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Geopolitics

Euro Zone Unemployment Stays At Record High Levels

EUROSTAT (Luxembourg)

Worldcrunch

LUXEMBOURG – Unemployment in the euro zone remains at record high levels, with 18.2 million people out of work in the most recent count released Monday by EU statistics agency Eurostat.

Compared with August 2011, unemployment rose by 2.1 million in the euro zone. The number of people out of work remained stable in the UK, fell in six EU countries, and increased in 20 others.

The largest drops were observed in Estonia (-3.1%), Lithuania (-2.1%) and Latvia (-1.1%) while the highest increases were seen in Greece (a jump of +7.2%), Cyprus (+3.7%), Portugal (+3.2%) and Spain (+3.1%).

Perhaps even more troubling were youth unemployment rates, which rose even in stronger economies.

Youth unemployment rates (Eurostat Aug): Greece 55.4%, Spain 52.9% but high even in lowest EU states: Germany 8.1%, Dutch 9.4%, Austria 9.7%

— Linda Yueh (@lindayueh) October 1, 2012

Among EU member states, the lowest jobless rates were recorded in Austria (4.5%), Luxembourg (5.2%), the Netherlands (5.3%) and Germany (5.5%). The highest rates were recorded in Spain (25.1%) and Greece (24.4% in June 2012).

As a comparison, in August 2012, the unemployment rate in the U.S. was 8.1%, 5.1% in Australia and 4.1% in Japan.

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Society

India Higher Education Inferior Complex: Where Are The Foreign University Campuses?

The proposed UGC guidelines are ill-conceived and populist, and hardly take note of the educational and financial interests of foreign universities.

Image of a group of five people sitting on the grass inside of the Indian Institute of Technology campus.

The IIT - Indian Institute of Technology - Campus

M.M Ansari and Mohammad Naushad Khan

NEW DELHI — Nearly 800,000 young people from India attend foreign universities every year in search of quality education and entrepreneurial training, resulting in a massive outflow of resources – $3 billion – to finance their education. These students look for greener pastures abroad because of the lack of quality teaching and research in most of India’s higher education institutions.

Over 40,000 colleges and 1,000 universities are producing unemployable graduates who cannot function in a knowledge- and technology-intensive economy.

The Indian government's solution is to open doors to foreign universities, with a proposed set of regulations aiming to provide higher education and research services to match global standards, and to control the outflow of resources. But this decision raises many questions.

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