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  • A Silver Lining? The European Energy Crisis through the Lens of Directed Technical Change

    A Silver Lining? The European Energy Crisis through the Lens of Directed Technical Change

    Summary

    This paper examines how productivity dynamics and, as a consequence, potential output, are affected by energy price shocks. We do this through the lens of a model of endogenous technical change where firms adjust their investment in non-energy productivity and energy productivity in reaction to the economic environment. Higher energy prices prompt a shift in investment from enhancing non-energy (capital and labor) productivity to improving energy efficiency. The resulting gains in energy efficiency act as an important macroeconomic buffer, but cannot fully offset the adverse input price effect and the transitional cost of shifting investment away from non-energy productivity. We thus find that the change in European energy prices following the 2022 shock reduces the level of euro area potential GDP by 0.8 percent by 2027. The impact on potential growth is temporary, and will have dissipated by that time. Energy efficiency itself is projected to rise by about three percent, offering a silver lining to the crisis. We estimate that the output effect would have been around two-thirds larger had energy efficiency not cushioned the impact of the price shock.

    Subject: Energy conservation, Energy prices, Environment, Fuel prices, Potential output, Prices, Production, Productivity

    Keywords: Directed Technical Change, Energy conservation, Energy Efficiency, Energy Price, Energy prices, Europe, Fuel prices, Innovation, Potential output, Productivity, Productivity

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  • Nashville’s Anzie Blue and Honda Powersports go global on New Year’s Eve with a star-studded musical event highlighting the best of Music City

    Nashville’s Anzie Blue and Honda Powersports go global on New Year’s Eve with a star-studded musical event highlighting the best of Music City

    The spirit of Music City was on full display on New Year’s Eve as indie music venue Anzie Blue and Honda Powersports partnered to present Anzie Blue New Year’s Eve Live, a first-time musical event featuring a genre-spanning lineup that…

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  • The Integration of Global Value Chain in the EU: Stylized Facts and Drivers

    The Integration of Global Value Chain in the EU: Stylized Facts and Drivers

    Summary

    This paper examines EU global value-chain (GVC) integration and analyzes its drivers using machine learning models, with case studies of Portugal and Belgium. GVC participation appears to boost productivity and technology upgrading, but also brings concentration risks in the current environment. Results indicate labor cost, labor productivity and human capital as key drivers, supported by infrastructure, manufacturing base, and governance quality. Portugal remains downstream, constrained by low high-tech intensity, while Belgium is highly integrated but exposed to sectoral shocks. Strengthening the EU single market, capital-market integration, and individual countries’ investment in skills, innovation, and diversification would bolster resilience while preserving the benefits of openness.

    Subject: Economic sectors, Exports, Global value chains, Globalization, International trade, Manufacturing

    Keywords: Backward Linkages, Europe, Export, Exports, Forward Linkages, Global, Global Value Chain Integration, Global value chains, Machine Learning Methods, Manufacturing

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  • ‘Heavyweight’ podcast host Jonathan Goldstein on whether people can really change

    MARY LOUISE KELLY, HOST:

    Every week, a guest draws a card from NPR’s Wild Card deck and answers a big question about their life. Jonathan Goldstein is host and creator of the “Heavyweight” podcast. On the…

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  • Gold, silver prices edge up across Pakistan following global trend

    Gold, silver prices edge up across Pakistan following global trend

    KARACHI (Dunya News) – Gold and silver prices recorded an increase across Pakistan on Saturday, reflecting a bullish trend in the domestic precious metals market amid supportive global cues and steady local demand.

    According to the All Pakistan Sarafa, Gems and Jewellers Associations, the price of 24-karat gold rose by Rs3,700 per tola to Rs473,262. The price of 10 grams of 24-karat gold increased by Rs3,172 to Rs405,745, while 10 grams of 22-karat gold climbed Rs2,908 to settle at Rs371,946.

    Market analysts say the upward movement indicates renewed strength in the local gold market, driven by international price fluctuations and ongoing investor interest.

    On the international front, gold prices also registered a modest gain, with the metal trading at $4,509 per ounce, up $37. The rise in global prices contributed to higher interbank rates in Pakistan.

    Silver prices followed a similar upward trajectory. The price of 24-karat silver increased by Rs270 per tola to Rs8,465, while 10 grams of silver rose by Rs232 to Rs7,257. In the international market, silver was priced at $79.90 per ounce, up $2.7.

    Experts note that the continued rise in gold and silver prices reflects growing demand for precious metals as a safe-haven investment amid ongoing economic and market uncertainties.

     


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  • Governor Stein Announces Johnson & Johnson Will Build Second Major Facility in Wilson County

    Raleigh, N.C.

    Today Governor Josh Stein announced Johnson & Johnson, the world-leading health care company, will expand its presence in North Carolina.  The company says it will make an additional multibillion dollar investment in the City of Wilson. According to the company, the project is estimated to create up to 500 new jobs at a state-of-the-art drug product manufacturing facility that will help deliver transformational medicines for oncology and neurological diseases.

    “I appreciate Johnson & Johnson’s confidence that North Carolina is an ideal place to expand their business and create more good-paying jobs,” said Governor Josh Stein. “Life sciences leaders continue to select North Carolina because our skilled workforce and commitment to specialized training deliver the talent companies need to help patients in the United States and around the world.”

    The project announced today marks the third time in just over a year that Johnson & Johnson has selected North Carolina’s renowned life sciences cluster as the ideal place to help meet its goal of manufacturing the majority of its advanced medicines in the U.S. to support the needs of U.S. patients. In October 2024, J&J announced its first project in Wilson, a $2 billion investment that will create 420 jobs on a pharmaceutical manufacturing campus for innovative biologics. Construction of that facility is underway, and the company reports it is already ramping up the hiring of advanced manufacturing employees. In August 2025, the company secured a new 160,000-square-foot site in Holly Springs dedicated to biopharmaceutical manufacturing. That $2 billion commitment over the next 10 years will create 120 new jobs, according to the company.

    “We are pleased to make another significant manufacturing investment in North Carolina. This new facility is the third North Carolina project announced by Johnson & Johnson in the past year and will help to further accelerate the delivery of our portfolio of transformational medicines for patients,” said Jennifer Taubert, Executive Vice President, Worldwide Chairman, Innovative Medicine, Johnson & Johnson. “North Carolina is an important life sciences hub, and we look forward to increasing our presence in the state.”

    “North Carolina has one of the largest life sciences workforces in the nation,” said N.C. Commerce Secretary Lee Lilley. “Economic and workforce development collaboration is critical to ensuring we have the foundation and business climate for innovators like Johnson &Johnson to succeed, and we remain laser-focused on maintaining and strengthening our leadership in the life sciences.”

    J&J’s new Wilson project will be supported by an expected legislative appropriation of $12 million to expand the training center at Wilson Community College. A grant from the state’s Industrial Development Fund – Utility Account is also expected.

    “Once again, Johnson & Johnson—healthcare’s leading, most comprehensive, and innovative powerhouse—has recognized the value of doing business in North Carolina, and specifically in Wilson County,” said N.C. Senator Buck Newton. “North Carolina’s low tax environment and our investment in the Best Center at the Wilson Community College continues to attract new, high paying jobs to the region. This major investment in a new top-tier manufacturing operation underscores Johnson & Johnson’s confidence in Wilson and our state and is a big part of its commitment to invest $55 billion in new U.S. manufacturing, research and development, and advanced technology.”

    “Johnson & Johnson’s continued investment in Wilson County is creating new pathways for our people to access high-value careers in the life sciences,” said N.C. Representative Dante Pittman. “This growth further underscores the need for workforce training initiatives, such as the BEST Center of Eastern North Carolina and BioWorks high school programs, to ensure our region is prepared to support and partner with this critical industry. We are honored that Johnson & Johnson has once again chosen Wilson County as a partner in its mission to build a healthier world.”

    Partnering with the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina on this project were the North Carolina General Assembly, the North Carolina Biotechnology Center, the North Carolina Community College System, the North Carolina Department of Environmental Quality, Wilson Community College, the BioPharma Crescent, Wilson County, the Wilson Economic Development Council, and the City of Wilson.

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  • LitePoint clears testing milestone with Qualcomm’s upcoming Wi-Fi 8 platform

    LitePoint clears testing milestone with Qualcomm’s upcoming Wi-Fi 8 platform

    Even as the world is still settling into Wi-Fi 7, the next generation is already moving from concept to test bench

    In sum— what to know:

    LitePoint validates Qualcomm’s Wi-Fi 8 hardware: LitePoint achieves PHY level validation of…

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  • Triumph Announces Schedule for Fourth Quarter 2025 Earnings Release and Conference Call :: Triumph Financial, Inc. (TFIN)

    Triumph Announces Schedule for Fourth Quarter 2025 Earnings Release and Conference Call :: Triumph Financial, Inc. (TFIN)





    DALLAS–(BUSINESS WIRE)–
    Triumph Financial, Inc. (NYSE: TFIN) today announced that it expects to release its fourth quarter financial results and management commentary after the market closes on Monday, January 26, 2026. Upon filing, the financial results and commentary will be available on the Company’s IR website at ir.triumph.io.

    Aaron P. Graft, Vice Chairman and CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Tuesday, January 27, 2026.

    The live video conference may be accessed directly through this link, https://triumph-financial-q4-2025-earnings.open-exchange.net/registration or via the Company’s IR website at ir.triumph.io through the Financial Results link. An archive of this video conference will subsequently be available at the same location, referenced above, on the Company’s website.

    About Triumph

    Triumph (NYSE: TFIN) is a financial and technology company focused on payments, factoring, intelligence and banking to modernize and simplify freight transactions. Headquartered in Dallas, Texas, its portfolio of brands includes Triumph, TBK Bank and LoadPay.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 11, 2025. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Investor Relations:

    Luke Wyse

    Executive Vice President, Head of Investor Relations

    lwyse@tfin.com

    214-365-6936

    Media Contact:

    Amanda Tavackoli

    Senior Vice President, Director of Corporate Communication

    atavackoli@tfin.com

    214-365-6930

    Source: Triumph Financial, Inc.

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  • Slowtwitch in 2025: Behind the Numbers

    Slowtwitch in 2025: Behind the Numbers

    We know, we know: it’s already the second week of January. Enough with the 2025 wrap-up stuff! We hear you.

    But — we wanted to give you, our community, a peek…

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