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Canada falls out of top 20 richest countries

Canada has slipped out of the top 20 richest countries, according to The Economist’s comprehensive ranking. The analysis considered three key measures: dollar income per person, adjusted income for local prices (purchasing-power parity or ppp), and income per hour worked.

The global wealth list reveals the complexities of economic comparisons, highlighting how factors like work hours and price adjustments significantly impact a nation’s standing. The United States, with the largest GDP at market exchange rates, ranks only seventh in income per person, dropping to 11th when accounting for workdays and limited holidays.

You can read more on the matter here.

What’s going on?

• Epstein List: New York Judge Orders Release of Jeffrey Epstein-Linked Names in Sex Trafficking Case (theDeepDive)

• Russian Gas Exports Sink To 1985 Levels As Europe Turns To New Sources (theDeepDive)

• Jay Powell could land on the ballot in 2024 (Reuters)

• SBF To Avoid Second Trial, Actions To Be Considered At Sentencing (theDeepDive)

• Tokyo Runway Collision Leaves 5 Dead, Airbus Aircraft Ablaze (Bloomberg)

• President Javier Milei Formally Withdraws Argentina’s BRICS Application (theDeepDive)

• Gas tax paused in Manitoba, returns in Alberta at a lower rate (BNN)

• When Will Spot Bitcoin ETF Finally Take Its Spot? (theDeepDive)

• Japan earthquakes kill dozens as military deploys troops to search for survivors (CBC)

• South Korea opposition chief stabbed in neck, recovering after surgery (Reuters)

• Another Putin Ally Falls From A Window (theDeepDive)

• Tesla Accidentally Revealed High Failure Rate In Defending Itself From Reuters (theDeepDive)

What’s the latest?

• Pay Disparity: Canada's top 100 CEOs broke records in 2022 by earning an average of $14.9 million each, surpassing the previous year's high of $14.3 million. This pay level is 246 times the average worker's salary, a significant increase from 243 times in the previous year. The Canadian Centre for Policy Alternatives highlights this disparity, noting that these CEOs earned the average annual worker's salary in just 27 minutes on January 2.

• Japan Plane Crash: A tragic collision at Tokyo's Haneda airport involving a Japan Airlines Airbus A350 and a Coast Guard aircraft resulted in the deaths of five Coast Guard crew members. The incident, which occurred as the JAL plane was landing, led to the airliner bursting into flames. All 379 people aboard the JAL flight, including 367 passengers and 12 crew members, safely evacuated, though 17 were injured.

• South Korean Attack: South Korean opposition leader Lee Jae-myung was stabbed in the neck in Busan by a man who asked for an autograph before attacking him. Lee, who narrowly lost the 2022 presidential election and faces bribery charges, was at a site for a proposed new airport. After the attack, he was airlifted to Seoul and underwent surgery at Seoul National University Hospital. The assailant, who wore a paper crown with Lee's name and used a seven-inch knife bought online, was quickly subdued. The motive is under investigation.

• Red Sea Troubles: Maersk, the Danish shipping giant, has announced an indefinite pause on all shipping through the Red Sea and Gulf of Aden following an attack on its vessel, the Maersk Hangzhou, by Houthi militants. The decision extends a 48-hour pause initiated after the incident. The U.S. Navy intervened during the attack, sinking three boats and eliminating the militant crews.

• Russian Bombing: Russia launched a major air assault on Ukraine, targeting Kyiv and Kharkiv with missiles and drones, resulting in at least five civilian deaths and numerous injuries. The attacks caused extensive damage to buildings and infrastructure, disrupting power supplies. Ukrainian President Volodymyr Zelenskiy vowed Russia would answer for every life taken. Despite Ukraine's successful defense against many of the incoming missiles, the need for more military assistance from the West is emphasized, with calls from several leaders and diplomats for urgent action.

Founders Metals’ 2024 outlook

The stock market and stuff

• Tesla Delivers 484,507 Vehicles In Fourth Quarter (theDeepDive)

• Fidelity Cuts Value Of Twitter By 71% From Purchase Price (theDeepDive)

• Did Microsoft Edge Post This Embarrassing Tweet Only to Delete It After? (theDeepDive)

• Bitcoin climbs above $45,000 to 21-month peak as new year kicks off (Reuters)

• Mullen Automotive Delays 10-K Filing, Blaming Bollinger, ELMS Valuation Calculations (theDeepDive)

In the juniors

• First Phosphate Sees Financing Oversubscribed By 275%, Raising $7.5 Million (theDeepDive)

• Hercules Silver Intersects 0.32% Copper Over 276 Metres At Leviathan Porphyry Discovery (theDeepDive)

• Canada Nickel Raises $34 Million From Flow Through Financing, Clearing Up Questions Over Agnico Eagle Stake (theDeepDive)

• Neotech Metals Cuts References To Neighboring Wicheeda Project After BCSC Probe (theDeepDive)

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