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“When I saw the coronavirus numbers and the borders closed, I wondered ‘will a hotel need me next year?’.”France was already one of the worst places in Europe to be a young job-seeker because of a rigid labor market and resulting shortage of long-term contracts. When the coronavirus hit, finding employment, even as an apprentice, became tougher.Fillon is not alone. Some 800,000 youngsters in France will enter the labor market this summer, just as the euro zone’s second largest economy is forecast to shrink by 11 percent.France has struggled to provide enough long-term jobs for its young. The youth unemployment rate sat above 20% in the fourth quarter of 2019, the fourth highest in Europe behind Greece, Spain, and Italy, according to the OECD. Topics : Onerous labor laws mean businesses typically prefer to give youngsters short-term contracts that offer scant job security.But President Emmanuel Macron has pushed through reforms to liberalize France’s highly regulated job market and incentivize the hiring of apprentices.Unemployment was falling before the crisis – even if it was still roughly double the rate in Britain and Germany – and long-term contracts were on the rise. So too apprenticeships, up 17% year-on-year in 2019.”This crisis has shown the fragility (of the reform gains),” said Mathieu Plane, an economist at the publicly funded French Economic Observatory (OFCE).”Worst possible time”In France, young employees and job-seekers are suffering a double hit, Plane said. They were typically the first to be jettisoned by companies in times of recession and have an outsized presence in the ailing tourism and hospitality sectors.The government might have to think about state-subsidized jobs for 15 to 24-year-olds if hiring in the private sector remained low for several years, he added.Armelle Bahrouni, 23, quit her Paris bar job in February, a month before France went into lockdown, because she wanted to find a hospitality role with a view to one day running a bar.Four months later, bars and restaurants in Paris can only offer outdoor seating. Many remain closed and Bahrouni is out of work.”The longest time I’ve done nothing with my life before this was two months. And even then I did temping jobs,” Bahrouni said.Macron’s government will in the days ahead hold talks with trade unions and employer groups over how to create jobs for youngsters during the depression.The need is pressing. The labor ministry anticipates that as many as 320,000 young people will join queues at job-seeker centers. Youth unemployment may hit 30%, it forecasts.”I entered the job market at the worst possible time,” said 23-year-old Louis Lhomme, who this summer received a master’s in urban planning from Paris’ Sciences Po, which for more than a century has been educating France’s decision-makers.Lhomme said he had opted for enrolling in a second master’s degree rather than settling for an imperfect job – an option few can afford.”That will shield me from the worst of the crisis.” In September, Eugenie Fillon should begin a two-year master’s degree in luxury hotel management that combines academic studies with a salaried apprenticeship. The problem: during the worst economic downturn in decades, hotels in France aren’t hiring.If the 22-year-old fails to secure a placement, not only will she be deprived of a starting income and on-the-job experience. She will also be on the hook for fees worth 18,000 euros.”Normally there are job offers out there. But there have barely been any since the crisis struck,” Fillon said, as she scoured online job ads on a park bench in Nantes, in the west of the country.
Arsenal target Manchester City talent spotter who unearthed Jadon Sancho in academy revamp Morrow is one of eight coaches believed to have been axed by Arsenal (Picture: Getty)Top of their list is Manchester City’s Shields, who has been credited with bringing Jadon Sancho to the Etihad before his departure to Borussia Dortmund.AdvertisementAdvertisementADVERTISEMENTBoth Edu and head of academy Per Mertesacker are looking to expand their scouting network both domestically and abroad, with results at certain age levels dipping in recent years.Despite enjoying a prominent role with the Premier League champions, Arsenal are hopeful of persuaded Shields to move to north London.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalShields has held various roles at City since 2013, having also worked at the academies of Fulham and Crystal Palace.He is expected to be one of few new arrivals in the restructure, however, with both Edu and Mertesacker concerned by how large the academy backroom staff had become. Advertisement Comment Advertisement Mertesacker is keen to reduce the number of academy coaches at Arsenal (Picture: Getty)Hinting at this restructure in the summer, Mertesacker previously said: ‘The amount of staff we have in academies is, I’ve never seen anything like it.‘On one hand it’s good to take care of the players but I don’t know, sometimes I get confused by the number of people who have an impact on one kid. We’re talking 100 people or more have an influence on one kid over years. It’s quite a heavy load.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Metro Sport ReporterWednesday 6 Nov 2019 6:00 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.6kShares Technical director Edu is heading up an overhaul of the Gunners’ academy structure (Picture: Getty)Arsenal are looking to add a new face to their academy after axing eight staff members and are reportedly targeting Manchester City’s head of academy recruitment and talent Joe Shields.Gunners technical director Edu has decided to streamline the club’s bloated backroom team, with head of youth scouting Steve Morrow the most notable departure.Although Edu was concerned by the number of staff employed at London Colney, the Daily Mail report that Arsenal do want fresh blood as part of the restructure.
3/32 Kirkland Ave, Coorparoo sold under the hammer for $1.305 million.ONE of Brisbane’s more unusual properties has sold under the hammer for $1.305 million.The 1970s ‘Castello Romano’ home at Coorparoo is three levels of Art Deco meets European influence with a generous touch of mid-20th century design.Competing with the interior for attention is the rooftop pool with possibly the best views across Brisbane. The rooftop pool at 3/32 Kirkland Ave, Coorparoo.Five bidders registered at today’s auction of 3/32 Kirkland Ave, which opened with a vendor bid of $1 million. A good indication of the slow pace was a second vendor bid at $1.1 million before the process paused for negotiations. More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours ago3/32 Kirkland Ave, CoorparooHarcourts Queensland chief auctioneer Mitch Peereboom worked some magic behind the scenes to lift the final sale price under the hammer to $1.305 million.“It ducked and weaved but Mitch, my auctioneer, was fantastic,” Harcourts Solutions Inner City’s Gabrielle Baker said. 3/32 Kirkland Ave, CoorparooMs Baker said the buyers are a couple who were very keen on the property from early in the marketing campaign.“They came in the first week we had the opens, I think, and had been back a couple of times since,” she said.“We knew they were committed and we got the result on the day which was amazing.”The sellers were an older couple who, after 17 years, planned to relocate to a new build within Coorparoo. 3/32 Kirkland Ave, CoorparooMs Baker said she got an extra kick out of selling this style of home.“I’ve been doing this for 15 years and seen a few but that one is quite exceptional from an architect’s point of view,” she said.“I wish I had ten of them because I just love it, it’s lovely selling property like that.“It’d be nice to be known as the agent who appreciates architecturally interesting properties.”
There is underfloor heating in the family bathroom.The Lay St property is close to Garden City, public transport and the M1. The home is being marketed by Tommy Connolly from Un Real Estate Agents for offers over $675,000.“This house is one that ticks all the boxes,” he said.“It has undergone a full renovation with no expenses spared and now has a modern design.” The home has been painted inside and out.The home was repainted and the carport got a makeover.“The house now has that homely appeal and character to it,” Mr van Schagen said.More from newsCrowd expected as mega estate goes under the hammer7 Aug 2020Hard work, resourcefulness and $17k bring old Ipswich home back to life20 Apr 2020Inside, polished timber floorboards and a white colour scheme feature throughout. The new kitchen has white cabinetry and stainless steel European appliances, including an induction cooktop.The bathroom is a standout, with underfloor heating, a freestanding bathtub and a rain shower.The open living area flows out to the back deck and the 660sq m block is fenced. The home at 24 Lay St, Upper Mount Gravatt is new to the market.THIS beautifully renovated home is new to the market in Upper Mount Gravatt. The property at 24 Lay St has three bedrooms, two bathrooms and a double carport. Damian van Schagen and Jessica McIlwan bought the home in 2012 when it still had a 1970s feel about it, including retro carpets and different coloured wallpaper. The couple completely renovated the house and turned it into a modern family home.They ripped up the carpets to reveal timber floorboards, re-sheeted the walls, re-plumbed the house, replaced the roof and put in a new kitchen and bathrooms. The kitchen has a modern design.Underneath the house there is a second bathroom with a shower and toilet, and a workshop area that could be used as a games room. Mr van Schagen said the home would suit a young family looking for a quiet street. “The big backyard is perfect for kids and the neighbourhood is great,” he said. “The neighbours are mostly older owner-occupiers and there are so many conveniences close by.”
7 Currumbin Crest Drive, Currumbin.The four-bedroom home includes high ceilings and a wine cellar.The couple said they were selling to follow their original plan through. “We’re definitely downsizing this time,” he said. 7 Currumbin Crest Drive, Currumbin.Mr Bondolfi described the design as spacious with a seamless flow between indoor and outdoor living. “There was plenty of room for the grandkids and the kitchen opens to a half-covered half-open patio,” he said. More from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North6 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day ago7 Currumbin Crest Drive, Currumbin.“We inspected a few homes but when we entered this one on Currumbin Crest, we were blown away,” he said. Mr Bondolfi said after eight years he hadn’t grown tired of it. “I wake up at 5am for work and the first thing I do is make a cup of coffee and head straight to the patio,” he said. 7 Currumbin Crest Drive, Currumbin.SOMETIMES things don’t go to plan when you buy a house.Frank and Tina Bondolfi are no strangers to this feeling. The couple had a grand plan to downsize when they sold their Palm Beach home but what they did instead a decade ago was even better. Mr and Mrs Bondolfi ended up swapping their family home for three levels of luxury in Currumbin. “We were supposed to be downsizing but we upsized,” Mr Bondolfi said.The grandfather-of-two said the spectacular views were responsible.
It also pointed out that other elements of pension plans, including contribution levels, the distribution of possible benefit cuts and risks within the investment policy, should be taken into account as well.Pension funds, it said, should be allowed to tackle those elements in a way that best suits them, and calculations of the impact of the new regulations should be made for individual pension funds to see whether their concerns are warranted.ABP, the country’s largest pension fund, said it was still worried about the limited options in the nFTK for indexation of pensions to keep up with inflation.It said it aimed to provide pension benefits that kept pace with the average salary developments in the public and education sectors, although it has yet to calculate the implications of the new rules for its participants, it said.Senior citizen interest groups have also expressed concerns about the limited possibilities for indexation.According to one such organisation, ANBO, the new rules “limit the possibility pensions will be raised to keep up with rising prices”.It added: “It will also become harder to make up for lost indexation incurred in the past.”ANBO director Liane van der Haan said: “Millions of Dutch citizens have seen the buying power of their pensions decrease by 12% over the past six years. In addition, dozens of pension funds have had to cut benefits.“Now the chance of indexation will be further decreased because state secretary Jetta Klijnsma is raising the capital buffer requirements.”The only certainty Klijnsma can offer with the current draft legislation is that younger participants will certainly face lower pensions, and seniors will have less buying power, according to two other senior groups, KNVG and NVOG.Leo Witkamp, director at PNO Media pension fund, criticised the solvency buffer requirements at the annual FD Pension Pro IPN conference last week.He said the nFTK had taken a wrong turn and that, in its current form, it would lead to unchecked buffer accumulation.Regarding the required buffer level, an explanatory note attached to the draft legislation states that the capital requirement will increase from 21.7% to 26.6% on average.Pension funds will not be allowed to grant indexation unless they have a funding ratio of 110% or higher. The Dutch Pensions Federation has said it is pleased pension funds will be given more time to implement the country’s new financial framework regulations but worried the new rules will fail to promote a fairer balance between generations.In its response to the new financial assessment framework (nFTK) submitted to Parliament yesterday, it said the proposal might improve intergenerational balance at the macroeconomic level but not necessarily at the level of individual pension funds.It argued that the “new rules of the game” could actually lead to “skewed” outcomes.The organisation said striking a fair balance between generations was about more than indexation alone.
Germany’s pension fund association (aba) has endorsed government proposals to give Pensionfonds more flexibility. In August, the Labour Ministry (BMAS) called for stakeholder comment on a proposal that would allow the relaxation of minimum guarantees during the payout phase from a Pensionsfonds. In Germany, defined contribution (DC) funds have to be set up with a minimum guarantee, or Beitragszusage mit Mindestleistung, and, if a Pensionsfonds is used as a vehicle, the payout phase has to contain an insurance element.At present, Pensionsfonds are used infrequently on retirement but rather as a financing instrument for pension payouts. The BMAS’s new proposal aims to change the norm by allowing the application of a 0% discount rate on all pensioners’ assets in Pensionsfonds.In a statement, the aba welcomed the changes, as Pensionsfonds with minimum guarantees are considered the “German alternative to international defined contribution plans”, which enjoy greater flexibility.One of the main advantages of the government’s proposal, according to the aba, is that it “makes it possible to have a less restrictive and more flexible asset allocation, which is particularly fitting in light of the low-interest-rate environment.”If the proposal is passed, Pensionsfonds will no longer require separate asset allocations for active and retired members.“This will create opportunities for higher returns,” the aba said.The association, however, did raise a number of concerns, most notably the volatility of pension payouts that people “will have to deal with”.It said German workers had grown accustomed to “very predictable” pension payouts and that the new regulation would guarantee only a minimum, with “volatile top-up elements”.Further, it warned that company liabilities could increase in certain cases under the new regulations compared with the current ones.Overall, however, the new regulation can help “increase acceptance of and participation in the second pillar”, the aba said.Another proposal by the BMAS would allow certain employees to opt out of the protection offered by the insolvency fund PSV.The aba said it had questions regarding taxation on this issue, but it generally welcomed the proposal.
Principle Power has joined a project led by German turbine manufacturer Senvion to develop the Next Generation 10+MW rated, Robust, Reliable and Large Offshore Wind Energy Converters for Clean, Low Cost and Competitive Electricity (ReaLCoE).Starting from 1 May 2018 and for the next three and a half years, Senvion will lead the implementation of ReaLCoE, a pan-European R&D project funded by the European Commission within the Horizon 2020 program.Over the course of the project, the consortium will develop, install, demonstrate, operate and test a technology platform for the first prototype of a double-digit rated capacity turbine in a realistic offshore environment.As part of the project, Principle Power will design a WindFloat floating offshore wind foundation capable of hosting this next generation turbine.“Being a part of this planning from the start lets Principle Power and the consortium drive integration and efficiency into the design process,” said Dominique Roddier, Principle Power’s Chief Technology Officer.“By also focusing on installation and operations, the project brings us to the forefront of the sector, allowing us to be ready to deploy at large scale competitively.”Jürgen Geißinger, CEO of Senvion, expects ReaLCoE to result in much quicker times to market and LCoE that will allow offshore wind energy to directly compete in electricity markets.“Increased operational lifetime and lower service and maintenance requirements will substantially reduce LCoE. The robust, reliable and modular turbine design allows to easily customize wind turbines for different markets and client requirements,” Geißinger said.The successful prototype operation is succeeded by the installation of a pre-series array in a real offshore environment by 2021, which will validate the concept and pave the way for modular generations of wind turbines with superior rated capacities.Besides Senvion, the ReaLCoE consortium comprises EnBW, Principle Power, Jan De Nul, Fraunhofer IWES, DTU, Uptime Engineering, 8.2 Consulting, JBO, DNV GL, Ingeteam, ABB AB, BIBA, ECN, and Wood.
Work to repair the sea defenses for a coastal village in North Wales is underway, according to the Natural Resources Wales (NRW).Contractors for the NRW will install around 20,000 tonnes of rock armor to protect the village of Fairbourne at Friog corner.The project, undertaken by Jones Bros, started in early November 2018 and is due to be completed by the Spring 2019, depending on the weather.Sian Williams, Head of Operations in North Wales for Natural Resources Wales said:“We are committed to maintaining and monitoring Fairboune’s flood defense in the short and medium term to help reduce the risk of flooding. Repairing the defenses at Friog corner is part of this ongoing commitment.”The NRW reported that the work will be done in a way that minimizes disruption to local residents, apologizing in advance for any disruption.For 18 weeks approximately, while lorries are delivering the rocks for the defense, Penrhyn Drive south will be operated as a one way system.