On his Substack, Construction Physics, Brian Potter discusses the history, importance, and uses of titanium. He writes: The earth contains a lot of titanium - it’s the ninth most abundant element in the earth’s crust. By mass, there’s more titanium in the earth’s crust than carbon by a factor of nearly 30, and more titanium than copper by a factor of nearly 100. But despite its abundance, it's only recently that civilization has been able to use titanium as a metal (titanium dioxide has been in use somewhat longer as a paint pigment). Because titanium so readily bonds with oxygen and other … [Read more...]
Is China Headed for Widespread Deflation?
Chinese producer prices fell 5.4% from a year ago, and consumer prices have been flat. Will deflation overtake China's consumer economy? Stella Yifan Xie reports for The Wall Street Journal: China’s consumer inflation flatlined in June after two months of meager growth, stirring fears among economists and investors that the world’s second-largest economy is on the verge of slipping into deflation. The country’s manufacturing sector, already in the grip of deflation, saw factory-gate prices fall at their fastest pace in more than seven years, the National Bureau of Statistics reported … [Read more...]
America’s Corn Export Dominance Threatened by Cheaper Competition
America has been the world's leader in corn exports for decades, but now that leadership is being threatened by cheaper exports from places like South Africa and Brazil. Stephen Starr reports for the BBC: American farmers' hard work and technological expertise has cemented its place at the top of the pile when it comes to corn exports. Every year, tens of millions of tonnes are shipped from the US to more than 60 countries around the globe. But its corn superpower status may be coming to an end. In fact, after decades at the top, it is on the verge of being overtaken as the world's … [Read more...]
Demand Drops for Independent Truckers
During the pandemic, disruptions to logistical chains and a spike in purchases for home delivery demand for independent truckers soared. With shoppers returning to stores and logistical chains being ironed out, independent truckers are struggling. Shannon Pettypiece reports for NBC: In the midst of the Covid pandemic, with consumers buying up goods for their lockdown lifestyles and supply chains snarled, Arnesha Barron saw a moment to make her dream of starting her own trucking company come true. The 39-year-old single mother of three teenagers had worked for six years driving a semitruck … [Read more...]
DUST IN THE WIND: Turbine Breakdowns Worry Wind Industry
Ongoing problems with Siemens wind turbines are frightening the entire wind industry as worries over quality and the cost of potential repairs of defective products sink in. Christoph Steitz and Nina Chestney of Reuters report: FRANKFURT/LONDON, July 7 (Reuters) - Siemens Energy's (ENR1n.DE) disclosure of quality issues in its newer wind turbine models has exposed broader challenges in a sector suffering from rushed development, soaring materials costs and a flawed market design. Siemens Energy shocked the wind sector in late June when it warned of faulty components and possible design … [Read more...]
JOLTED: Job Openings Fall by Half a Million
The number of job openings, as measured by the BLS's Job Openings & Labor Turnover Survey (JOLTS), fell by 500,000 in May to 9.82 million. You can see in the chart below that job openings are still well above the number of unemployed Americans, which was 6.09 million in May. The net 3.73 million additional openings compared to unemployed workers signals a continued tight labor market. … [Read more...]
Car Market Is the Least Affordable in Modern History
The market for automobiles is the least affordable in modern history, according to CoPilot CEO Pat Ryan in an interview with CNBC. Jessica Dickler reports: By nearly every measure, buying a car has become extremely expensive. Not only are new vehicle prices near an all-time high, but the interest rate to finance a purchase has also jumped dramatically. Now, fewer affordable new cars even hit the market, according to recent reports. Today, new cars priced under $30,000 make up just 8% of the market’s supply, down from 38% pre-pandemic, car shopping app CoPilot found. “It’s the least … [Read more...]
America Driving a Global Surge in LNG Exports
In a new analysis, the EIA detailed a surge in the global trade of liquified natural gas (LNG), driven by a rapid increase in exports from the United States. The EIA reports: Data source: CEDIGAZ, 2022 and International Group of Liquefied Natural Gas Importers (GIIGNL), 2012–2021 Note: GIIGNL has not released its 2022 report. In 2022, global trade in liquefied natural gas (LNG) set a record high, averaging 51.7 billion cubic feet per day (Bcf/d), a 5% increase compared with 2021, according to data by CEDIGAZ. Liquefaction capacity additions, primarily in the United States, drove … [Read more...]
Costs for American Oil and Gas Drillers Look Set to Fall
American oil and gas drillers could get some much-needed wind in their sails if the costs of drilling decline as expected in the coming months. Bloomberg's Kevin Crowley reports: While inflation is persisting across the US — albeit at a slower pace — the country’s oil fields are a rare corner of the economy where prices are actually dropping. Drill pipe prices have halved this year, daily rig rates are down by more than 10% and the costs of steel and diesel are also trending lower. The number of active oil rigs has dropped 13% from this year’s peak, indicating there’s a surplus of … [Read more...]
Eurozone Edging Closer to CBDC with New Proposal
The Eurozone is edging closer to adopting a central bank digital currency with a new proposal by the European Commission outlining its plans for the digital euro. In a press release, the ECB stated: Proposed legislation establishes framework facilitating the possible introduction of a digital euro that is widely usable and available throughout the euro area ECB also welcomes Commission proposal to protect legal tender status of euro cash Governing Council to decide in autumn whether to move to next phase of digital euro project The European Commission has published today its … [Read more...]
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