Author: IBL News

IBL News | New York

Chinese public education companies are losing billions in the U.S. stock market this year due to their deceptive marketing and the penalties received.

A ClassCentral.com report this month states that five companies lost a combined $10 billion in market value in the NYSE since mid-February.

In addition to marketing and advertising misleading, these organizations practice falsifying teachers’ competencies and exaggerate students’ learning progress. Chinese news platforms are reporting about these scandals, as well.

The Ministry of Education in Chine released last February a report titled “Key points of the Ministry of Education’s work in 2021” announcing that the country’s Government would deepen the governance of training institutions.

Experts said that “the result of the tightened regulations has been devastating for many companies.”

Class Central reported:

“On April 25, 2021, Beijing imposed a maximum fine of US$80,000 on four private tutoring companies for misleading pricing. On May 10, 2021, a notice from the State Administration for Market Regulation (SAMR) showed that Zuoyebang and Yuanfudao were fined 2.5 million Chinese yuan for false advertising or deceptive marketing materials. On June 1, 2021 (Beijing), the State Administration for Market Regulation (SAMR) announced the maximum fines for another 13 off-campus training companies for their misleading advertising. In a short period of nearly a month, 19 educational organizations were fined for more than US$6 million.”

A view of the stock price for Chinese EdTech companies in the NYSE shows huge drops in market capitalization.

IBL News | New York

The new Skillsoft Corp will be listed on the NYSE (New York Stock Exchange), with the ticker “SKIL“, this Monday, June 14.

This company is the result of the purchase of the IT skills development firm Global Knowledge by Skillsoft and Churchill Capital Corp II (NYSE: CCX) — a special purpose acquisition company — for $1.5 billion.

The completion of the transaction was announced yesterday in a press statement.

IBL News | New York

The CDC — the U.S. Centers for Disease Control and Prevention — updated this week its COVID-19 guidance and announced that universities and colleges with fully vaccinated students, faculty, and staff can return to in-person learning, without requiring masks and social distancing.

For institutions of higher education where the campus population is not fully vaccinated, the CDC recommended a number of strategies for slowing the spread of COVID-19:

• Offering and promoting vaccination;
• Consistent and correct use of masks;
• Physical distancing;
• Handwashing and respiratory etiquette;
• Contact tracing in combination with isolation and quarantine;
• COVID-19 testing;
• Maintaining healthy environments (increased ventilation and cleaning); and
• Maintaining healthy operations (communications, supportive workplace policies, and health equity).

General public health considerations, such as encouraging hand washing, cleaning/disinfection, respiratory etiquette (covering coughs and sneezes), symptom screening, and contact tracing, still apply.

IBL News | New York

Coursera.org (NYSE: COUR) yesterday introduced its third annual Global Skills Report, which drew data on proficiency in 100 countries and revealed the top skills needed along with the learning hours required to develop them.

The study found that the digital skills gap in the U.S. worsened during the year of the pandemic — with 41% of unemployed people out of work for at least six months. Despite the accelerated digital transformation, the U.S. fell behind many countries in Europe and Asia.

The country ranked 29the globally, trailing behind Switzerland (#1) and Luxembourg (#2) in Europe, and Japan (#4), and Singapore (#10) in Asia.

According to Coursera, out of over 100 countries, the US ranked 40th in business, 35th in data science, and 30th in technology skills.

Inside America, the regional divide increased, with the South increasing its proficiency gap. The learning company found that 55% of the jobs in the South are middle-skill positions, which require training.

Regarding the time required to prepare for entry-level roles, the research stated that recent graduates and mid-career changers can develop entry-level, digital job skills in as little as 35 to 70 hours (or 1-2 months with 10 learning hours per week). On the other hand, someone with no degree or technology experience can be job-ready in 80 to 240 hours (or 2-6 months with 10 learning hours per week).

Other insights include:

• Learners must invest in both soft and technical skills to stay job-relevant in a rapidly evolving labor market. For example, an entry-level cloud computing role like a Computer Support Specialist requires learning both soft skills like problem solving and organizational development, and technical skills such as security engineering and computer networking. Similarly, entry-level marketing roles require data analysis software and digital marketing skills in addition to soft skills like strategy, creativity, and communication.

• The most transferable skills across all future jobs are in human skills like problem solving and communication, computer literacy, and career management. Foundational skills like business communication and digital literacy enable workers to participate in increasingly tech-heavy and global work environments. As people change jobs more frequently, job search and career planning skills will be critical to role transitions and sustaining employment.

McKinsey estimates 4.9 million low-wage US workers may need to transition into higher-wage roles and develop new skills to remain employed in the new digital economy.

A total of 97 million new digital jobs are still expected globally by 2025.

“Access to a variety of job-relevant credentials, including a path to entry-level digital jobs, will be key to reskilling at scale and accelerating economic recovery,” said Jeff Maggioncalda, Coursera CEO.

“This report helps governments and employers assess skill gaps in their workforce, identify roles that can be filled with diverse, non-traditional candidates, and details the specific skills that are needed for these roles.”

• Coursera’s Giobal Skills Report (54 pages, PDF)

IBL News | New York

London-based QS World University Rankings released yesterday its eighteenth edition placing MIT at the world’s best university for the 10th straight year.

The top five universities experience a significant reconfiguration: Harvard University (5th) falls out of the top three. Stanford University loses one position to be ranked third along with the University of Cambridge. Caltech also drops out of the top five for the first time since 2015.

In a major milestone, China hosts two of the world’s top twenty universities for the first time. 48% of Japan‘s universities decline.

The 2022 edition of QS, that is, Quacquarelli Symonds, an organization specializing in education and study abroad are based, ranked MIT as number one in 12 subject areas: Architecture; Chemistry; Computer Science and Information Systems; Chemical Engineering; Civil and Structural Engineering; Economics and Econometrics; Electrical and Electronic Engineering; Mechanical, Aeronautical and Manufacturing Engineering; Linguistics; Mathematics; Physics and Astronomy; and Statistics and Operational Research.

MIT also placed second in four subject areas: Accounting and Finance; Biological Sciences; Earth and Marine Sciences; and Materials Science.

IBL News | New York

edX.org announced this month the extension until June 2022 of its Online Campus Essentials initiative, a free solution for colleges and universities facing resource and technology constraints in the wake of the COVID-19 global health crisis.

This offering, part of the edX Online Campus product, follows edX’s vision of a global supply chain of content and credentials from universities.

Online Campus Essentials allows institutions to access for free a catalog of 100 hand-picked courses on technology, computer science, and business, taught by Harvard, MIT, Berkely, Georgia Tech, Columbia University, Oxford, TUDelft, IBM, and AWS, among other brands.

A survey from Cengage found that a majority of students show a positive attitude toward online and hybrid courses.

IBL News | New York

Bayer announced this month that the Degreed tool will power GoLearn, the healthcare and agriculture giant’s development portal used by 99,000-plus employees.

IBL News | New York

The White House announced this week an initiative called the COVID-19 College Challenge to encourage universities to get their communities — students, faculty, and staff — vaccinated.

This project is part of the Biden Administration’s campaign to accelerate vaccination, aiming for the goal of 70% of the U.S. adult population receiving at least one shot by July 4th.

First Lady Jill Biden and Secretary of Education Miguel Cardona kicked off the challenge on their social media platforms.

“I encourage every college and university to take this pledge and get creative in becoming Vaccine Champion Colleges,” said U.S. Secretary of Education Miguel Cardona.