 The EU is considering a "Green Deal Industrial Plan" to prioritize investment in clean energy technology. At the 2023 World Economic Forum meeting in Davos, Switzerland, European Commission President Ursula von der Leyen said that the new "Net-Zero Industry Act" will help create a hub for green energy technology manufacturing. More: - The new plan will include subsidies and tax credits "to keep European industry attractive."
- Von der Leyen said the initiative was prompted by "aggressive attempts to attract our industrial capacities away to China and elsewhere."
- The plan will relax strict EU rules on state-funded corporate subsidies to allow for "easier calculations, simpler procedures, [and] accelerated approvals," Von der Leyen said.
- The block will need to work closely with China, which is also subsidizing its own clean technology industry, she added.
Zoom Out: - The plan would help the EU reach its goal of net-zero carbon emissions by 2050
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Wages in the U.K. increased by an annual rate of 6.4% in the September to November period, the highest wage growth seen in the U.K. since 2001, excluding some jumps during the COVID-19 lockdowns. The U.K.'s Office of National Statistics (ONS) said that unemployment continues at 3.7%, close to its lowest point in nearly 50 years. More: - Bank of England governor Andrew Bailey said that a labor shortage could keep the inflation rate above 10%, with employers fighting for scarce workers by raising wages.
- Bailey and other central bankers are concerned about high inflation and a wage-price spiral -- an economic concept positing that high wage growth can fuel price increases.
- The ONS data showed that wage growth was higher for private-sector employees than for public-sector employees.
- Private-sector pay was up by an annual rate of 7.1% in the September to November period, compared to just 3.3% for public-sector workers.
- June to December saw more work days lost to strike activity than during any six-month period for the last 30 years, according to ONS data.
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People who exercise regularly are less likely to be hospitalized or die following a COVID-19 infection, a new study says. The findings were consistent across all age groups, with 70-year-olds who exercise regularly faring better with COVID-19 than those who don't exercise. More: - The study, published in the American Journal of Preventative Medicine, looked at data from nearly 200,000 people across the Kaiser Permanente healthcare network in southern California.
- The authors compared exercise data with records on who was hospitalized and who died within 90 days of a COVID-19 diagnosis.
- Richard Simpson, an exercise immunologist who was not involved in the study, said that people who exercise have immune systems that deploy immune cells more effectively.
- Chronic inflammation has been linked to more severe COVID-19 outcomes and exercise causes the release of cytokines, messenger proteins that can help reduce inflammation.
- The study was conducted between the start of the pandemic and May 2021, when vaccines became widely available.
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 GOOD NEWS: An increase in atmospheric dust has helped alleviate global warming, a new study says. Climate researchers said that the amount of dust in the Earth's atmosphere has increased by 55% since the mid-19th century, which in turn has helped counteract up to 8% of the global warming caused by greenhouse gas emissions. More: - The study, published in Nature Reviews Earth and Environment, estimates that 26 million tons of dust are suspended in the atmosphere.
- According to the study, "most dust is produced by the ballistic impacts of wind-driven sand grains on sparsely vegetated and dry soils, ejecting and fragmenting soil particles."
- Dust can cool the Earth by reflecting sunlight away and dissipating atmospheric cirrus clouds that warm the planet.
- Dust that falls into the ocean can stimulate the growth of microscopic phytoplankton that absorb carbon dioxide while producing oxygen.
- At the same time, dust can warm the Earth by darkening snow and ice and causing them to absorb more heat.
- Overall, the study concludes that dust has a net-cooling impact on the Earth's climate.
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 Dozens of civilians have been killed in Peru during the month of protests that followed the removal of left-wing president Pedro Castillo from office. The death toll includes one policeman and 49 civilians, many of whom suffered bullet wounds after being shot in their backs or their heads. More: - Castillo, a former teacher with no political experience, was ousted on Dec. 7 after he tried to disband Congress and rule by decree. He was later arrested.
- Since then, many of his supporters, largely poor Peruvians from rural regions, have taken to the streets to demand new elections.
- Then vice-president Dina Boluarte replaced Castillo as president following his impeachment. She supports calls for early elections in 2024, instead of 2026, but protestors want new elections as soon as possible.
- Some armed demonstrators have sought to take control of airports and government buildings, prompting heavy-handed responses from security forces.
- 19 people were killed and dozens were injured on Jan. 9 during protests in a town near the border with Bolivia.
Zoom Out: - Some protestors are calling for a new constitution, reviving a proposal from Castillo's presidential campaign.
- Castillo had also vowed to address economic inequalities between wealthier Peruvians living in urban centers and low-income farmers living in rural areas.
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 Goldman Sachs' profit fell by 66% in the last quarter of 2022, while Morgan Stanley saw profit losses of 40%. Goldman stock lost 6.4% following the news, while Morgan Stanley stock was up as much as 5.9%. More: - Goldman and Morgan saw substantial revenue losses of 48% and 49%, respectively, in their investment banking divisions.
- Last week, JPMorgan and Bank of America both reported a 50% drop in their investment banking revenues for Q4.
- Goldman reported $3.22 earnings per share, falling short of an expected $5.56.
- According to FactSet, a financial data firm, this was Goldman's worst earnings report in years.
- Morgan Stanley CEO James Gorman said that he believes investment banking activity will pick up again once the Federal Reserve stops raising interest rates.
Zoom Out: - Trading revenue was up 18% annually at Goldman. JPMorgan, Bank of America, and Citigroup also posted higher trading revenue in Q4.
- Morgan Stanley saw its trading revenue fall by 12%.
- Goldman and Morgan Stanley are the 5th and 6th largest U.S. banks.
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- Under new House Speaker Kevin McCarthy (R-CA), Marjorie Taylor Greene (R-SC) and Paul Gosar (R-AZ) received new committee assignments. They lost their committee positions in February 2021 after it was revealed that they had liked or shared social media content promoting violence against Congressional Democrats.
- Greta Thunberg was arrested during protests against the demolition of the German coal village of Luetzerath on Tuesday. Police said that Thunberg and other activists would be released today.
- A new study found that socially isolated older adults have a 27% higher chance of developing dementia than their socially connected age group peers.
- NHL goaltender Robin Lehner and his wife filed for bankruptcy in Nevada. Their Chapter 7 filing showed that they may owe up to $50M to more than 50 people and companies.
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 The Pink Fountain at Jalapa by Helen Hyde. 1912
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 |  | Daniel Smith is an Inside Analyst who currently resides in Miami, Florida. A native of Brooklyn, New York, Daniel spent the last four years as a PhD candidate in Politics and International Studies at Cambridge University in the United Kingdom. He is fascinated by tech, business, politics, venture capital, and everything in between. When he’s not writing for Inside he can be found kicking a ball on the nearest rugby pitch. Follow him on Twitter @DanSmithInside. |  | | Editor | Eduardo Garcia is a writer and editor based in New York. He is the author of "Things You Can Do," an illustrated book about climate action. Bylines in The New York Times, The Guardian, Slate, Scientific American, and others. In one of his previous lives, Eduardo worked as a Reuters correspondent in Latin America for nearly a decade. | |
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