President Barack Obama announced a plan to implement a fee oil companies would pay to fund investments in alternative energies. The plan would impose a $10 fee on every barrel of oil paid by oil companies, which would be “gradually phased in over five years,” according to the White House.
The Mongolian government approved a deal with Canada-based Centerra Gold Inc. to mine gold reserves in the Gatsurt Gold region, according to Reuters. The deal stipulates that Centerra hold 66% equity in the region, while the government retains 34% equity. Mongolia aims to bring in additional revenue this year after suffering a meager growth rate of around 3.0% in 2015.
A dispute before the World Trade Organization (WTO) has surprised many; India has appealed a ruling by the WTO and now seeks a compromise in a dispute regarding domestic content requirements for the nation’s solar panel programs. The dispute has caused a number of companies in India’s renewable energy industry to halt expansion until a resolution can be reached.
Economists are beginning to worry that previous optimism about the U.S. economic recovery was premature. A number of economic indicators suggest an economic slowdown, as productivity falls, factory orders decline, jobless claims rise, and employers cut more jobs at the beginning of 2016.
Less Jobs, Disappointing Jobless Claims
The Angolan government faces a financial crisis as lower oil prices shrink revenue streams, according to AFP. The Southern African country’s currency, the kwanza, receded 35% in value in 2015 against the dollar, and the central bank devalued the kwanza by 15% this year to bolster exports. Angola holds some of the most precious natural resources on the planet, but its citizens suffer from high infant mortality rates and severe poverty.
While many nations in Europe have been experiencing healthy levels of economic growth over the last few years, there are a few notable standouts. Portugal is one nation with such a dubious distinction. Unfortunately, the International Monetary Fund (IMF) warns that, despite its economic growth, Portugal’s condition will not improve until the country gets a handle on its debts.
Americans are buying fewer houses even as interest rates fall, and demanding fewer services even as job gains strengthen. The dynamic between lower demand for homes and services and lower interest rates and more job gains is confounding economists, who expect a lock-step progression in which higher demand results in gains in both services and jobs. Yet the data is significantly more mixed.
According to the Organization of American States (OAS), Haiti may not settle a runoff dispute before the incumbent president’s term ends this weekend, as the Associated Press stated. Haiti scheduled a second runoff election in late January, but had to postpone the process due to violent protests. Haiti’s economy remains in tatters and has worsened since a large earthquake struck the Caribbean nation in 2010, killing tens of thousands of people.
It may seem the stuff of science fiction, but mining asteroids, other planets, and even our own moon is just around the corner. Unfortunately, privatization of these efforts has been largely impeded thanks to antiquated international laws created by the United Nations (UN) governing the exploitation of extra-planetary resources.
GDP growth has slowed significantly while increasingly more companies are going broke and Americans are spending less. According to the Atlantic Federal Reserve’s GDPNow forecast, expect to see 1.2% GDP growth in the first quarter of 2016, after seeing just 1% growth in the last quarter of 2015. This is a significantly lower rate of growth than the 2.0% growth seen in the third quarter, and a significantly lower level than most analysts had expected.
