The platinum market is forecast to move to a nearly one-million ounce shortage in 2023. Automakers are creating an upswing in demand as they substitute platinum for palladium in autocatalysts. Three-quarters of mined platinum comes from South Africa, where electricity shortages have significantly curtailed the refining.—wsj.com
Category: Economics in the News-Micro
On Frontier of New ‘Gold Rush’
Guinea, in West Africa, has the world’s biggest bauxite reserves, the main source of aluminum for electric vehicles. More than 200,000 acres of farmland will be destroyed by bauxite mining. Runoff from mines is destroying many rivers and fishermen draw in hauls so small they can barely make a living.—washingtonpost.com
These Are the Electric Vehicles That Qualify For a $7,500 Tax Credit
Drivers who buy U.S.-produced electric vehicles will receive a $7,500 tax credit this year. Customers who purchase these cars can have the tax credit applied to their 2023 return. The tax credit is designed to encourage more Americans to buy eco-friendly vehicles.—cbsnews.com
The Dream of Wiping Out Polio Might Need a Rethink
A fundamental goal of the Global Polio Eradication Initiative is to wipe the polio virus off the face of the earth. In the first quarter of 2023, there have been 15 cases, total, in the entire world. But mass immunization campaigns in places like northern Yemen and Somalia are nearly impossible.—npr.org
Man’s Best Friend Meets Shoppers’ Worst Enemy: Pet Food Inflation
Americans paid 15% more for pet food in February than they did a year ago. In 2022, more than 110 million U.S. households spent an average of $680 on pet products—an 11% rise over 2021.—usatoday.com
Shortage of Cooking Oil Looms as Biofuels Gain Global Appeal
Governments are embracing energy made from plants like soybeans or canola creating a shortage of vegetable oils used in cooking. A severe drought has devastated Argentina’s soybean oil production. In Europe, restrictions on bee-toxic pesticides will curb planting of rapeseed, and Russia’s ongoing invasion of Ukraine will slash sunflower oil exports.—bloomberg.com
Novo Nordisk Will Cut Some U.S. Insulin Prices By Up To 75% Starting Next Year
Novo Nordisk will slash insulin prices next year, following a path set by rival Eli Lilly. Patients have long called for insulin price cuts. High insulin prices force many people to ration doses, which can be dangerous for their health. Insulin prices have more than tripled in the last two decades. —npr.org
With Layoffs, NPR Becomes Latest Media Outlet to Cut Jobs
With the erosion of advertising dollars, NPR's revenues are expected to fall more than $30 million short of expenditures. CEO John Lansing announced the network would lay off roughly 10% of its current workforce—at least 100 people.—npr.org
The Biggest Star of Super Bowl LVII Commercials? Nostalgia
Although a range of companies are advertising during Super Bowl LVII, a common theme runs through many of the spots: nostalgia. The Super Bowl is advertising's biggest stage. Last year, more than 208 million people watched the big game. This year, a 30-second ad costs about $7 million.—cbsnews.com
AMC Theatres Will Soon Charge According to Where You Choose to Sit
AMC Theatres is setting ticket prices according to where patrons sit in the auditorium. Front row seats are Value Sightline seats and cost less, and seats in the middle are Preferred Sightline seats and cost more. The remaining Standard Sightline seats are available for a standard admission ticket.—npr.org