Business
Shutdown strain: US economy reels under layoffs and lost pay; food banks, small firms struggle to cope – The Times of India
Washington’s economy is facing deepening distress as the longest-ever US government shutdown, mass layoffs of federal workers, and cuts to food assistance converge to hit households and small businesses across the capital region, AP reported.The Capital Area Food Bank, which supports more than 400 pantries and aid organisations across the District of Columbia, northern Virginia, and two Maryland counties, is preparing to provide 8 million more meals than planned this year — a nearly 20% increase.“This city has been hit especially hard because of the sequence of events that has occurred over the course of this year,” said Radha Muthiah, CEO and president of the food bank.The nation’s capital, home to roughly 150,000 federal employees, has been reeling from layoffs, the shutdown, and heightened law enforcement deployment. With the shutdown halting pay for hundreds of thousands of workers and freezing federal food aid, the economic strain has intensified.The District’s unemployment rate stood at 6% in September, one of the highest in the nation, compared with the US average of 4.3%. Economists warn that the regional impact of the shutdown will persist well after federal operations resume.Political reverberations are also being felt: Democrat Abigail Spanberger’s win in Virginia’s governor’s race was fuelled in part by her focus on the economic fallout of President Donald Trump’s policies on the region.Local businesses see sales fall, jobs vanishWashington’s restaurants, bars, and small retailers — heavily reliant on federal employees’ spending — have reported steep drops in sales. The Restaurant Association of Greater Washington said many eateries already operating on thin margins are now struggling to stay afloat as federal staff skip commutes and dining out.“Going without paychecks is causing cash flow issues for federal workers, and that’s spilling over into small businesses,” said Tracy Hadden Loh, a fellow at Brookings Metro, quoted AP. “A lot of businesses rely on higher spending in Q4 to stay profitable for the year.”At The Queen Vic, a British pub in northeast Washington, co-owner Ryan Gordon said weekend crowds have halved. “We still had seats for people, which means the bars around us who get our overflow got nothing,” he said, estimating business is down 50% since the shutdown began.Families under pressure as aid stallsThe financial strain is also pushing middle-income families into crisis. Thea Price, a former employee of the US Institute of Peace, lost her job in March, followed by her husband’s job loss as a government contractor.After relying on SNAP food assistance and savings, the couple’s payments were halted by the shutdown. With limited options left, Price is leaving Washington for her hometown near Seattle.“We can’t afford to stay in the area any longer and hope something might pan out,” she said. “We’re just in a much different place than when these things started.”At the Capital Area Food Bank, forklifts are running overtime to meet growing demand. “We’re focused on getting food to those who need it,” Muthiah said. “But people are borrowing against their futures to pay for basic necessities today.”
Business
Crunch talks between resident doctors and ministers set to continue
Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.
Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.
It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.
Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.
“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.
“We made that very clear to Government in our meetings today.
“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.
“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”
It comes as senior medics announced they were escalating their disputes with the Government.
Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.
Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.
Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.
“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”
The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.
NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.
The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.
In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.
“This will represent a significant strain on staffing resources to provide safe cover.”
Business
Iran oil returns: India set to receive first cargo in 5 years, tanker heads to Gujarat – The Times of India
India is set to receive its first shipment of Iranian crude oil since 2019, with a tanker carrying 600,000 barrels of oil en route to Gujarat following a temporary sanctions waiver by the US, according to PTI.Ship-tracking data indicates that the vessel Ping Shun is headed towards Vadinar port, marking a potential revival of Indo-Iran oil trade after nearly five years.“The Indo-Iranian oil trade has flickered back to life. Following the US administration’s decision to grant a 30-day window for Iranian oil “on the water” due to regional conflict, the vessel Ping Shun is now en route to Vadinar (in Gujarat) with 600,000 barrels of crude. This is the first such delivery since May 2019 and comes at a critical time for Indian refiners facing tightening inventories,” said Sumit Ritolia, Lead Research Analyst, Refining and Modelling at Kpler.The development follows Washington’s decision earlier this month to allow a 30-day window for the purchase of Iranian oil already at sea, aimed at easing global oil prices amid the ongoing US-Israel conflict with Iran. The window is set to expire on April 19.While the buyer of the cargo remains unidentified, Vadinar houses a 20 million tonnes per annum refinery operated by Rosneft-backed Nayara Energy and also serves as a landing point for crude supplies to inland refineries such as BPCL’s Bina unit.India’s oil ministry has so far maintained that any decision to resume imports from Iran will depend on techno-commercial viability.Before sanctions were tightened in 2018, India was among the largest buyers of Iranian crude, importing both Iran Light and Iran Heavy grades due to refinery compatibility and favourable pricing terms.Imports ceased in May 2019 after US sanctions were reimposed, with India shifting to alternative suppliers including the Middle East and the US. At its peak, Iranian crude accounted for 11.5 per cent of India’s total imports.India had imported about 518,000 barrels per day (bpd) of Iranian oil in 2018, which declined to 268,000 bpd between January and May 2019 during a sanctions waiver period before dropping to zero thereafter.“The Aframax Ping Shun (IMO 9231901) loaded with Iranian crude oil from Kharg Island in early March has emerged as the first vessel observed signalling a destination of Vadinar, India since May 2019, following sanction reimposition on Iranian oil by the first Trump administration,” Ritolia said.The tanker is estimated to have loaded around 600,000 barrels from Kharg Island around March 4 and is expected to reach Vadinar on April 4.An estimated 95 million barrels of Iranian oil are currently stored on vessels at sea, of which around 51 million barrels could be supplied to India, while the rest may be directed to China and Southeast Asian markets.However, payment mechanisms remain uncertain as Iran continues to be excluded from the SWIFT global banking system, complicating international transactions.Earlier, payments were routed in euros through Turkish banks, but that channel is no longer available following renewed sanctions restrictions.Iran was first disconnected from SWIFT in 2012 due to EU sanctions over its nuclear programme, with further disruptions in 2018 after the US reimposed sanctions, limiting its ability to receive payments and access foreign currency reserves.
Business
Pottery firm Denby appoints administrators in ‘necessary step’
The 217-year-old firm says it appointed FRP Advisory as administrators on Tuesday.
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