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Girl Economics | 27th March 2024
Girl Economics Admin
March 27, 2024
In this edition…
We take a closer look at the famous startup accelerator Y Combinator, and introduce you to one of our editors!
Articles of the Day
Research from the Resolution Foundation suggests that the Minimum Wage, since its introduction in 1999 under Blair, has been one of the most successful economic policies of our time - do you agree? TOPICS: minimum wage, government interventions | Despite currently making some significant operating losses, Truth Social soared to a market capitalisation of almost $8bn amidst Trump’s legal trials in New York. Perhaps this will give authorities more confidence to move in and seize assets? TOPICS: Trump, stock markets |
In The News
CEOs flock to China
Global CEOs, including figures like Tim Cook and Darren Woods, are attending China's version of Davos, the China Development Forum, amid concerns about Chinese industrial oversupply impacting world trade. President Xi Jinping's recent visit to a German chemicals group signals support for foreign investment, but worries persist about trade tensions due to accusations of dumping (when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market). Despite uncertainties, US business leaders are showing increased interest in the forum, highlighting China's continued importance in global business strategies.
Fink’s Annual Letter is back
BlackRock CEO Larry Fink warned of a "retirement crisis" due to longer lifespans, urging reforms in pensions and working patterns. He highlighted that one in six people globally would be over 65 by 2050. In the US, the rise of undefined contribution plans and strain on social security leaves many unprepared. Fink called for collaboration between government and corporate leaders to address the issue. Over half of BlackRock's assets are retirement savings. Fink also addressed sustainable investing, advocating for "energy pragmatism" and acknowledging the need for both fossil fuels and green energy. While he didn't offer concrete solutions, he pointed to successful retirement models in Japan and Australia. Fink further stressed the importance of addressing despair among young people for the future of America.
Taking Protectionism Online
World Trade Organization Director-General Ngozi Okonjo-Iweala predicts that the first customs duties on digital products will be imposed in 2026, affecting both consumers and businesses. The 30-year exemption on these duties is set to expire, and some governments, particularly in developing economies like India and Indonesia, are eager to introduce tariffs to boost tax revenue. However, this move is opposed by other WTO members who argue it will increase costs and reduce competitiveness. Business groups advocate for extending the exemption, warning that imposing duties would raise costs and hinder digital trade.
IN DEPTH: Y is Y Combinator so impactful?
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