LONDON — British tour operator Thomas Cook has ceased trading and all its hundreds of thousands of bookings cancelled after the firm failed to secure rescue funding.The Civil Aviation Authority announced the film’s collapse early Monday. More than 600,000 vacationers had booked through the company.CAA said 150,000 are British customers now abroad who will have to be repatriated.The group’s four airlines will be grounded and its 21,000 employees in 16 countries, including 9,000 in the UK, will be left unemployed.The debt-laden company had said Friday it was seeking 200 million pounds ($250 million) to avoid going bust, was in talks with shareholders and creditors to stave off failure.The Associated Press
“All of the evidence shows that if a young person is out of work for a year or more at the beginning of their career, that affects them throughout their working life,” Mr. Ryder said as he took the helm at the Geneva-based ILO today following his election in May.“There’s no way back for most of them. So we have to act urgently, we have to act now and we have to target young people.” Mr. Ryder said the ILO intended make youth employment “one of the priorities” in the coming months, adding that programmes offering youth work experience or training held promise and should be explored as one way of helping the 75 million unemployed young people find work.“Sounds expensive? It’s affordable,” said Mr. Ryder, a former General Secretary of the International Trade Union Confederation. “It’s an investment, not a cost.”On the wider jobs crisis, Mr. Ryder highlighted that ILO can play a crucial role in helping global policymakers seek inclusive solutions as part of a social dialogue.“Where people come together and find solutions which may require some pain, some sacrifice on their behalf, they’re much more willing to do so if they’ve been a party to reaching an agreement than simply on the receiving end of somebody else’s decision,” he said.Mr. Ryder also emphasized the international nature of the crisis, and argued that only an international response could adequately tackle it.“This crisis needs to be treated on the scale that it exists, the global level,” he said. “We have to construct global solutions. There will at the end be no sustainable national solutions to a world crisis.”But while Mr. Ryder said job creation was a clear goal, the question of job quality was also a critical issue – not only for individuals but also for the global economy.“Rights at work are essential to recovery,” he said. “I think we should not be led into the belief that creating more jobs means jettisoning international labour standards.”Mr. Ryder pointed to statistics showing that half of Europe’s poor households are dependent on one wage earner in the family. That underlined the importance of creating more quality jobs, he argued. “Standards provide the rules of the game in the world economy and they are a very important part of getting out of this crisis,” he said.