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India’s Jet Airlines temporarily suspends all flights, 20.000 jobs put at risk

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Troubled Indian carrier Jet Airways has temporarily suspended all its domestic and international flights after failing to after failing to secure emergency funding from the country’s banks.

The airline has been struggling for months to stay in business and the announcement follows weeks of speculation over its fate.

“This has been a very difficult decision but without interim funding, the airline is simply unable to conduct flight operations,” Jet Airways said in statement Wednesday.

The company described the suspension of flights operations as temporary, but the absence of funding puts more than 20,000 jobs at risk.

The airline said its last flight would operate on Wednesday as it was not able to pay for fuel and other critical services. Jet Airways said it had no choice but to suspend the flights, but hopes to start flying again.

“Above all, the airline would like to express its sincere gratitude to all its employees and stakeholders that have stood by the company in these trying times,” it said in its statement.

Passengers would be informed about the closure via email and text messages, and would be able to claim a refund, it added. The airline’s operations had already shrunk to 40 flights on five aircraft by Tuesday, according to local media.

The carrier has $1.2 billion debt and has been in talks with lenders for weeks. Jet Airways, which has 123 planes, was once India’s biggest private airline, but reports say that just five planes have been in use.

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Economy

UK wages are growing at fastest rate since 2008

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British workers are enjoying the strongest wage growth since the financial crisis a decade ago as the labor market tightens.

Average earnings excluding bonuses continued to increase an annual 3.3 percent in the three months through November and unemployment fell to 4 percent, matching the lowest rate since 1975, the Office for National Statistics said Tuesday. Separate figures showed the budget deficit unexpectedly widened in December.

British workers are enjoying the long-awaited return of real wage increases.

With earnings forecast to accelerate further, Bank of England policy makers might normally be preparing to raise interest rates to curb inflationary pressures building in the labor market. But mounting concern that Britain could leave the European Union with no deal is expected to stay their hand. Traders put the chance of a hike this year at less than 70 percent.

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Economy

Bekteshi-Duran meeting: UNCTAD pledges to help N. Macedonia accelerate development

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North Macedonia got an offer from the United Nations Conference on Trade and Development (UNCTAD) to utilize the opportunities of the Program for science, technologies and innovations to help the national capacities contribute to the development and higher productivity of economy.

This was the keynote of the meeting between Minister of Economy, Kreshnik Bekteshi, and Deputy Secretary-General of the UNCTAD, Isabelle Durant.

Economy Minister Bekteshi spearheads North Macedonia’s delegation to the second Trade Policy Review at the World Trade Organization (WTO) headquarters in Geneva. North Macedonia has been a member of the WTO since 2003.

At the meeting, Bekteshi briefed Durant about the ongoing reform drive and improvement of business climate in the country. A main emphasis was placed on the Prespa accord that solved the perennial dispute with Greece, the regional cooperation, and the process of integration into the EU and NATO.

Besides the meeting with Deputy Secretary-General of the UNCTAD, while in Geneva Minister Bekteshi will hold meetings with Roberto Azevedo, Director General of the World Trade Organization, and Ambassador Dagfinn Sorli, Norway’s Permanent Representative to the WTO and EFTA.

North Macedonia has been a member of the WTO since 4 April 2003.

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Economy

China posts slowest economic growth since 1990

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China’s econoy grew at its slowest pace in nearly three decades last year, as a bruising trade fight with the U.S. exacerbated weakness in the world’s second-largest economy.

The 6.6% growth rate for 2018 reported Monday is the slowest annual pace that the world’s second biggest economy has recorded since 1990. That is the weakest annual performance in nearly three decades.

Economic growth in China slowed to 6.4% in the fourth quarter of last year, according to Monday’s data, in line with economist’s predictions.

Adding to the gloom was the trade conflict with Washington. The uncertain outlook for Chinese exporters caused companies to delay investing and hiring and in some cases even to resort to layoffs–a practice that is often discouraged by China’s stability-obsessed Communist Party rulers.

The official jobless rate ticked up to 4.9% last month from 4.8% in November.

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