Demand for lithium and other critical minerals is skyrocketing, IEA says, but concerns over supply linger
Demand for the critical minerals key to a future centered around low and zero-emission technologies is surging, according to the International Energy Agency, with the energy industry’s ever-growing needs seen as a key driver. worries that second-quarter sales could decrease andboostinventorylevels.
In a new report, the Paris-based organization said the period between 2017 and2022 saw a “tripling in overall demand for lithium, a 70% jump in demand forcobalt, anda40%riseindemandfornickel.”
Investment in the development of critical minerals increased by 30% in 2022, building upon a 20% rise in2021,theIEAsaid.
In Dec. 2022, the IEA said renewables were on course to overtake coal and become the planet’s biggest source of electricity generation by the middle of this decade. Such is the role that critical minerals play in the operation of technologies including wind turbines and EVs, the stakes are high.
Souce: https://www.cnbc.com/2023/07/12/energy-sector-driving-demand-for-lithium-othercritical-minerals-iea.html
Back-to-school spending is forecast to drop 10% as inflation bites
Shopping for back-to-school essentials, such as clothes, shoes and electronics, will be a bigger struggle for families this year who are trying to manage their household budgets with less disposableincomesbecauseofinflation.
Back-to-schoolspendingbyparentswithchildren in grades K-12 is expected to decrease 10% this year over last year to $597 per student, according toanewforecastfrom Deloitte.
The report said spending on clothing is expected to fall 14% year-over-year and technology-related purchases are forecast to decline 13%; in contrast, purchases of school supplies are expected to be up20%comparedto lastyear.
Among parents spending less, 51% attributed the pullback to reduced disposable income (up from 45% in 2022), while 75% of those spending more said it was because of increased prices (up from 60%in2022).
Discount, online and dollar stores will be heavily favoredbydealseekers.
US inflation rate down to 3% in June, a two-year low, but prices remain high
TherisingcostofUSgoodsandservicesslowedtoa two-year low in June, a sign that inflation is continuing to ease as the economyresponds to the US Federal Reserve’s rapid increases in interest rates.
Thelatestconsumerpriceindex(CPI)figures,which measure the prices of a basket of goods and services,increased3%overthelastyear.Thiswasthe smallest increase since March 2021 and down from afour-decadehighof9.1%inJune2022aspandemic supply chain issues clashed with burgeoning consumerdemand.
Even though inflation has continued to go down, priceincreasesstillremainhigherthantheFed’s2% annual target rate, meaning more interest rate hikescouldcome.
As has been the case for much of the last year, the drop ininflation can largely be attributed to a fall in energy prices, which ticked up significantly in 2022 immediately after Russia’s invasion of Ukraine. Energy prices fell 16.7% over the last year, with gas pricesspecificallyfalling 26.5%.
Souce:
https://www.theguardian.com/business/2023/jul/12/us-inflation-rate-june-2023
America's retailers have a new challenge: Cooling inflation
ConsumerpricesinJuneroseattheirslowestpace in more than two years. But a welcome sign for consumers' wallets isn't as straightforward a benefitforUSretailers.
With retailers largely achieving growth by raising prices for customers as input costs go up, concerns loom over what happens to companies' revenueasinflationcools.
The answer to that conundrum depends on the retailer and the mix of products it carries, a Goldman Sachs team of analysts covering retail andconsumerbrandssaid.
Junepricesforfoodathomegrewattheirslowest pace since August 2021. In some categories, there wasevenadecline.Pricesforstaplefooditemslike eggs and milk are now cheaper than they were a yearago.Thiswillchallengesalesatgrocerystores that have relied on price increases to drive sales, Goldmananalysts said.
"In fact, if you take a look at the sales growth composition of most of our retailers over the last 18 months, it's been driven by ticket inflation. In fact,unitsformostretailershave beendown."
FTC investigating ChatGPT creator OpenAI over consumer protection issues
The U.S. Federal Trade Commission has launched an investigation into ChatGPT creator OpenAI and whethertheartificialintelligencecompanyviolatedconsumerprotectionlawsbyscrapingpublicdataand publishingfalseinformationthroughitschatbot.
The agency sent OpenAI a 20-page letter requesting detailed information on its AI technology, products, customers,privacysafeguardsanddatasecurityarrangements.
TheFTCdocumentthePostpublishedtoldOpenAItheagencywasinvestigatingwhetherithas “engaged inunfair ordeceptiveprivacyordatasecurity practices”orpracticesharmingconsumers.
OpenAI founder Sam Altman tweeted disappointment that the investigation was disclosed in a “leak,” notingthatthemovewould“nothelpbuildtrust,” butaddedthatthecompanywillworkwiththeFTC.
“It’s super important to us that out technology is safe and pro-consumer, and we are confident we follow the law,” he wrote. “We protect user privacy and design our systems to learn about the world, not private individuals.”
Souce:
https://apnews.com/article/openai-chatgpt-investigation-federal-ftc-76c6218c506996942282d7f5d608088e