Diversity: The road to success
Diversity is a good thing and necessary for companies. Several studies on the subject show that diversity is a prerequisite for larger economic success, but it can also trigger new conflicts.
Young people with a migrant background attending a training course in Leipzig, Germany
It s not a new revelation that diversity is good for companies. Germany is a diverse country, and a big deal of its productivity is based on this diversity, German Chancellor Angela Merkel said in a recent statement. We need to view diversity as an opportunity to harness its potential.
And the potential seems to be big. Companies with high gender diversity stand a 25% higher chance of securing above-average profits, according to a 2020 study by the consultancy McKinsey.
March 3, 2021 - Written by John Cameron
EUR/USD Exchange Rate Rangebound as EU Lockdowns Weigh on Eurozone Economy
The Euro to US Dollar (EUR/USD) exchange rate was largely muted today, with the pairing currently fluctuating around $1.20.
The Euro has suffered this week owing to largely underwhelming Eurozone economic data. Germany’s retail sales for January tumbled by -4.5, despite forecasts for a more modest contraction of 0.3%.
The Federal Statistics Office commented:
‘This decline can be explained by the ongoing coronavirus lockdown, which meant a closure of many retail stores since Dec. 16, 2020.’
Today also saw the publication of the latest Eurozone PMI Composite report for February, which came in at a lacklustre 48.8.
German exports to the United Kingdom fell by 30% on the year in January as the impact of Brexit turned Europe's largest economy away from the UK, exacerbating the hit to business from the coronavirus pandemic, official figures showed on Tuesday.
Nearby delivery oil futures on the New York Mercantile Exchange and the Brent contract on the Intercontinental Exchange fell for a third straight session Tuesday, with the international crude benchmark retreating more than 1%.
A survey by the Ifo Institute for Economic Research found almost 50 percent of Germany’s leading economists were unhappy with the current situation.
The Munich-based think-tank asked 177 economists and found 27 percent were “somewhat dissatisfied” and a further 20 percent were “very dissatisfied”.
Just 30 percent of respondents said they were “partly satisfied , 20 percent said they were rather satisfied and two percent were very satisfied .
Niklas Potrafke, head of the Ifo Centre for Public Finance and Political Economy, said: The results of the new economists panel suggest that there is still room for improvement in the coronavirus economic policy.”
Angela Merkel is under mounting pressure to reopen the economy (Image: GETTY)