual scavenging, activists say

MUMBAI: A flagship government program to modernise India’s sanitation has failed to tackle the practice of low caste women clearing faeces by hand, and has even exacerbated the problem by building toilets not connected to water supplies, campaigners say. Prime Minister Narendra Modi launched the Swachh Bharat Abhiyan, or Clean India Mission, with much fanfare after he took office in 2014, sweeping a Delhi street with a broom. Since then, thousands of toilets have been built across the country.But Dalit communities, especially women, are still forced to be manual scavengers, a euphemism for clearing faeces from dry toilets and open drains by hand, despite laws to end the practice. The workers have it harder now, activists said. “Swachh Bharat has diverted attention from ending manual scavenging, and makes it seem like the whole country is cleaning. But if that’s the case, then why are people still dying in septic tanks,” said activist Bezwada Wilson. “There is also no dis...

US trio win Nobel for finding Einstein’s gravitational waves

STOCKHOLM/LONDON: Three US scientists won the 2017 Nobel prize for physics on Tuesday for opening up a new era of astronomy by detecting gravitational waves, ripples in space and time foreseen by Albert Einstein a century ago. The work of Rainer Weiss, Barry Barish and Kip Thorne crowned half a century of experimental efforts by scientists and engineers.Measuring gravitational waves offers a new way to observe the cosmos, helping scientists explore the nature of mysterious objects including black holes and neutron stars. It may also provide insight into the universe’s very earliest moments. The first detection of the waves created a scientific sensation when it was announced early last year and the teams involved in the discovery had been widely seen as favourites for Tuesday’s prize. “We now witness the dawn of a new field: gravitational wave astronomy,” Nils Martensson, acting chairman of the Nobel Committee for Physics, told reporters. “This will teach us about the ...

Swiss defence ministry foils cyber attack

ZURICH: Switzerland’s defence ministry has foiled a cyber attack by malware similar to that used in other global hacking campaigns, the government said in a statement on Friday. The attack was detected in July by software that operated much like the Turla malware family, it said.The government declined to give information about the origin of the attack or say if any damage including data theft had occurred. It cited security considerations. Government specialists took counter measures and an investigation is underway, while criminal charges have been lodged with federal prosecutors against persons unknown to them. The Turla spyware was detected in 2014 and suspected of infecting hundreds of government computers and military targets across Europe and the Middle East. Several security researchers and Western intelligence officers say they believe the malware in those attacks was the work of the Russian government.

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