Investment in upskilling can boost global GDP by $6.5 trillion by 2030: WEF


Accelerated investment in upskilling and reskilling of workers can add at least 6.5 trillion dollars to global GDP, create 5.3 million new jobs by 2030 and help develop more inclusive and sustainable economies worldwide, according to a World Economic Forum report published on Monday.

The report titled ‘Upskilling for Shared Prosperity’ and authored in collaboration with PwC finds that accelerated skills enhancement will ensure that people have the experience and skills needed for the jobs created by the Fourth Industrial Revolution — boosting global productivity by 3 per cent on average by 2030.

The newly created jobs will be those that are complemented and augmented — rather than replaced — by technology.

“Even before Covid-19, the rise of automation and digitisation was transforming global job markets, resulting in the very urgent need for large-scale upskilling and reskilling. Now, this need has become even more important,” said Bob Moritz, Global Chairman of PwC.

“Upskilling is key to stimulating the from Covid-19 and creating more inclusive and sustainable economies. To make this happen, greater public-private collaboration will be key,” he said.

Saadia Zahidi, Managing Director

Reliance Industries spins off oil-to-chemical business into new unit


Billionaire Mukesh Ambani’s Ltd has completed spin-off of the firm’s oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships, the company has said.

The oil-to-chemical (O2C) business unit holds Reliance’s oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business.

Reliance for the first time reported integrated earnings of the O2C business in its third quarter financial results. Previously, refining and petrochemical businesses were reported separately while fuel retailing revenue was part of the firm’s overall retail business.

In the October-December 2020 earnings statement, refining and petrochemical as well as fuel retailing businesses earnings were reported as one. As a result, it did not give refining margins – the most sought after number to assess the firm’s oil refining business.

“Reorganising refining and petrochemicals as oil-to-chemicals (O2C) reflects new strategy as well as management matrix,” the company said in a post earning investor presentation.

This, it said, will “facilitate holistic and agile decision making” as well as “pursue attractive opportunities for growth with

Cash flow – The most critical part of your business


It doesn’t matter if your business rules the market, is a big hitter or is simply starting out. Cash is key and cash flow is one of the most critical parts of any business.

Regardless of good or bad your sales are, if there isn’t a good amount of money flowing throughout the business, it will naturally fail. Even if profits are incredibly strong, if things go wrong and the business incurs bad debts, or has a few months with late invoices, it could put the business into a negative spiral of just staying above water. Fortunately, there are things which can be done to prepare businesses for cash flow, as well as ways of tackling the problems as and when they trouble the business.

So, how can you identify the problems that cause cash flow

Most of the time, problems with cash flow normally come down to a simple lack of planning. Putting together a cash flow forecast is essential preparation for a business, however, it needs to be done with every bit of detail involved. A forecast must include all possible incomings and outgoings, with all the potential long-term effects of paying loans and quarterly or yearly tax

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