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Leading a team from the confines of individual bedrooms undoubtedly induced anxiety for <keyword id="20154171" type="General" weightage="20" keywordseo="managers" source="keywords">managers</keyword> during the COVID-19 <keyword id="91743" type="General" weightage="20" keywordseo="lockdown" source="Orion">lockdown</keyword>. However, there was quick relief in how promptly employees adapted to this new paradigm. While numerous companies have embraced the <keyword id="20626231" type="General" weightage="20" keywordseo="work-from-home" source="keywords">work-from-home</keyword> norm, some of these employers have finally begun to call people back to their offices. In March, <keyword id="19969515" type="General" weightage="20" keywordseo="Dell" source="keywords" meta.keywordsubtype="org" meta.entityname="Dell" meta.hostid="261" meta.entityid="Dell">Dell</keyword> also decided it was time to notify their employees to return to the office, a move whose execution would thrust them into stark controversy. According to a <a href="https://www.businessinsider.in/tech/news/dell-workers-can-stay-remote-but-theyre-not-going-to-get-promoted/articleshow/108564894.cms" data-type="tilCustomLink">Business Insider report</a>, the multinational tech company allegedly sent corporate memos to all employees, explaining that while they could continue to work under hybrid or remote arrangements, only the former would relish the luxury of promotions or favourable role changes within the company. While this discriminatory announcement might seem outright blatant, it turns out that similar ladder-climbing challenges may already be at play, afflicting unknowing remote workers. To assess the relatively uncharted territory of <keyword id="20665553" type="General" weightage="100" keywordseo="remote-work" source="keywords">remote work</keyword> dynamics, a team of researchers surveyed nearly a thousand UK managers from diverse industries. They were presented with profiles of three completely made-up employees: a fully on-site worker, a hybrid employee working two days from home and three days from the office, and a full-time remote worker working all five days from home. The managers were asked a bunch of career-related questions, such as which hypothetical employee seemed the most competent, who they deemed most fit for promotions and salary hikes, and so on. What they uncovered was nothing short of revelatory: remote workers faced a daunting uphill battle in their quest for <keyword id="3187" type="General" weightage="20" keywordseo="promotion" source="Orion">promotion</keyword>s and pay raises. Despite contributing the same amount of work, there was an 11% less chance that remote employees would receive a promotion compared to fully on-site workers. Further, they were 9% less likely to receive a pay raise as well. Even the hybrid staff were not immune to the harsh realities of remote work, with the study finding that these managers were, on average, 7% less likely to promote the group compared to the on-site employees. Completing the cherry on top of the discriminatory corporate cake were the gender disparities that surfaced. The researchers found male fully remote workers bore the brunt of the burden, facing a staggering 15% decrease in promotion likelihood and a 10% drop in pay raise prospects compared to the fully on-siters. In comparison, the equivalent figures for women stood at 7% and 8%, respectively. Fortunately, this corporate discrimination was distinctly less pronounced in more supportive organisations. The study found that managers from more demanding offices were a third less likely to promote men who worked entirely from home, compared to full-time office-goers, further highlighting the importance of finding a good boss. "In more supportive organisations, where there is less pressure and long working days and where family-friendly policies exist, we don't find such negative consequences of remote work," explained study author Agnieszka Kasperska. As we navigate the ever-evolving terrain of remote work, it's imperative to heed the lessons learned from this groundbreaking research. By fostering inclusive cultures, implementing supportive policies, and challenging ingrained biases, we can pave the way for a future where remote workers share equal opportunity for growth and advancement. The preliminary findings of this research can be accessed <a href="https://www.wne.uw.edu.pl/application/files/1516/9936/7639/WNE_WP435.pdf" data-type="tilCustomLink">here</a>.

Managers more likely to promote workers who regularly come to office compared to remote employees: study

Spain is close to passing the worst of its <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> outbreak, the prime minister said, as the Spanish parliament approved a 15-day extension to the national state of emergency. "The fire starts to come under control," PM <keyword id="8964382" type="PERSON" weightage="20" keywordseo="pedro-snchez">Pedro Sánchez</keyword> told MPs in Madrid, saying the country would have "total victory" over the virus, the BBC reported. Spain has Europe's highest number of confirmed cases, with 152,446. As of Thursday, the country has reported 15,238 deaths. Sánchez is the latest European leader to suggest the situation may be stabilising. His comments came ahead of news that EU finance ministers had agreed a 500 billion euros ($546bn) rescue package for European countries hit hard by the coronavirus pandemic. The deal, reached after marathon discussions in Brussels that began on Tuesday, was announced by the chairman of the Eurogroup finance ministers, Mário Centeno. The <keyword id="8858985" type="COMPANY" weightage="20" keywordseo="french-finance">French Finance</keyword> Minister, <keyword id="694715" type="PERSON" weightage="20" keywordseo="Bruno-Le-Maire">Bruno Le Maire</keyword>, said the agreement was the most important economic plan in EU history. The ministers fell short of accepting a demand by France and Italy to share out the cost of the crisis by issuing so-called "corona bonds" (or eurobonds) - mutualised debt that all EU nations help to pay off. On Thursday, German Chancellor <keyword id="76" type="PERSON" weightage="20" keywordseo="Angela-Merkel">Angela Merkel</keyword> said her country rejected a plan to share out coronavirus-incurred debt in the form of "coronabonds" (or eurobonds) - mutualised debt that all EU nations help to pay off. "You know that I don't believe we should have common debt because of the situation of our political union and that's why we reject this... but there are so many ways to show solidarity and I believe we will find a good solution," she said. According to latest data from the past 24 hours, Spain has recorded 683 deaths - a drop from the 757 reported on Wednesday. Total confirmed cases now stand at 152,446, and Spain has now reported the second-highest number worldwide after the US, which has more than 400,000. On Thursday, Spanish lawmakers participated remotely in a parliamentary debate before agreeing hours later to extend the country's state of emergency until 26 April, keeping people at home for a further two weeks. Spain has imposed some of the strictest measures in Europe. But Sánchez said they had helped drastically cut the infection rate. Europe is still the region hardest-hit by the outbreak worldwide, suffering the majority of deaths and confirmed cases. --IANS rt/

Spanish PM extends 15-day lockdown says 'fire coming under control'

<ul class="summary-list"><li>China Evergrande has filed for US Chapter 15 bankruptcy protection.</li><li>It is the world's most indebted developer with about $340 billion in liabilities as of end-2022.</li></ul>Embattled Chinese property developer China Evergrande — <a href="https://markets.businessinsider.com/news/stocks/china-property-crisis-evergrande-81-billion-loss-housing-economic-slowdown-2023-7#:~:text=China's%20Evergrande%2C%20the%20world's%20most,the%20Asian%20nation's%20property%20sector.">the world's most indebted developer</a> — just filed for bankruptcy protection in the US on Thursday.This is the latest development in a troubled saga that began when the developer faced a liquidity crunch in 2021. It first <a href="https://markets.businessinsider.com/news/bonds/evergrande-default-fitch-rating-cut-china-junk-territory-overseas-bonds-2021-12" target="_blank" rel="noopener">defaulted</a> on an offshore dollar bond in December of that year.Evergrande — which had <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0717/2023071700445.pdf" target="_blank" rel="noopener">$300 billion worth of liabilities</a> when troubles first began and saw its liabilities balloon to about $340 billion by the end of 2022 — is seeking protection under <a href="https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-15-bankruptcy-basics" target="_blank" rel="noopener">Chapter 15 of the US bankruptcy code,</a> according to a Thursday court filing seen by Insider. <a href="https://uk.practicallaw.thomsonreuters.com/2-384-9758?transitionType=Default&amp;contextData=(sc.Default)&amp;firstPage=true" target="_blank" rel="noopener">Chapter 15 protects</a> the US assets of non-US companies undergoing restructurings.Tianji Holdings, an Evergrande affiliate, also sought Chapter 15 bankruptcy protection on Thursday, per the filing.Evergrande's Chapter 15 filing mentions ongoing restructuring proceedings in Hong Kong and the Cayman Islands.Once China's second-largest developer, <a href="https://www.businessinsider.com/china-housing-market-explainer-cost-debt-wealth-evergrande-impact-2021-9">Evergrande</a> faced a liquidity crisis in 2021 that triggered broader concerns about the country's real-estate sector, which — along with related industries — contributes as much as <a href="https://www.cfr.org/blog/pboc-props-chinas-housing-market" target="_blank" rel="noopener nofollow">30% to the country's GDP.</a> Guangzhou-based Evergrande posted a net loss of 105.91 billion yuan, or $14.5 billion, in 2022, compared with a loss of 476.04 billion yuan in 2021, per results filed to the <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0717/2023071700445.pdf" target="_blank" rel="noopener">Hong Kong Stock Exchange in July.</a>Evergrande's Chapter 15 filing came after years of a debt-fuelled property craze in China. The market was so hot that Chinese developers were taking on huge borrowings to build apartments ahead of demand. Expectedly, Beijing had been trying to cool the frothy market for years. In August 2020, authorities started cracking down on the sector by introducing the so-called<a href="https://www.bloomberg.com/news/articles/2023-01-06/china-may-ease-three-red-lines-property-rules-in-drastic-shift" target="_blank" rel="noopener nofollow"> "three red lines" policy</a> regulating debt ratios for property developers.The debt limits worked — but it started sending the property <a href="https://www.businessinsider.com/china-property-sector-crisis-imf-economy-debt-2023-2" target="_blank" rel="noopener">sector into a crisis</a> in 2021 when <a href="https://www.businessinsider.com/latest-news-4-questions-that-explain-chinas-troubled-housing-market-2021-10" target="_blank" rel="noopener">Evergrande ran into a debt spiral</a><a href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10" target="_blank" rel="noopener">.</a> <a href="https://www.businessinsider.com/evergrande-crisis-other-china-property-developers-in-trouble-outlook-2021-12" target="_blank" rel="noopener">Other Chinese real-estate developers</a> ran into similar issues, and the sector started to <a href="https://www.caixinglobal.com/2023-07-31/cover-story-chinas-property-crisis-contagion-spreads-to-state-backed-developers-102087880.html" target="_blank" rel="noopener nofollow">default on its bond payments.</a>And the hits keep coming for China's real-estate sector amid fears that China's property crisis could spill over into the broader domestic and <a href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10" rel="">global economy.</a>Earlier this month, Country Garden, China's biggest private-sector developer by sales, <a href="https://www.reuters.com/markets/asia/chinas-country-garden-missed-two-dollar-bond-coupon-payments-2023-08-08/" target="_blank" rel="noopener nofollow">missed interest payments on two US-dollar-denominated bonds.</a>Days after Country Garden's troubles broke, news emerged that a major <a href="https://www.businessinsider.com/china-real-estate-crisis-zhongrong-trust-misses-payments-country-garden-2023-8" target="_blank" rel="noopener">Chinese trust company Zhongrong International</a> missed repayments on dozens of investment products since late July.The events are concerning as they point to deepening troubles in the world's second-largest economy, which has been <a href="https://www.businessinsider.com/china-gdp-economy-second-quarter-growth-retail-industrial-production-unemployment-2023-7">struggling to recover</a> following nearly three years of on-off COVID-19 lockdowns.Trading in Evergrande shares was suspended in March 2022.Evergrande did not respond to a request for comment from Insider.The case is China Evergrande Group and Jimmy Fong, 23-11332, U.S. Bankruptcy Court for the Southern District of New York (Manhattan).August 18, 5.37 p.m.: The story has been updated with background details of Evergrande's liquidity issues.

China Evergrande, the world's most heavily indebted property developer, just filed for Chapter 15 bankruptcy protection

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Managers more likely to promote workers who regularly come to office compared to remote employees: study

Ankush Banerjee

Spanish PM extends 15-day lockdown says 'fire coming under control'

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China Evergrande, the world's most heavily indebted property developer, just filed for Chapter 15 bankruptcy protection

Huileng Tan

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