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NUS - AI for Healthcare Programme

What is “friendshoring”? - The Economist   

AT THEIR ANNUAL gathering in Jackson Hole last week the world’s central bankers talked, among other things, about the threat of deglobalisation. Christine Lagarde, president of the European Central Bank (ECB), noted that the governments of Western countries are increasingly adopting industrial policies that promote “friendshoring” of strategic industries. This, and related terms like “nearshoring”, “derisking” and “decoupling” (mainly from China), are in vogue among economic policymakers. What is friendshoring?

It happens when a government pushes businesses to restructure supply chains, shifting production away from geopolitical rivals to friendly powers. The Biden administration’s ban on American investment in Chinese technology this month is one example. Friendshoring is similar to nearshoring, which moves production closer to home. Both policies aim to strengthen trade security. But they have a cost: when politics rather than profit determines where goods are made, production is likely to be less efficient. But advocates argue that the price is worth paying to reduce countries’ dependence on hostile powers. That argument gained force after Russia cut off its gas supplies to try to compel the EU to withdraw its support for Ukraine, which it invaded in 2022. It has been bolstered by increasing tensions between America and China.

Janet Yellen, America’s treasury secretary, implicitly argued for reducing Western reliance on China in a speech last year when she called for more secure supplies of critical materials, particularly those used in semiconductors and electric-vehicle batteries. She recently travelled to India and Vietnam to strengthen ties with businesses there. At first glance, friendshoring appears to be making progress. Trade ties between China and America are weakening: in 2018 two-thirds of American imports from a group of “low-cost” Asian countries came from China; last year just over half did. This year Mexico supplanted China as America’s top trading partner.

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Want to accelerate software development at your company? See how we can help.

NUS - AI for Healthcare Programme

7 Practical Ways to Reduce Bias in Your Hiring Process - Harvard Business Review   

Research shows that the hiring process is impartial and unfair. Unconscious racism, ageism, and sexism play a big role in who gets hired. The good news is there are steps you can take to reduce unconscious biases. Here are some strategies: (1) Simplify. Standardize the process by seeking out software and other analytical tools that bring structure to hiring procedures. (2) Rework job descriptions. Experiment with the wording of your job listings by removing adjectives associated with a particular gender. (3) Give a work sample test. Tests that mimic the kinds of tasks the candidate will be doing in the job are the best indicators of future performance. (4) Standardize interviews. Ask each candidate the same set of defined questions, and use an interview scorecard to grade the answers. (5) Set diversity goals. Leaders should track how well they’re doing against targets. This encourages others in the organization to keep equality top of mind.

A vast body of research shows that the hiring process is biased and unfair. Unconscious racism, ageism, and sexism play a big role in who gets hired. But there are steps you can take to recognize and reduce these biases. Where should you start? And how can you help others on your team do the same?

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Want to accelerate software development at your company? See how we can help.

NUS - AI for Healthcare Programme

This trans woman was begging on India’s streets. A donated electric rickshaw changed her life - AP News   

Preethi, a 38-year-old transgender woman who uses only her first name, stands next to her electric auto rickshaw as she speaks to The Associated Press in Bengaluru, India, Monday, July 10, 2023. She’s now one of millions of electric vehicle owners in India, but one of very few to have received an EV through a charitable donation. (AP Photo/Aijaz Rahi)

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NUS - Chief Technology Officer Programme


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