LKAB, Sweden’s government-owned mining company, has found a deposit of more than a million tons of rare earth minerals near its Kiruna iron ore mine in Lapland.
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CHINA’S POPULATION DECLINES FOR FIRST TIME IN 61 YEARS
In 2022, for the first time since 1961, the last year of what is known as the Great Famine, China’s population decreased, according to the National Statistics Bureau, signaling demographic and economic headwinds as the country seeks to become the world’s dominant economy.
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TOP TREND, FROM DIRTY CASH TO DIGITAL TRASH: DIGITAL CURRENCIES ARE COMING
As of last week, 114 countries representing 95 percent of the world’s economic output were exploring, testing, or issuing digital versions of national currencies, according to the Atlantic Council.
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ECONOMISTS: EXPECT A RECESSION THIS YEAR
Two-thirds of private- and public-sector economists at the World Economic Forum at Davos, Switzerland, this month expect a recession this year, a survey conducted earlier this month by PwC Global found.
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WHEN THE ECONOMY FALLS JOBS GO WITH IT
This is our 25th week reporting the long trend-line of layoffs that signal a further economic downturn in a country near you. Inflation and interest rate hikes are causing companies in many sectors to lay off employees. An average of 1,600 tech workers have been laid off every single day of 2023 so far. The Great Resignation is not yet over.
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TOP TREND 2023, OFFICE BUILDING BUST: NEW YORK CITY’S WORKFORCE SHARPLY SHRINKING
New York City’s economy added just 13,500 jobs in December, leaving payrolls about 12 percent smaller than before the COVID era. That translates to 300,000 fewer jobs in town. The city’s unemployment rate is now 6 percent, almost double the national rate, The New York Post reported. Black and brown communities have lost the most jobs and......
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DEATH OF JOURNALISM: NEWS COMPANIES CUT BUDGETS
With digital ad revenues projected to fall by more than 10 percent this quarter, news organizations are cutting staff to balance their budgets.
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HOMES SELL AT SLOWEST PACE SINCE 2014
The number of existing U.S. homes sold in 2022 was 17.8 percent smaller than in 2021, marking the industry’s worst sales year since 2014, according to the National Association of Realtors (NAR).
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M&A PROFITS TANK FOR MAJOR BANKS
Fees for structuring mergers and acquisitions and underwriting stock issues were down 49 percent at Morgan Stanley last year and 48 percent at Goldman Sachs, the companies reported, as deals dried up amid rising interest rates, continuing inflation, and a gloomy economic outlook.
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RADIOACTIVE, RADIO SILENCE IN THE WEST: CHINA URGES JAPAN TO HOLD OFF ON FUKUSHIMA DUMP INTO SEA
China said Japan is acting recklessly after its decision to release cooling water laced with toxic tritium from storage tanks at the disabled Fukushima Nuclear Power Plant—and said an outside body should have input because it affects the entire ocean.