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The impact of environmental regulation on clean innovation: are there crowding out effects?

Retrieved on: 
Tuesday, June 18, 2024
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    The wage-price pass-through across sectors: evidence from the euro area

    Retrieved on: 
    Tuesday, June 18, 2024

    Abstract This paper studies the pass-through from wages to producer prices using sectoral disaggregated data for the euro area.

    Key Points: 
      • Abstract This paper studies the pass-through from wages to producer prices using sectoral disaggregated data for the euro area.
      • We find a positive and statistically significant wage-price pass-through that reaches 50% after three years, which differs across sectors.
      • Instead, the estimates hint at an important role for international competition in the domestic market for the tradeable sector.
      • They also suggest that the sales destination matters: wage growth contributes to domestic inflation for goods but not to export inflation.
      • Finally, we also provide evidence of an increase in the wage-price pass-through after 2020, particularly in private services.
      • This illustrates how the link between wages and prices, the so-called wage-price pass-through, is a key element in understanding inflation developments.
      • Our results highlight a sizeable wageprice pass-through in the euro area, which stabilises at around 50% after two to three years.
      • In particular, we show that a higher import penetration in the domestic market lowers the wage-price pass-through in the industrial sector.
      • Overall, our results underscore the importance of considering sectoral heterogeneity when formulating a monetary policy response to wage pressures.
      • ECB Working Paper Series No 28xx 2 1 Introduction As inflation made a come back with the post-pandemic re-openings in 2021, wage developments also took centre stage.
      • This illustrates how the link between wages and prices, the so-called wage-price pass-through, is a key ingredient to understand inflation developments.
      • Our paper is the first to study the pass-through from wages to producer prices in the euro area using sectoral disaggregated data.
      • We highlight a sizeable wage-price pass-through in the euro area, which stabilises at around 50% after two to three years.
      • (2022), we also identify a new international channel at play: the wage-price pass-through in industry matters for domestic sales but not for exports.
      • Evidence for the euro area also shows that the wage-price pass-through is smaller in recessions than in expansions (Hahn, 2020).
      • In the United States, Peneva and Rudd (2017) find little evidence that changes in labor costs have a substantial effect on price inflation in recent years.
      • (2021) document a weakening of the wage pass-through in the United States, and attributes it to better-anchored inflation expectations.
      • Their results also document a weakening pass-through over time, in particular in the goods sector prior to the Covid-19 crisis.
      • (2023) show in a theoretical model that a combined increase in input prices and in wages amplify the total pass-through to prices.
      • Chin and Lin (2023) also find a rising ECB Working Paper Series No 28xx 4 pass-through from wages to consumer prices after the pandemic.
      • (2023) document an increasing inflationary effect, both to producer prices and consumer prices, of supply-chain constraints in manufacturing industries after Covid.
      • Similar evidence has been found for the United States (LaBelle and Santacreu, 2022).
      • The next section describes the data and highlights some salient stylized facts regarding inflation and wage dynamics across sectors.
      • 2 Data collection and stylized facts 2.1 Data collection We rely on dissagregated economic data at the sectoral level for the euro area from Eurostat.
      • More specifically, we gather indices on producer prices (PPI)2 , import prices of industrial goods3 , turnover, gross wages and salaries and hours worked.
      • 5 Specifically, we take the difference in log terms between the indices on gross wages and the indices on hours worked.
      • 9 Domestically produced goods or services can be sold domestically or exported, and the selling prices can differ depending on the sales destination.
      • However, the PPI series for goods sold domestically are only available for the industry sector in Eurostat.
      • ?Full sample? corresponds to the 2009Q1-2023Q2 sample, ?Pre-Covid? to the 2009Q1-2019Q4 sample and ?Post-Covid? to 2020Q1-2023Q2.
      • Table 1 provides summary statistics of the four-quarter change in producer prices, wages per hour worked and input prices.
      • The second and third vertical panels display the figures for the pre-Covid sample (2009Q1-2019Q4) and for the post-Covid sample (2020Q1-2023Q2), respectively.
      • Hence, for any given 2-digit sector s, we employ the change in labour productivity growth of the corresponding 1-digit sector s?.
      • Specifically, a 10% increase in input prices is associated with an increase in 6.9% in producer prices after one year.
      • , 20 quarters whereas the right-hand side panel reports the estimates of ?h from equation 2 separately for industry and private services.
      • We investigate this question for the euro area by estimating our baseline equation 2 separately for the industrial and for the private service sectors.
      • 4.1 Sectoral labour shares Private services sectors tend to be more labour-intensive than industrial sectors (see evidence for the euro area in Figure A1 in Annex).
      • The following columns further suggest that the wage-price pass-through remains non-significant, irrespective of whether the goods are exported to other euro area countries or outside the euro area.
      • Overall, these results provide evidence of an increasing wage-price pass-through in the euro area after Covid.
      • Globalisation and inflation: New cross- ECB Working Paper Series No 28xx 29 country evidence on the global determinants of domestic inflation.
      • More specifically, it asks the following question How do you expect your selling prices to change over the next 3 months?
      • Information on all of the papers published in the ECB Working Paper Series can be found on the ECB?s website.

    Singapore Tourism Board and Yuewen Strike Strategic Collaboration, Yuewen CEO Hou Xiaonan: Integrate the Full IP Industry Chain to Explore New Cultural Tourism Models

    Retrieved on: 
    Friday, June 14, 2024

    At the event, the Singapore Tourism Board and Yuewen signed a strategic cooperation agreement.

    Key Points: 
    • At the event, the Singapore Tourism Board and Yuewen signed a strategic cooperation agreement.
    • Ou Yanmei, Director of the Singapore Tourism Board, and Hou Xiaonan, CEO and President of Yuewen, attended the signing ceremony.
    • During the conference, Hou Xiaonan delivered a keynote speech titled "IP+Cultural Tourism: Creating a Super Cultural Magnet for Young People."
    • This event marked a significant milestone for Chinese IP going global and is an important step for Yuewen in building a global IP presence.

    Exploring New Paths for Sustainable Mountain Tourism Cooperation and Development - International Mountain Tourism Alliance Visits the UN Tourism and IUCN

    Retrieved on: 
    Sunday, June 9, 2024

    Guiyang, China--(Newsfile Corp. - June 9, 2024) - After the "International Mountain Tourism Day 2024" Theme Events, the International Mountain Tourism Alliance (IMTA) exchange delegation visited the headquarters of the International Union for Conservation of Nature (IUCN) and UN Tourism.

    Key Points: 
    • Guiyang, China--(Newsfile Corp. - June 9, 2024) - After the "International Mountain Tourism Day 2024" Theme Events, the International Mountain Tourism Alliance (IMTA) exchange delegation visited the headquarters of the International Union for Conservation of Nature (IUCN) and UN Tourism.
    • He proposed enhancing and optimizing projects such as the "Classification and Evaluation System of World Famous Tourism Mountains" and the "Report on World Mountain Tourism Development Tendency," and exploring trend-specific research collaborations on the joint development of the "Certification System of World Mountain Tourism Destinations," "Mountain Tourism and Biodiversity Conservation," and "Mountain Tourism Destinations Responding to Climate Change," jointly promoting mountain resource protection and sustainable tourism development.
    • She emphasized that reliable and accurate data collection is crucial for analyzing mountain tourism development trends and suggested potential cooperation in this area.
    • IMTA believe that with the concerted efforts of all parties, the future of sustainable mountain tourism looks promising.

    EQS-News: Significant increase in revenue in 2023 - Company examines financing options including uplisting from the Scale OTC segment to the regulated market (Prime Standard) of the Frankfurt Stock Exchange

    Retrieved on: 
    Monday, June 17, 2024

    Munich, 12 June 2024 - ParTec AG (ISIN: DE000A3E5A34 / WKN: A3E5A3) today published its annual financial statements for the 2023 financial year.

    Key Points: 
    • Munich, 12 June 2024 - ParTec AG (ISIN: DE000A3E5A34 / WKN: A3E5A3) today published its annual financial statements for the 2023 financial year.
    • According to the consolidated and individual financial statements, revenue increased by around 165 per cent from EUR 36.1 million to EUR 95.7 million.
    • ParTec reached further milestones in the 2023 financial year and laid important foundations for the company's long-term growth.
    • Another highlight in 2023 was the successful IPO on the Scale open market segment of the Frankfurt Stock Exchange in July.

    Pipeline update and final results for the year ended 31 January 2024

    Retrieved on: 
    Monday, June 17, 2024

    London, UK, 6 June 2024 - e-therapeutics plc, a company integrating computational power and biological data to discover life-transforming RNAi medicines, today announced its audited results for the year ended 31 January 2024 and provided an update on recent pipeline progress.

    Key Points: 
    • London, UK, 6 June 2024 - e-therapeutics plc, a company integrating computational power and biological data to discover life-transforming RNAi medicines, today announced its audited results for the year ended 31 January 2024 and provided an update on recent pipeline progress.
    • “The 2023/24 financial year was an important time for e-therapeutics, marking the beginning of a period of effective execution in advancing our therapeutic pipeline.
    • This was published today on the Company’s website at www.etherapeutics.co.uk/investors/financials-company-documents/ and will be posted to shareholders next week.
    • The Annual General Meeting will be held at 12:30 p.m. on Tuesday, 16 July 2024, at the Company's registered office at 4 Kingdom Street, Paddington, London W2 6BD.

    6 New Games Unveiled and AI Playmate Launched: YOOZOO GAMES 616 "Youth Day" to Continue Global Expansion

    Retrieved on: 
    Sunday, June 16, 2024

    YOOZOO GAMES pioneered a global live stream experience, broadcasting the 8th annual "616 Youth Day" celebrations to a worldwide audience for the first time.

    Key Points: 
    • YOOZOO GAMES pioneered a global live stream experience, broadcasting the 8th annual "616 Youth Day" celebrations to a worldwide audience for the first time.
    • During this event, YOOZOO GAMES launched its first AI product, “AI Playmate”, and initiated a campaign for its character design.
    • Celebrating with Millions of Global Players, YOOZOO GAMES Deepens Its Global Strategy
      This year's 616 Youth Day was celebrated globally for the first time through a live broadcast, engaging players of all YOOZOO GAMES products and enhancing player rewards.
    • To mark this year’s 616 Youth Day, YOOZOO GAMES introduced its first AI product, “AI Playmate”, making its debut during the live stream.

    Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against AXT, Inc. (AXTI)

    Retrieved on: 
    Friday, June 14, 2024

    You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

    Key Points: 
    • You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
    • If you purchased or otherwise acquired AXT securities during the Class Period, you may move the Court no later than July 5, 2024 to request appointment as lead plaintiff in this putative class action lawsuit.
    • To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
    • Glancy Prongay & Murray LLP, Los Angeles

    SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against AXT, Inc. – AXTI

    Retrieved on: 
    Thursday, June 13, 2024

    NEW YORK, June 13, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI).

    Key Points: 
    • NEW YORK, June 13, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against AXT, Inc. (“AXT” or the “Company”) (NASDAQ: AXTI).
    • Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
    • The class action concerns whether AXT and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
    • Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions.

    NKGen Biotech Presents Updated Phase 1 Data on SNK02 Allogeneic NK Cell Therapy for Solid Tumors at the 6th Annual Allogeneic Cell Therapies Summit 2024

    Retrieved on: 
    Wednesday, June 12, 2024

    Dr. Song also provided an update on the Company’s initial Phase 1 results using SNK02 to treat patients with advanced refractory solid tumors.

    Key Points: 
    • Dr. Song also provided an update on the Company’s initial Phase 1 results using SNK02 to treat patients with advanced refractory solid tumors.
    • Dr. Song’s presentation explored the potential benefits of eliminating pre-treatment lymphodepletion in patients undergoing SNK02 therapy, aiming to safeguard immune function and aid in recovery.
    • The presentation also included a discussion on the results from the Company’s Phase 1 SNK02 clinical study in solid tumors previously disclosed in a publication at the 2024 American Society for Clinical Oncology annual meeting.
    • SNK02 was well-tolerated as a monotherapy and appears to have some clinical activity against pretreated solid tumors despite the lack of lymphodepletion.