22.11.2021
THE SUSTAINABLE LADY FUND DISTRIBUTED BGN 10,000 IN SUPPORT OF WOMEN ENTREPRENEURS
The fund in support of innovative green projects of Bulgarian women entrepreneurs Sustainable Lady handed out its first prizes. It was established by First Investment Bank, together with Mastercard at the beginning of the year and has since welcomed its most courageous candidates through a competition with a prize fund of a total of BGN 10,000.
At a special ceremony in Sofia, the winners were announced in two categories: Start-up Business and Working Business. The special jury was composed of: Vanya Manova - MasterCard Manager for Bulgaria, Northern Macedonia, Albania and Kosovo; Nadia Koshinska - SME Banking Director and Member of the Management Board of Fibank and Mira Badzheva - journalist and publisher. It had to choose only the first two places, among the many applications received, each with a useful and valuable focus for society.
Svetoslava Simeonova from the Sofia2Go platform grabbed BGN 5,000 funding and first place in the Start-up Business category. She is the owner of a project aimed at solving the problem of food waste. First place in the other category - that for an already operating business, took Elitsa Ilieva, owner of "Elian Generation Varna" Ltd. - the first eco-friendly bar in Varna, established in 2015.
In the Starting Business category, two second places received the same number of votes. These include Ivelina Atanasova - Genchev from "SCOOP": analysis system and program for development of sustainable business policies - a unified certification system for measuring and analyzing the social, economic and environmental sustainability of business. The other award-winning project is by Nusha Spirova-Ognyanova from Cactus lab - The First Plant Maker Space, where adults and children can experiment, learn and create with plants.
Diana Boneva, creator of "Bikee.Fun" - a platform for renting electric bicycles, was ranked third in the category.
In the Working Business category, the jury determined second place for Reneta Borisova from Energomonitor Bulgaria EOOD, who trades in intelligent products for remote energy monitoring and real-time management. The same number of points was awarded to Gergana Noveva from Gipities EOOD - eco-oriented production with recycled and biodegradable materials. Third in the competition is Victoria Tsacheva from the Association for Social Responsibility and Development through Innovation (ASORI), which holds an annual interdisciplinary cultural festival. The ladies in second place in both categories received a diploma and a Silver Coin "Bulgarian Rose", and those in third place - a diploma and a Silver Bar Medallion "Glagolitic".
"We are pleased that the Sustainable Lady Fund has attracted courageous women entrepreneurs who want to work for a cleaner planet and given new meaning to the Mastercard Smart Lady program. We aim for the fund to grow every year and to honor and support green ideas on a regular basis. We recently announced that Mastercard is setting up a global laboratory in Stockholm - a center for research and development of digital products and environmental solutions to transform businesses in the financial sector - we believe that Sustainable Lady projects have a chance to be part of this laboratory“, shared Vanya Manova, Mastercard Manager for Bulgaria, Northern Macedonia, Albania and Kosovo.
"The Sustainable Lady Fund, part of Fibank's Smart Lady program, has the main goal - to help women who want to develop or develop sustainable business. Sustainable business is based on several main pillars - education, equal start, innovation, circular economy, but the most important thing is the desire to work in the name of the global idea - to leave future generations a cleaner planet. We saw this in each of the projects of the ladies who applied with their ideas. Which once again proved the thesis that the consistent, small steps that each of us takes every day in the direction of sustainability, will necessarily lead to the desired success at the global level," said Ilona Staneva, Marketing and Advertising Director at the bank.
The organizers have set a goal to launch a socially responsible initiative to further support the activities of the Fund for 2022, so that it can lend a hand to more and more innovative ideas aimed at protecting the environment.
Mastercard believes that innovation only adds value when it radically improves people's lives and the planet as a whole. That is why in 2020 Mastercard made a global commitment to support 25 million women entrepreneurs in the world to be included in the digital economy by 2025 and the project with First Investment Bank is part of this long-term global commitment. Sustainable Lady is also among the first projects of the green network of global and local Mastercard projects to support the environment.
19.11.2021
COMPANIES REFUSE TO HIRE A WORKER AS SOON AS THEY FIND OUT THAT THERE IS A TEMC
In the dynamics of the modern labor market, a person of a certain age may encounter difficulties in finding a job. This was stated by Assoc. Prof. Dr. Baki Hyuseinov - Deputy Chairman of the Commission for Protection against Discrimination.
On the other hand, employers, in the event of redundancies, start doing so with people who have been entitled to early retirement, and there is not even a preliminary conversation in this direction. There is no selection, no educational qualifications, no consideration for the professional qualities of the old staff, they are the convenient target. Complaints and allegations of incorrect, mocking or sarcastic tone from colleagues against older employees are also found, he added to BNR.
Some employers use discriminatory practices, mainly related to disability, age, gender, ethnicity. The manifestations of discrimination on the grounds of political affiliation, trade union affiliation, sexual orientation, as well as sexual harassment as a form of discrimination are not an exception, the data of the commission show.
People with disabilities are very often discriminated against in the field of employment. These people face problems in finding or staying a job when the employer gets acquainted with the decision of the TEMC regarding the condition of the incoming or already appointed employee or worker, said Assoc. Prof. Dr. Baki Hyuseinov. Then things change both in attitude and in terms of hiring promises.
The treatment of these people grows into harassment in the workplace, as verbal, which is mocking and sarcastic, undermining the dignity of the victim. Relevant actions are being taken to the detriment of the employee, leading to the tendentious creation of an inaccessible environment - unadapted toilets, suspended elevators, etc., he explained.
Often, gender complaints are from expectant mothers or young women returning from maternity leave against employers. The attitude of employers towards pregnant employees is not unambiguous, but in most cases it is not correct.
Experts advise victims of any kind of unequal treatment in the field of employment to seek the help of the Commission for Protection against Discrimination, overcoming fears and worries and consciously asserting their rights. In this way, they will help not only themselves but also other victims who have encountered problems with employers - a trend that is unfortunately evolving. When the accusations are substantiated and objectively proven, the CPD has mechanisms to limit such violations of the law, said Assoc. Prof. Dr. Baki Hyuseinov.
18.11.2021
BGN 250 MILLION UNDER THE MEASURE 60 TO 40
The government approved an additional transfer of BGN 250 million from the budget of the National Social Security Institute (NSSI), the press center of the official cabinet announced.
The funds will be used under measure 60 to 40 to maintain the employment of workers in the economic sectors affected by the coronavirus pandemic. By allocating the additional financial resource, about 65,000 employees will keep their jobs.
The funds will be provided at the expense of the reserve for unforeseen and/or urgent expenses for 2021 under the central budget in the part for supplementary and compensatory measures in connection with COVID-19 and others, as well as according to the amendments to The State Budget of the Republic of Bulgaria Act for 2021.
18.11.2021
BULGARIANS ARE WAITING TO START THEIR OWN BUSINESS
Bulgarians are cautious about starting their own business, as the reason is the pandemic, which makes the business environment in our country uncertain. The registrations of new companies in Bulgaria have slowed down to 6% for the period July-September compared to 37.9% for the period April-June, according to the latest Eurostat data.
The largest increase in registrations of new companies is in Romania by 34.5%, followed by Ireland with 27.4% and the Netherlands with 26.6%. The strongest decline was at the end of September in Denmark - 13.9%, followed by Lithuania with 10.9% and Belgium with 7.2%.
On average for the EU, registrations of new companies increased by 1.6% at the end of September compared to 53.4% at the end of June. At the same time, however, bankruptcies in Bulgaria decreased in the third quarter of the year on an annual basis.
Bankruptcy applications in Bulgaria fell by 3.5% at the end of September compared to the same period last year, after growing by 35.2% in April-June, according to Eurostat.
In Germany, the strongest decline in insolvency claims was reported in the third quarter - 48.5%, followed by the Netherlands with 42.9% and Poland with 35.8%.
On average for the EU, bankruptcies increased by 0.2% at the end of September with 21.1% growth at the end of June, the data show. The largest increase in companies went bankrupt in Lithuania with 52.6%, followed by Slovakia with 35.9% and Spain with 30.4%.
The number of bankruptcies in construction, as well as in finance and insurance, increased in the third quarter, Eurostat found. A decrease was reported in transport, accommodation and food services, trade, as well as in information and communications.
17.11.2021
UNEMPLOYMENT IN THE THREE NORTHWESTERN DISTRICTS OF MONTANA, VIDIN AND VRATSA HAS FALLEN
Unemployment in the three northwestern districts of Montana, Vidin and Vratsa at the end of October was 9.9 percent and compared to October 2020 there was a decrease of 2.4 percent, said the Regional Employment Service in Montana.
The number of unemployed decreased compared to September 2021 - by 0.2 percent. At the end of October, the number of unemployed registered in the labor offices in the three districts was 17,101 and was 377 less than at the end of September. Compared to a year earlier, the number of unemployed is 4168 less.
1125 people started a new job in October in the districts of Montana, Vidin and Vratsa, and 84 percent of them used the assistance of the labor offices in the northwestern region. In October, 405 people from risk groups were employed under subsidized employment programs.
Despite the decline, unemployment in the three northwestern districts is higher than the national average, the Montana Regional Employment Service said. The highest unemployment was registered in the municipalities of Ruzhintsi - 48.7 percent, Yakimovo - 39.8 percent, Hayredin - 36.4, Borovan - 35.6. The lowest unemployment rates are in the municipalities of Vratsa - 3.6 percent, Montana - 3.9 percent, Mezdra - 4.2 percent, Berkovitsa - 6.4 percent, Lom - 7.6 percent, etc.
17.11.2021
VIDIN REGION: 63% OF THE COMPANIES DO NOT HIRE NEW PEOPLE
In Vidin district, more than 63 percent of employers said they would not hire new staff for the next six months. This was announced by Ivan Ivanov, director of the "Labor Office" Vidin. The data are from a survey conducted by labor offices among employers in the region with the highest percentage of employed average monthly staff for the last year. Only 7.9 percent of employers said they would be laid off in the next six months.
Doctor, nurse and health care specialist are the most sought after professions now and for the next 12 months by employers in Vidin, requiring higher education. In Vidin region they are missing and there is a shortage of labor for these specialties. After them are the specialties - Specialist - projects, Psychologist, Engineer - electrical and construction, teacher and others. The most sought-after professions are secondary education - "Machine Operator", "Construction Assistant", "Assistant Dentist", "Economist". The wanted workers without qualification from employers in Vidin region are for waste collection, in agriculture and forestry, assistants in food preparation.
More than 76 percent of employers in the Vidin region said they had difficulty finding labor. Nearly 50 percent of them say that the next covid crisis or restrictive measures will not affect the stated needs for new staff. For the next three years, the most sought-after specialists with higher education are expected to be in administration and management, economics, mechanical engineering, and among those with secondary education - in wholesale and retail trade, gardening, construction.
Unemployment was recorded at a record low in BT Vidin for the month of October, where a level of 6.35 percent was reported. For the same period last year, unemployment was 9.45 percent. According to Ivanov, the reason for the low unemployment is the anti-crisis measures of the state.
17.11.2021
LABOR FORCE IN THE THIRD QUARTER (Q3)
From the beginning of 2021, the monitoring of the labor force in all EU Member States, incl. and in Bulgaria, is carried out in accordance with the requirements of Regulation (EU) 2019/1700 of the European Parliament and of the Council establishing a common framework for European statistics on individuals and households, based on individual data collected through samples and related implementing European Commission regulations in the field of labor statistics. These regulations require changes in the monitoring methodology, primarily related to the definitions of employment and unemployment, which is why the results of the labor force survey for 2021 are not fully comparable with those for previous periods.
Main indicators for the economic activity of the population in the third quarter of 2021:
Employment
In the third quarter of 2021 the total number of employed persons was 3 134.4 thousand, of which 1 677.3 thousand men and 1 457.1 thousand women. The employment rate is 53.4%, respectively 59.7% for men and 47.6% for women.
In the third quarter of 2021 1,967.0 thousand or 62.8% of the employed persons worked in the services sector, 952.6 thousand (30.4%) in industry and 214.8 thousand in agricultural, forestry and fisheries (6.9%). ).
Of all employees 3.8% (118.0 thousand) are employers, 7.1% (221.4 thousand) - self-employed (excluding employees), 88.5% (2 775.4 thousand) - employees, and 0.6% (19.6 thousand) - unpaid family workers. Of the total number of employees 2 104.5 thousand (75.8%) work in the private sector and 671.0 thousand (24.2%) - in the public sector.
In the third quarter of 2021, employment in different age groups is as follows:
The employed persons aged 15 - 64 years are 3 042.0 thousand. The employment rate for the population in the same age group was 69.5% (73.1% for men and 65.8% for women).
The employment rate for the population aged 15-29 is 36.7% (41.5% for men and 31.6% for women).
The employment rate for the population aged 20-64 is 74.5%, respectively 78.5% for men and 70.5% for women.
The employed persons aged 55 - 64 years were 610.1 thousand, or 66.2% of the population in the same age group (71.1% of men and 61.6% of women).
Unemployment
In the third quarter of 2021, 150.6 thousand people were unemployed, of which 85.4 thousand (56.7%) were men and 65.1 thousand (43.3%) were women. The unemployment rate is 4.6%, 4.8% for men and 4.3% for women.
Of all unemployed persons, 15.0% have higher education, 51.9% - with secondary education, and 33.1% - with primary or lower education. Unemployment rates by level of education are 2.1% for higher education, 4.3% for secondary education and 12.8% for primary and lower education, respectively.
In the third quarter of 2021 the number of unemployed persons with a duration of unemployment of less than one year was 73.0 thousand (48.5% of all unemployed), and that of the long-term unemployed (unemployed of one or more years) - 77.6 thousand (51.5%) ). The long-term unemployment rate is 2.4%, 2.6% for men and 2.1% for women, respectively.
Of the total number of unemployed persons 120.9 thousand, or 80.3%, had a previous job, which they left due to dismissal, redundancy or forced termination of business, termination of seasonal or other temporary work and other reasons, and 29.7 thousand, or 19.7 %, looking for a first job.
In the third quarter of 2021 the unemployment rate for the age group 15 - 29 years was 10.3%, respectively 10.7% for men and 9.8% for women.
Economic inactivity
In the third quarter of 2021 the total number of economically inactive persons (persons outside the labor force) was 2,588.1 thousand, of which 1,047.3 thousand (40.5%) were men and 1,540.8 thousand (59.5%) were women. The economically inactive persons aged 15 - 64 are 1,187.6 thousand, or 27.1% of the population in the same age group.
Slight GDP growth for the third quarter Q3
In the third quarter of 2021 the gross domestic product (GDP) increased by 0.4% compared to the corresponding quarter of the previous year and by 0.9% compared to the second quarter of 2021 according to seasonally adjusted data.
According to the express estimates of the NSI for the third quarter of 2021, the GDP in nominal terms reaches BGN 35,577.2 million. The realized value added in the third quarter of 2021 is BGN 30,652.5 million.
By elements of final use, the largest share in GDP is occupied by final consumption with 74.9%, which in value terms amounts to BGN 26,633.2 million. In the third quarter of 2021, gross capital formation was BGN 7,235.8 million and accounted for 20.3% of GDP. The foreign trade balance is positive.
Quarterly changes
In the third quarter of 2021, compared to the previous quarter, GDP according to seasonally adjusted data increased by 0.9%. For the same period the gross value added increased by 1.7%.
According to the express estimates of GDP by elements of final use in the third quarter of 2021, the reason for the registered economic growth according to seasonally adjusted data compared to the previous quarter is the increase in final consumption by 1.8%.
Annual changes
In the third quarter of 2021, GDP according to seasonally adjusted data increased by 0.4% compared to the same quarter of the previous year. Gross value added increased by 0.3%.
Final consumption registered an increase of 5.1%, while gross fixed capital formation decreased by 3.0% in the third quarter of 2021 compared to the corresponding quarter of the previous year according to seasonally adjusted data. Exports of goods and services increased by 12.5% and imports of goods and services increased by 11.1%.
16.11.2021
HOW TO REGISTER YOUR ONLINE STORE
Nearly 23,000 online stores have been declared to the NRA since the establishment of the register in 2019 until now. According to the requirements, all e-traders should submit information to the revenue agency about the sites through which they make sales, reminded by the NRA.
The announcement of the e-shops is entirely online through the Portal for electronic services of the Agency, accessible with a qualified electronic signature (QES).
In order to register, merchants must indicate the domain and name of the online store, contact details of the salesperson, contact details of the domain owner, information on where the online store is hosted, nomenclature of goods sold, etc., listed exhaustively in Annex №33 of Ordinance H-18.
The register also allows users to check whether the online store and the merchant from whom they buy goods or services are entered in it: https://portal.nra.bg/home.html#/goto:dec2009.REGREPESHOP.home.
It is also important for secure online shopping that consumers require a sales document from merchants. It is different and depends on the methods of payment for the goods and/or services. If the delivery is cash on delivery, the trader is obliged to issue a receipt. When paying by postal money order, customers must expect a receipt for the transfer from the postal operator, and the merchant must provide the customer with a paper or electronic document, which must contain the name and address for correspondence, identification number, name of the goods and the total amount. When paying for a purchase made on the Internet by bank transfer, it is very important to indicate the real reason for it.
Online retailers have the opportunity to register their sales by issuing a fiscal/system voucher in electronic form, which is sent by e-mail to the buyer, without the need to issue a paper document.
Another alternative option for documenting online sales is for bank card payments, and for these payments online merchants can provide their customers with a document replacing the fiscal/system voucher. It must contain some mandatory details such as name, date and unique number, details of the online merchant and others.
In order to take advantage of this order for reporting and registration of sales, e-merchants should accept absentee payments by credit and debit card, as their sales management software meets the requirements of Ordinance H-18. The NRA is conducting an information campaign aimed at both online retailers and consumers.
The aim of the initiative is to clarify in which cases the sale of goods on the Internet is subject to taxation, to encourage voluntary declaration of income and shopping by reliable retailers. Through the pages of the revenue agency on Facebook - "Get in time with the taxes" and "Get your receipt" will be explained the rights and obligations of online traders and their customers, as well as their ability to report if they come across an incorrect trader.
"More and more online retailers are choosing to come to light. This is due to the combination of encouraging voluntary compliance with tax rules and uncompromising control measures by the NRA against offenders," said Deputy Executive Director of the NRA Georgi Dimov.
16.11.2021
FINANCE ACADEMY BRINGS TOGETHER SOME OF THE BIGGEST NAMES IN THE WORLD OF INVESTMENT AND FINANCE
The entire investment and personal finance education program is open for enrollment until November 18th. Anyone who wants to enter the world of investment and learn methods for building long-term wealth can sign up at a symbolic price on the Finance Academy website. In less than a year, more than 3,500 people have received training provided by the organization. In connection with the successful start of the program, we present a comment from the founder of the initiative - Georgi Zahariev:
"I am happy that we launched the educational program and it enjoys such high interest - all this was an initiative that I took to heart with my supporters in the face of a team of experienced lecturers - practitioners, mentors, lecturers and professionals without analogue in Bulgaria. We all felt that in Bulgaria there is a need for quality financial education.
Unfortunately, many people do not have a stable income and have a relatively low level of financial culture - this is especially evident in the precarious situation caused by COVID-19. In addition, public education is not enough, it does not even teach us how to manage our money properly and raise our standard of living. It is only natural why many people still think that hiding money under the mattress is a good way to save. Therefore, we decided to prepare a systematic program of courses in understandable language and at an affordable price, which do not waste people's time and combine theory with practice. We have collected many examples and proven successful income enhancement strategies suitable for complete beginners.
Finance Academy was born from the need for knowledge on finance and investment in Bulgaria.
We are honored to have brought together a team of the biggest names in their fields globally. For the first time in Bulgaria, Mr. Plamen Monovski joins - the youngest CEO in the history of BlackRock. Most Bulgarians probably haven't heard the name, but he was the head of a company managing assets worth more than $ 9.5 trillion. He is a wonderful professional and a person who wants to share knowledge gained abroad about how Bulgarians can create long-term wealth. Personally, I do not think that there is another Bulgarian who has reached so high in the world of investment.
Next to him stands Prof. Daniela Bobeva - a consultant to the World Bank and former Deputy Prime Minister of the Republic of Bulgaria. Boris Pavlov, the founder of the largest innovative investment real estate management company, takes up the topic “Real Estate Investments”.
Valentin Mihov will talk about his experience in the world of cryptocurrencies first hand as an expert with experience in blockchain projects and a partner in investment funds and more. Of course, along with all of them is Georgi Vuldzhev - one of the most recognizable names on the Bulgarian economic scene, leading in terms of shares and their valuation.
The organization "Finance Academy" enjoys great interest from business in Bulgaria. Companies from different sectors want to support financial education and stand behind us in achieving this mission. I can share names like Postbank, Motion Software, Softuni and many more. We were also trusted by the students, and in less than a year more than 3,500 students have been trained with us. In addition, we will soon announce one of our key initiatives that will change Bulgaria and the lives of Bulgarians in the long run."
The Investment and Personal Finance program starts on November 22 (Monday) with the Personal Finance course from 19:00 online - on the platform of Finance Academy. Registration is open until November 18.
16.11.2021
INNOVATION CAN BEAT INFLATION
Technological progress may be the most powerful disinflationary force in a changing world. It seems that almost every economic conversation these days revolves around inflation. Each question seems to lead to another. Is it transient? Will it get worse? If so, when? And for how long? Which of the many factors - including growing demand for covid, supply chain shortages, fiscal and monetary incentives, energy policy, or any changes in the way we live, work and have fun since the pandemic - should be most important, as we try to get an idea of what's going on, Rana Foruhar asks in the pages of the Financial Times.
Throughout the debate, one issue receives very little discussion: the role of technology as perhaps the most important variable in what may happen to inflation over the next few years.
In every inflationary factor - labor shortages, transport bottlenecks, fuel costs or even long-term pressures such as an aging population - there is an impending technological change that could change pricing calculations in ways that are difficult to predict.
Take the transition to clean energy. Demand for electric vehicles is already raising the price of raw materials such as copper, lithium, nickel and cobalt. Green vehicles and power plants are much more metal-intensive than the technologies they replace. As more companies and countries move to a carbon tax and seek to curb fossil fuel production, energy prices may rise further in the short term.
But the broader timeline, of course, is what matters. While the rapid transition to a cleaner world will create some inflationary pressures, it will drastically reduce the cost of climate disasters in the long run.
Moreover, technological innovation itself ultimately reduces costs. Morgan Stanley data show that, leaving short-term jumps aside, commodity prices have been on a downward trend for 200 years. This is because every time an energy source becomes too expensive, a new one is invented to take its place.
Maybe we are heading for a cold and expensive winter. But given the sharply declining costs of renewable technologies such as solar panels and wind farms (and the increase in public and private investment in them), there is good reason to hope that over time the final destination can be a much better and a cheaper world - one that will eliminate the analogies with stagflation from the 1970s.
What about the inflationary aspects of the supply chain delay? Some logistics experts believe that the problems in the ports will continue for years. But we are already seeing the biggest and richest companies (Amazon, Walmart and Costco, for example) adapt to this through their own innovations.
These innovations will include more vertical integration (eg owning rather than renting some of their delivery containers to have more control), but also the use of artificial intelligence systems to better track deliveries. Autonomous vehicles, both trucks and ships, are enjoying renewed interest. The first autonomous container ship will be tested in Norway by the end of the year. If such systems slow traffic, some supply chain delays and price pressures will begin to fade.
As the Internet of Things becomes ubiquitous, more and more companies will use new technologies to improve efficiency. As Cathy Wood, CEO of Ark Investment Management, noted in a recent interview, such innovations, which include autonomous mobility, blockchain, gene modification, adaptive robots and neural networks, are more likely to herald a period of long-term deflation rather than inflation, given the depth and breadth of their impact in all areas of business.
Of course, this will change the labor market in a way we still cannot imagine. Technology, for example, could play an important role in easing inflationary pressures from aging baby boomers, which will require more care just as the workforce shrinks, by increasing the productivity of existing health workers and the system.
China, which has poured $ 1.5 billion into the use of large amounts of data in healthcare over the past decade (and many more billions in artificial intelligence), is likely to be the epicenter of diagnostics and healthcare innovation driven by artificial intelligence.
Policies to use voluminous data in sensitive areas such as health and finance will, of course, vary from country to country, as regulators struggle with the social consequences of such cutting-edge technologies. These differences in national policies could in themselves be inflationary if they contribute to cross-border frictions in global business and when it comes to the movement of people, goods and capital.
In a multipolar world, there will inevitably be more delays, shortages and inconsistencies between supply and demand in the short term.
Yet the fact that the global economy has become a bit more fragmented in the last few years is also an opportunity for technology-driven innovation that could eventually bring prices down. Think of vertical farms that grow produce minutes from where people consume it, telehealth platforms and virtual education that eliminate travel costs, and 3D production that addresses complex and remote supply chains.
These are just a handful of the many new technologies that are currently thriving. The change that such an innovation can bring is perhaps the only major disinflationary trend at the moment. But it may be the most powerful.
