After winning reelection as Turkey's President, Recep Tayyip Erdogan replaced his central bank governor and finance minister with highly regarded personnel, aiming at a "reset" of sorts for his economic policy. The market so far has been unconvinced and has continued to punish Turkey's currency, the lira. Reuters reports: Turkey's lira weakened as much as 3.3% to a record low on Friday, extending losses a day after the central bank's large rate hike failed to assure markets that President Tayyip Erdogan was abandoning his long-held unorthodox policies. The lira touched a record low of … [Read more...]
Norway Prepares for Ocean Floor Mining
Norway, a powerhouse oil and gas producing country, has now outlined a plan to tap its undersea mineral resources. The government of Norway released a statement on its plan, explaining: The government proposes to open parts of the Norwegian continental shelf for commercial seabed mineral activities. In addition, the government presents a strategy demonstrating how Norway aims to be a global leader in a fact- and knowledge-based management of seabed mineral resources. Environmental considerations will be safeguarded throughout the value chain, and extraction will only be permitted if the … [Read more...]
Leading Index Falls for 14th Consecutive Month
In May, the Conference Board's Leading Economic Index fell for the fourteenth month in a row. Jeffry Bartash reports for MarketWatch: The numbers: The leading economic index dropped 0.7% in May and declined for the 14th month in a row, but there’s still little evidence the U.S. is headed toward recession. Economists polled by the Wall Street Journal had forecast a 0.7% drop. The leading economic index is a gauge of 10 indicators designed to show whether the economy is getting better or worse. The report is published by the nonprofit Conference Board. Key details: Six of the 10 … [Read more...]
DeSantis Calls CBDC Central Authority an Obvious “Wolf”
In a recent interview with John Stossel, Gov. Ron DeSantis explained that some wolves come dressed in sheep's clothing, so you don't see them until it's too late. Others are obvious. DeSantis says the problems with the central authority granted by central bank digital currencies (CBDCs) are obvious. In his words, "This is a wolf coming as a wolf." Stossel reports: President Joe Biden and the media are excited about something new: a Central Bank Digital Currency, or CBDC. It's a currency like Bitcoin, except controlled by the federal government. Not everyone is a fan. "Sometimes … [Read more...]
Vast Majority of Retail Buyers Want to Reduce Reliance on China
According to Sourcing Journal, a survey performed by accounting firm PwC found that the "vast majority (70 percent) intend to reduce their reliance on China." Sourcing Journal reports: PwC recently surveyed 40 leaders in two industry sectors— retail and branded products, and industrial products and services—and found that almost 95 percent intend to prioritize a diverse sourcing base over the next three to five years to reduce transit costs (92 percent) and counter geopolitical uncertainty (90 percent). Meanwhile, 40 percent say they prefer not to move more than 25 percent of sourcing dollar … [Read more...]
GHOST TRADE: EU Plan Retaliation Against Countries Aiding Russia
Countries helping Russia circumvent European Union sanctions are being targeted by a new round of rules. Henry Foy reports in the Financial Times: The EU has agreed on an 11th package of economic sanctions aimed at punishing Russia for invading Ukraine, including unprecedented new powers to punish countries suspected of helping Moscow circumvent the existing restrictions. The new measures come as G7 states seek to tighten loopholes faster than Moscow can find new ways to evade them and crack down on routes that are supplying the Kremlin with goods and technologies used to manufacture … [Read more...]
EV Makers Favoring Cheaper Alternatives to Nickel and Cobalt
In the race for mass production dominance of the EV market, manufacturers are avoiding expensive and rare materials like nickel and cobalt, even though their performance, when combined with lithium in batteries, is still the best. Instead, EV makers are using cheaper, "almost-as-good" lithium-iron-phosphate batteries. Reuters reports: As the auto industry scrambles to produce more affordable electric vehicles, whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. The popularity of the chemical compound known as … [Read more...]
Is the Panama Canal Going Dry?
The Panama Canal is one of the world's most vital shipping choke points. Spanning the isthmus of Panama, the canal connects the Pacific Ocean to the Atlantic and avoids having to travel thousands of extra miles out of the way around Cape Horn. Now, unusually dry weather in Panama is depleting the canal of its water, and forcing ships to lighten their loads or seek different routes. Costas Paris reports in The Wall Street Journal: The Panama Canal is going through its driest spell in more than a century, and an extended lack of rainfall could saddle global supply chains with delays and … [Read more...]
American Companies Paying More Attention to India
As tensions with China rise, American businesses are spending more time considering India as a new location for manufacturing. Tesla CEO Elon Musk recently met with India's Prime Minister Narendra Modi and afterwards told Reuters that a significant investment in India is "something we intend to do." Hyunjoo Jin and Shivangi Acharya report for Reuters: India has strong potential for a sustainable energy future including solar power, stationary battery packs and electric vehicles, Musk said, adding that he hopes to bring SpaceX's Starlink satellite internet service to India as well. "He … [Read more...]
Oversupply Clouds the Future of Chinese Solar Panel Manufacturers
Chinese solar panel producers are watching as their stock prices plummet even while demand for their products is high. Margins are slipping as oversupply is driving down prices on panels. Bloomberg reports: In many ways the solar power industry has never been better, as the race to slow the pace of global warming drives demand for panels to a record high. Try telling that to investors in the world’s biggest solar equipment makers. Shares have slumped as falling prices compress margins and factory expansions raise fears of overcapacity, while investors are drawn to new sectors like … [Read more...]
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