The European Union (EU), Japan, the U.K., and U.S. are in discussions to form a “minerals security partnership” to ensure supplies of rare earths and other critical minerals independent of, and in competition with, China, Bloomberg reported.
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RUSSIA CUTS OIL OUTPUT; OPEC REFUSES TO MAKE UP THE DIFFERENCE
Beginning 1 March, Russia will cut its oil production by 500,000 barrels a day, the Kremlin announced on 10 February.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is week 28 of our reporting the long trend-line of layoffs that signal a further economic downturn in a country near you. Rising inflation and rising interest rate hikes are causing companies in many sectors to lay off employees.
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A TELL TALE TREND: GIANT TOY COMPANY SEES SALES AND PROFITS PLUNGE
Mattel, home to Barbie dolls and Hot Wheels cars, posted fourth-quarter sales 22 percent below those of a year earlier as holiday sales stalled, the company said.
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HOUSING’S “POWER BUYERS” LOSE THEIR MOJO
During the zero interest rate and low mortgage rate COVID era’s housing boom, companies known as “power buyers” were flying high.
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WAGE GROWTH SLOWS IN THE SERVICE SECTOR
The U.S. services economy is much stronger now that consumers have satiated their appetite for goods during the COVID War.
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BINGO: U.S. HITS NEW RECORD TRADE DEFICIT IN 2022
Yes, the U.S. economy is doing great!
Inflation still high, wage growth sagging, and a country that was once called the Land of Opportunity has diminished to a country in which just 11 percent of its Gross Domestic Product comes from goods they manufacture.
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RUSSIANS CATCH GOLD FEVER
Demand for gold bars and coins in Russia last year shot up 400 percent, a greater increase than in any other country, after it invaded Ukraine and Western sanctions battered Russia’s economy.
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EVENTS CONVERGE TO PRESSURE FED TO RATES STILL HIGHER
U.S. interest rates are likely to rise higher than markets have predicted, U.S. Federal Reserve chair Jerome Powell said in a 7 February comment at a meeting of the Economic Club of Washington, his first statement since the Fed raised its key rate by a quarter point the week before.
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ZELENSKY SAID HE REFUSED TO HONOR MINSK PEACE ACCORD WITH RUSSIA
Ukrainian President Volodymyr Zelensky said in an interview last week that he informed the key players in the 2019 Minsk II Agreements—then-German Chancellor Angela Merkel, French President Emmanuel Macron—that the deal was essentially a “concession” and he would not abide by its guidelines.