DPM: Investors Will Benefit from Cambodia's Investment Potential
Phnom Penh, August 11, 2023 --Cambodia is positive that Chinese investors will benefit from the country's investment potential. Samdech Kittisangahapundit Men Sam An, Deputy Prime Minister and Minister of National Assembly-Senate Relations and Inspection, made the point when presiding over the inauguration of the Shunde Entrepreneur Association in Cambodia here in Phnom Penh on Aug. 9. Samdech Men Sam An welcomed the Chinese association and future investment in Cambodia to further boost bilateral trade under the Belt and Road initiative. She also underlined Cambodia's peace, political stability, rich natural resources, young work force, and supportive investment conditions favourable for investors.The event coincided with the 65th anniversary of diplomatic relations between Cambodia and China — a long-standing and blossoming cooperation in all sectors.
Cambodia’s Exports Earn US$13 Billion in January-July Period
Phnom Penh, August 11, 2023 --Cambodia exported US$13,525 million worth of goods to international markets in the January-July period of 2023, a year-on-year decrease of 2 percent, a report of the General Department of Customs and Excise showed on Friday. Cambodia’s top three export destinations were the U.S., Vietnam, and China, with shipments worth US$5,178 million, US$1,599 million, and US$814 million, respectively.Main products Cambodia exported included apparel, footwear, travel goods, bicycles, and a number of agricultural goods such as rice, rubber, cassava, bananas and mangoes.The report stated that the Kingdom exported garment, footwear and travel goods products worth in total US$6.36 billion during the said period, down 20.4 percent from US$7.99 billion in the same period last year.Garment, footwear and travel goods industry is the largest foreign exchange earner for Cambodia. The sector consists of roughly 1,300 factories and branches, employing about 840,000 workers, mostly female.Ministry of Commerce’s Secretary of State and Spokesperson H.E. Penn Sovicheat said that the Ukraine war caused a systematic shock to the global economic growth, which has limited consumer spending around the world. This has led to declining orders in Cambodia.“The country continues to receive purchase orders, which gives hope that exports will increase by the end of the year,” he said.At the same time, the Kingdom’s imports dropped by 25 percent to US$14,1745 million.
Non-Sovereign Loan Forum Guides Private Sector to Directly Access Development Partners’ Financial Services
Phnom Penh, August 09, 2023 --The Ministry of Economy and Finance has held a forum on non-sovereign loan aimed at providing directions and guides to private sector and business associations to access loan directly from the international financial institutions.The half-day forum took place in Phnom Penh on Aug. 9 under the presidency of H.E. Hem Vanndy, Secretary of State at the Ministry of Economy and Finance, Mr. Anthony Gill, Principal Portfolio Management Specialist of the Asian Development Bank, Ms. Sandrine Boucher, AFD’s Country Director, Mr. Dourng Kakada, Operation Officer of the International Finance Corporation, and selected business associations who are active and key to the private sector development.The forum provided clarity on the comparative advantage of each financing institution, financing mechanisms and requirements of each financing institution, and opportunities and challenges in private sector financing in Cambodia.The forum was organised to collect feedback and the voices of the private sector who are on the ground in regards to their demand and their outlook of the sector development, and private sector and the abovementioned institutions will be able to report what they are in need, said H.E. Hem Vanndy. The ministry in cooperation with these institutions would formulate the medium-term Country Financing Framework for non-sovereign financing to guide and direct the investments in the priority sectors identified by the government and ensure that investments are allocated based on the comparative advantage of the institutions, he said.“The new innovations and modalities will help our country and people of businesses get a better relief after they were to march from Covid. They need goods from all of us,” he said.The private sector is now more than ever becoming increasingly important in order to help the government achieve the economic growth and development ambitions.The private sector is recognised as an indispensable partner of the government and its development remains the priority for the RGC in the market economy development approach and plays a key role in promoting growth and socio-economic development.
Job Forum to Offer Some 741 Vacancies
Phnom Penh, August 09, 2023 --A job forum, scheduled for Aug. 10, 2023, is offering a total of 741 vacancies for potential youths and workers interested. Held from 08:00 to 17:00 at the Ministry of Labour and Vocational Training.The day-long fair is organised by the ministry’s National Employment Agency (NEA) in cooperation with different hiring agencies.Interested candidates can seek further details of the employment opportunities and file their application for the job they are interested in at the NEA.Key hiring agencies joining the job fair include Aeon Specialised Bank (Cambodia) Plc., Cambodia Airports, Macro Mall, CAB Bank, Kim Mix Construction and Investment Co., Ltd, Onion Mobility Co,. Ltd., Hattha Bank, Mekongnet, ZUT Home, Onion Mobility, GFG and InvestM. The forum, held every two weeks, is another solution made possible by the Royal Government of Cambodia to promote more job openings among Cambodians.
Four More Fishery Products Allowed for Direct Export to China
Phnom Penh, August 09, 2023 --Cambodia's four more fishery products including slipper lobster, eel, "elephant fish", and snail have been authorised for direct export to China, according to Chinese Embassy in Cambodia.The General Administration of Customs of the People’s Republic of China (GACC) has recently updated the list of countries or regions and the types of fishery products allowed to be exported to China, said the source, adding that Cambodian Tienit International Trading has passed the examination stage and completed the registration and report submission.Cambodian Tienit International Trading is the first company that completed its registration and report submission after Cambodia and China signed a protocol on phytosanitary requirements for fishery exports to China, pointed out the source.Cambodia’s agricultural products that can be directly shipped to China include rice, bananas, mangoes, longan, sweet corn, pepper, different kinds of fishery products and so on.
ADB Provides US$100 Million in Loan to Boost Labour Force Competitiveness in Cambodia
Phnom Penh, August 01, 2023 --The Asian Development Bank (ADB) has approved a US$100 million loan to help boost the caliber of Cambodia’s labour force by addressing skills gaps and shortages, said the bank in a news release this morning.This will be done through reforms and investments in technical and vocational education and training (TVET) combined with private sector participation, it pointed out.The first subprogramme of the Skills for Future Economy Sector Development Programme will help transform Cambodia into a technology-driven, knowledge-based industrial economy by strengthening its human capital resources, with a focus on enhancing the country’s skills development environment, providing industry-led inclusive training, and mobilising additional funds for demand-driven skills development, the source added.“Reshaping Cambodia’s labour force and modernising its economy requires the continual reform of the TVET system through comprehensive strategies and well-timed, successive investments,” said ADB Country Director for Cambodia Jyotsana Varma. “These structural and institutional reforms in TVET are crucial in designing training programmes that meet market demand, upgrade training facilities and equipment, and expand the Skills Development Fund (SDF).”According to the news release, the SDF was piloted by the government under the ADB-financed Skills for Competitiveness Project, which was approved in 2019 to boost the skills and competitiveness of Cambodia’s growing labour force. The SDF pilot has been responding to industry skills development training needs through cofinancing partnerships with government institutions, industries, training providers, and development partners.Three key challenges contribute to the broader constraints facing Cambodia’s TVET system: the lack of a focused and comprehensive skills development programme for the fourth industrial revolution, limited private sector roles in skills development and the transformational vision of industries, and inadequate financing and partnerships in skills development. Combined, these challenges limit the employability and productivity of current and future labour forces and may prevent post-pandemic Cambodia from diversifying and transforming into a knowledge-based economy. The Skills for Future Economy Program will help address these challenges.An estimated 9 million workers make up Cambodia’s labour market, with women accounting for 49 percent of the workforce. As of 2021, 54 percent of Cambodia’s population was under 30 years old, presenting a unique opportunity for the country to increase investment in human capital development and enhance the skills of new entrants to the labor market, while also upgrading the skills of existing workers to match industry demand.The programme is a key component of ADB’s support for the government to strengthen human resources and develop the private sector and jobs market. It is also aligned with the government’s overall development plan and strategy as well as ADB’s country partnership strategy for Cambodia, 2019-2023.
National Bank of Cambodia among Seven ASEAN Central Banks Working on Digital Currencies: BIS
Phnom Penh, August 03, 2023 --The Bank for International Settlements (BIS) says the National Bank of Cambodia is among seven Southeast Asian central banks involved in central bank digital currency (CBDC) development. In a report published Wednesday, the BIS said 93 percent of 86 central banks surveyed late last year were working on CBDC payment mechanisms. More than half were running concrete tests or working on pilots. The latest survey comes three years after former Bank of Japan Policy Board member Sayuri Shirai found that the National Bank of Cambodia was among three central banks leading the world in retail CBDC development.The others were the People's Bank of China and Sveriges Riksbank in Sweden. UNCERTAINTY FADING “Uncertainty about short-term issuance of a CBDC is fading,” the BIS report said. In addition to Cambodia, the survey found that central banks and monetary authorities in Brunei, Indonesia, Malaysia, the Philippines, Singapore and Thailand are now “engaged in some form” of CBDC work.Among all central banks surveyed, work on retail CBDCs was more advanced than on wholesale CBDCs — with almost a quarter piloting a retail CBDC. “More than 80 percent of central banks see potential value in having both a retail CBDC and a fast payment system, mostly because a retail CBDC has specific properties and may offer additional features,” the report said. “The survey suggests that there could be 15 retail and nine wholesale CBDCs publicly circulating in 2030.” EMERGING MARKET AND DEVELOPING ECONOMIES ‘MORE ADVANCED’ THE BIS said 58 of the central banks surveyed were in emerging market and developing economy (EMDE) jurisdictions and 28 in advanced economies.EMDE central banks are “more advanced” in their CBDC work, the report said, noting that the four current “live” CBDCs have all been issued in EMDE jurisdictions — by central banks in the the Bahamas, Eastern Caribbean, Jamaica and Nigeria. Moreover, the share of EMDE central banks piloting CBDCs is almost twice as high as in advanced economies. MORE ISSUES EXPECTED OVER NEXT THREE YEARS The share of central banks likely to issue a retail CBDC within the next three years grew to 18 percent, up from 15 percent in the last survey in 2021. The likelihood of wholesale CBDC issues doubled from 8 percent to 16 percent over the same period.For retail CBDC issues, the survey found that motives among EMDE and advanced economy central banks were converging. “Domestic payments efficiency and payments safety have become nearly equally important as motivations in both,” the report said. Both “also attach about the same weight to the financial stability and cross-border payments efficiency reasons.” FINANCIAL INCLUSION MOTIVATIONS But there are two key differences — retail CBDC work in EMDE central banks is “more often driven by financial inclusion-related motivations” compared with central banks in advanced economies.EMDE central banks also “assign a higher weight to monetary policy implementation as a reason to explore or develop a CBDC.” As for stable coins and other crypto assets, the survey found that they are “rarely used for payments outside the crypto ecosystem.“Some 60 percent of surveyed central banks reported that they have stepped up their CBDC work in response to the emergence of crypto assets,” the report said. CRYPTO MARKET RISKS “The turbulence in the crypto market in 2022 and beginning of 2023 has shown that crypto assets pose risks when not properly designed and regulated. “Continued monitoring will help central banks to identify emerging risks and promptly address such risks with effective standards, oversight and policies.”SURVEY DEFINITIONS The BIS defines a CBDC as “a digital payment instrument denominated in the national unit of account, which is a direct liability of the central bank.” A retail CBDC is for use by households and firms for everyday transactions whereas a wholesale CBDC is for transactions between banks, central banks and other financial institutions. Crypto assets are defined as “a type of private sector-issued digital asset that depends primarily on cryptography and distributed ledger or similar technology.”In contrast to CBDCs, they don’t represent a claim on a central bank. Set up in Switzerland in 1930 to settle German reparations arising from World War I, the BIS is the world’s oldest international financial institution. Long dominated by advanced economies, membership expanded rapidly after the Asian financial crisis of 1997 to include dozens of EMDE central banks. Current membership covers 63 jurisdictions.
Singapore Exploring Investment Opportunities in Cambodia
Phnom Penh, August 03, 2023 --Singapore is exploring the opportunities for marketing and investment in Cambodia. A delegation of the Singapore Business Federation (SBF) led by Mr. Gary Lim shared the intention in a meeting with Deputy Prime Minister and Minister of Economy and Finance H.E. Dr. Aun Pornmoniroth on Aug. 1. Twenty-three (23) Singaporean delegation members representing different companies accompanied him to the meeting. Mr. Gary Lim appreciated Cambodia's successful containment of COVID-19, stressing that it is a positive sign for foreign tourists and investors to the Kingdom, including from Singapore.Warmly welcoming the guests, H.E. Dr. Aun Pornmoniroth underlined that the Royal Government of Cambodia will roll out the country's Pentagon Strategy-Phase I for the next five years. The strategy focuses on promoting governance and institutional capacity building, the establishment of favourable environments for social and economic development, and human resource development.It also guides economic diversification and private sector engagement in resilient and inclusive development and digital transformation, he added. Cambodia's economy is expected to accelerate to 5.6 percent in 2023 and 6.6 percent in 2024, while inflation will be around 2.5 percent during these years.
In the first half of this year, Cambodia's exports of machinery, electronics and auto parts worth nearly 1.6 billion USD increased sharply
Cambodia exports 1.58 billion USD worth of machinery, electrical equipment, spare parts, and electronics in the first half of 2023, an increase of 108.7% compared to the same period last year. This is according to data from the General Department of Customs and Excise of Cambodia. The non-garment manufacturing sector continued to maintain strong growth due to the high potential of export-oriented production, while production for the domestic market continued to improve. Cambodia has shown significant positive signs of diversifying its exports in addition to garments to create a stronger economic base and higher value-added. The government aims to turn Cambodia into a high-middle-income country by 2030 and a high-income country by 2050. To achieve this ambition, Cambodia needs to have a strong economic base and turn to producing high-value-added goods. The automotive and electronics sectors have been selected and identified as priority sectors to contribute to the recovery of the Cambodian economy after the Kovid-19 crisis and to promote long-term economic growth, as well as modernization and diversification in line with the "Cambodia Industrial Development Policy 2015-2025."The Royal Government of Cambodia is currently drafting a roadmap for the development of its automotive and electronics sectors, which is expected to increase exports by more than $ 2 billion and create more than 22,000 new jobs in five years, as well as increase new opportunities for local small and medium enterprises in these sectors.At the same time, the Royal Government's policy is shifting away from the garment sector, which consumes a lot of labor but receives low income or value-added, as Cambodia, as well as the world, is approaching the fourth generation of the industrial revolution.
As of the first half of 2023, Chinese direct investment in Cambodia reached more than 20 billion US dollars, an increase of 11.1%
Phnom Penh: Chinese direct investment in Cambodia as of the first half of 2023 amounted to 83.5 trillion riels or about 20.59 billion US dollars, an increase of 11.1% over the same period 2022. This is according to data presented by the National Bank of Cambodia.Most of China's investment in Cambodia is in the manufacturing sector at 31.6%, hydropower at 12.3%, finance at 11%, real estate at 9.8%, hotels and restaurants at 9.1%, construction 7.5%, agriculture 6.1% and others 12.6%.Oknha Lim Heng On, President of the Cambodian Chamber of Commerce, said that the investment of companies from China, we have seen positive signs under the policy of one belt and one road (Silk Road), especially trade agreements. The free trade between Cambodia and China, which we are practicing, is an opportunity for many Chinese companies to invest in our country to produce and export to the Chinese market and other countries such as the European Union and the United States.He added that through the Cambodia-China Free Trade Agreement (CCFTA), the Cambodia-Korea Free Trade Agreement (CKFTA), the Regional Comprehensive Economic Agreement (RCEP) and the Cambodia-Emirates Comprehensive Partnership Agreement. The United Arab Emirates, etc., is very important to help boost Cambodia's economic growth.
Cambodia’s Foreign Reserves Hit US$18.4 Billion as of June
Phnom Penh, August 01, 2023 --Cambodia’s foreign reserves rose to US$18.4 billion as of June 2023, up 3.2 percent from US$17.82 billion at the end of 2022, showed a report of the National Bank of Cambodia (NBC).“The foreign reserves can secure the imports of goods and services for the next seven months,” underlined the report released at the central bank’s biannual meeting held in Preah Sihanouk province on July 30-31.The figure is much higher than the maximum level for developing countries that should have three-month guarantee of imports, it said.The high level of foreign reserves indicates the ability to maintain a stable exchange rate, confidence in the national currency, the basis for foreign borrowing, and provides adequate protection to meet liquidity needs against external crises, stressed the report.International reserves include foreign currencies, gold and SDR (Special Drawing Right), which are under the NBC's control.
Banking Industry’s Outstanding Loan Portfolio Reaches US$56 Billion
Phnom Penh, August 01, 2023 --The outstanding loans in Cambodia’s banking industry reached nearly US$56 billion by June this year, while banks’ deposits rose to more than US$44 billion, according to a report from the National Bank of Cambodia (NBC).Banking institutions’ outstanding loans were recorded at more than US$46 billion, a 12 percent increase year-on-year and outstanding loans at MFIs were US$9.7 billion, up 15 percent, read the report. Banking institutions received deposits of US$39 billion as of June 2023, up 6.4 percent compared to the same period last year while those at the MFIs were US$4.9 billion. The loans were allotted to key sectors such as trade, housing, construction, agriculture, hotels and restaurants and manufacturing, etc.Banking industry has remained strong despite uncertainty of global economic growth, NBC Governor H.E Chea Chanto said at a recapitulative meeting held on July 30-31 in Preah Sihanouk province.The growth in both loans and deposits truly reflected public confidence in the country’s banking system, he said.“The banking industry remains robust and resilient, and it has continued to play an active role in supporting the Kingdom’s economic recovery in the post-COVID-19 pandemic era,” he said.Cambodia has 59 commercial banks, nine specialised banks, and 87 microfinance institutions across the country, with 16.5 million deposit accounts and 3.8 million credit accounts, the report pointed out.The Kingdom has also registered 20.2 million e-wallet accounts, with 30.3 million transactions totally worth US$89.7 billion during the January-June period this year.
Cambodia Issues Government Bond of US$27 Million in H1
Phnom Penh, July 31, 2023 --The government has raised fund through government bond issuance with a total of US$27 million in the first six months of this year, accounting for 13.5 percent of the US$200 million target.The government issues its bonds in the first primary market through the National Bank of Cambodia Auction Platform (NBCP).“In the first semester of 2023, the bidding for government bonds on the NBCP was made six times with a total capital of 112 billion Riel (approximately US$27 million),” the central bank report showed.In 2023, the government plans to raise US$200 million from bonds, which can bring it direct revenues, and ensure investment efficiency and sustainability of debt management and the national budget, according to the Ministry of Economy and Finance.The government bond is not only to complete the annual expenditure but also to contribute to promoting the securities sector in the country.This is the second year of government securities issuance.Investors in government bonds will enjoy a 50 percent deduction of withholding tax on the interest earned from holding and trading the bonds, and tax exemption on capital gains from purchasing and trading the bonds for three years.
Cambodia's Pangasius Catfish Value Chain Getting a Boost
Phnom Penh, July 28, 2023 --The Australian Centre for International Agricultural Research is supporting a new research project to reduce food loss and waste in the pangasius catfish value chain in Cambodia, said the Australian Embassy in Phnom Penh in a news release on Friday.Knowledge generated by the research will benefit pangasius catfish farmers, private enterprises, and the country’s future fish export to foreign markets, it added.The research team from the Royal University of Agriculture (RUA) and Health and Agricultural Policy Research Institute (HAPRI) recently visited Cambodia to gather information about food loss and waste along the pangasius catfish value chain, said the source, pointing out that they spoke with farmers, fish traders, and authorities from the Tonle Sap River floating markets and the fish hatchery.According to the news release, the project is part of the ACIAR-IDRC Food Loss Research Programme, which will work with partners in developing countries, including Cambodia, Laos and Vietnam, to address food loss in the Mekong pangasius catfish value chain through innovative, locally driven solutions.
China's industrial profit slump narrowed in June
Phnom Penh, July 28, 2023 -China's major industrial companies reported modest profit declines in June, official data showed on Thursday.Industrial companies with annual business revenue of at least 20 million yuan (about 2.81 million US dollars) saw their combined profit stand at 719.76 billion yuan last month, down 8.3%. Compared to the previous year, which narrowed from a decline of 12.6% in May.
Cambodia-ASEAN Trade Valued at Over US$7 Billion in H1
Phnom Penh, July 25, 2023 --Cambodia’s trade with ASEAN member countries was valued at US$7.1 billion in the first six months of this year, accounting for 30 percent of the Kingdom’s total international trade.A report from the Ministry of Commerce showed that Cambodia-ASEAN trade volume decreased by 17 percent compared to the same period last year.From January to June, Cambodia's total exports to ASEAN countries amounted to US$2.4 billion, up 36 percent, while the total imports were more than US$4.6 billion, a 31 percent decrease year-on-year.Trade volume between Cambodia and Vietnam was recorded at US$3.3 billion, while with Thailand at US$1 billion and Singapore at nearly US$800 million.According to the Ministry of Commerce, Cambodia generally exports agricultural products, clothes, footwear, travel goods, electronics, and bicycles to ASEAN countries, whereas its imports include food, beverages, electrical and electronic equipment, construction materials, agricultural machinery and vehicles.In the first half of 2023, Cambodia's international trade volume totaled US$23.6 billion, down 13 percent from the same period the previous year.ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.
Cambodia Exports to RCEP countries Reach US$4 Billion in H1
Phnom Penh, July 18, 2023 --Cambodia exported US$4,071 million worth of goods to the Regional Comprehensive Economic Partnership (RCEP) countries in the first half of 2023, a year-on-year increase of 24 percent, a report from the Ministry of Commerce showed on Monday.Cambodia’s top three export destinations in the RCEP were Vietnam, Thailand, and Singapore, with shipments worth US$1,429 million, US$527 million, and US$415 million, respectively.The Kingdom’s imports from the RCEP countries decreased by 17 percent to US$10,740 million.Cambodia’s trade with RCEP countries have increased due to the trade preferences under the mega-regional trade pact, said H.E. Penn Sovicheat, Spokesperson of the Ministry of Commerce.“With almost zero trade tariffs, exporters have been able to take advantage of the trade deal, resulting in increased exports and imports from Cambodia,” he said.The RCEP free trade agreement entered into force on Jan. 1, 2022. The regional trade pact comprises 15 Asia-Pacific countries including the ten Member States of the Association of Southeast Asian Nations (ASEAN) — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — and their five trading partners, namely China, Japan, South Korea, Australia and New Zealand.
Annual UK grocery bill could rise by £180 amid cost of living squeeze
The average annual grocery bill is on track to rise by £180 this year as the UK’s worsening cost of living squeeze continues, according to the consultants Kantar.Grocery prices rose 3.8% over the four weeks to 23 January compared with the same period last year, according to the market research firm. Prices are rising fastest for fresh beef and poultry, savoury snacks, crisps, skincare and cat food but are falling for fresh bacon, vitamins and beer.Fraser McKevitt, Kantar’s head of retail and consumer insight, said: “Prices are rising on many fronts, and the weekly shop is no exception. Taken over the course of a 12-month period, this 3.8% rise in prices could add an extra £180 to the average household’s annual grocery bill.From milk to crisps: why the price of basic food items is risingRead more“We’re now likely to see shoppers striving to keep costs down by searching for cheaper products and promotions. Supermarkets that can offer the best value stand to win the biggest slice of spend.”The UK’s official inflation rate hit 5.4% in December, the highest since 1992, and is on track to head above 6% in coming months as energy costs soar.Supermarket sales fell by 3.8% over the 12 weeks to 23 January, according to Kantar, because of a tough comparison with the start of 2021, when coronavirus lockdowns boosted shopping, but grocery spending remains 8% higher than pre-pandemic times.As more people embraced Veganuary or Dry January after an indulgent Christmas, sales of plant-based products and no- or low-alcohol drinks rose.Sales of alcohol-free beer climbed 5% and retailers’ own-label ranges marketed as healthy increased by 8%. While fresh fruit, salad and vegetable sales were down compared with last year, plant-based products proved more popular than ever. A record 10.7 million households bought at least one item that was a dairy alternative, a meat substitute or labelled as plant-based this January.The Kantar data also points to more people going out to socialise as Covid-19 restrictions were relaxed. The supermarket sales figures do not include on-the-go food and drink purchases, which are likely to be higher than last year, the firm said.
‘Treat your email like laundry’: five ways to work smarter
Does it take you all morning to finish one simple task? Do you feel a sense of dread every time your chat messenger pings? Here are some simple steps to help you find your focusYou start the day with the best intentions, determined to be productive and efficient. Yet, before you’ve even had your mid-morning coffee, you’re derailed by a chaotic procession of interruptions, distractions and poor project management. Before you know it, you are stressed, tired and brain fog has descended.But don’t worry – help is at hand. Dr Sahar Yousef, a leading expert on productivity and cognitive neuroscientist at the University of California, Berkeley’s Haas School of Business, has partnered with the work management company Asana to offer expert tips on how to improve your concentration and efficiency at work.Treat emails as laundryMany workers feel pressure to respond to emails and other messages immediately, but this constant monitoring comes at a cost. It can take as long as 25 minutes to regain momentum after an interruption, so Yousef says we should treat email, texts, and other chat tools like we would laundry. “Let messages build up and then do a ‘load’ every one or two hours, as opposed to having everything always accessible and trying to process in real-time,” she says.Schedule focus timeYousef says a major enemy of concentration while working is “context switching”. This happens when you suddenly shift your attention to a different context, such as when you interrupt what you’re working on to join an unexpected call, or to respond to a message about an unrelated project. “Every time we switch tasks, we pay a fine in terms of both time and energy,” says Yousef. “And by energy, I mean our brains literally need blood glucose and oxygen to perform the switch”.So, instead of switching between different tasks throughout the day, schedule dedicated time to focus on one specific project. Two good ways of doing this are timeboxing and time-blocking.With timeboxing, you estimate the amount of time a task will take and dedicate a certain amount of time to complete it. During that time you should ignore all other tasks. Time-blocking is similar – but instead of boxing out time for a single task, you group similar tasks together and complete them all in one “time block”. For example, you might schedule a time block to answer your emails or to catch up on those nagging admin tasks.
What levelling up? Councils forced into tax rises and drastic service cuts
Levelling up secretary Michael Gove last week unveiled the government’s long-delayed plans to address regional and social inequalities, but cash-strapped councils across England are having to plan heavy cuts to frontline services after more than a decade of ongoing austerity. Recent funding increases have not undone £15bn of cuts in central government grants to local authorities between 2010 and 2020, and councils wrestling with the impact of Covid are set to pass a succession of savings measures plus widespread council tax increases. Several local authorities are facing votes on service cuts in the coming weeks.Nottingham is planning cuts to youth services, with all play schemes axed and a move toward targeted rather than universal provision. Its Early Help service would see a reduction in staffing and early intervention for families. Funding for its Base 51 youth centre, which provides services including counselling and crisis support, would be axed. Six of the city’s nine children’s centres would close from 2023.Sandwell in the West Midlands is reviewing the respite support it provides, to allow unpaid carers such as family members a much-needed break while the person they care for is looked after by someone else. Sandwell plans to halve this from 56 days a year to 28, which the council admits “will reduce the level of service offered”. It is also planning to increase the amount adult care users pay for non-residential care.Kent is planning to cut more than £2m from subsidised bus services, with some contracts potentially terminating. The cost of a school bus discount pass will rise by £80 a year, and by £30 for children receiving free school meals. The council is also planning to cut travel concessions for those accompanying disabled people.