Josh Frydenberg. (Photo: Twitter/@JoshFrydenberg)
Australian Treasurer Josh Frydenberg on Monday said an analysis has found that the country’s effective unemployment will top 13 per cent again in the coming months due to the Covid-19 pandemic.
Effective unemployment takes into account jobless people looking for work, those who have stopped looking for work and people who are technically employed but are working zero hours, reports Xinhua news agency.
The figure was 9.9 per cent in July, down from a peak of more than 14 per cent in April, compared to an official unemployment rate — which only measures unemployed people actively looking for work — of 7.5 per cent.
Frydenberg said that the figure would spike again with up to 400,000 people in the Victoria expected to lose their jobs as a result of the worst-hit state’s second lockdown and that’s why “it is vitally important we get the virus under control”.
According to the data, 700,000 of the 1.3 million Australians who lost their jobs or were fired with zero hours since the crisis have regained work.
“The nation is clearly at two different stages: there is Victoria and there is the rest,” Frydenberg said in an opinion piece which was published by The Australian newspaper on Monday.
“Outside Victoria, the number of people on unemployment benefits is about 3 per cent below the peak in May. In Victoria, it’s 3 per cent above.
“With Victoria a quarter of the national economy, getting it back on track is critical to the nation’s recovery. Victoria’s success will be Australia’s success,” he added.
Samsung unveils new auto chips for high-end cars
Samsung Electronics on Tuesday unveiled three new automotive chips as demand for advanced chips is growing among global carmakers to produce cars with better connectivity and more sophisticated infotainment features.
The South Korean tech giant said its latest chip products are designed to enable faster 5G connectivity needed for downloading high-definition video content, immersive in-car infotainment systems and a stable power supply.
“Smarter and more connected automotive technologies for enriched in-vehicle experiences, including entertainment, safety and comfort, are becoming critical features on the road,” Park Jae-hong, executive vice president of the company’s System LSI Custom SOC Business, said in a statement.
Among the three, the Exynos Auto V7 in-vehicle infotainment system is installed in Volkswagen’s latest In-Car Application-Server (ICAS) 3.1, developed by LG Electronics’ vehicle component solutions division, the company said.
The chip comes with a neural processing unit “for convenient services, such as virtual assistance that can process visual and audio data for face, speech and gesture recognition features.”
Samsung has ramped up efforts to develop advanced chips for cars, a market that has grown significantly in recent years fueled by higher levels of car electrification and a further uptake in electric vehicles, reports Yonhap news agency.
More cars are now being equipped with advanced features like artificial intelligence and 5G-based telecommunications.
London-based research firm IHS Markit forecast the global market for automotive semiconductors to grow 7 percent annually to reach $67.6 billion in 2026.
Go Fashion shares listed 90% over issue price on debut
Shares of Go Fashion made its debut on the exchanges on Tuesday with a premium of 90 per cent over its issue price of Rs 690 at Rs 1,316.
On the listing day, the shares of the company settled at Rs 1,250.
“As the number of working women is increasing along with evolving fashion trends, it is expected that the company can have a strong growth momentum,” said Santosh Meena, Head of Research at Swastika Investmart.
“The company has a strong management team with a mixed bag of financials and it is expected that it may perform well,” Meena added.
The investors who got the allotment can put a stop loss of Rs 1,000 and hold the stock with a long-term view, while safe investors can book the profit and wait for new buying opportunities at the lower levels, Meena added.
Founded in 2010, Go Fashion is a women’s wear brand.
India to see 500 mn 5G mobile subscriptions by 2027: Report
The 5G technology will represent around 39 per cent of mobile subscriptions in India at the end of 2027, estimated at about 500 million subscriptions, a new Ericsson report said on Tuesday.
The number of smartphone subscriptions is expected to be 810 million at the end of 2021 and is projected to grow at a CAGR of 7 per cent, reaching over 1.2 billion by 2027 in the country, according to the mobility report by Swedish telecommunication giant Ericsson.
The average traffic per smartphone in the India region is the second-highest globally and is projected to grow to around 50GB per month in 2027.
“Total mobile data traffic in India has grown from 9.4 EB (exabyte) per month in 2020 to 12 EB per month in 2021 and is projected to increase by more than 4 times to reach 49EB per month in 2027,” the report projected.
According to Nitin Bansal, Head of Ericsson India and Head of Network Solutions for South east Asia, Oceania and India, Ericsson, 5G will serve as a socio-economic multiplier for the country.
“We are preparing the communication service providers for a seamless introduction of 5G in the country based on our global deployment experience , our innovative and competitive 5G portfolio as well as the 5G trials we are doing with Indian operators to showcase the possibilities with 5G,” Bansal said in a statement.
In the India region, 4G is expected to remain the dominant technology in 2027, however the 4G subscriptions are forecast to drop from 790 million in 2021 to 710 million in 2027, showing an annual average decline of 2 per cent.
The reliance on mobile networks to stay connected and work from home has contributed to the average traffic per smartphone increasing to 18.4GB per month in 2021, up from 16.1GB per month in 2020.
The average traffic per smartphone in the India region is the second-highest globally and is projected to grow to around 50GB per month in 2027, the report mentioned.
Ericsson recently carried out 5G trials with Airtel and Vi, where it demonstrated enhanced mobile broadband and Fixed Wireless Access (FWA) use cases with 5G.
Globally, there has been almost 300-fold increase in mobile data traffic since 2011, the report noted.
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