Massive job losses loom at Nien Hsing Massive job losses loom at Nien Hsing
MASSIVE job losses are looming at leading textile manufacturer, Nien Hsing International.
This amid revelations that the company will next month retrench at least 2500 workers to manage costs due to the Covid-19 induced slump in demand for denim products. This will leave the company with just 500 workers.
Nien Hsing manager Ricky Chang this week told the
Lesotho Times that the factory was suffering from a serious shortage of orders from buyers.
The factory’s main market is the United States (US) which it has accessed courtesy of the African Growth and Opportunity Act (AGOA) trade concession which allows Lesotho to export products duty-free to that country.
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15 Apr 2021 - 11:01
The Peninsula
As COVID-19 kept consumers around the world at home, nearly everything from groceries to gardening supplies was purchased online.
According to Mastercard’s latest Recovery Insights report, this amounted to an additional $900bn being spent in retail online around the world in 2020.
Put another way: in 2020, e-commerce made up roughly $1 out of every $5 spent on retail, up from about $1 out of every $7 spent in 2019. For retailers, restaurants and other businesses large and small, being able to sell online provided a much-needed lifeline as in-person consumer spending was disrupted.
Roughly 20-30 percent of the Covid-related shift to digital globally is expected to be permanent, according to Mastercard’s Recovery Insights: Commerce E-volution. The report draws on anonymized and aggregated sales activity in the Mastercard network and proprietary analysis by the Mastercard Economics Institute.