Speech

Isabel Schnabel: From laggard to leader? Closing the euro area’s technology gap

Retrieved on: 
Saturday, February 17, 2024
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This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.

Key Points: 
  • This paper, by means of a DSGE model including heterogeneous firms and banks, financial frictions and prudential regulation, first shows the need of climate-related capital requirements in the existing prudential framework.
  • We further show that relying on microprudential regulation alone would not be enough to account for the systemic dimension of transition risk.

US election: how Trump and his followers use offensive humour to make prejudice acceptable

Retrieved on: 
Friday, February 16, 2024

Hannity asked Trump to guarantee he would not abuse his power or seek retribution if he was reelected in 2024.

Key Points: 
  • Hannity asked Trump to guarantee he would not abuse his power or seek retribution if he was reelected in 2024.
  • But evidence suggests that Trump may, in fact, abuse power and seek retribution if he regains the presidency.
  • For example, Trump hinted that he will use the Department of Justice to persecute his political adversaries.
  • So Trump’s jokey response may tell the truth, or at least a distorted version of the truth.
  • But what’s different is the type of humour that Trump and the politicians that follow him indulge in.
  • Telling an offensive joke serves up prejudice and hatred with a side order of irony.
  • Delivered with a nod and a wink, humour reassures us that it’s all just “a bit of fun”.

Joking aside

  • In his 1905 book The Joke and its Relation to the Unconscious, Freud argued that jokes – especially offensive ones – reveal our inner urges.
  • We are trained from an early age to be kind and polite to other people.
  • But offensive jokes let us temporarily pause social prohibitions and flirt with our innermost fantasies.
  • After all, Trump was only joking about being a dictator.


Nick Butler does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

EQS-News: Aurubis: Multimetal provider underscores strategic growth path at Annual General Meeting

Retrieved on: 
Friday, February 16, 2024

The multimetal provider is currently investing around € 1.7 billion in strategic projects to secure and strengthen its core business, pursue growth options in recycling in particular, and continue expanding the company’s pioneering role in sustainability.

Key Points: 
  • The multimetal provider is currently investing around € 1.7 billion in strategic projects to secure and strengthen its core business, pursue growth options in recycling in particular, and continue expanding the company’s pioneering role in sustainability.
  • We’re taking the company to a whole new level.”
    The first secondary smelter for multimetal recycling in the US is a key component of the growth course.
  • They’ll begin making another important contribution to a functional circular economy,” Roland Harings underscored at the Annual General Meeting.
  • In total, 64.55 % of the share capital with voting rights were represented in the Annual General Meeting.

7 crucial issues casting a shadow over Prabowo-Gibran’s likely Indonesian election victory

Retrieved on: 
Friday, February 16, 2024

After four election attempts and three presidential races, the 72-year-old Defence Minister is set to succeed President Joko “Jokowi” Widodo, who has been in power for a decade.

Key Points: 
  • After four election attempts and three presidential races, the 72-year-old Defence Minister is set to succeed President Joko “Jokowi” Widodo, who has been in power for a decade.
  • We summarised the views of nine academics on seven crucial issues that have become public discussions following recent presidential and vice-presidential debates.

1. Human rights and freedoms on the line

  • Prabowo had admitted his involvment in the kidnapping of pro-democracy activists in May 1998 riots, but said he released them.
  • Eka said it was concerning that Prabowo did not include any commitment to resolve past human rights violations in his election platform.
  • “Hoping for Prabowo to resolve the past human rights cases seems impossible.
  • It is difficult to expect Prabowo to be able to fully protect human rights, including civil, political, economic and socio-cultural rights of the entire community,” Eka said.

2. The New Capital’s funding challenge

  • Prabowo-Gibran’s victory means the development of the New Capital city in East Kalimantan, one of Jokowi’s signature projects, will continue as planned.
  • With many of Prabowo-Gibran’s campaign programs requiring substantial funding, including the free lunch and internet programs, money will be tight.
  • “There is still a burden from the debt inherited by the Jokowi administration, and the interest is also very high.
  • This does not include the risk of biodiversity loss due to the reduction in cover.

3. Food estate’s risk of failure

  • However, amid a changing climate and the risk of extreme weather, the food estate project is at high risk of failure.
  • Prabowo must reconsider the food estate project, Angga said, because Indonesia had already experienced two losses by forcing itself to boost mass agriculture: the Suharto-era million-hectare rice field project in Central Kalimantan and the food estate project in Merauke in Papua.

4. Strategies for nickel and other industries

  • Additionally, given its status as one of the world’s biggest nickel producers, Indonesia’s export ban on raw nickel and the flood of semi-finished nickel products in the international market has seen global nickel prices plummet.
  • Krisna said the downstream aspirations echoed by Prabowo-Gibran were not only about nickel, but also crude palm oil, coal and digital downstreaming.
  • “Some of these industries are varied, and many require a wide scale that may not be sufficient if they only rely on the domestic market.

5. Improving teacher and lecturer welfare

  • One study found increased welfare could encourage educators to improve the quality of the teaching and learning process.
  • Another study in 2019 showed the fulfilment of adequate welfare for teachers would increase teachers’ enthusiasm when working.
  • Hariyadi concluded that although necessary, improving welfare was not the only component needed to enhance the quality of public services, especially in the education sector.

6. Protecting independent research and academic freedom

  • In the presidential debates, Prabowo and his two competitors did not explain their understanding of academic freedom.
  • The discussion about the political environment, academic autonomy and the legal environment determining academic freedom was nowhere to be found.
  • Masduki said Prabowo should acknowledge academic autonomy from the very beginning: from planning research topics and building the research environment to receiving funding not flavoured with political messages.

7. Progress on helping children grow

  • The prevalence of stunting cannot go down quickly in only one leadership period, as it is caused by many factors.
  • “The Health Ministry has a program for the first 1000 days of a child’s life, starting during pregnancy.
  • “The target (of the program) is unclear, whether (it is) to overcome stunting, malnutrition or other nutrition.
  • Ultimately, budget allocations may hinder the efforts to reduce stunting, as Jokowi government has eliminated the mandatory spending for health.

Ross Garnaut and Rod Sims have proposed a $100 billion-a-year fossil fuel tax – and it’s a debate Australia should embrace

Retrieved on: 
Friday, February 16, 2024

Leading Australian economists Ross Garnaut and Rod Sims this week sought to shake up the carbon policy debate in Australia, by proposing a tax on the nation’s fossil fuel production.

Key Points: 
  • Leading Australian economists Ross Garnaut and Rod Sims this week sought to shake up the carbon policy debate in Australia, by proposing a tax on the nation’s fossil fuel production.
  • They claim it could raise A$100 billion in its first year and position Australia at the forefront of the low-carbon revolution.
  • The proposal has been rejected by the federal government and the Nationals, as well as business groups and the fossil fuel industry.

How would the tax work?

  • It involves a “carbon solutions levy” applied to all fossil fuel extraction sites in Australia (around 105 sites), and on all fossil fuel imports to Australia.
  • The tax would presumably be calculated according to the emissions generated when the fuels are burned.
  • Garnaut and Sims say proceeds in the first year of the levy would be well over A$100 billion.
  • And as Garnaut also outlined in his speech, climate change threatens Australia’s economy, which remains heavily dependent on exporting fossil fuels.

Is the levy a good idea?

  • The purpose of a carbon tax, or levy, is to ensure polluting companies pay for the damage they cause.
  • In theory, the taxes make polluting production processes more expensive than the alternatives, reducing demand for those products.
  • The world, including Australia, has committed to reaching net-zero emissions by 2050.
  • After more than a decade of the so-called “climate wars” in Australia, the term “carbon tax” remains politically unpalatable.

The rest of the world got the memo

  • Notably, from 2026 a European Union tariff on carbon-intensive imports will come into effect.
  • The policy is designed to level the playing field for EU manufacturers that must pay a penalty for their own pollution.
  • In coming years, we can expect other jurisdictions to implement similar policies to guard their domestic industries.
  • And finally, imposing a carbon levy in Australia would ensure we get to keep the revenue for ourselves.

Will such a levy ever happen?

  • But as the world comes to terms with the economic reality of climate change, Australia risks being left behind.
  • As Garnaut told the ABC, everyone is a winner under the plan, except fossil fuel companies which, he conceded, “will hate it”.
  • But climate change is wreaking havoc on human communities, on natural systems, and on the global economy.
  • A carbon levy of the type proposed is an eminently sensible approach to get to net zero.


Ian A. MacKenzie does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

Brooke Eby, ALS Patient and Advocate, to deliver Keynote Address at 2024 MDA Clinical & Scientific Conference

Retrieved on: 
Thursday, February 15, 2024

New York, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The Muscular Dystrophy Association (MDA) today announced Brooke Eby will be the keynote speaker at the 2024 MDA Clinical & Scientific Conference (being held in Orlando, FL March 3-6), where she will address the world’s leaders in neuromuscular disease research and care.

Key Points: 
  • New York, Feb. 15, 2024 (GLOBE NEWSWIRE) -- The Muscular Dystrophy Association (MDA) today announced Brooke Eby will be the keynote speaker at the 2024 MDA Clinical & Scientific Conference (being held in Orlando, FL March 3-6), where she will address the world’s leaders in neuromuscular disease research and care.
  • As the largest US gathering focused solely on neuromuscular diseases including ALS, the 2024 MDA Clinical & Scientific Conference promises to delve into the latest research advancements and clinical achievements in the field.
  • "We are honored to have Brooke Eby grace our conference to share her story and insights as a patient and as a patient advocate," remarked Sharon Hesterlee, Ph.D., Chief Research Officer, MDA.
  • Members of the neuromuscular community who are registered with MDA are welcome to participate in the virtual conference at no-cost.

Prabowo Subianto is poised to succeed in lifelong quest to become Indonesia’s president. This is why it’s so worrying

Retrieved on: 
Thursday, February 15, 2024

The runner-up, Anies Baswedan, appears to have secured around 24 to 25% of the vote, while Ganjar Pranowo is sitting on just 17%.

Key Points: 
  • The runner-up, Anies Baswedan, appears to have secured around 24 to 25% of the vote, while Ganjar Pranowo is sitting on just 17%.
  • How did he achieve this remarkable turnaround, and what kind of leader will he be for the country?
  • Read more:
    Cute grandpa or authoritarian in waiting: who is Prabowo Subianto, the favourite to win Indonesia's presidential election?

Prabowo’s winning alliance with Jokowi

  • Jokowi was barred by a two-term limit from running again.
  • So, this time – to the surprise of many – he decided to throw his very considerable electoral weight behind his former rival, Prabowo.
  • Although Jokowi claimed to be neutral in the campaign and never explicitly endorsed any candidate, his position became clear when it was announced that Prabowo’s vice-presidential running mate was Jokowi’s oldest son, Gibran Rakabuming Raka.

A major political shake-up

  • Because Jokowi is a member of former president Megawati Soekarnoputri’s PDI-P party, his supporters would normally have backed PDI-P’s presidential candidate, Ganjar.
  • But Jokowi sabotaged Ganjar’s campaign by implicitly supporting his rival, leaving Ganjar to run a distant third.
  • Given the controversies behind the Prabowo campaign, the losers are likely to challenge the result in the Constitutional Court.

So, what’s next?

  • Under the Indonesian system, he must wait until October to be sworn in.
  • Second, the democratic regression that marked Jokowi’s decade in office is only likely to increase under Prabowo.
  • If he eventually breaks with Jokowi, it could force another major – and turbulent – reconfiguration of Indonesia’s political elite.
  • Read more:
    Even with a 30% quota in place, Indonesian women face an uphill battle running for office

Implications for the West

  • Dealing with all this will create challenges for the West, but there are other problems that diplomats will have to confront.
  • The human rights abuses Prabowo is alleged to be responsible for as a former Special Forces commander – including in East Timor and Papua – are serious.
  • They meant he was denied a visa to the US for many years, and could lead to protests if he visits Western countries as president.


Tim Lindsey receives funding from the Australian Research Council.

Prabowo Subianto is likely to succeed in lifelong quest to become Indonesia’s president. What kind of leader will he be?

Retrieved on: 
Thursday, February 15, 2024

There will likely be no need for a run-off election in June.

Key Points: 
  • There will likely be no need for a run-off election in June.
  • How did he achieve this remarkable turnaround, and what kind of leader will he be for the country?
  • Read more:
    Cute grandpa or authoritarian in waiting: who is Prabowo Subianto, the favourite to win Indonesia's presidential election?

Prabowo’s winning alliance with Jokowi

  • Jokowi was barred by a two-term limit from running again.
  • So, this time – to the surprise of many – he decided to throw his very considerable electoral weight behind his former rival, Prabowo.
  • Although Jokowi claimed to be neutral in the campaign and never explicitly endorsed any candidate, his position became clear when it was announced that Prabowo’s vice-presidential running mate was Jokowi’s oldest son, Gibran Rakabuming Raka.

A major political shake-up

  • Because Jokowi is a member of former president Megawati Soekarnoputri’s PDI-P party, his supporters would normally have backed PDI-P’s presidential candidate, Ganjar.
  • But Jokowi sabotaged Ganjar’s campaign by implicitly supporting his rival, leaving Ganjar to run a distant third.
  • Given the controversies behind the Prabowo campaign, the losers are likely to challenge the result in the Constitutional Court.

So, what’s next?

  • Under the Indonesian system, he must wait until October to be sworn in.
  • Second, the democratic regression that marked Jokowi’s decade in office is only likely to increase under Prabowo.
  • If he eventually breaks with Jokowi, it could force another major – and turbulent – reconfiguration of Indonesia’s political elite.
  • Read more:
    Even with a 30% quota in place, Indonesian women face an uphill battle running for office

Implications for the West

  • Dealing with all this will create challenges for the West, but there are other problems that diplomats will have to confront.
  • The human rights abuses Prabowo is alleged to be responsible for as a former Special Forces commander – including in East Timor and Papua – are serious.
  • They meant he was denied a visa to the US for many years, and could lead to protests if he visits Western countries as president.


Tim Lindsey receives funding from the Australian Research Council.

Luis de Guindos: Monetary policy, financial stability and medium-term growth in the euro area

Retrieved on: 
Thursday, February 15, 2024

Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.

Key Points: 
  • Our approach relies on a term structure model of traded headline inflation-linked swap rates, which we assume span core inflation.
  • The model provides estimates of market-based expectations for core inflation, as well as core inflation risk premia, at daily frequency, whereas core inflation expectations from surveys or macroeconomic projections are typically only available monthly or quarterly.

GIGI'S PLAYHOUSE CELEBRATES 21 YEARS OF ACCEPTANCE AND HOPE WITH ANNUAL "i have a voice" GALA

Retrieved on: 
Wednesday, February 14, 2024

CHICAGO, Feb. 14, 2024 /PRNewswire/ -- For twenty-one years, GiGi's Playhouse has changed the way the world sees Down syndrome and spread a global message of acceptance to millions around the globe. To celebrate its 21st anniversary and to double down on its unwavering commitment to provide over 30,000 individuals and their families with free, life-changing resources and programming, the organization will host its annual "i have a voice" Gala on Saturday, February 24th, at the Renaissance Schaumburg Convention Center Hotel.

Key Points: 
  • "In 21 years, we've grown this organization from one Playhouse to an international network of nearly 60, with more on the way.
  • I'm so excited to bring our community together and celebrate 21 years of free programs, belief, inspiration, education and achievement."
  • Live music from 7th Heaven alongside a silent and live auction to fund the ever-important mission to spread acceptance and free resources for those with Down syndrome.
  • To learn more about GiGi's Playhouse's "i have a voice" Gala, visit www.gigisplayhouse.org/gala .