Once again, it’s that time of the week to catch up with Graet Gossip on the latest happenings in the world of international trade. To start this week’s world trade news round-up, Proctor and Gamble recently announced that they would cut down jobs covering technical posts.
About 300 scientists and researchers are expected to be let go from the multimillion pharmaceutical company’s payroll. The research center located in Ohio will be the most affected by Proctor and Gamble’s decision, and the downsizing will also affect employees in London, Toronto, and New York.
According to Tom Milkin, the spokesperson for Proctor and Gamble, the decision was not influenced by the desire to cut back on company costs. He said that the company’s move to let their employees go is a business strategy. Milkin added that despite the numerous job losses, this decision would benefit domestic research companies.
Job cuts aren’t the only decisions that the company has made this month. Proctor and Gamble recently signed a contract with Nastech to sell Nastach’s nasal spray that promises to cure osteoporosis. Aside from the expansion of Nastach’s nasal spray, Proctor and Gamble are said to focus on developing
pharmaceutical products for women, muscular-skeletal problems, and gastro-intestinal medicine Cloud Light. While Tom Milkin denied that Proctor and Gamble are not having any financial trouble, the head of the Palestinian Authority, Mahmoud Abbas, admitted that his government is currently facing financial difficulties.
Earlier this month, the World Bank has given the Palestinian Authority a warning about the country’s financial problem. Palestine’s budget deficit is continuously expanding, and if the necessary procedures aren’t taken to ease the crisis, this could be the downfall of the Palestinian Government.
The origin of Palestine’s financial crisis is traced to the violent events in the West Bank against Israel. Israel has taken measures to cripple the Palestinian Government slowly. Security checks between the borders of Israel and the Gaza Strip. Israel went as far as banning the passage of equipment for the Palestinian security forces and even asking all foreign donors to stop sending payments to the Palestinian Authority. Israel is adamant in letting the Palestine Government suffer, calling on international powers to boycott the Palestinian Government and ignoring calls from the United States to release funds.
Another factor that has influenced the financial crisis Palestine is experiencing right now is the election victory of the radical Islamist group Hamas. This group is considered a terrorist by the United States and the Palestinian Authority’s biggest donor, the European Union. In fear of their donations reaching Hamas, the United States asked Palestine to return its $50 million donations, and the European Union has warned to stop sending funds.
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