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Jeong Bo-mi, 37, and her baby in Seoul, South Korea, April 7, 2016.
Hard Numbers: South Korea's baby money, Cobalt and reproductive issues in the DRC, Egypt gets bailed out, Calif. braces amid storms, New Japanese words hit dictionary
75,000: In South Korea, where the overall fertility rate is expected to plummet to 0.68 this year, significantly lower than the 2.1 deemed essential by the OECD for maintaining a relatively steady population, a construction firm is providing employees with a $75,000 reward for every child they have. This initiative is just one of numerous attention-grabbing incentives being introduced as policymakers and businesses contend with the nation's demographic challenges.
56: A study from NGO’s Rights & Accountability in Development and Afrewatch found 56% of respondents in 25 villages near five major cobalt mines reported serious concerns over related health issues, including miscarriages and birth defects. Cobalt production is critical for electric vehicles and batteries and has ramped up over the past decade fueled by the green energy transition.
8 billion: The International Monetary Fund confirmed Saturday it will more than double the bailout loan it is issuing to Egypt to $8 billion, as Cairo’s economy nears collapse with dwindling foreign reserves and soaring inflation. Egypt secured a similarly sized aid package from the EU as well, which will be disbursed over three years.20 million: Some 20 million West Coasters were facing flood watches thanks to a big storm that slammed the Golden State over the weekend. While much of the state faced up to three inches of rain, the foothills of Southern California were expecting up to six. The havoc came just a week after Gov. Gavin Newsom expanded a state of emergency to 11 counties that struggled with powerful storms in early February.
23: The Oxford English Dictionary added 23 Japanese words in its latest update. More than half of the borrowed words relate to cooking, while a number also relate to art like Kintsugi, an increasingly popular way of repairing broken pottery with gold lacquer.
A woman and her sons stand on the edge of Maracaibo lake in front of oil rigs in Maracaibo February 15, 2008.
Oil, gas, gold for (pseudo-) democracy?
The United States has temporarily lifted sanctions against Venezuela’s oil, natural gas, and gold sectors after Venezuela’s strongman President Nicolás Maduro agreed to a deal with the US-backed opposition on scheduling elections with international observers and allowing opposition candidates to run.
This gives the South American country a lucrative opportunity to export oil to US markets, which will put coveted US dollars directly into Caracas’ coffers. Boosting the Venezuelan economy can’t hurt Maduro, fair elections or not, and could lead to lower US gas prices, which would save Biden some political pain ahead of his reelection bid.
The six-month scheme is a major reversal for Washington, which applied “maximum pressure” against the Venezuelan regime during the Donald Trump years. That approach seems to have largely failed: Sanctions have crippled Venezuela’s economy but failed to oust Maduro, and after an initial flurry of fanfare, the US-backed, self-declared interim leader Juan Guaidó’s movement is all but dead.
The White House says it will slam the hammer back down if Caracas doesn’t follow through with its promises. But Washington also wants to see political prisoners released, and Caracas seemed to nod at that expectation by releasing five detainees after the sanctions paused.
But this is far from Maduro’s swansong. There’s no set timeline to arrange for official candidate lists and hold votes, no agreed-upon rules for how the election and campaign will be conducted, and most importantly, no real incentive for Maduro to allow a truly fair contest. He’s made it this far under sanctions, after all, so why should he dread their re-imposition?
And if he can make some money while dragging the process out, pues que chevere (well, that’s great!).
The Graphic Truth: Russia's war makes metals (more) precious
Russia’s war in Ukraine — and subsequent Western sanctions — are making commodity prices soar. Precious metals are also getting more expensive because Russia provides much of the world’s supply. We look at how the prices of palladium, platinum, and nickel have fared since the start of the year.