French industry woos young talent

French President Emmanuel Macron has vowed to return the country to ‘full employment’ by 2025. (Reuters)
Updated 11 August 2019
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French industry woos young talent

  • Recruitment specialists target holidaymakers in coastal resorts to drum up interest in factory work

DEAUVILLE: A few steps from the sea in the Normandy resort of Deauville, a group of curious holidaymakers in flip-flops and beach garb pepper a technician with questions as he extols the capabilities of a cutting-edge 3D modelling machine.
Outside the makeshift lab, disco music blares while people wait to try out virtual reality headsets allowing them to operate robots whizzing around a gleaming production line.
Frustrated in their attempts to attract young workers, French industrial firms have taken their pitches straight to the summer crowds with a roadshow aimed at drumming up an interest in factory work.
Since mid-July the French Fab Tour has traveled along the Mediterranean and Atlantic coasts, hoping to convince young people that state-of-the-art sites offering solid pay and prospects have replaced the dreary assembly lines of the past.
Magali Kueny, a recruitment specialist on vacation from the eastern French city of Mulhouse who was watching the 3D molding display with her young daughter, knows firsthand the need to inject a bit of glamor into an industry’s image.
“There are very few qualified candidates,” she said. “Sometimes we’ll have just one candidate for four or five posts.”
The tour, which will have visited 18 seaside resorts when it wraps up on Wednesday, mixes work and play.
Amid the basketball hoops and programmable remote-controlled toy cars is a LinkedIn stand, where people get prints of would-be profile pictures. There’s also an escape game and the day ends with a free outdoor concert featuring several bands and DJs.
“Encouraging people means reaching out, by going straight to families and young people, because a career decision is something you make within the family,” said Patrice Begay of BPI France, the state-run investment bank that organized the tour.
Around 50,000 industry jobs, from aviation and rail companies to defense and IT contractors, are going unfilled this year, Begay said, despite a French jobless rate that has remained stubbornly high, standing at 8.7 percent in the first quarter.

We have plenty of industry in Normandy. Aeronautics, nuclear, automobile, and luxury groups like Hermes and Louis Vuitton all produce in Normandy, and often it’s difficult to hire.

Philippe Augier, Deauville Mayor

Tackling this imbalance is a key part of President Emmanuel Macron’s pledge to make France more competitive and lower the chronic unemployment, especially among young people.
Macron has vowed to return the country to “full employment” by 2025 — a rate most economists would peg at around 4.5 percent — in part by overhauling professional training and encouraging the creation of more apprenticeships.
The goal has become even more urgent in the wake of the “yellow vest” protests, which partly reflected a sense of abandonment in areas where traditional industries have been hollowed out.
“We have plenty of industry in Normandy. Aeronautics, nuclear, automobile, and luxury groups like Hermes and Louis Vuitton all produce in Normandy, and often it’s difficult to hire,” Deauville Mayor Philippe Augier said.“Young people aren’t aware of it, they don’t know enough about it,” he said.
Economists argue that French schools must also better promote the so-called “industry 4.0” jobs at automated factories, where workers are more likely to hammer on keyboards than on rivets.
But that also means tackling the stigma attached to apprenticeships, which many still consider the domain of failed students destined for a life of manual labor — not the dream most parents harbor in a country of guaranteed free university access.
Just seven percent of French youths aged 16 to 25 seek apprenticeships, compared with 15 percent in Germany, which boasts a broad and dynamic manufacturing base.
“Before people would say, if you don’t succeed in school, you’ll get sent to the factory,” Begay admitted.
The upbeat message appeared to be getting through in Deauville.
Severine, a school worker was visiting with her young son, an airplane fan. “He found himself with an engineer who talked about technologies, careers, the future, and obviously it had quite an impact,” she said.
To help companies fill jobs, Macron’s government has given local industry federations more say in the running of the country’s nearly 1,000 apprentice training centers and the state is subsiding the salaries of youths who get taken on.
It is also offering to help recruits pay for driving lessons, no small thing in a country where securing a license — a prerequisite for many jobs outside of big cities — can easily exceed €1,000 ($1,120).
The measures led to a 7.7 percent rise in apprenticeships last year, Labor Ministry figures show, and a 12.6 percent year-on-year jump for the first two months of this year.
Yet the challenge remains daunting: placement agency Adecco said in June that French firms overall have 3.5 million posts to fill this year, but half expect to struggle to find suitable candidates.
So if touting their attractiveness means putting on an evening of games and concerts at the beach, so be it.
“We’re simply showing that industry is recruiting, and that industry is dynamic,” Begay said.


Saudi hotel industry sees 11.4% spending surge, amid overall weekly decline: SAMA

Updated 19 sec ago
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Saudi hotel industry sees 11.4% spending surge, amid overall weekly decline: SAMA

RIYADH: Spending in Saudi hotels saw a week-on-week increase of 11.4 percent between Nov. 10 and 16, reaching SR399.7 million ($106.4 million), according to the Kingdom’s central bank.

The weekly point-of-sale transactions bulletin from SAMA showed that restaurants and cafes recorded the second largest sectoral increase with a 4.3 percent rise to reach SR2.07 billion, which also equated to the biggest share of the overall value.

Spending on furniture came in third place, registering a 2 percent increase to SR304.8 million.

Overall, Saudi Arabia’s POS transactions registered a weekly decrease of 1.5 percent, with the education sector leading the decline.

SAMA recorded SR13.2 billion in transactions over the week, with the education industry posting the highest sectoral decrease at 47.9 percent to reach SR89.5 million.

The central bank’s figures showed that the electronics sector saw the second-largest dip, with a 10.9 percent slide to SR198 billion.

Spending on telecommunication recorded the third most significant decrease, at 7.4 percent, reaching SR117.1 million. 

Expenditure on food and beverages saw a 0.6 percent negative change this week, reaching SR1.9 billion, claiming the second-biggest share of this week’s POS transaction value.

Spending on miscellaneous goods and services followed, accounting for the third largest POS share with a 4.1 percent dip, reaching SR1.5 billion.

Spending in the leading three categories accounted for 42 percent or SR5.5 billion of the week’s total value.

At 0.02 percent, the smallest increase occurred in spending on recreation and culture, boosting total payments to SR309.5 million. Expenditures on public utilities surged by 0.2 percent to SR52.9 million. 

Geographically, Riyadh dominated POS transactions, representing 34.06 percent of the total, with expenses in the capital reaching SR4.5 billion — a 3.5 percent decrease from the previous week. 

Jeddah followed with a 0.04 percent surge to SR1.8 billion, and Dammam came in third at SR641.4 million, down 4.6 percent.

Madinah experienced the most significant rise in spending, increasing 6.9 percent to SR567 million.

Tabouk recorded a decline of 7.5 percent, reaching SR235.9 million, and Abha dropped 3.4 percent to stand at SR149.4 million.

In terms of the number of transactions, Madinah recorded the highest increase at 4 percent, reaching 9,237,000 while Tabouk saw the biggest decline at 6.5 percent with 4,296,000 transactions.


Japan, Saudi medical centers unite to revolutionize stem cell therapy

Updated 20 November 2024
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Japan, Saudi medical centers unite to revolutionize stem cell therapy

  • Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business

TOKYO:  Cytori Therapeutics Japan and the King Abdullah International Medical Research Center have signed a Memorandum of Understanding to strengthen research and training initiatives in the field of cell therapy. 

The signing ceremony took place between Dr. Ahmed Alaskar, executive director of KAIMRC, and Hoshino Yoshihiro, president and CEO of Cytori Therapeutics K.K., during the Riyadh Global Medical Biotechnology Summit 2024.

The partnership underscores the potential of regenerative medicine in treating chronic diseases such as diabetes, liver cirrhosis, critical limb ischemia, chronic wounds, knee osteoarthritis and other aging-related conditions. The aim of combining Cytori’s cutting-edge stem cell technology with KAIMRC’s expertise in translational research is to develop groundbreaking treatments for these critical health issues.

The two organizations will collaborate on fundamental research, clinical trials and other areas of mutual interest, including projects in biomedical R&D, preclinical studies and clinical trials, as well as training and development for staff in health-related and engineering fields.

Cytori Therapeutics K.K., has been a pioneer in the stem cell therapy business, specializing in cell therapy services and the development of adipose-derived regenerative cells from human subcutaneous fat tissues for therapeutic use. The company also develops, manufactures, and exports medical devices. 

This article is also available on Arab News Japan


Oil Updates – prices little changed as market weighs mixed drivers

Updated 20 November 2024
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Oil Updates – prices little changed as market weighs mixed drivers

SINGAPORE: Oil prices held steady for a second day on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia and signs of growing Chinese crude imports offset data showing US crude stocks rising.

Brent crude futures dipped 5 cents to $73.26 a barrel by 8:41 a.m. Saudi time. US West Texas Intermediate crude futures was flat at $69.39 per barrel.

The escalating war between major oil producer Russia and Ukraine has kept a floor under the market this week.

“We may expect (Brent) oil prices to stay supported above the $70 level for now, as market participants continue to monitor the geopolitical developments,” said Yeap Jun Rong, market strategist at IG.

On Tuesday, Ukraine used US ATACMS missiles to strike Russian territory for the first time, Moscow said. Russian President Vladimir Putin lowered the bar for a possible nuclear attack.

“This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into focus the risk of supply disruptions in the oil market,” ANZ analysts said in a note to clients.

On the demand side, US crude oil stocks rose by 4.75 million barrels in the week ended Nov. 15, market sources said on Tuesday, citing American Petroleum Institute figures.

That was a bigger build than the 100,000 barrel increase analysts polled by Reuters were expecting.

Gasoline inventories, however, fell by 2.48 million barrels, compared with analysts’ expectations for a 900,000-barrel increase.

Distillate stocks also fell, shedding 688,000 barrels last week, the sources said.

Official government data is due later on Wednesday.

In a boost to oil price sentiment, there were signs that China, the world’s largest crude importer, may have stepped up oil purchases this month after a period of weak imports.

Data from vessel tracker Kpler showed China’s crude imports are on track to end November at or close to record highs, an analyst told Reuters.

Weak imports by China so far this year have pulled down oil prices, with Brent sinking 20 percent from its April peak of more than $92 a barrel.


Saudi Arabia raises $910m in November sukuk offering 

Updated 20 November 2024
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Saudi Arabia raises $910m in November sukuk offering 

RIYADH: Saudi Arabia’s National Debt Management Center has completed its riyal-denominated sukuk issuance for November, raising SR3.41 billion ($910 million), a 28.19 percent year-on-year increase. 

In October, the Kingdom issued sukuk worth SR7.83 billion, while the figures for September and August were SR2.6 billion and SR6.01 billion, respectively.  

Sukuk, also known as Islamic bonds, are Shariah-compliant debt products that allow investors to gain partial ownership of an issuer’s assets until maturity. 

Saudi Arabia’s consistent sukuk issuances align with a report released by Moody’s in September, which stated that the global markets for these Islamic bonds are expected to remain strong in 2024.  

The report also projected that the issuance of Shariah-compliant bonds could reach between $200 billion and $210 billion this year, up from just under $200 billion in 2023. 

According to a statement by the NDMC, the November sukuk issuance was divided into five tranches. The first tranche, valued at SR2.52 billion, is set to mature in 2029. 

The second tranche was valued at SR434 million and will mature in 2031, while the third tranche amounted to SR137 million, with a maturity date in 2034. 

NDMC stated that the fourth tranche, sized at SR10 million, is scheduled to mature in 2036. The fifth tranche, valued at SR310 million, will mature in 2039. 

A report by Fitch Ratings in October highlighted that sukuk issuances are on the rise, driven by improving financing conditions following the US Federal Reserve’s rate cuts to 5 percent in September. 

Fitch noted that global sukuk outstanding reached $900 billion by the end of the third quarter of 2024, an 8.5 percent increase compared to the same period in 2023.  

The report further projected that interest rates could decline to 4.5 percent by the end of 2024 and 3.5 percent in 2025, likely boosting sukuk issuances in the short term. 

In August, Fitch reported that the UK remains a significant hub for Islamic finance, with the London Stock Exchange ranking as the third-largest listing venue for US dollar sukuk globally. 

Saudi Arabia’s continued momentum in sukuk issuances reflects its commitment to developing the Islamic finance market as a core component of its Vision 2030 economic diversification strategy.


Developing nations push for action on COP29 financing shortfalls

Updated 19 November 2024
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Developing nations push for action on COP29 financing shortfalls

RIYADH: Developed nations are facing growing pressure at COP29 to honor their climate finance commitments, as developing countries push for action to address the severe shortfalls in adaptation funding and the escalating environmental challenges they face.

The ongoing dispute centers around how much support developed nations will provide to poorer countries in their efforts to combat the impacts of climate change.

Representatives from vulnerable nations have emphasized the urgent need for concrete financial commitments, highlighting the widening gaps in adaptation funding.

Financing gaps undermine efforts

Kenya called for an end to the adaptation finance gap, urging increased financial flows to meet the continent’s needs. “Developing countries are not receiving the resources they need,” said Kenya’s representative. “Africa’s adaptation needs are the highest globally, estimated at $845 billion between 2020 and 2035, yet we receive less than a quarter of that annually.”

Bangladesh echoed these concerns, revealing a stark $5.5 billion annual shortfall in funding for resilience projects. “This gap must be filled through grant-based and external finance,” said Bangladesh’s representative.

Several developed nations have outlined their efforts to scale up adaptation financing. Germany highlighted that 30 percent of the EU’s current seven-year budget is allocated to climate-related initiatives, including $30 billion for nationally determined contributions and climate goals, and $12 billion for public climate adaptation finance.

France pledged €2 billion annually by 2025 for adaptation in developing countries, exceeding its previous commitments. Canada reported progress toward its goal of doubling adaptation finance by 2025, as per the Glasgow Climate Pact, but acknowledged the need for more expansive action. “Public finance alone won’t suffice,” said Canada’s representative. “We need coordinated global efforts, innovative instruments, and stronger policy signals to ramp up climate-resilient investments,” the representative continued.

UAE calls for scaling up adaptation finance

“The outcome of the first global stocktake under the UAE consensus underscores a stark reality: we are not on track to meet the adaptation needs of developing countries,” said the UAE’s representative. “Climate change disproportionately affects vulnerable communities who have contributed the least to global emissions. Adaptation is not a choice, but a necessity,” he continued.

The UAE underscored the widening adaptation finance gap, which is estimated to reach hundreds of billions of dollars annually by 2030.

“A critical component of COP28 was the UAE framework for global climate resilience, establishing targets for adaptation planning and implementation,” the representative noted. The UAE consensus calls for all parties to have national adaptation plans in place by 2025, with tangible progress on implementation by 2030.

“We urge developed countries to significantly scale up adaptation finance beyond the doubling committed at COP26,” the UAE added.

“This scaling up is crucial to meet the urgent and growing needs of developing countries.”

Rejecting allegations of involvement in the Sudanese conflict, the UAE reaffirmed its commitment to humanitarian aid and efforts to support a legitimate, civilian-led government in Sudan.

“We reject these baseless claims and emphasize our continued support for de-escalation, ceasefires, and aiding Sudanese civilians,” said the representative.

Jordan called for “predictable and transparent commitments” and expedited disbursements, emphasizing the challenges faced by water-scarce nations grappling with severe droughts.

Sudan urged for technological transfer and funding to recover from devastating floods, which caused $48 million in damages this year. Palestine raised concerns about barriers to accessing climate funds, citing “non-technical issues” that prevent direct support despite eligibility.

Kazakhstan stressed the importance of concessional financing, saying, “We need mechanisms that are accessible and predictable to address vulnerabilities and ensure funds flow directly to communities.”

Developing countries call for urgent action

“Adaptation is not a choice but a necessity,” reiterated the UAE representative, highlighting the disproportionate burden borne by vulnerable nations.

Qatar called for creative solutions to close the adaptation finance gap, urging developed countries to double financial support and focus on the implementation phases to maximize impact.

China demanded that developed countries clarify timelines for doubling adaptation financing, stating, “They must deliver on their commitments and prioritize vulnerable nations.”

As COP29 unfolds, the debate over adaptation financing underscores the urgent need to bridge the gap between pledges and tangible action. The world’s most vulnerable communities are watching closely, demanding that words translate into real solutions.