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1 Million Workers Targeted in Tech-Reskilling Drive

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The World Economic Forum launched the IT Industry Skills Initiative to meet the global skills gap challenge and address job displacement arising from automation and the Fourth Industrial Revolution. The initiative is committed to reaching 1 million people with resources and training opportunities on the SkillSET portal by January 2021.

The initiative was conceived by the Forum’s IT Governors community under the chairmanship of Chuck Robbins, Chairman and Chief Executive Officer, Cisco. The founding partners are Accenture, CA Technologies, Cisco, Cognizant, Hewlett Packard Enterprise (HPE), Infosys, Pegasystems, PwC, Salesforce, SAP and Tata Consultancy Services.

“We need responsive solutions and coordination from all parts of society – governments, citizens and private industry alike – to re-envision an educational system based on lifelong learning that can fully prepare workers for the jobs of the future,” said Klaus Schwab, Founder and Executive Chairman, World Economic Forum. “This initiative is a clear example of industry leaders taking concerted, collective action to address a major social challenge at scale.”

According to a World Economic Forum report on workforce reskilling, one in four adults reported a mismatch between the skills they have and the skills they need for their current job. Therefore, enabling and empowering workers to transform and update their skills is a key concern for businesses and societies across the globe.

“In our dynamic world, technology has opened up many avenues for growth. However, we are also seeing how innovations such as artificial intelligence and automation can impact the workforce. It is important for all of us to recognize that without the talent we need, none of us would be successful,” said Chuck Robbins, Chairman and CEO, Cisco. “This initiative brings together the capabilities and strengths of all of our companies to help educate the high-skilled workers needed for jobs now and into the future. It is our obligation to make sure that people with jobs across every industry are given the means to learn new skills and remain competitive.”

The coalition has created a free platform of online tools to streamline the process of reskilling adults. The initial iteration of the portal will be available in April 2018.

To empower people to address fast-changing skill requirements, initiative partner companies are opening up key elements of their individual training libraries into one centralized portal. Users will have access, free of charge, to the most up-to-date, self-paced training materials from leading global IT companies, ranging from general business skills to introductory digital literacy to more advanced topics such as cybersecurity, big data or internet of things. The portal will offer a tailored Skills Assessment, developed by PwC, and based on the Fourth Industrial Revolution skills research, to help users determine which coursework and/or learning pathways best fit their current skillset and learning goals.

In creating this platform, the coalition hopes to recast continued education to a more engaging, ongoing and educationally reaffirming experience. They also hope to motivate adults of all backgrounds to use the platform, especially those from low-resource communities or under-represented groups who have historically had less access to the IT industry. SkillSET is hosted on the award-winning EdCast AI-powered Knowledge Cloud platform, accessible to anyone using desktop or mobile versions.

The coalition, which continues to add members, will be working over the next few months to develop tools and processes intended to address many of the barriers that prevent adults from reskilling or successfully completing trainings. The initiative will initially target the US market, with plans to scale to other geographies and build industry and public-sector partnerships in 2018 and beyond. Under the chairmanship of Mike Gregoire, Chief Executive Officer, CA Technologies, the coalition will report on progress at the World Economic Forum Annual Meeting 2019.

Founding Partners Speak Out:

Pierre Nanterme, Chairman and Chief Executive Officer, Accenture: “People need innovative ways to learn new skills in order to remain relevant and adaptive as the pace of technology change accelerates. For example, AI offers enormous opportunities for growth, but success will increasingly depend on humans collaborating with intelligent technologies. By accessing a broad range of ‘new skilling’ techniques, people will be better placed to work with machines and help businesses pivot to new growth models.”

Michael Gregoire, Chief Executive Officer, CA Technologies: “Technology is both the tool and the canvas and carries the huge promise of improving how we live and work. The counter side, however, is some degree of wariness by those who fear it disrupting their livelihoods, which is both understandable and expected. We are focused on a large-scale, proactive solution that encourages continuing education to empower and inspire today’s and tomorrow’s workforce. We must engage with technology in a way that creates new opportunities, both at an individual level and in the aggregate.”

Francisco D’Souza, Chief Executive Officer, Cognizant Technology Solutions: “The workplace issue of the 21st century is a worldwide shortage of qualified technology talent driven by a massive skills gap, which we must address together on a global scale. The pace of technological change has education systems struggling to keep up in delivering learning experiences that are relevant, immersive and readily available as workers seek to expand their skills. The future of talent development depends on new models, ways of thinking and initiatives like this one that engage individuals as lifelong learners and provide them with opportunities for continuous reinvention.”

Salil Parekh, Chief Executive Officer and Managing Director, Infosys Ltd: “Our relevance, in an increasingly digital future, will depend on our ability to learn and evolve lifelong at the pace of technology. Democratizing digital literacy is an essential first step to make technology a force for good that moves us all forward.”

Alan Trefler, Founder and Chief Executive Officer, Pegasystems Inc.: “Throughout history, we’ve seen technological advancement bring both opportunities and challenges as society adapts. With technology so central to how we live and work today, it’s critical that we enable people to acquire the skills required to be successful and to help society move forward in a positive direction.

Robert E. Moritz, Global Chairman, PwC International, PwC: “All over the world, people are asking themselves how they are going to prepare for their future, whether it’s a new job, new responsibilities, or needed new skills. By working together across the public and private sectors, our hope is to enable new opportunities for people to carve their own paths, develop new skills, and future-proof themselves. By sharing our Skills Assessment, we believe more people around the world will be empowered to learn and grow professionally throughout their lives.”

Keith Block, Vice Chairman, President and COO, Salesforce: “As the Fourth Industrial Revolution spurs incredible innovation, it is our responsibility as business leaders to ensure that the benefits created by this opportunity – now and in the future – are accessible to all.”

Bill McDermott, Chief Executive Officer, SAP: “Our focus on building digital skills will unleash amazing potential in dreamers from all backgrounds. Instead of fearing automation, we should be optimistic about the exciting possibilities when people and machines work together. Bigger than artificial intelligence, we are entering a new frontier of ‘augmented humanity’.”

Rajesh Gopinathan, Chief Executive Officer and Managing Director, Tata Consultancy Services Ltd: With the advent of the Fourth Industrial Revolution, enterprises are leveraging the combined effect of emerging technologies to transform their businesses. Employees will also have to transform their skills and adopt newer ways of working to participate in today’s opportunities that are as enormous as in any of the previous generations. It is important for enterprises to make investments in reskilling and upskilling employees and prepare them for digital-age careers.”

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Finance

4 Crucial Factors That Helps in Selecting the Ideal FX Expert Advisor

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The forex market is increasingly expanding at a rapid pace with millions of active traders executing trades daily. The use of advanced technology is also preferred among traders who are involved in active trading. As automation is slowly taking over most industries and businesses, the forex market is also noticing a rise in the use of FX expert advisors to execute a trade on behalf of an investor.

But even with the tons of perks that these FX EAs are capable of, you must consider certain factors before investing in one.

But before we jump into discussing the factors that indicate an EA’s reliability, let us get a clear understanding of what forex EAs are and how they work.

Explaining FX Expert Advisors

An EA is a software program that offers the benefit of automated trading to investors worldwide. A forex EA is responsible for identifying the best possible timings for opening a position with the help of certain in-built algorithms and indicators. As the market is active for 24-hours straight, using an EA will certainly be useful; it is immune to any emotional factors and can facilitate you to make high-profitable trades by identifying the ideal entry points.

Developed in MQL, an EA can operate on MetaTrader 4 or 5 and comes up with complex strategies of trading based on a certain mathematical pattern. The ways expert advisors tend to outperform manual trading practices involve their high-accuracy results along with faster data-processing technology which aids in better analysis.

Although being quite similar and often mistaken as the same, a forex EA slightly differs from a forex robot in terms of its functions. While forex robots can take care of executing a trade on behalf of you, and EA will simply advise you when to initiate a trade allowing you to have full control over initiating a trade.

Points to consider before investing in an EA

Investing in an expert advisor requires certain factors to keep in mind that will help you to maximize your success rate with the benefit of automation.

  1. Performing a thorough background check

The security factor should be on your priority list while opting for an expert advisor. Thorough research along with a complete background assessment is necessary to determine the authenticity of the EA. You can rely on reviews and testimonials of other users as well as checking the credentials of the vendor. Some factors that decide the genuineness of the EA include secure payment options, refund guarantees in case of false claims, transparent business practices, and development by trustworthy programmers.

  1. Conduct satisfactory research

It is common to come across many catchy claims of instant and guaranteed profit while opting for an EA. But these commercials fail to mention that expertise is the most critical asset you will need to succeed in this industry. You can immediately notice risk factors when anyone makes exaggerated and unreasonable statements if you have a good understanding of how the foreign exchange market works. While many appropriate automated trading systems are useful in leveraging your trading career, you may also come across many fraudulent scenarios in this industry. Thus only proper learning will provide you with the information you need to prevent being a target of these frauds.

  1. Get familiar with basic EA stats

Reliable expert advisors are generally introduced to the market after a long process of backtesting performed by the developers. While selecting an EA you will most likely come on certain statistics including the profit factor, drawdown and expected payoff that demonstrate its performanceAs an investor, you need to be knowledgeable about these stats, what they mean and how they can impact your trading style before finalizing an EA.

  1. Perform independent testing

The final step will always be to verify the capabilities of an expert advisor along with checking the backtested results. You can rely on a demo account or a trial version of that EA easily before making the final call.

Selecting the ideal forex EA can be challenging irrespective of the level of experience you have in this. However, following these tips as well as your experience can make this process easier and worthwhile.

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Environment

No pathway to reach the Paris Agreement’s 1.5˚C goal without the G20

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“The world urgently needs a clear and unambiguous commitment to the 1.5 degree goal of the Paris Agreement from all G20 nations”, António Guterres said on Sunday after the Group failed to agree on the wording of key climate change commitments during their recent Ministerial Meeting on Environment, Climate and Energy.

“There is no pathway to this goal without the leadership of the G20. This signal is desperately needed by the billions of people already on the frontlines of the climate crisis and by markets, investors and industry who require certainty that a net zero climate resilient future is inevitable”, the Secretary General urged in a statement.

The UN chief reminded that science indicates that to meet that ‘ambitious, yet achievable goal’, the world must achieve carbon neutrality before 2050 and cut dangerous greenhouse gas emissions by 45 % by 2030 from 2010 levels. “But we are way off track”, he warned.

The world needs the G20 to deliver

With less than 100 days left before the 2021 United Nations Climate Conference COP 26, a pivotal meeting that will be held in Glasgow at the end of October, António Guterres urged all G20 and other leaders to commit to net zero by mid-century, present more ambitious 2030 national climate plans and deliver on concrete policies and actions aligned with a net zero future.

These include no new coal after 2021, phasing out fossil fuel subsidies and agreeing to a minimum international carbon pricing floor as proposed by the International Monetary Fund (IMF).

“The G7 and other developed countries must also deliver on a credible solidarity package of support for developing countries including meeting the US$100 billion goal, increasing adaptation and resilience support to at least 50% of total climate finance and getting public and multilateral development banks to significantly align their climate portfolios to meet the needs of developing countries”, he highlighted.

The UN Chief informed that he intends to use the opportunity of the upcoming UN General Assembly high-level session to bring leaders together to reach a political understanding on these critical elements of the ‘package’ needed for Glasgow.

A setback for Glasgow

The G20 ministers, which met in Naples, Italy on July 23-25, couldn’t agree to a common language on two disputed issues related to phasing out coal and the 1.5-degree goal, which now will have to be discussed at the G20 summit in Rome in October, just one day before the COP 26 starts.

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Development

Economic Recovery Plans Essential to Delivering Inclusive and Green Growth

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EU member states must ensure careful and efficient implementation of economic recovery plans that support inclusion and growth to bounce back from the worst impacts of the COVID-19 pandemic, says a new World Bank report.  

The World Bank’s latest EU Regular Economic Report – entitledInclusive Growth at a Crossroads – finds that the unprecedented and exceptional policy response of governments and EU institutions has cushioned the worst impacts on employment and income. However, the pandemic has exposed and exacerbated deep-seated inequalities, halting progress in multiple areas including gender equality and income convergence across the EU member states. A further three to five million people in the EU today are estimated to be ‘at risk of poverty,’ based on national thresholds benchmarked before the crisis.

The report highlights that effective recovery programs can reinforce progress on the green and digital transitions underway across the region. With the crisis continuing to unfold, government support schemes and the rollout of vaccines in a timely manner will remain essential to bolstering the resilience of firms, workers, and households. Given the longevity of the crisis and the impact on the most vulnerable, many governments have opted to extend the duration of support throughout 2021.

“A green, digital and inclusive transition is possible if economic policy is increasingly geared towards reforms and investment in education, health and sustainable infrastructure,” said Gallina A. Vincelette, Director for the European Union Countries at the World Bank.

With an output contraction of 6.1 percent in 2020, the COVID-19 pandemic has triggered the sharpest peacetime recession in the EU. Governments will need to ensure targeted and active labor market policies are in place to support an inclusive recovery. The report highlights that special attention should be given to already vulnerable workers such as youth, the self-employed, and those in informal employment. These groups are more likely to face employment adjustments during the crisis and may face longer spells of unemployment or periods outside the labor force.

Women have been disproportionately impacted by work disruptions during the pandemic, particularly in the sectors facing the worst effects of the crisis. This was also highlighted in the 2020 Regular Economic Report produced by the World Bank, which found that at least one in five women will face difficulty returning to work compared to one in ten men. It has been harder for women to resume work due to the sectors and occupations that they are working in and because of the additional care burdens that have fallen disproportionately on their shoulders – a manifestation of increasing inequities in home environments.

“As recovery takes hold, it will be important for carefully targeted and coordinated policy support to continue to mitigate the impact of the crisis, with measures increasingly targeted towards vulnerable households and viable firms. Policy makers will also need to strike a balance between helping those that need it most, while enhancing the productivity of the economy and keeping debt at manageable levels,” added Vincelette.

World Bank’s Regional Action in Europe and Central Asia

To date, the World Bank has committed more than $1.7 billion to help emerging economies in Europe and Central Asia mitigate the impacts of COVID-19. Since April 2020, around $866 million has been approved through new emergency response (MPA/Vaccines) projects. In addition, up to $904 million is being reallocated, used, or made available from existing projects and lending, including additional financing, to help countries with their COVID-19 response.

The World Bank’s Global Economic Prospects suggests that growth will be strong but uneven in 2021. The global economy is set to expand 5.6 percent—its strongest post-recession pace in 80 years. The recovery largely reflects sharp rebounds in some major economies.

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