Latest news with #Germanic
Spectator
7 hours ago
- Business
- Spectator
What's the score on ‘score'?
The courtship rituals of the Treasury and the Office for Budget Responsibility last ten weeks. The consummation is a fiscal event, such as the Budget coming in the autumn, if we survive. Eligible young ladies used to have dance cards on which to enter the names of their suitors. The Treasury has a scorecard on which its proposed measures are drawn up for the OBR to score. The analogy is with the cricket field rather than the ballroom. The OBR score indicates its forecast for spending, receipts and public debt. It also takes into account knock-on effects of a policy change. This is called dynamic scoring. I had to ask Veronica about this and, since it's years since she split up with her unsatisfactory City trader, she might have got it wrong. In 2021 the OBR had to explain that the dynamic effect of a rise in tobacco duty was so large that 80 per cent of the increase was lost to the Treasury. After the increase, people changed their behaviour: some gave up cigarettes, some rolled their own and not a few got cigarettes from illegal sources. Is that where all those Turkish barbers come in? There was a response that benefited government coffers when it cut the top rate of tax from 50 to 45 per cent in 2012. The static effect would have cost the Treasury £3.8 billion. But behavioural changes, such as hours worked, meant the OBR's estimate of the loss of revenue was only £100 million. Dynamic scoring shares an etymology with the score cut in pork skin to make crackling – from a productive ancient Germanic word that also gives us shear, shard and share (used for ploughing). Dynamic scoring is also a variant of the scoring done by our Anglo-Saxon forebears cutting a score in a stick every time they'd counted 20 sheep. 'The days of our age are threescore years and ten,' says the Psalm, 'and though men be so strong that they come to fourscore years, yet is their strength then but labour and sorrow.' We know the score.
Economic Times
6 days ago
- Business
- Economic Times
France's new revolution: Work more, earn less in the land of the 35-hour work week
iStock There's been only one topic of conversation in the brasseries of France this week: Prime Minister Francois Bayrou's proposal to scrap two of three public holidays in the month of May to contain the spiraling budget deficit. In the land of the 35-hour work week, this is tantamount to treason. Most of the public seems to hate it, unions have called it a declaration of war and the far right has called it a outrage is a little overdone. Knocking off two public holidays would leave the French with nine, which looks positively Germanic — until you add their 25 paid vacation days, which gets France in almost the same ballpark as Spain. (And no need to mention the extra days that many private-sector workers get for working more than 35 hours.) And while there's been plenty of gnashing of teeth at Bayrou's description of the month of May as 'gruyere' cheese — full of holes — it's kind of true. France is a place where the calendar is a Sudoku puzzle to find the ideal combo of holidays and vacation; this year, it's been possible to strategically place five days' vacation and get 32 days off. But even if this idea somehow survives the political backlash, there are two problems with it. One is that in terms of getting the French economy out of the doldrums, it's small beer. It would theoretically add about €4.2 billion ($4.9 billion) to the public purse, which works out to about 10% of the savings the government is looking for next year. The other is that it amounts to working more for less, instead of the 'work more to earn more' philosophy promoted by President Emmanuel Macron when he was first elected. Workers would get no extra pay for the month while at the same time being exposed to other belt-tightening measures the government has in store. It's a stopgap, not a structural structural reforms are what France needs to keep its social model from running out of road. While it's wrong to say that France is the new Greece, it has among the highest debt and deficit ratios in the euro area and among the lowest growth rates (though ahead of Germany). Its 'open-bar' economy is under long-term pressure from demographic decline and weak productivity. And while recent reforms have gone in the right direction, even Macron has reverted to type by spending big in a crisis but failing to cut back when the storm subsides. That makes it harder in the long term to invest in the skills, technology and infrastructure that are critical to boosting prosperity in the long of adopting the language of a household living beyond its means, which will only aggravate parliamentary bust-ups over soaking the rich and shrinking the state, the Macron administration should talk more about valuable resources that remain untapped. These include getting more people into work, not shaking an extra two days out of those already in it. OECD data suggests that France's overall employment rate of 69% is still below average — closing the gap could add as much as 10% to output, according to Natixis SA economist Patrick Artus. More jobs for older workers, getting more women into work and a smart approach to immigration would help growth, offset the demographic challenge of the boomer retirement wave and reduce the pressure on public finances. The tax burden on workers already saps firms' ability to raise obviously won't suddenly defuse the mud-slinging in a divided society. Nor will it suddenly create a productivity miracle, unless artificial-intelligence startups like Mistral suddenly deliver a breakthrough. But if the aim is preserving a French and European way of life at a time of slowing growth, there are better ways to get there than re-slicing the public-holiday gruyere. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. What's keeping real retail investors out of the Nvidia rally Instagram and YouTube make billions off creators. Should they pay up for their mental health? Markets need to see more than profits from Oyo The hybrid vs. EV rivalry: Why Maruti and Mahindra pull in different directions. What's best? Stock Radar: Why is CDSL looking an attractive buy at current levels? Check target & stop loss for long positions Get ready for volatility with the big, better & experienced. 7 large-caps from different sectors with an upside potential of up to 39% Buy, Sell or Hold: Motilal Oswal sees over 20% upside in Tech Mahindra; YES Securities maintains add call on ICICI Lombard Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Mint
6 days ago
- Business
- Mint
Work More to Earn Less: France's New Revolution
(Bloomberg Opinion) -- There's been only one topic of conversation in the brasseries of France this week: Prime Minister Francois Bayrou's proposal to scrap two of three public holidays in the month of May to contain the spiraling budget deficit. In the land of the 35-hour work week, this is tantamount to treason. Most of the public seems to hate it, unions have called it a declaration of war and the far right has called it a provocation. The outrage is a little overdone. Knocking off two public holidays would leave the French with nine, which looks positively Germanic — until you add their 25 paid vacation days, which gets France in almost the same ballpark as Spain. (And no need to mention the extra days that many private-sector workers get for working more than 35 hours.) And while there's been plenty of gnashing of teeth at Bayrou's description of the month of May as 'gruyere' cheese — full of holes — it's kind of true. France is a place where the calendar is a Sudoku puzzle to find the ideal combo of holidays and vacation; this year, it's been possible to strategically place five days' vacation and get 32 days off. But even if this idea somehow survives the political backlash, there are two problems with it. One is that in terms of getting the French economy out of the doldrums, it's small beer. It would theoretically add about €4.2 billion ($4.9 billion) to the public purse, which works out to about 10% of the savings the government is looking for next year. The other is that it amounts to working more for less, instead of the 'work more to earn more' philosophy promoted by President Emmanuel Macron when he was first elected. Workers would get no extra pay for the month while at the same time being exposed to other belt-tightening measures the government has in store. It's a stopgap, not a structural reform. And structural reforms are what France needs to keep its social model from running out of road. While it's wrong to say that France is the new Greece, it has among the highest debt and deficit ratios in the euro area and among the lowest growth rates (though ahead of Germany). Its 'open-bar' economy is under long-term pressure from demographic decline and weak productivity. And while recent reforms have gone in the right direction, even Macron has reverted to type by spending big in a crisis but failing to cut back when the storm subsides. That makes it harder in the long term to invest in the skills, technology and infrastructure that are critical to boosting prosperity in the long run. Instead of adopting the language of a household living beyond its means, which will only aggravate parliamentary bust-ups over soaking the rich and shrinking the state, the Macron administration should talk more about valuable resources that remain untapped. These include getting more people into work, not shaking an extra two days out of those already in it. OECD data suggests that France's overall employment rate of 69% is still below average — closing the gap could add as much as 10% to output, according to Natixis SA economist Patrick Artus. More jobs for older workers, getting more women into work and a smart approach to immigration would help growth, offset the demographic challenge of the boomer retirement wave and reduce the pressure on public finances. The tax burden on workers already saps firms' ability to raise wages. This obviously won't suddenly defuse the mud-slinging in a divided society. Nor will it suddenly create a productivity miracle, unless artificial-intelligence startups like Mistral suddenly deliver a breakthrough. But if the aim is preserving a French and European way of life at a time of slowing growth, there are better ways to get there than re-slicing the public-holiday gruyere. More From Bloomberg Opinion: This column reflects the personal views of the author and does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners. Lionel Laurent is a Bloomberg Opinion columnist writing about the future of money and the future of Europe. Previously, he was a reporter for Reuters and Forbes. More stories like this are available on
The Star
6 days ago
- Business
- The Star
The road to wealth? Why formerly Roman-populated areas remain richer
Formerly Roman-populated areas of Germany still tend to be wealthier than areas where they did not settle, in part thanks to the Roman Empire's infrastructure, new research suggests. That, plus political unity and Roman economic systems all boosted trade, agriculture and the extraction of resources. These difference can still be seen today, according to a new study that shows former Roman areas are richer and more densely populated than former Germanic territories. The differences can even be proven for directly neighbouring regions, says historian Fabian Wahl from the Vienna University of Economics and Business. The Roman Empire, lasting from 625 BCE to 476 CE, started with the establishment of the city of Rome. Over the centuries that followed, it expanded militarily and economically, increasing its reach throughout the Mediterranean and beyond. The Romans built forts, roads and engineering feats such as aqueducts. Beyond infrastructure they also established a unified currency, administration and bureaucracy. They erected buildings, including facilities for plumbing and sanitation. Germany as we know it today was never fully conquered by the Romans. During the Roman Empire, Germania was a vast area stretching from the east of the Rhine River to the Danube – encompassing today's Germany, Poland, the Czech Republic, Slovakia, Hungary and Austria. The frontier of the Roman Empire ran from the left bank of the Rhine through to Augsburg in Bavaria, with the Romans covering a third of modern-day Germany. The line that marks the area they reached is known as the Limes Germanicus, the frontier of fortifications that bound the Roman provinces, separating them from the Germanic tribes further north and east. The former Roman areas in Germany are more densely populated even today, and they are also wealthier and more life-affirming. Citizens start more businesses and live on average six months to a year longer, the research shows. 'We compared counties, cities and even individuals in the immediate vicinity of the old Roman border, the Limes,' says Wahl. You would actually expect there to be no major differences because the regions are so close and the landscape is almost identical, he says. 'The Roman border was often drawn rather randomly and not according to economic considerations,' he adds. The Limes north-east of Stuttgart ran for 80km in a dead straight line as if drawn with a ruler. 'So it wasn't the case that the Romans consistently colonised fertile areas and ignored poor soils,' Wahl says. 'Then today's differences would be relatively easy to explain – but that's not the case.' From economic development, innovation and entrepreneurship through to personality traits, life satisfaction and health of inhabitants, Wahl published three studies each focusing on a different aspect of the advantages stemming from Roman settlement. For example, trying to ascertain population density, Wahl and his team looked at night-light intensity of the different German regions and realised that the former Roman areas still shine brighter at night. Looking into the effects of the Romans on personality traits such as conscientiousness or consideration, they analysed data from some 90,000 survey participants. 'In total, over 100,000 observations were included in the studies,' says Wahl. Roads played a key role in the differences, according to Wahl. The persistence of the Roman road network until the present is an important factor giving formerly Roman areas a developmental advantage, both by fostering city growth and by allowing for a denser road network, the researchers say. Today, many German motorways still follow Roman trade routes amazingly closely. Roman foundations such as Cologne, Trier and Mainz became bishoprics early on and therefore remained important administrative centres in the Middle Ages. Within the city of Cologne, property prices in the once Roman-populated left bank of the Rhine are still higher today than on the right bank of the Rhine, then seen as barbarian country. 'It can be argued, for example, that the Roman bathing culture established higher standards of hygiene, which then had an effect far beyond Roman times,' Wahl says. – dpa
New York Post
15-07-2025
- Science
- New York Post
Mysterious 1,600-year-old settlement emerges from soil with rare Roman military finds
Archaeologists recently uncovered a mysterious Roman-era settlement site in Germany, complete with building remains and hundreds of artifacts dating back nearly two millennia. The Schafbreite site, located within the western German town of Delbrück, has been settled since the first century A.D. The site was recently excavated by the Regional Association of Westphalia-Lippe (LWL). Advertisement In a June 13 statement, the LWL announced the results of its excavation, revealing a trove of discoveries that mostly date back to the fourth and fifth centuries A.D. Officials identified hundreds of ancient features at the site, including numerous holes in the ground that were likely from ancient wooden posts. After months of careful digging, archaeologists also found two 'clearly identifiable' buildings, along with two pit houses, two wells and a cremation grave — along with several hundred artifacts. 5 Archaeologists excavating a Roman-era settlement in Germany. EggensteinExca/S. Knippschild via LWL Advertisement 5 Ancient Roman glass bead. LWL Archaeology for Westphalia/A. Madziala 'Seven hundred and fifty individual finds were recovered from the ancient cultural layer preserved under a thick ash soil, 600 of which were metal,' said the LWL's statement, translated from German to English. Archaeologists also explained that the site 'must have been settled at different times, making it a multi-period settlement site.' 'The finds from various periods also show the inhabitants had access to Roman material culture.' Advertisement 'The finds from various periods also show that the inhabitants had access to Roman material culture,' the press release said. The statement added, 'The new excavations have expanded the picture of this site, as a burial has now been confirmed: The isolated cremation grave contained remains from the pyre, such as charcoal, cremated remains and parts of burned grave goods.' 5 Excavated Roman-era well shaft in Germany. EggensteinExca/S. Knippschild via LWL 5 Carved wooden beam unearthed at a Roman-era settlement in Delbrück-Bentfeld, Germany. LWL Archaeology for Westphalia/A. Madziala Advertisement 'Experts date this buckle to the 4th or 5th century based on its shape. It further confirms the settlers' contact with the Roman cultural sphere, as it belonged to the Roman military belt,' officials said in a statement. Historians were unable to identify the mysterious burial. The LWL speculated that the deceased person may have been a Germanic mercenary in the Roman military. '[It's] a special find, as it is the first burial in East Westphalia where parts of a Roman military belt have been detected, previously only known from surface finds in other regions,' officials said. Other discoveries at the site included a cattle trough, a construction pit with ceramics and a three-foot-wide well that was made from tree trunks. 'The organic preservation was so good that we recovered not only wood but also a leather fragment and even an insect wing,' excavation manager Sven Knippschild noted. He added, 'Completely extraordinary and unique for the Migration Period in Westphalia was the discovery of a beam piece with various tool marks on the last day of excavation.' '[It] was certainly once part of a house and was later recycled for the well construction.' Sven Spiong, a lead archaeologist at LWL, said the site offers a glimpse into what life was like during the Migration Period. Advertisement 5 Eyelet from a Roman military belt. EggensteinExca/S. Knippschild via LWL The era, also known as the Barbarian Invasions, was a time of significant upheaval and change in Europe, lasting from roughly 300 to 600 A.D. 'Sites like these help us better understand how the people of the region lived and worked during the arrival of the Romans and in the following centuries.' 'Sites like these help us better understand how the people of the region lived and worked during the arrival of the Romans and in the following centuries, what interregional contacts and connections they had, and how the settlement structure changed during the Migration Period,' Spiong said. Advertisement Even though the excavation has wrapped up, the recent discoveries are just the beginning of researchers' study of the archaeological site. Experts plan to analyze the wood and charcoal found at the site to help date the site more precisely. Archaeologists will also look at some soil from the well to learn more about what the area around Bentfeld was like over 1,600 years ago. 'This [study] may reveal changes in vegetation, landscape, and settlement between the time around the birth of Christ and around 400 A.D.,' LWL archaeologist Julia Hallenkamp-Lumpe noted.
