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Many countries face looming demographic issues as their populations age.

Much has been written about developed markets like Japan, Germany, and Italy, which have the largest percentages of their populations aged 65 and up.

But another country that also deserves attention is China.

In a recent note to clients, a Macquarie Research's Peter Eadon-Clarke, Tanvee Gupta Jain, and Matthew Turner shared a chart showing their projections for changes in working-age populations between 2015 and 2025 for various countries and regions across the world.

China will see the greatest decrease in working-age population, according to their calculations.

(As an aside, this chart also shows huge projected increases in the working-age populations of India, North Africa and the Middle East, and Africa - which is essentially the opposite of what China will be seeing, and will come with its own set of challenges.)

Relatedly, a Bank of America Merrill Lynch team led by Beijia Ma shared a chart back in May showing that China's working-age population - aka people 15 to 59 - has already started shrinking.

The BAML team wrote in the note:

"For China to rise to be the world's #2 economy, the country saw its working-age population expand by 380mn people between 1980 and 2015. During this time, millions of people from rural China migrated to cities for urban manufacturing jobs. While this has pushed China to be the world's largest manufacturing economy in 2010, it is expected to peak in 2017."

But "by 2050, the size of China's population will decline by around 60mn, while the working-age population will decline by 212mn or around 1/3. This is the size of the current population of Brazil, the world's 5th most populous nation," they noted.

This is particularly startling given that China is also going to have a huge over-65 population in the near future in absolute terms - meaning that the country will see the same kinds of problems as aging developed markets like Japan, since fewer working-age adults will need to support more retired and elderly adults.

In March, a report on the global-aging phenomenon from the US Census Bureau illustrated some comparisons between China's over-65 population and the total population of several big developed markets:

In 2015, the number of older people in China (136.9 million) exceeded Japan's total population (126.9 million).

By 2030, Japan and Egypt's combined total projected populations (231.8 million) will be smaller than China's projected 65-and-up population (238.8 million).

And by 2050, China's projected older population (348.8 million) will be approximately equal to the combined total projected populations of Japan, Egypt, Germany, and Australia.

The Census Bureau report also included population pyramids, which illustrate the sex and age breakdown of a country's population, for China in 2015 and 2050. The most striking thing in the charts is the huge growth in the over-65 category, which you can see below:

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China's demographic future has a big problem

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Many countries face looming demographic issues as their populations age. Much has been written about developed markets like Japan, Germany, and Italy, which have the largest percentages of their populations aged 65 and up. But another country that also deserves attention is China.

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China's demographic future has a big problem

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China's demographic future has a big problem

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A recent research has found out that China will have a major demographic problem in the next 50 years. By 2050, China's population will decrease by about 60 million, while the working population will decline by about 212 million. That is the size of the population of Brazil; the world 5th most populated country. The decline in working class population is largely due to the rapid increase of over 65 citizens. As the world's second largest economy and biggest manufacturing country, China will find it difficult to maintain this title by 2050, when the working class is no longer at its peak, like current times. By 2050, the population of children will also decrease, largely due to China's one child policy- a policy to control rapid population growth. A recent projected population pyramid of China in 2050 shows a striking difference to the one now: the largest portion of the pyramid belongs to ages 65 and above, while the least is the working class: 25 years and above, and children. To combat this, China should rethink its one child policy and see if there are any other possible initiatives to attract more foreign workers to the country.

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Fed minutes show faster pace of rate hikes, chances of faster GDP growth 

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Fed minutes show faster pace of rate hikes, chances of faster GDP growth 

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The release of minutes by the US Federal Reserve after the December 13-14 policy review hinted at future rate hikes. There were also signs that showed the US Dollar may strengthen over the coming months. The minutes also predict that expansionary fiscal policy could risk inflation, and policymakers see lower chances of inflation easing in the near future. The minutes also predict interest rates to rise, as well as the GDP. Policymakers predict that the pace in which the economy is growing could pick up speed in the new year. However, unemployment rates could rise slightly, even though the Fed minutes noted that the rate has dropped to 4.6 percent. The Fed minutes stated, "“Most participants viewed the cumulative progress in the labour market as having brought labour market conditions to or close to those consistent with the committee’s maximum employment objective.”

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NEW DELHI: The US Federal Reserve released the minutes of the December 13-14 policy review on Wednesday, which hinted at a higher probability of rate hikes in the coming months.

There are also signs that the US dollar might strengthen further going forward. The minutes revealed what the Fed policy makers were thinking before raising policy rate by 25 basis points at the much-anticipated December review.

Here are the key takeaways from the Fed minutes.

Unsure of Trump stimulus: Fed policymakers saw the looming uncertainty associated with fiscal, trade, immigration or regulatory policies, probably after President-elect Donald Trump takes oath on January 20. They sounded unsure of the size, composition and timing of the policy changes. Besides, they were uncertain of the magnitude and timing of those measures on the economy.

Legup for GDP: Any expansionary fiscal policy could raise upside risks to economic activity and inflation, with policymakers largely seeing lower chances of inflation easing going ahead. Some participants noted that global disinflationary trends and downward pressure on import prices from further strengthening of the dollar could lower inflation.

Interest rate to go up: The Fed minutes noted that the distributions for 2017 through 2019 shifted up modestly. The median projection of the federal funds rate continued to show a gradual increase to 1.4 per cent at the end of 2017, 2.1 per cent at the end of 2018, and 2.9 per cent at the end of 2019.

The median of the projections for federal funds rate for 2017 through 2019 were 25 basis points higher in December review compared with the September projections.

"A few participants revised up their assessments of the longer-run federal funds rate by 25 basis points, which resulted in an increase in the median of 13 basis points," the minutes showed.

The rate hike, meanwhile, is likely to be gradual in the light of a short-term neutral real interest rate that were ruling at lower levels.

GDP forecast up: Fed policy makers were of the view that the pace of US economic growth would pick up in 2017 and run at or slightly above their individual estimates of its longer-run rate through 2019.

The median of Fed policymakers' projections for real GDP growth was slightly higher for the period from 2017 to 2019 compared with the September summary of economic projections (SEP). That said, the median assessment of the longer-run growth rate remained unchanged.

"Since September, almost half of the participants revised their projections for real GDP growth in 2018 or 2019 upward, generally only slightly. Those increasing their projections for output growth in those years cited expected changes in fiscal, regulatory or other policies as factors contributing to their revisions," the Fed minutes showed.

Job gains to reverse: The Fed minutes noted that the jobs market continued to improve during the inter-meeting period. The unemployment rate 'dropped markedly' to 4.6 per cent in November, the minutes noted. However, a few Fed participants believe the trend might reverse a bit in the coming months.

"Most participants viewed the cumulative progress in the labour market as having brought labour market conditions to or close to those consistent with the committee's maximum employment objective," the Fed minutes said.

Risks to growth, inflation balanced: The Fed policymakers believe the uncertainty in attaining GDP growth, in line with projections, is broadly balanced. There remains 70 per cent probability of the US GDP expanding in the 2.1-3.9 per cent range in 2016, 1.3-4.7 per cent range in 2017 and 0.9-5.1 per cent range each in 2018 and 2019. Inflation was projected to stay in the 1.8-2.2 per cent range for the year gone by. The Fed projected 1-3 per cent inflation for 2017 and 0.9-3.1 per cent in 2018 and 2019.

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Fed minutes show faster pace of rate hikes, chances of faster GDP growth

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NEW DELHI: The US Federal Reserve released the minutes of the December 13-14 policy review on Wednesday, which hinted at a higher probability of rate hikes in the coming months. There are also signs that the US dollar might strengthen further going forward.

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Swiss court rejects labour unions’ claim against FIFA concerning Qatar 2022

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Swiss court rejects labour unions’ claim against FIFA concerning Qatar 2022

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This addressing was released by the Football Governance section of the FIFA Official Website. In this short comment, FIFA states its partnership with the Commercial Court of Zurich to reject a claim filed by Dutch trade union FNV, Bangladeshi Free Trade Union Congress and  the Bangladesh Building and Wood Workers Federation concerning the violation of human rights during the construction of venues in preparation for the 2022 Qatar Football World Cup. The document by FIFA states that they are very concerned about human rights, and takes their workers' lives very seriously. They also pledge to address the Qatari authorities to ensure safe and decent work environments for workers working on the World Cup sites. The document ends by providing the readers with FIFA's human rights approach and the ongoing collaboration with the Supreme Committee for Delivery and Legacy on workers’ welfare.

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Media Release

Fédération Internationale de Football Association

FIFA-Strasse 20 - P.O. Box - 8044 Zurich - Switzerland

Tel: +41-(0)43-222 7777 - Fax: +41-(0)43.222 7878

FIFA welcomes the decision of the Commercial Court of Zurich to reject a claim lodged by the Dutch trade union FNV, the Bangladeshi Free Trade Union Congress, the Bangladesh Building and Wood Workers Federation and the Bangladeshi citizen Nadim Shariful Alam concerning FIFA's alleged wrongful conduct and liability for human rights violations in connection with the 2022 FIFA World Cup in Qatar.

FIFA takes the issue of working conditions and human rights in connection with the 2022 FIFA World Cup in Qatar very seriously. FIFA monitors the situation very closely and, as recently stated by President Infantino, will continue to urge the Qatari authorities to ensure safe and decent working conditions for construction workers.

In recent years, a series of processes has been developed to identify and address human rights risks linked to the 2022 event. These include the Workers' Welfare Standards (in place since 2014 and contractually binding for all contractors and sub-contractors working on World Cup construction sites), a compliance check for all tenderers, regular reporting that is publicly available, and a four-tier system of auditing for working conditions, including by an independent specialised agency. In addition, the Building and Wood Workers' International (BWI) - the global trade union for construction workers - recently signed an agreement with Qatar's Supreme Committee for Delivery and Legacy that will see them conduct joint labour and accommodation inspections on World Cup stadiums.

Further information on FIFA's human rights approach and ongoing collaboration with the Supreme Committee for Delivery and Legacy on workers' welfare is available in the following fact sheet.

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Swiss court rejects labour unions' claim against FIFA concerning Qatar 2022

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FIFA welcomes the decision of the Commercial Court of Zurich to reject a claim lodged by the Dutch trade union FNV, the Bangladeshi Free Trade Union Congress, the Bangladesh Building and Wood Workers Federation and the Bangladeshi citizen Nadim Shariful Alam concerning FIFA's alleged wrongful conduct and liability for human rights violations in connection with the 2022 FIFA World Cup in Qatar.

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China Announces Reforms to Salt Monopoly 

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China Announces Reforms to Salt Monopoly 

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After over one millennium, the Chinese government has finally decided to ease the monopoly into decline. The State Council has decided to allow salt producers to add iodine in their salt and individually set prices and choose their distribution channels. This reform plan allows for more competition in the salt industry, encourage production efficiency and set lower prices for purchasers and consumers, as opposed to have just one monopoly dominate the whole industry for over 1,000 years. Throughout these 1,000 years, the salt monopoly restricted individual producers from coming in as they were quickly knocked out of business by the monopoly's power. Many years ago, salt acted as a sort of currency, as it was used to pay off debts from constructing the Great Wall. The salt monopoly has previously resisted reforms due to its insurmountable power, but the recent reform has allowed wider opportunities for state producers to distribute their products to purchasers around the country, and the world. However, this encouragement of competitiveness must be guaranteed of the reach of 90 percent of the market.

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This short commentary article by Frank E. Lobrigo of China Post comments about the success of Singapore's economy due to reckless but yet intelligent risks Singapore's former leader Lee Kuan Yew took to transform the economy. Before Singapore became one of the largest free market economies in the world, it was merely a small island separated from its mother country, Malaysia. Immediately after separation, Singapore felt the newfound challenges of being an individual country, ranging from unemployment, poverty, to strikes and discrimination. To solve this issue, Singapore's then leader Lee Kuan Yew took matters to himself. Instead of trying to solve these issues by transforming into a command economy; establishing government-owned property, controlling production and a restricted trade sector, Lee chose to risk it all by choosing the free-market economy. He privatised property, loosened barriers to commerce, and encouraged trade. He established a deep connection with the corporate world, and especially the western's. He allowed the government to manage the factors of production, and all of these economic reforms allowed Singapore to transform to one of the biggest commercial centres in the world. Lee was truly a man with futuristic ideologies- he did not believe in the traditional economy as he saw no future in it. The degree of success in Singapore today is largely based on the risky decisions that Lee made 50 years ago.

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India: Leaping From a Strong Foundation 

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India: Leaping From a Strong Foundation 

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In this column by Rana Kapoor, CEO of Yes Bank, he states his foresight on the success of India transitioning to a successful market economy in the near future. He believes that 2016 has laid a very stable foundation for the country to progress from. For example, the reduction in retail inflation and compression of the twin deficits are major accomplishments in the year. During the tail end of 2016, PM Modi delegalised the high denomination currency notes, because it opens up the opportunity of demonetisation. Demonetisation will help with structurally boosting household financial savings, and enhance the monetary policy transmission mechanism. Demonetisation will also incentivise financial inclusion, as a moderation of the currency in circulation will help lower the cost handling cash. Overall, these reforms will help India make more revolutionary transformations in the near future.

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2016 was a year that will be remembered for unprecedented tectonic shifts in the global and domestic socio-economic landscape. For India, 2016 saw further affirmation of its status as a bright spot in a cloudy global horizon. India's economic transition has been aided by clairvoyant and meticulous policy design over the past two years. Key institutional reforms that included the passage of GST, the Bankruptcy Code and constitution of the Monetary Policy Committee resulted in strong foundations for significant growth being laid down.

Reduction in retail inflation and compression of the twin deficits are critical macro accomplishments. To achieve this, the government has been continuously utilising the executive space to deliver not only high-impact micro reforms, but also critical structural reforms that have begun to redesign our macro frameworks and institutions.

Indeed, India's ranking in the Global Competitiveness Index for 2016-17, released by the World Economic Forum, improved 16 places to 39, the fastest improvement among 138 countries surveyed. M&A activity in India rose to $70 billion across 1195 transactions in 2016, a record high level, fuelled by rising confidence in India's growth prospects.

The last few weeks of 2016 have been dominated by the ongoing exercise of de-legalisation of high denomination currency notes in circulation, which will eventually pave the way for demonetisation. This is a masterstroke by PM Modi and, to my belief, a brilliant example of the first large-scale inclusive behavioural reform ever introduced in the world. Undertaking a step like this requires immense political courage - to impose transitional adjustment costs on the economy,while having the perspective to lay the foundation for sustained future benefits. With incentives put in place, the desired behavioural impact has already started to manifest. Use of cash alternatives like debit/credit cards, cheques, mobile/internet banking, e-wallets, have zoomed since November.

Additionally, demonetisation will help in structurally boosting household financial savings, enhance the monetary policy transmission mechanism and, in conjunction with GST, help in establishing a transparent financial trail for economic transactions, thereby benefiting the government's fiscal position. Overall, demonetisation will help usher in a new transactional era for India that will create multiplier effects through the financial sector channel. Even as the overall domestic macro situation improved in 2016, the banking sector continued to face challenges due to lack of recovery in asset quality, capital constraints and sluggish profitability. Nevertheless, I firmly believe 2017 will be the inflexion year for the banking and finance sector with support from the policy and regulatory environment, as improvement in macros start to manifest in corporate balance sheets.

Demonetisation will incentivise financial inclusion. A moderation of the currency in circulation will help lower the cost of handling cash, the bankruptcy framework will help ensure a quicker resolution of stressed assets, and the GST framework will further the formalisation of the economy while stimulating consumption and investment.

The year 2017 will also be important as the introduction of new IFRS accounting norms will kick in. While this may lead to some tightening in capital provisioning, the overall system is expected to gain with better disclosures, transparency and robustness. This makes me believe that 2017 will offer opportunities for the nimble-footed in the banking and finance sector. At the same time, it will pose requirements for re-platforming of PSU banks and exploring out-of-the-box ideas for monetisation of idle PSU assets.

Last, but not the least, India is fast becoming an active incubation centre for e-commerce with such ventures expected to reach 10,500 by 2020, as per NASSCOM. With a policy thrust on programmes like Digitisation and Start Up India, we are witnessing an entrepreneurial economy characterised by DICE -Design, Innovation & Creativity-led Entrepreneurship. The technological penetration of the banking and finance sector will improve further in 2017 in order to support this new-age commercial requirement.

The advent of the JAM (Jan Dhan, Aadhar and Mobile) Trinity is a silent revolution that will transform India. As gateways like the recently launched UPI platform gathers mass in 2017, it will generate basic digital intelligence, with the market for e-finance providing one of the biggest opportunities for the banking and financial system.

With 2016 laying the foundation for critical reforms in the country, I believe we are at the cusp of transformational shifts in the future, with the banking and finance sector being an important change agent in this exciting journey.

For all the latest Opinion News, download Indian Express App
More From Rana Kapoor

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constitution of the monetary policy committee

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2016 was a year that will be remembered for unprecedented tectonic shifts in the global and domestic socio-economic landscape. For India, 2016 saw further affirmation of its status as a bright spot in a cloudy global horizon. India's economic transition has been aided by clairvoyant and meticulous policy design over the past two years.

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Will Fiscal Policy Really Be Expansionary?

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Will Fiscal Policy Really Be Expansionary?

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This blog by Paul Krugman of the New York Times talks about the Republican agenda being in force when they take over over the next few days. The Trump agenda looks to end Obamacare, privatising Medicare and sharp cuts to food stamps. These are considered to be spending cuts, which will reduce the disposable income of low to middle class Americans. Krugman believes that once Trump takes over the country, budget deficit is only going to increase. The author also states his uncertainty over whether or not the country will implement fiscal stimulus even if the deficit will inevitably increase under the Trump Administration, but Krugman was able to find Paul Ryan's budget for 2014 from CBPP (Center on Budget and Policy Priorities). On the budget, there was a $5.7 trillion tax cut over the course of 10 years, and $5 trillion in spending cuts. The spending cuts were on the poor and middle class programs, while tax cuts were geared towards the high-class. The author also states the advantages and disadvantages of this budget: cutting taxes in the high-class would have a low multiplier, because the wealthy are likely to be cash-constrained and save most of their income. Cutting discretionary spending, however, would have a high multiplier, because it directly affects the government's ability to purchase goods and services. Cutting programs for the poor would also have a large multiplier, because it reduces the income for people who are living in poverty. After evaluating these facts, the author gives his opinion on this plan, that it is contractionary, not expansionary. Finally, he states his doubts on whether or not Trump's ideas will be any different than Ryan's.

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It's now generally accepted that Trumpism will finally involve the kind of fiscal stimulus progressive economists have been pleading for ever since the financial crisis. After all, Republicans are deeply worried about budget deficits when a Democrat is in the White House, but suddenly become fiscal doves when in control. And there really is no question that the deficit will go up.

But will this actually amount to fiscal stimulus? Right now it looks as if Republicans are going to ram through their whole agenda, including an end to Obamacare, privatizing Medicare and block-granting Medicaid, sharp cuts to food stamps, and so on. These are spending cuts, which will reduce the disposable income of lower- and middle-class Americans even as tax cuts raise the income of the wealthy. Given the sharp distributional changes, looking just at the budget deficit may be a poor guide to the macroeconomic impact.

Given the extent to which things are in flux, I can't put numbers on what's likely to happen. But I was able to find matching analyses by the good folks at CBPP of tax and spending cuts in Paul Ryan's 2014 budget, which may be a useful model of things to come.

If you leave out the magic asterisks - closing of unspecified tax loopholes - that budget was a deficit-hiker: $5.7 trillion in tax cuts over 10 years, versus $5 trillion in spending cuts. The spending cuts involved cuts in discretionary spending plus huge cuts in programs that serve the poor and middle class; the tax cuts were, of course, very targeted on high incomes.

The pluses and minuses here would have quite different effects on demand. Cutting taxes on high incomes probably has a low multiplier: the wealthy are unlikely to be cash-constrained, and will save a large part of their windfall. Cutting discretionary spending has a large multiplier, because it directly cuts government purchases of goods and services; cutting programs for the poor probably has a pretty high multiplier too, because it reduces the income of many people who are living more or less hand to mouth.

Taking all this into account, that old Ryan plan would almost surely have been contractionary, not expansionary.

Will Trumponomics be any different? It would matter if there really were a large infrastructure push, but that's becoming ever less plausible. There will be big tax cuts at the top, but as I said, the push to dismantle the safety net definitely seems to be on. Put it all together, and it's extremely doubtful whether we're talking about net fiscal stimulus.

Now, you might think that someone will explain this to Trump, and that he'll demand a more Keynesian plan. But I have two words for you: Larry Kudlow.

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Will Fiscal Policy Really Be Expansionary?

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It's now generally accepted that Trumpism will finally involve the kind of fiscal stimulus progressive economists have been pleading for ever since the financial crisis. After all, Republicans are deeply worried about budget deficits when a Democrat is in the White House, but suddenly become fiscal doves when in control.

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“As staff numbers decreased, technology advanced, so fewer workers were needed. So I was made redundant.”

“Unfortunately, my work is more male-oriented and most of the time the employer chooses a man who’s usually younger,” explained Eleonora Orbanova, another worker who is long-term unemployed.

“It is not possible to solve this problem without close cooperation of employers, because they are who are responsible for employment and therefore we have to listen to them, how should look, let me say, the ideal employee or what skills should this employee have.”

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How Sweden and Slovakia Are Beating Long-Term Unemployment 

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How Sweden and Slovakia Are Beating Long-Term Unemployment 

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Reports from Sweden and Slovakia looks at the fiscal drain that Europe's long-term unemployment puts on the children, families, and a country's finances. Half of Europe's unemployed has been out of the working sector for over a year, and two-thirds for over two years. To beat this growing concern, Euronews' crash course has several recommendations:  the unemployed should register with an employment service, and receive an individual assessment. With a job-integration agreement, mentoring, further training and education, support for housing, transportation, and child care will be provided. In Slovakia, 9.4 percent are unemployed, and 60 percent of that amount have been out of the work sector for over 2 years. This is because many of the older employees have been unable to adapt to the rapidly changing economy. Slovakia's government implemented several incentives to solve this issue: lowering taxes for low-income workers, granting in-work benefits for the long-term unemployed, and reorganising the their Central Labour Office; and creating sectoral councils that have over 1,000 human resource specialists with the common goal of helping to fill job vacancies.

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We travelled to Sweden to find out what Smorgasbord of policies the Swedes use to keep their long-term unemployment low, despite an influx of people from around the world.

Half of Europe's unemployed have been out of a job for about a year, and two-thirds have been out of a job for more than two years.

There are 10.5 million long-term unemployed people in Europe, creating a need for an EU-wide action plan
Crash-course: recommendations
If long-term unemployment was a pinball game, how would you get the highest score: a job?

Currently, one in five long-term unemployed people will drop out of the "game" for a number of reasons:

A lack of coordination between social and employment services means only 73 percent are registered, or receiving what little support there is.

Employers are not engaged in most current systems.
How Slovakia is beating long-term unemployment
New EU proposals recommend the following measures to ensure the long-term unemployed stay in the job market "game:"

First they must "score" a registration with an employment service.

Then they should receive an individual assessment.

You can "milk" more points with a job integration agreement, which would provide:

Mentoring and assistance for the job hunt, further training and education,
and support for housing, transport, childcare or rehabilitation (depending on existing services of each country).

The "jackpot" should be awarded for employer engagement and the "game" can only have a single point of contact.

In most European countries only about 20 percent of employment programmes target the long-term unemployed, despite their huge numbers.

Spending is usually focused on public works schemes, and not enough is done to incentivise or involve employers.

Euronews reporter Giovanni Magi travelled to Slovakia to find out how people can transition back into the labour market.

Slovakia is one of the European countries with a more robust economic growth rate: more than 3 percent. The unemployment rate is slightly below the average of the eurozone, but with a particular feature:

Some 9.4 percent of the workforce is unemployed, but of this amount, more than 60 percent has been inactive for more than a year: long-term unemployed.

Many have been unable to adapt to changes in the global economy.

"I did professional work in telecommunications," Radovan Cechovic told Euronews. "As staff numbers decreased, technology advanced, so fewer workers were needed. So I was made redundant."

"Unfortunately, my work is more male-oriented and most of the time the employer choses a man who's usually younger," explained Eleonora Orbanova, another worker who is long-term unemployed.

Slovakia's government took several measures to tackle this issue: lowering taxes for low-paid workers, granting in-work benefits for long-term unemployed, reorganising the Central Labour Office; and creating sectoral councils, that involve about 1,000 human resources specialists from all over the country, with the goal of assessing the right qualifications for filling job vacancies.

Branislav Ondruš, State Secretary, Slovakian Ministry of Labour, told Euronews: "It is not possible to solve this problem without close cooperation of employers, because they are who are responsible for employment and therefore we have to listen to them, how should look, let me say, the ideal employee or what skills should this employee have."

Long-term unemployment is a European issue. In many countries, more than half of unemployed people have been inactive for over a year. That is one of the factors behind the increase in European poverty.

Among the long-term unemployed people that landed a job in Slovakia is young Spanish engineer Iván Escalante López. In Spain around half of unemployed people are long-term ones and the competition between them is merciless, he told Euronews.

"For one place there are a lot of candidates. You have to stand out, you have to sell yourself, you have to make falling in love with you the person who stands before you and is reading your resume, making him say: 'Yes, this guy is good and it's him what I need'. Every day you get up and you say: this could be the big day. Looking and looking, Slovakia has found me, I have found Slovakia, we liked and here we are."

Lopez's story is one of personal commitment and perseverance, but also one that shows how the right education and professional training, along with a better coordination between national policies and requirements of the productive world, can achieve concrete results. Even on a European scale.

Sweden's labour programmes have always been held up as an example for the rest of the world.

Population growth has increased, which has presented a fresh challenge for Ylva Johansson, Sweden's Labour Minister.

Euronews: "What policies worked in the past and what's had to change?"

Ylva Johansson: "As a Swedish minister you used to say - 'In Sweden we have a system!' But when it comes to helping newcomers into the labour market, actually there is a lack of system. So we have to develop new kinds of strategies at the same time as we handle a very huge population that have come to Sweden last year and is now entering the labour market So, education policy is a very important part of that - continuing education some extra training, practicing, starting to work. To combine that into a fast track into the labour market. Second thing is involving the social partners, especially the unions is very important - we have a long tradition of doing that."

Euronews: "Do you think the housing market, the labour market needs changing?"

Ylva Johansson: "Yes, the labour market is not so regulated. It's mostly regulated by social partners in collective agreement so that's quite flexible, but the housing market needs some big reforms and the government is working on that."

Euronews: "What are the new ideas we can bring to the table, considering we are going to see a supply shock with all this migration?"

Ylva Johansson: "Giving the financial resources for people with a low level of education to be able to finance their adult education so they wont need to have loans. So they will have some direct money from the state so they can come up to the compulsory school level or upper secondary school level. The second initiative is to help people to finance a driving licence, because that might be the difference between having a job or not. So we will also try to help find a system to help people financing getting a driving licence.

Euronews: "What would your recommendations be to your fellow labour ministers around Europe?"

Ylva Johansson: "We are living in a world where a lot of people are running away from hell. We have to take our share of responsibility. This is I think the most important thing. We might need some reforms in the labour market. In the Swedish case for example, we have the highest employment rate in the European Union right now and we had that for many years. So something is working quite well, in our labour market. So we have to be aware that we are not destroying things that are working well. We need reforms to focus on those that have specific needs and be a little bit careful about reforms that will turn upside down the whole labour market."

Euronews: "Ylva, on that note thank you very much for your time and those ideas and thank you for watching. We'll catch you next time."

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How can Europe beat long-term unemployment?

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We travelled to Sweden to find out what Smorgasbord of policies the Swedes use to keep their long-term unemployment low, despite an influx of people from around the world. Half of Europe's unemployed have been out of a job for about a year, and two-thirds have been out of a job for more than two years.

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How Parents Can Help Their Children Pay Off Student Loans

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With these strategies, parents can provide assistance on student loans, while still holding the young adult accountable

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How Parents Can Help Their Children Pay Off Their Student Loans  

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How Parents Can Help Their Children Pay Off Their Student Loans  

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Jillian Berman, the author of this article, suggests 4 ways for parents to help pay off their children's student loans. In an era of high rent and slow wage growth, most students are still in debt after graduating from college. This debt is mainly caused by loans to pay for textbooks, study material and stationery during college years. This is also simply called a 'student loan.' The 4 methods that Berman suggests not only help the child pay off their student loans quicker, but also help them build a better relationship with their parents. The first method the author suggests to parents is to initiate 'lump-sum payment'. This means to pay off a major part of the debt at once, as opposed to making small payments frequently. This can immediately relieve some stress off of the child, and can avoid the interest from growing. The second method is the opposite of the first, and it is to contribute to pay the loans monthly. This means the parent has to temporarily take over to help pay the loans while the child stabilises their finance inventory. Once they have stabilised their finances, they can take over and resume on paying the loans by themselves. The third method is to provide matching funds by offering a loan-payment match. This methods helps incentivise their children to pay off their loans quicker. The final method that the author suggests is to focus on private loans.  This means to help the child pay off their private debt first, then allow them to pay off their federal debts by themselves. Federal debts usually offer management options for their debts, including the option to cap their payments in percentages based on their income. On the other hand, private debts have high interest rates and offer little protection to crises,  so it would be difficult for students with low income to pay them off by themselves.

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"Houses are built to be inhabited, not speculated."

"Like often occurs, they’re really describing in retrospect how monetary policy has already started adjusting since September."

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China Plans for 'Prudent' Monetary Policy for the New Year 

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China Plans for 'Prudent' Monetary Policy for the New Year 

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In a recent three-day Central Economic Work Conference in Beijing, policy makers stated to keep both currency and liquidity levels are kept basically stable. The top policy makers also stated to implement a prudent and neutral monetary policy and a proactive fiscal policy in the new year as they attempt to maintain a gradual expansion with leeway for reforms. These new policies and changes are mainly prioritised to avoid asset bubbles. This is due to  housing bubbles that have recently gotten out of hand due to consumer drive. Officials are seriously concerned with asset bubbles as a burst in the near future is very likely and will cause a collapse that will strangle the economy even more, perhaps much worse than the dot-com bubble that happened in the US from 1995 to 2001. However, overall optimism among the Chinese economy has been high. A recent Bloomberg survey showed that the full-year growth for 2017 has risen from 6.3 percent to 6.4 since September. According to Andrew Polk, a Beijing-based head of China research at Medley Global Advisors stated, "Like often occurs, they’re really describing in retrospect how monetary policy has already started adjusting since September." Chinese President Xi Jinping is confident that China will be able to achieve all of its economic and social objectives for the new year, as exports with a weaker Yuan and strong state-investments are doing exceptionally well. Economists surveyed by Bloomberg predict a 6.7 percent increase for the new year.

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WELCOME TO MY SCRAPBOOK! Here is a compilation of articles, blogs, and videos that I have selected from various news sources. I hope you find my summaries informative!

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WELCOME TO MY SCRAPBOOK! Here is a compilation of articles, blogs, and videos that I have selected from various news sources. I hope you find my summaries informative!

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"Ten years ago I would give you the keys to the shop and said look, you can't make any money out of this, so I didn't know that this stuff is still gonna be hanging around."

"It's just a nicer feeling spending half an hour in a record store and finding your jam."

"My parents used to listen to music on vinyl, and they said that you don't really know what music is unless you listen to it on vinyl. It's just really impressive how its all come back now."

"The first thing you look is all the records, (you) skim through them. It's like a conversational piece, really."

"It's become more of a fad now. If it was a fad, it would have done out already."

"Music just sounds better on vinyl. I think its got a better effect to it."

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LAS VEGAS - Want to join -- or rejoin -- the vinyl movement? A wave of new turntables were on display at the Consumer Electronics Show here, all part of the resurgent interest in long-playing records.

Various spins on the record player - starting from under $100 to more than $15,000 - could be found at the four-day technology trade show, which ended Sunday. The growing number of models reflects consumers' burgeoning affection for the seven decade-old format, which Nielsen says has seen sales rise for 10 straight years.

Nostalgia for the format is what is driving some to give vinyl LPs another spin. But young music lovers, too, who grew up in the CD era are embracing records, too.

"It's the warmth and even the noise, crackle, pop and hiss that have been filtered out of all the digital and streaming music. And it's that opening up a beautiful album of art to look at and read while you are listening and having to be actively involved with flipping the album over," said Josh Poulsen, director of product development, House of Marley, which is bringing its first turntable, the Stir It Up ($199), to market in the U.S. in the next two months.

The turntable, which has a base made with sustainable bamboo and has other materials made from recycled material, can be connected directly to a Bluetooth speaker via audio cable or connected to a stereo system. It also has a USB output so that albums can be converted into digital files, too.

Elsewhere, the Crosley Radio booth had dozens of turntable models -- everything from an $89.95 Cruiser Deluxe portable player to a $12,000 jukebox that plays vinyl singles.

Audio Technica USA's lineup includes the $279 AT-LP3 fully automatic belt-drive turntable coming this spring. The electronics company has expanded its lineup beyond models aimed at disc jockeys. "Kids have discovered these big CDs up in the attic that belong to Mom and Dad," said the company's director of educational services Steve Savanyu.

High-end turntables never went away, but some new ones are on the way to capitalize on the recent vinyl resurgence among well-heeled music aficionados. Technics, a favorite brand of DJs for years, displayed a new Grand Class audiophile turntable, expected to sell for about $2,000.

And even higher-end brand Mark Levinson by Harman introduced its first turntable, the No. 515, made with renowned turntable maker VPI Industries. With a 20-pound platter and a 3-D-printed tonearm, the turntable is priced starting at $10,000 and is due this summer.

With more vinyl being released and new record players on the way, the movement could wax on.

"We continue to see the trend of vinyl expanding," House of Marley's Poulsen said. "Talking to some of our retail partners, the volumes and number of turntables they were selling during the holiday season was unreal."
Follow USA TODAY reporter Mike Snider on Twitter: @MikeSnider.
Read or Share this story: http://usat.ly/2jiEfcU

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More turntables spun out to meet vinyl interest

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CLOSE LAS VEGAS - Want to join -- or rejoin -- the vinyl movement? A wave of new turntables were on display at the Consumer Electronics Show here, all part of the resurgent interest in long-playing records.

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Vinyl Sales 'at all time high' - BBC News 

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Vinyl Sales 'at all time high' - BBC News 

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This video published by BBC News covers the recent increase of demand for vinyl records in England. Statistics have shown that over 3.2 million records were sold in 2016, peaking for the first time since 1991. Ever since digital downloads and streaming became the juggernauts of the music industry, demand for vinyls dropped drastically. Digital downloads were free, streaming was cheap, and there was no worry for scarcity. As the demand dropped to its lowest in the majority of the 21st century, supply for vinyl records also quickly decreased. However, things have begun to change. Speaking to Phil Barden, owner of Sister Ray Records in London, England, he said, "Ten years ago I would give you the keys to the shop and said look, you can't make any money out of this, so I didn't know that this stuff is still gonna be hanging around." As the world saw the passings of musical legends David Bowie and Prince last year, many purchased vinyl records of their albums as a commemoration to their work. However, a few who were interviewed had other opinions. A man said, "It's just a nicer feeling spending half an hour in a record store and finding your jam." Another young woman said that music in general just sounds better in the vinyl form. When asked about the recent increase in vinyl sales, a couple believed that the demand spike "is not a fad, if it is it would have died down already." Suppliers of vinyl records are now working overtime to keep up with consumer demand. It is estimated that over 4 million vinyls will be sold this year. Another article linked to the right displays the supply of more turntables to meet the newfound interest for vinyls.

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Vinyl sales are the highest they've been in 25 years. More than 3.2 million records were sold last year.