US Economy Adds White Collars

www.ozy.com [OZY]( OZY A Modern Media Company Share This Sh*t December 09, 2022 Share This Sh*t [The drop]( BUSINESS ROUND-UP While European officials seek an “environmentally friendly” means of extracting African gas, the U.S. economy grows increasingly white-collar, and executive compensation remains strong. Africa Tatira Zwinoira from Harare, Zimbabwe [@tati_tatira]( EU Seeks ‘Environmentally Friendly’ Gas Extraction The European Union needs alternatives to Russian fuel. That’s why EU officials are currently meeting with African leaders to discuss plans for gas extraction — a development that comes as the European bloc has also pledged to be [climate-neutral by 2050](. We are forced into a situation where we have to find it somewhere. - EU Ambassador to Zimbabwe Jobst von Kirchmann, regarding Europe's interest in African gas “Nothing has changed with our targets,” EU Ambassador to Zimbabwe Jobst von Kirchmann told OZY. He said leaders are discussing “environmentally friendly” ways of extracting African gas, while also noting that the EU’s current need for new fuel sources was far from ideal. “We are forced into a situation where we have to find it somewhere,” said Kirchmann, calling this an “opportunity” for Africa to work with the EU. Some African climate activists have said their continent may ultimately [lose out]( if leaders opt to invest in fossil fuels today rather than putting their nations’ limited resources toward alternative fuel sources. Americas 1 More White Collars in US Economy White-collar jobs now comprise 44% of total U.S. employment, according to The Economist and data from the U.S. Bureau of Labor Statistics. “In recent decades America’s economy has become ever more top-heavy,” The Economist reported, noting that this in part reflected growth in the tech and finance sectors. In 2000, white-collar professions accounted for only around a third of total employment. Demand for workers who can fill high-earning white-collar work remains strong. Over the past year, business and financial experts, technologists and managers have experienced even lower unemployment rates than America’s 3.7% national average. (Source: [The Economist]() In recent decades America’s economy has become ever more top-heavy. - The Economist 2 Executive Pay Remains Strong Thanks to ‘Evergreen Provision’ Investors may be heading for a clash with corporations over the continued use of the so-called evergreen provision that establishes an annual allocation of equity compensation for executives. Some investors are unhappy with this arrangement amid this year’s market volatility. “We’ve become wary of companies using tools like evergreen provisions to pay executives,” said Ben Colton of State Street Global Advisors. “Any changes to executive performance goals should happen along with broader adjustments to compensation at the company. When this doesn’t happen, management risks alienating themselves from shareholders, especially in a challenging economy.” (Sources: [Financial Times](, [The Wall Street Journal]() Asia 1 China Stocks Up as Beijing Makes Concessions to Protesters Chinese technology stocks were up 9.3% on Monday following five days of gains, while its currency, the yuan, broke the seven-per-dollar threshold. Following weeks of protests against President Xi Jinping’s “zero-COVID” policy, the government has partially given in to demonstrators’ demands, with cities easing restrictions on public transport and markets. China’s economy has taken a beating from the strict policy, which has included closed borders and periodic lockdowns. Money managers are now on a buying spree in anticipation of more widely relaxed restrictions, with American financial services firm Morgan Stanley predicting that Chinese stocks will rally next year. (Sources: [Bloomberg](, [Reuters](, [The Guardian]() Money managers are now on a buying spree in anticipation of more widely relaxed restrictions, with American financial services firm Morgan Stanley predicting that Chinese stocks will rally next year. 2 In New Zealand, New Law Would Charge Facebook for News Content The New Zealand government is set to introduce legislation mandating payments to local media outlets by major digital companies including Alphabet Inc and Meta Platforms Inc, owners of Google and Facebook, respectively, for local news material. To encourage digital platforms to strike arrangements with news outlets, New Zealand Broadcasting Minister Willie Jackson said in a statement on Sunday that the legislation would be modeled on comparable rules in Australia and Canada. “New Zealand news media, particularly small regional and community newspapers, are struggling to remain financially viable as more advertising moves online,” Jackson said. “It is critical that those benefiting from their news content actually pay for it.” (Source: [Reuters]() 2023 OGA WINNER SPOTLIGHT As the eldest of five growing up in a Caribbean family, Tyler Greene did not have access to video games and TV, so he innovated. Developing his own technologies from a young age helped Tyler cultivate the “curiosity, ambition and grit” needed to pursue his passion for using technology for energy management. Today, the Morehouse College junior is focusing his expertise on creating a more sustainable world. His genius idea? To address climate change by creating “computing algorithms" for energy management to aid global efforts toward meeting growing energy demands and optimizing energy production and consumption,” he explains. [WATCH MORE HERE]( Europe 1 Novartis Announces Effective Treatment for Prostate Cancer Swiss-based pharmaceutical corporation Novartis AG has announced results of a study showing its drug, Pluvicto, brought improvement to certain patients with prostate cancer. Chief Medical Officer Dr. Shreeram Aradhye said in a [statement]( that Pluvicto was the first such therapy “to demonstrate significant and clinically meaningful benefits” for prostate cancer patients who had not previously received what is known as taxane-based chemotherapy. He noted that the company hopes to make the treatment available to “many more prostate cancer patients sooner after their diagnosis.” The company’s share price was up 1.8% in Switzerland on Monday morning following the news. (Sources: [Novartis AG](, [Bloomberg]() 2 EU Concerned Over US Tax Benefits for US Electric Vehicles Officials representing the 27-nation European bloc fear the $430-billion [Inflation Reduction Act]( in the U.S. could hurt European automakers owing to the $7,500 tax credit available to Americans who purchase EVs from Tesla, Ford and other North American companies. Bruno Le Maire, France’s minister of finance, and Robert Habeck, Germany’s minister of economic affairs, are leading the trade talks for Europe and have reportedly begun discussions with American officials to secure a tariff exemption for environmentally friendly European vehicles. The U.S.-EU Trade and Technology Council, a European and North American platform for resolving trade and technology concerns based on common principles, is overseeing the discussions. (Source: [Reuters]() Uniting and celebrating women in sneaker culture and creating a space for everyone who loves dope kicks and fly 'fits. Check out Sneaker Fiends, hosted by The Notorious KIA -- new episodes drop every Thursday. Would you like to hear the stories of brave women who have turned hardship into crusades of love? Join the former Mayor of San Juan, C. Yulin Cruz, as she brings you these compelling stories in OZY Studio's new podcast Sheroics! As jobs in the U.S. become increasingly white-collar, who benefits — and who might be harmed? [SHARE YOUR THOUGHTS]( [TV]( | [PODCASTS]( | [NEWS]( | [FESTIVALS]( OZY is a diverse, global and forward-looking media and entertainment company focused on “the New and the Next.” OZY creates space for fresh perspectives, and offers new takes on everything from news and culture to technology, business, learning and entertainment. #OZYMedia, #TheDrop OZY Media, 800 West El Camino Mountain View, California 94040 This email was sent to {EMAIL} [Unsubscribe]( | [Privacy Policy]( | [Read Online](