The widening gap between the incomes of the richest and poorest citizens and unemployment is seen as the biggest risk that is most likely to cause serious damage globally in the coming decade. Other risks of significant concern include extreme weather events, unemployment and fiscal crises. This was contained in the 2014 Global Risks Report released recently by the Global Economic Forum. The report includes special in-depth investigations into youth unemployment, digital disintegration and geopolitical risks. Taking a 10-year outlook, the report assessed 31 risks that are global in nature and have the potential to cause significant negative impact across entire countries and industries if they take place. The risks were grouped under five classifications – economic, environmental, geopolitical, societal and technological – and measured in terms of their likelihood and potential impact. After income disparity, experts see extreme weather events as the global risk next most likely to cause systemic shock on a global scale. This is followed by unemployment and underemployment, climate change and cyberattacks. In particular, the report considered the twin challenges facing those coming of age in the current decade of reduced employment opportunity and the rising cost of education, and also considered the impact on political and social stability as well as economic development. With over 50 percent of young people in some developed markets currently looking for work and rising informal employment in developing regions where 90 percent of the world’s youth live. However, the report offered insight into how technological and other measures can be deployed to mitigate some of this risk. Speaking on the challenges on unemployment, Group Chief Risk Officer of Swiss Re, David Cole, said: “Many young people today face an uphill battle. As a result of the financial crisis and globalisation, the younger generation in the mature markets struggle with ever fewer job opportunities and the need to support an ageing population. While in the emerging markets there are more jobs to be had, the workforce does not yet possess the broad based skill-sets necessary to satisfy demand. It’s vital we sit down with young people now and begin planning solutions aimed at creating fit-for-purpose educational systems, functional job-markets, efficient skills exchanges and the sustainable future we all depend on.” The report also noted that the deepening reliance on the internet to carry out essential tasks and the massive expansion of devices that are connected to it, make the risk of systemic failure – on a scale capable of breaking systems or even societies – greater than ever in 2014. “Recent revelations on government surveillance have reduced the international community’s willingness to work together to build governance models to address this weakness. The effect could be a balkanization of the Internet, or so-called “cybergeddon”, where hackers enjoy overwhelming superiority and massive disruption is commonplace,” it added.
Nissan, Stallion Group begin local assembling of vehicles West African conglomerate, Stallion Group, has successfully rolled out its first Nissan branded vehicle from its Lagos assembly plant in a landmark development pursuant to Nigeria’s new automotive policy. Stallion is Nissan’s exclusive distributor in Nigeria and has upgraded its automotive assembly facility to international standards. […]
The NASD Limited will today sign an agreement with Central Securities Clearing System (CSCS), which is its clearing house and the settlement banks preparatory to the commencement of operations in July. The NASD is approved by the Securities and Exchange Commission (SEC) to operate an over-the-counter (OTC) in Nigeria, which investors in unlisted companies can […]
Federal Mortgage Bank of Nigeria (FMBN) has so far disbursed N39 billion out of about N90 billion that has been approved, representing just over 43 percent; while out of the N110 billion approves as estate development loan (EDL), only N62 billion representing about 53 percent have been disbursed. Managing Director, FMBN, Mr. Gimba Ya’u Kumo, […]