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AB Foods hit as costs take toll on profit

first_img PRIMARK owner AB Foods yesterday saw its shares tumble as it warned that its full-year profit would be dented by soaring costs. The company said it expected full-year profits to be similar to those last year, as it announced its half-year results. It had previously expected annual earnings to rise. Profit for the six months to 5 March dropped 0.3 per cent to £319m, on revenue of £5.2bn.Chairman Charles Sinclair said: “We continue to expect good revenue growth for the full-year although adjusted earnings are now expected to be similar to last year’s very strong result.”Its clothing chain Primark has been particularly badly hit as cotton prices have been soaring, fuelling price rises on the high street. However Primark is absorbing the costs which are instead hitting its profit margin. Primark accounted for 38.7 per cent of AB Foods’ profit in the first-half, although margins have already fallen. The rise in VAT in the UK from 17.5 per cent to 20 per cent in January has also squeezed margins.Shares in AB Foods, which also owns the Twinings tea brand, Ovaltine and Kingsmill bread, closed 5.8 per cent lower at 984p after the announcement. The company’s sugar business, Silver Spoon, has gained from world sugar price rises. But UK sugar profits for the full-year will be hit by £20m of extra costs for processing sugar beet damaged by freezing weather in Britain before and after Christmas. Sinclair, alluding to the tough market, added: “Much has been reported in the media in recent weeks about the contraction in the personal disposable income of the UK consumer due to higher fuel costs, food inflation and fiscal tightening.” Wednesday 27 April 2011 7:45 pm whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof whatsapp KCS-content center_img Share AB Foods hit as costs take toll on profit Tags: NULL Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailHero Wars This game will keep you up all night! Hero Wars Drivepedia20 Of The Most Underrated Vintage CarsDrivepediaGundry MD Total Restore SupplementWhat Rice Does to the Human BodyGundry MD Total Restore SupplementFilm OracleHer Love Triangle Inspired 3 Of The Most Popular Songs Ever WrittenFilm OracleZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldlast_img read more

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Swansea shifts approach to gambling sponsorship

first_imgMarketing & affiliates Regions: UK & Ireland Email Address Swansea City has launched a new responsible gambling project with the aim of helping protect supporters from gambling-related harms and educating players about the risks involved with betting.The football club, which is based in Wales but plays in the English Championship, made a number of commitments as to how it will now manage its relationships with gambling operators.The ‘Responsible Gambling Pledge’ forms part of a wider initiative at Swansea, whereby it will appoint fans as ‘Champion Jacks’ to work with the club on its decision-making processes around various issues. Student Ben Church is the first Champion Jack and played a role in helping the club develop its new responsible gambling plan.While the club will continue to work with gambling partners, having agreed a shirt sponsorship deal with online operator YOBET in July for the 2019-20 season, it will introduce a number of new restrictions on such partnerships.This will see it restrict betting adverts across its official club website, social media channels, marketing materials and both matchday and community activities. In addition, the club will ensure all of its playing staff will take part in a betting education programme and have access to support networks and treatments for gambling-related problems if required.“Swansea City believes that sponsorship by betting and gaming companies must be conducted in a socially responsible way,” Church, 18, said. “It should aim to balance promotional opportunities with measures that help preserve the welfare of those playing or watching and who could be at risk of becoming addicted to gambling or be addicted to gambling already.“Responsible gambling is an area I feel passionate about and I hope to make a difference.”Swansea City is the latest professional football club to champion responsible gambling, with a number of other teams having joined forces with Paddy Power on the bookmaker’s ‘Save Our Shirt’ campaign.Launched through a partnership with Huddersfield Town FC, Save Our Shirt sees Paddy Power call for betting operators to stop striking football shirt sponsorship deals. GVC Holdings, meanwhile, has donated its football sponsorship assets to problem gambling charity GambleAware.Aside from Huddersfield, Paddy Power is also working with Southend United, Newport County and Scottish Premier League football club Motherwell.Lewes FC, a team playing in the seventh tier of English football, has signed up Gambling with Lives, a gambling addiction charity, as its shirt sponsor.Image: Robin Drayton Topics: Marketing & affiliates Sports betting Strategy 24th September 2019 | By contenteditorcenter_img Swansea City has launched a new responsible gambling project with the aim of helping protect supporters from gambling-related harms and educating players about the risks involved with betting. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Swansea shifts approach to gambling sponsorshiplast_img read more

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National Bank of Malawi 2012 Annual Report

first_imgNational Bank of Malawi (NBM.mw) listed on the Malawi Stock Exchange under the Banking sector has released it’s 2012 annual report.For more information about National Bank of Malawi (NBM.mw) reports, abridged reports, interim earnings results and earnings presentations, visit the National Bank of Malawi (NBM.mw) company page on AfricanFinancials.Document: National Bank of Malawi (NBM.mw)  2012 annual report.Company ProfileNational Bank of Malawi is a leading financial institution in Malawi; providing solutions for retail, corporate and investment banking and stock broking services through a national network of 22 service branches. The parent company of National Bank of Malawi is Press Corporation Limited (PCL). Its subsidiaries include National Bank of Malawi Nominees Limited and Stockbroker Malawi Registered Limited. The financial institution operates two divisions; corporate banking and retail/personal banking. The corporate banking division specialises in providing financial services through packaged deals. The retail banking division provides personal banking solutions which include utility bill payments, Internet and mobile banking, and ATM facilities. A major revenue source for the National Bank of Malawi is its treasury division which includes a foreign exchange and money market operation. The National Bank of Malawi was established in 1971 with the merger of Barclays Bank DCO (Dominion Colonial Overseas) and Standard Bank (South Africa). National Bank of Malawi is listed on the Malawi Stock Exchangelast_img read more

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Guinness Ghana Breweries Limited (GGBL.gh) Q12014 Interim Report

first_imgGuinness Ghana Breweries Limited (GGBL.gh) listed on the Ghana Stock Exchange under the Beverages sector has released it’s 2014 interim results for the first quarter.For more information about Guinness Ghana Breweries Limited (GGBL.gh) reports, abridged reports, interim earnings results and earnings presentations, visit the Guinness Ghana Breweries Limited (GGBL.gh) company page on AfricanFinancials.Document: Guinness Ghana Breweries Limited (GGBL.gh)  2014 interim results for the first quarter.Company ProfileGuinness Ghana Breweries Limited manufactures and markets a range of alcoholic and non-alcoholic beverages for the Ghana domestic market and for international export. Its product offering includes spirits, beers, lagers and stouts as well as ready-to-drink products. Popular brand names include Guinness Foreign Extra Stout, Orijin Zero, Ciroc Ultra-Premium Vodka, Johnnie Walker Reserve Scotch Whisky, Ron Zacapa Rum, Malta Guinness, Star Lager, Gulder, Alvaro, Ruut Extra, Orijin Bitters, Smirnoff Ice and Smirnoff Double Black Ice. The company was originally founded to produce Guinness Foreign Extra Stout, otherwise known as Guinness. Its non-alcoholic beverage, Malta Guinness, is extremely popular and has captured 70% of the Ghana non-alcoholic beverages market. Guinness Ghana Breweries is a subsidiary of Diageo Plc. and is based in Kumasi, Ghana. Guinness Ghana Breweries Limited is listed on the Ghana Stock Exchangelast_img read more

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England and Danny Cipriani come right against Ireland

first_imgMonday Mar 17, 2008 England and Danny Cipriani come right against Ireland New England wonderboy Danny Cipriani led England to victory with a well deserved 33-10 win over Ireland on Saturday. Wilkinson’s replacement had a dream game at number ten, scoring 18 points in total, kicking seven out of seven kicks at goal. His all round game play was virtually faultless and he looks a mature player who can take control of a game and the forwards, hard to believe at only 20 years of age. Wilkinson did come on, at centre as replacement for Toby Flood, to huge cheers from the Twickenham faithful who, despite his run of poor form, still show the loyalty that the great man so richly deserves. “Playing anywhere on that field will be fantastic and I think my big challenge is the same as every day – find the best of me,” said Wilkinson. “Danny has deserved his go and he took it brilliantly. Every day is a learning experience and I’m at a different angle now watching from the sidelines.” Ireland did score a nice try through Rob Kearney, but it just wasn’t enough and without experienced centre pairing O’Driscoll and Darcy, Ireland looked poor once again, and the calls for coach Eddie O’Sullivan’s scalp will now be stronger than ever. The result means England finish second, with Ireland coming in fourth, their worst Championship result since 1999.ADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Related Articles 81 WEEKS AGO scottish prop saves fire victim 84 WEEKS AGO New Rugby X tournament insane 112 WEEKS AGO Vunipola stands by his comments supporting… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingGranny Stuns Doctors by Removing Her Wrinkles with This Inexpensive TipSmart Life ReportsYou Won’t Believe What the World’s Most Beautiful Girl Looks Like TodayNueey90% of People Have No Idea What These Two Little Holes Are ForNueey10 Types of Women You Should Never MarryNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

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Bill Clinton backs Irish philanthropy campaign

first_img Tagged with: Celebrity Individual giving Ireland Former US president Bill Clinton has thrown his weight behind the One Percent Difference campaign in Ireland which seeks to promote giving by individuals and business.Speaking to an audience of 250 guests consisting of Irish business leaders, philanthropic groups, academics and government representatives in Dublin, Mr Clinton said the rest of the world could learn from the campaign.“I think this One Percent thing is a great idea for two reasons” he said. @One is it raises a lot of money. The second is that it would democratise giving further because everyone can afford it, and if you don’t have money you can give one percent of your time and make a contribution.”He added that increasingly what philanthropic groups are doing is trying to figure out how to solve problems faster, better, and at lower cost, because they can take risks and if they try and fail, nobody is going to vote them out of office.Mr Clinton was delivering the annual Ray Murphy Memorial Lecture which is organised by the government-backed Forum on Philanthropy and Philanthropy Ireland.The annual lecture was established in memory of Ray Murphy who was involved in charitable foundation work and international philanthropy. It is supported by Atlantic Philanthropies and the Charles Stewart Mott Foundation.Photo: Bill Clinton by stocklight / Shutterstock.com AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 15 October 2013 | News About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Bill Clinton backs Irish philanthropy campaign  23 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

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HE sector must recruit at least 1,800 new fundraisers over next eight years

first_imgInstitutions should raise the profile of fundraising as a career in HE whenever they can, for example by encouraging AGCAS (Association of Graduate Careers Advisory Services) to promote fundraising in HE as a career choice.HE fundraisers considered themselves first and foremost as fundraisers, and secondly as HE specialists, which the report described as a “new perspective”.There are “early signs” that senior HE fundraisers are progressing into more strategically important roles within universities, and that vice-chancellors increasingly recognise the value of the skills they bring.To accompany the report More and Richmond Associates  have devised a ‘toolkit’ for recruiting HE fundraisers.Professor Dame Shirley Pearce, the HEFCE Review Group chair, said:“I hope that higher education fundraising becomes one of the careers of choice for our very best graduates. Our work has proved that investment in fundraising brings results whatever the size or type of university or college.“If this success is to continue we must have a strong and growing group of educational fundraisers who are skilled in leading development teams and working with academics and institutional leaders.”[message_box title=”More information” color=”blue”]HEFCE report: An emerging profession: The higher education philanthropy workforceHE Education Fundraising ToolkitMore/Richmond Associates press release[/message_box]  47 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis Howard Lake | 5 May 2014 | News AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis HE sector must recruit at least 1,800 new fundraisers over next eight years The number of fundraisers currently working in higher education needs to double, at least, by 2022 if the sector is to meet its “ambitious” income targets.A review of higher education philanthropy in 2012 (the Pearce Report) set an “ambitious goal” that by 2022, universities and colleges would be raising £2b annually from 640,000 donors.A report published today by the Higher Education Funding Council for England (HEFCE) – An emerging profession: The higher education philanthropy workforce ­– explores the state of the HE fundraising profession and makes 20 recommendations how those targets could be reached.It says that for HE fundraising to fulfill its potential, the number of higher education fundraisers “will need to double, if not triple” from the current “modest” establishment of 1,842 HE fundraisers.One of the chief recommendations in report – produced jointly by fundraising consultancy More and recruitment consultants Richmond Associates – is to develop a “learning route” providing training, job experience and peer group support.But because of the “shortage of available talent” it has rejected the notion of a mandatory professional qualification as an “unhelpful barrier”.The report says:“It is in everyone’s interests that barriers to entry are avoided, and that a flexible approach is taken to recruitment, focusing on competencies, skills and behaviours and ensuring that the door is open to people from different sectors and backgrounds.”Other findings and recommendations include: Advertisement Photo: mortarboard full of money by Ken Drysdale on Shutterstock.com About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving. Tagged with: higher education Recruitment / peoplelast_img read more

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Dartington Hall Trust issues bond to help fund estate development

first_img Melanie May | 9 October 2018 | News  311 total views,  3 views today Dartington Hall Trust issues bond to help fund estate development AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis7 Dartington Hall Trust has launched a bond issue to raise up to £20 million to help it upgrade and develop its estate. According to the Trust, the retail bond is part of a wider four to six year financial plan, which includes ethical bank finance and increased fundraising activity. Investment will be staged, focused firstly on existing assets within the estate. This includes refurbishing and relaunching the Dartington Hall hotel, the Barn Cinema & Roundhouse Café and the White Hart restaurant as well as rejuvenating the existing retail space and redeveloping the Foxhole site (formerly Dartington Hall School) to be the new base for learning and social justice projects.Rhodri Samuel, Chief Executive of Dartington Hall Trust said:“Dartington has had a unique place in the cultural and social history of Britain since the 1920s, as a centre for the development of progressive ideas across a range of disciplines including agriculture, learning and the arts. This bond issue will assist us in upgrading and developing the assets on the estate. Ultimately, we are inspired by the challenge of creating a model that others can learn from and of running a modern estate that delivers a positive impact for society.” The bonds will be issued by Dartington Hall Estate Bond, are secured, have a 10-year term and carry a 4.3% per annum coupon, paid half yearly. The minimum investment is £1,000 and the offer closes on 16 October. Tagged with: Finance Fundraising ideas  312 total views,  4 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis7 Main image: Dartington hotel, east wing. Credit Kate Mount Advertisement About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com.last_img read more

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Free support for Midlands charities from the gunnercooke foundation

first_imgFree support for Midlands charities from the gunnercooke foundation Melanie May | 23 February 2021 | News “We live in an unequal society and the pandemic has exposed some harsh truths, so we have a real responsibility to do as much as we can to help. The gunnercooke foundation is already helping 80 small and medium sized charities across the UK, by helping them to grow the good work that they do including connecting them with business experts in their area.“I’d also like to appeal to industry leaders to get involved with our projects. CSR is so much more than painting a fence or a staff away day. The gunnercooke foundation gives a range of ways for businesspeople to use their skills, experience and expertise to help the third sector develop and thrive. It’s a fantastic opportunity for leaders to make a direct difference in their local community.”Charities can find out more about the gunnercooke foundation and apply for free membership via the website. Law firm gunnercooke is seeking Midlands-based charities to offer free support to through its charity arm, the gunnercooke foundation.The gunnercooke foundation connects businesses with charities and not for profits through several projects including inspire* and infuse*. Work includes supporting charity CEOs to enhance their effectiveness, growing charities’ networks and services through peer support hubs, mentoring, workshops and 1-2-1 sessions to grow business techniques and strategies, as well as undertaking projects for its charities.The firm recently opened its new office in the centre of Birmingham and now has plans to grow the foundation’s work in this region.The Midlands hub is currently led by gunnercooke Partner Claire-Elaine Arthurs, who is dual qualified as both a Solicitor and Business Strategy Consultant and has a history of working with not-for-profit and charitable organisations in the area.Arthurs commented:“As part of our growth in the Midlands we are reaching out to more charities and not-for-profit enterprises in the area to offer our support. We have a fantastic network of business leaders and industry professionals who are committed to supporting third sector leaders grow their organisations so that they can achieve more and make the difference they want to see in the world happen faster.”gunnercooke Co-Founder, Darryl Cooke, commented: Advertisement  238 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThiscenter_img Tagged with: FREE About Melanie May Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via www.thepurplepim.com. AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThislast_img read more

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The trillion-dollar student loan bubble

first_imgA recent issue of Bloomberg Business Week ran a feature headline: “Student Loans, the Next Big Threat to the Economy?”Being the mouthpiece of big business, it did not occur to Business Week to run the more appropriate headline: “Student Debt, Huge Crisis for Students.”But Business Week was much more concerned with potential problems for the capitalist economy and the latest findings by the Federal Reserve Board that student debt topped $1 trillion in the third quarter of 2013. What bothers the bankers is that, as loans rise, the default rate is also rising and reached 11.8 percent in the same period. The Fed also worried that, with so much debt, student graduates will be “unable to buy cars and homes,” which will “really delay the cycle.” This is a reference to a wished-for capitalist recovery, which always seems to be just around the corner but never seems to arrive.The figures on student debt conceal the extra burden suffered by Black, Latino/a and other oppressed students because they are generally poorer and suffer discrimination in the job market, making it even harder to repay these crushing loans. The racism of the government statisticians keeps this information in the background.The U.S. ruling class came through a near total collapse in 2008 that was triggered when bubbles burst in the housing market and other credit markets.This column recently reported on the growing auto-loan bubble. (See the Feb. 20 Workers World, or go to the workers.org website.) Now the Federal Reserve Board and other capitalist institutions are beginning to seriously worry about a student loan bubble.A generation of indentured servantsThe average outstanding student debt jumped from $26,600 in 2011 to $29,400 in 2012. (CNNMoney, Dec. 4, 2013) College tuition is going up all around the country and family incomes are declining as the crisis continues to take its toll. The federal government, which originates most of the loans, and private companies that loan at very high interest rates are creating a generation of indentured servants — a generation of workers who must spend much of their lives paying back student debt.Under the law, a student loan is the only type of loan that is completely exempt from the bankruptcy laws. The financial industry made sure of that. No one can get protection from payment of a student loan by declaring bankruptcy. So students are saddled for life. Much student debt is owed by people in their 40s and 50s. A loan is nothing less than a claim on future wages. If a graduate is not chained to a job by the need for health care, then he or she will definitely be bound by long-term student debt.Education: source ofparasitic financial profitKarl Marx long ago explained that under capitalism education is primarily for the purpose of training the future generation of exploitable labor — both skilled and unskilled. In modern times, a small elite group of students is trained as managerial agents to facilitate exploitation by the ruling class.The aim of educating the broad masses of people, as far as the capitalist establishment is concerned, is to create the necessary level of skill required by the bosses for production of their profits, in whatever industry or service it might be.But the latest crisis stage of capitalism at a dead end has a distinctive feature. Technology is destroying on a massive scale many of the jobs that require a college education. Yet everyone in the establishment, from President Barack Obama on down, is calling for more education, more college enrollment, as the key to the future.High debt and low payBut here is what the future really looks like. Right now, 48 percent of college graduates are underemployed — that is, working at jobs that do not require a bachelor’s degree. For example, 15 percent of taxi drivers have bachelor’s degrees, as do 24 percent of retail sales workers, 18 percent of telemarketers, 18 percent of bartenders, 23 percent of amusement and recreation workers, and the list goes on. (Bureau of Labor Statistics, reported in businessinsider.com of Aug. 22, 2013)As projected by the BLS, only one of the top 20 growth industries in the U.S. is going to require a bachelor’s degree “with the biggest growth areas generally being in the worst paying, including home health care, retail sales, and food service.” (New York Times, Feb. 12)How is this generation of millions of students with hundreds of billions of dollars of student debt supposed to pay off these debts working at low-wage to medium-wage jobs? By living at their parents’ homes; by taking two and three jobs; by taking out credit card loans. In other words, they will be forced to live paycheck to paycheck and without a future.If the present is bleak under the new high-tech capitalism, the future is more so. The National Center for Education Services (NCES) projects that 19 million students will have graduated from four-year colleges between 2010 and 2020, but the BLS projects that only 8.5 million of the new jobs available will require a college degree.This is the irrationality of capitalism. It has reached a stage where higher education is no longer just for the training of an exploitable skilled labor force. It has become a source of profit for colleges, universities, bankers and loan institutions instead of preparation for a future livelihood.It is a big lie that education is the answer. Not under capitalism at a dead end. The simple truth is that education does not create jobs. In fact, capitalist technology destroys jobs by putting skills into software, robots and other automated systems.The answer to the student debt crisis is to cancel the debt and create free, quality education for all — and good jobs for every graduate. These justifiable demands should be raised and fought for, but they can only be fully implemented when education serves society and not profit-making. And that can happen only when capitalism is destroyed and socialism is established.Fred Goldstein is the author of “Low-Wage Capitalism” and “Capitalism at a Dead End,” which has been translated into Spanish as “El capitalismo en un callejón sin salida.”FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more