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Saudi Arabia commits to a rapid and aggressive expansion in the mining sector, announcing a substantial $100 billion investment.

2025-04-15 09:11:50 By Mary Miller

Saudi Arabia last year increased the valuation of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of rare earth elements and metals.
The kingdom on Wednesday announced a new mineral investment project valued at $100 billion, with $20 billion already in the final engineering phase or under construction.
Investment in critical minerals mining and processing must be happening "as fast and furious as possible" in Saudi Arabia, its energy minister said at the Future Minerals Forum in Riyadh.

Saudi Energy Minister Abdulaziz bin Salman addresses attendees at the annual Future Investment Initiative (FII) conference held in Riyadh on October 29, 2024.

RIYADH, Saudi Arabia — At its annual Future Minerals Forum in the capital, Riyadh, Saudi Arabia is making significant strides to establish itself as a key player in the global critical minerals sector, unveiling various agreements, investment initiatives, and new discoveries.

On Wednesday, Khalid al-Mudaifer, the Saudi vice minister of mining affairs, revealed plans for a substantial mineral investment initiative worth $100 billion. He also mentioned that $20 billion of this investment is currently in the final engineering stage or already under construction.

Although the vice minister refrained from sharing additional specifics, Saudi authorities have been in talks about ambitious plans to greatly enhance the nation's exploration efforts for lithium, alongside other essential minerals and rare earth elements such as copper, gold, zinc, phosphate, and nickel.

In early 2024, the kingdom's ministry of industry and mineral resources increased its estimate of the value of its unexploited mineral resources from $1.3 trillion to $2.5 trillion, boosted by the discovery of the aforementioned elements and metals. At the Future Minerals Forum in Jan. 2024, the Saudi government established a $182 million incentive program for minerals exploration.

On Wednesday, the kingdom's leading oil company, Aramco, revealed a partnership with the Saudi state mining firm Ma'aden aimed at exploring and extracting minerals essential for the energy transition.

During his speech at the minerals forum, Saudi Energy Minister Abdulaziz bin Salman announced that Aramco had discovered "promising" lithium concentrations surpassing 400 parts per million in the regions where the company is active.

"We used to say... there is nothing for Aramco to do," bin Salman told attendees of the event. "Aramco can be a diversified company and its mandate has no limit."

The minister highlighted Manara, a recently-established venture between Saudi Arabia's state mining company Ma'aden and the kingdom's sovereign wealth fund, the Public Investment Fund (PIF). Manara was established to invest in mining assets around the world and develop more resilient global supply chains.

"We acknowledge that we don't possess all the necessary resources or capabilities, which is why we established Manara to help us access the resources we require," bin Salman stated. "It's imperative that we act swiftly and decisively."

The minister indicated that lithium production in the kingdom might commence as early as 2027, potentially aided by upcoming collaborations.

Lithium, an essential component in batteries for electronics and electric vehicles, is in high demand, especially in the context of the energy transition and emerging technologies. This is particularly relevant as Saudi Arabia aims to shift its economic focus away from oil dependency.

The kingdom is striving to establish itself as a central hub for the processing of essential minerals, aiming to create supply chains that can withstand global disruptions more effectively. At present, approximately two-thirds of the lithium processing market is dominated by China.

Saudi Arabia in December announced the successful extraction of lithium from brine samples in Aramco's oilfields. A collaboration with Ma'aden, Aramco, and local extraction startup Lithium Infinity is underway to launch a commercial pilot program for direct extraction soon, al-Mudaifer said at the time.

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Business2025-04-15 09:11:50

Mark Zuckerberg is set to co-host a reception alongside Republican billionaires for the inauguration of Trump.

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Business2025-04-15 09:11:50

Riding the Tide: Insights into the New York Lake Property Market

View pictures in App save up to 80% data. Glenn Pitcher Looking to get into the New York lake real estate scene? We have the latest market happenings, and it looks interesting. The market value for lake homes and lots has surged to $1,251,608,693, that's a 24% increase from last winter. With a total of nearly 2,000 listings, there are plenty of options for those looking for the waterfront lifestyle. Lake Champlain seems to be stealing the spotlight as the largest market for both homes and land. It's the place to be if you're dreaming of owning some prime lakefront property. If you're after the creme de la creme of lake homes, than Skaneateles Lake is what you are looking for, with the average price for homes at a cool $2,209,842. There are 148 homes listed for over $1 million across New York. When it comes to people eyeing these waterfront locations, it looks like the 45 to 64 age group takes the lead, making up 73% of the searchers, with the majority being male. It seems that the allure of lakeside living is calling out to those looking for a slice of paradise. The most sought-after cities beyond New York for these stunning lakefront properties include Ashburn, VA, Philadelphia, PA, and Dallas, TX. The allure of New York's lakeside real estate is extending its reach to a broader audience. So, whether you're dreaming of a lakeside retreat or wanting a savvy investment, the New York lake real estate market is definitely something to keep an eye on. Who knows, your perfect lakeside escape could be just down the road in the Empire State. 7 Ideal Winter Retreat Towns in Upstate New York If you're considering a winter escape, Upstate New York boasts a variety of delightful towns that capture the essence of the season. Here are seven towns that could be ideal for your winter retreat. Gallery Attribution: Traci Taylor Essential Information to Consider Before Going to a Lakeside Wedding in New York State Get ready for whatever may arise during a lakeside wedding by keeping these must-have items on hand. Gallery Attribution: Megan Carter/Canva

Business2025-04-15 09:11:50

CoStar: In 2025, service-oriented brands are expected to dominate the leasing of real estate properties.

Last year, food and beverage tenants secured 20% of all leases. View pictures in App save up to 80% data. Fitness franchises like Planet Fitness represented 12% of total leases. “During the pandemic, restaurants didn’t shut down. They moved into takeout kitchens, and delivery apps kept them in business,” said Brandon Svec, CoStar’s national director of retail analytics. Svec remarked, "Once businesses reopened, dining out emerged as a sensible option for people eager to enjoy themselves and spend their money. After being cooped up at home, many viewed it as an accessible indulgence." CoStar has indicated that demographic shifts have contributed to the growth of service-oriented businesses. Over the last few decades, the rates of marriage and childbirth in the United States have significantly declined.  As reported by Statista, the marriage rate in 1990 stood at 9.8 marriages for every 1,000 individuals. However, by 2022, this figure had significantly decreased to just 6.2 per 1,000.  In 2004, the birth rate was around 14 births per 1,000 people. Twenty years later, that number fell to just 11.  What’s more, birth rates are highly affected by income levels. In 2021, the birth rate for families with an income of under $10,000 was 62 births per 1,000 women. The birth rate for families with an income of $200,000 or more—the ones most likely to dine out--was 47. Younger shoppers are increasingly finding themselves with disposable income, which they're directing towards services like doggy daycare, car washes, and gym memberships. For a long time, tenants at local centers avoided gyms because their patrons occupied numerous parking spots while contributing little to the businesses in the area. However, according to Svec, this trend has shifted. “Fitness brands have become a powerful force in attracting visitors to a center. They are no longer overlooked; instead, they are taking center stage,” Svec stated. “The TikTok generation actively participates in fitness centers and has integrated these activities into their personal identities.” 

Business2025-04-15 09:11:50

Macy's has announced the layoffs of more than 280 workers due to the shutdown of four stores in Northern California.

View pictures in App save up to 80% data. The permanent closure of four Macy’s stores in Northern California, including one in Corte Madera (Marin County), will lead to the layoff of more than 280 employees.  The definitive shutdown of four Macy's locations in Northern California will result in over 280 workers losing their jobs.  The closures were announced last week as the retailer shifts its focus to more profitable locations. On Jan. 9,  Macy’s issued Worker Adjustment and Retraining Notification notices for the affected stores, signaling how many people would lose their jobs as a result of the closures.  The article proceeds after this advertisement. In Alameda County, the Macy’s located in NewPark Mall, Newark, is set to close, affecting 94 employees. Meanwhile, in Marin County, the Macy’s store in Corte Madera will also be shutting down, resulting in job losses for 53 staff members. Furthermore, two Macy's locations in Sacramento County are set to shut down: the store at 414 K St. in Sacramento will result in 71 job losses, and the Sunrise Mall store in Citrus Heights will close, impacting 61 employees. View pictures in App save up to 80% data. This morning, Macy’s, Inc. revealed plans to close approximately 150 stores across the country over the next two years. Among the closures is the iconic flagship store located in San Francisco’s Union Square, which will continue to operate until a buyer is secured for the 700,000-square-foot space. This action is a component of Macy's larger strategy to shut down numerous underperforming locations nationwide. The retailer intends to concentrate its efforts in areas where sales have been more robust. “Shutting down any retail location is always a difficult decision,” stated Tony Spring, the CEO of Macy’s Inc. “However, as we implement our Bold New Chapter strategy, we are closing less productive Macy’s locations to better allocate our resources and concentrate investments on the stores we plan to grow in the future.” The article proceeds after this advertisement. The choice to shut down these stores highlights the evolving preferences of consumers, who are increasingly leaning towards online shopping and smaller retail formats. Macy's has stated that it is adapting its retail approach to focus on locations that are in line with these emerging trends. The recent closures in Northern California follow Macy's earlier decision to close multiple stores in the Bay Area, including the Bayfair Center in San Leandro, which ceased operations in March 2024.  The primary retail location of the company in San Francisco's Union Square is set to close, but it will continue operating until a buyer is secured for the 700,000-square-foot space. Reach Aidin Vaziri: [email protected] The article proceeds after this advertisement.

Business2025-04-15 09:11:50

Amid concerns of a looming 'silver tsunami,' Governor Cox aims to eliminate the taxation of Social Security income. Will Utah's legislators support this initiative?

While addressing the Utah Taxpayers Association, Cox emphasized the importance of Utah getting ready for the impending “silver tsunami” in the 2025 legislative session by eliminating taxes on Social Security income. Upon retiring from her position at the Social Security Administration, Sandy Hunter was fully aware that she would not be entitled to any of the benefits she had dedicated her career to securing. As a federal employee, Hunter did not contribute to Social Security, whereas her husband did. Now at the age of 73, Hunter emphasizes that the Social Security benefits are a crucial component of her family's combined income. If Governor Spencer Cox has his way, the vital income for numerous seniors in Utah could see an increase this year. However, before that can happen, the Legislature must come to a consensus on the governor's proposal. Eliminating income tax on Social Security benefits is a key pillar of the governor’s $30.6 billion fiscal 2026 budget proposal, and “easily the most popular proposal” he’s made in four years, Cox told the Utah Taxpayers Association Tuesday morning at its legislative outlook conference. It’s what Utah needs to do to prepare for the “silver tsunami,” he said. Abolishing the state social security tax could result in savings of nearly $1,000 annually for Hunter's family, along with approximately 150,000 other households in Utah. “It could truly have an impact,” Hunter remarked. “We would be quite pleased with that.” Close to 450,000 Utahns receive some Social Security benefits, according to U.S. Census Bureau data and the AARP, but senior citizens in lower-income households — those who earn $75,000 or less as a couple, or $37,000 or less as an individual — qualify for full tax credits. According to the tax commission, Cox's proposal is expected to affect approximately 152,000 taxpayers. During his presentation to the Utah Taxpayers Association on Tuesday, Cox described the proposal as “one of those rare instances” where “even those who won’t receive any benefits are enthusiastic” about it. The Legislature, responsible for formulating and approving Utah’s yearly budget, will determine in this session whether to fulfill Cox’s request in the fiscal 2026 budget. Although the concept might be deemed "politically appealing," certain legislators, including Riverton Republican Sen. Dan McCay, have expressed doubts about the initiative. McCay conveyed to the tax association his concerns regarding plans that set aside funds for "specific groups" and those that could lead to a higher tax load for other residents of Utah. “Throughout my career, I have maintained that a wider tax base coupled with reduced rates is the way to go,” McCay stated at the conference on Tuesday. “This approach benefits both the economy and taxpayers, while also promoting transparency. That’s why I have some reservations about the movement to entirely eliminate taxes on Social Security.” In contrast, certain legislators have suggested lowering tax rates and increasing income limits for eligibility of tax credits. One proposal for the upcoming 2025 general legislative session, HB130, looks to change the income threshold to qualify for a full income tax credit on Social Security from $45,000 to $54,000 for single people, and from $75,000 to $90,000 for couples. Another bill, HB106, wants to cut the state income tax rate from 4.55% to 4.45%, which would cost roughly $160 million, said Utah State Tax Commission Chair John Valentine. Cox told the crowd Tuesday he supports additional tax cuts “if we can fit it in the budget,” and reminded attendees that his administration approved the largest tax cuts in the state’s history — a total of around $1.2 billion in four years. Cox, a former lieutenant governor, remarked, “Our ability to achieve this stems from the choices made by earlier administrations and legislative bodies, but even more crucially, it's due to the private sector's investment in our state and the dedication of the hardworking individuals who live and work here.” The legislative session for 2025 is set to commence on Tuesday, January 21.

Business2025-04-15 09:11:50

LOL: Social Media Chimes In on Walmart's New Logo Reveal After Almost 20 Years: "Did They Just Add Moisturizer to the Logo?"

View pictures in App save up to 80% data. Image Source: Getty Images Attention, socialites! Exciting news on the horizon: Walmart has just revealed a fresh logo, marking its first update in nearly two decades as part of a bold initiative to embrace a new era. This week, a new logo was unveiled, prompting a flurry of responses on social media. One user on X remarked, “Are you kidding? This is just a color shift and some enlarged shapes.” Another commented, “They just made it slightly rounder and switched to blue… brilliant move.” A third person quipped, “Did they apply lotion to the logo?” Well, William White, the senior vice president and chief marketing officer of Walmart U.S., shared the reasoning behind this transformation: “This update, inspired by our founder Sam Walton’s legacy, showcases our growing capabilities and our enduring promise to cater to the needs of our customers, both now and in the future.” He highlighted that although the brand's visual identity has been refreshed, it continues to embody the fundamental values established by Walton and the company's commitment to fulfilling customer demands. White explained that the brand refresh is part of a strategy aimed at “enhancing Walmart's credibility and fostering connections.” He added, “As our customers grow and change, so will we. Our Walmart will consistently remain their Walmart, and our brand will serve as a reflection of our commitment to innovate and adapt with them.” Starting in January 2025, Walmart intends to roll out its new branding on its website, mobile app, and in-store displays over the course of the year. The last update to the logo occurred in 2008, during which the company made a major change by dropping the hyphen from “Wal-Mart” and adopting the streamlined “Walmart,” while also introducing the recognizable yellow spark. As Walmart embarks on this rebranding journey, it will be fascinating to observe how customers respond to these alterations and how the retailer adapts to the ever-changing shopping environment.

Business2025-04-15 09:11:50

Concerned about finances? Recent research reveals that women and Gen Z are experiencing the highest levels of stress.

Recent studies indicate that although one in three Americans regularly lives paycheck to paycheck, women and Generation Z, specifically individuals aged 18 to 28, are facing the highest levels of financial stress at this time. Stagnant wages, increasing student loan debt, and the gender wage gap all contribute to financial generational divides, a Credit One Bank survey of 1,000 American adults released Tuesday found. Recent studies have shown that under 10% of Americans received any education on personal finance during their schooling years. However, it appears that younger generations are more inclined to have discussions about money with their parents compared to Generation X individuals, who are currently between the ages of 45 and 60, as well as Baby Boomers aged 61 to 79. Nevertheless, Credit One Bank found that over half of Generation Z steps into adulthood without any formal training in financial literacy. “In a statement, Credit One Bank's Chief Credit Officer Steve Min highlighted, ‘This survey uncovers a significant connection between increasing concerns over personal finance and the insufficient level of fundamental financial education throughout various generations. This information aids us in gaining insights into the broader consumer demographic and how we can enhance our efforts to provide improved financial education.’” View pictures in App save up to 80% data. At what age or stage did each generation start managing their own financial responsibilities? The survey found the same amount of Baby Boomers and Generation Z - 89% - began managing their own bills before age 24. However, a stark difference exists between how the two groups learned about personal finance. Almost half of Baby Boomers reported that they taught themselves in comparison to only 11% of Generation Z, a majority of whom said their parents taught them. Within Generation X, 87% began taking charge of their finances before reaching 24 years old. In contrast, Millennials, those aged 29 to 44, tended to take financial control a bit later; 79% reported managing their bills by age 24, while another 15% did so by age 30. The survey revealed that roughly half of both Generation X and Millennials attributed their knowledge of personal finance to lessons learned from their parents or family members. Different generations hold varying opinions on the concept of debt and its perceived normalcy. About one in three Americans across generations reported they have a "significant" fear of debt, but half of Generation X participants said it was "a normal part of life." This marks a significant rise compared to the 35% of Baby Boomers who reported perceiving debt as a normal part of life based on their familial experiences during childhood. Just after Generation X, 48% of Millennials indicated that they consider debt to be a typical aspect of life. Generation Z participants deviated from the pattern, showing a greater alignment with Baby Boomers' views. Just 39% of the youngest demographic surveyed indicated that they perceive debt as a typical aspect of life. How does financial stress vary across different generations? Each generation agreed their top barrier to financial stability is the high cost of living in the United States, which can contribute to stress. Over different generations, 48% of women indicated experiencing stress and anxiety regarding their financial situation, compared to 38% of men. The findings from the survey imply that this disparity may stem from the fact that women generally earn lower wages than men. It was noted that "households where women are the main income providers possess only 55 cents of wealth for every dollar found in households with male earners." According to the survey, 59% of Generation Z, the highest percentage among all generations, indicated that they experience stress and anxiety. In contrast, Generation X emerged as the group with the least confidence in their financial situation. Meanwhile, just over half of Millennials expressed financial-related stress and anxiety, whereas only 29% of Baby Boomers reported similar feelings.

Business2025-04-15 09:11:50

The George H.P. Smith Fund is set to provide multi-year scholarships starting in 2025.

View pictures in App save up to 80% data. View pictures in App save up to 80% data. The George H.P. Smith Scholarship Fund, created in 2010 to commemorate the contributions of the former mayor of Lewes and educator, will start providing renewable scholarships to seniors at Cape Henlopen High School beginning this year. LEWES Del.- The George H.P. Smith Scholarship Fund, created in 2010 to commemorate the contributions of the former mayor of Lewes and educator, will start providing renewable scholarships to seniors at Cape Henlopen High School beginning this year. View pictures in App save up to 80% data. The George H.P. Smith Scholarship Fund, created in 2010 to commemorate the contributions of the former mayor of Lewes and educator, will start providing renewable scholarships to seniors at Cape Henlopen High School beginning this year. (Horizon Philanthropic Services) In the last 15 years, the fund has distributed almost $90,000 to 134 students, assisting with college-related costs like textbooks, fees, and travel expenses. Starting in 2025, chosen students will be eligible for $1,500 scholarships, which can be renewed each year for a maximum of four years. Cape Henlopen High School counselors will oversee the application and selection process.  Donations to the fund can be made through the Greater Lewes Foundation website.

Business2025-04-15 09:11:50

Joe Biden's Assistance Initiatives: Financial Aid for California Wildfire Survivors

View pictures in App save up to 80% data. In an effort to support communities impacted by the catastrophic wildfires in California, President Joe Biden has revealed plans for a new series of stimulus payments specifically designed for affected residents. This initiative highlights the federal government’s dedication to assisting individuals grappling with the financial and emotional hardships resulting from these recent disasters. Information Regarding the Stimulus Package The stimulus payments are a component of a broader federal relief program that encompasses financial aid for housing, infrastructure restoration, and assistance for small businesses. Those who qualify will benefit from direct payments, with the sum varying according to the severity of their specific situations. As per federal regulations, eligible individuals may receive as much as $1,200 for each adult, along with extra funds allocated for dependents. The financial support arrives at a crucial moment as California faces ongoing challenges from rampant wildfires that have ravaged homes, disrupted lives, and compelled thousands to flee. The White House has highlighted that this assistance aims to help address vital needs, including temporary accommodation, food, and other essential items. Who is Eligible for the Stimulus Payments? The criteria for qualifying for the relief payments are outlined as follows: Residents living in federally declared disaster areas affected by the wildfires. Individuals who have suffered property damage or financial loss due to the fires. Families and individuals with income levels qualifying under federal disaster relief programs. Local authorities will inform eligible recipients, who can then apply via the Federal Emergency Management Agency (FEMA). Additionally, applications may be submitted online through FEMA's disaster assistance website. Partnership Between Federal and State Governments President Biden emphasized the significance of cooperation between federal and state agencies in responding to the challenges faced by communities impacted by wildfires. "Now is the moment for us to unite and offer substantial assistance to those who are in greatest need," Biden remarked at a recent press briefing. California Governor Gavin Newsom has voiced his appreciation for the federal support and has committed to collaborating with local authorities to guarantee the effective distribution of funds. “Our dedication lies in rebuilding and providing aid to every Californian affected by these catastrophic fires,” Newsom remarked. Financial and Emotional Support The purpose of the stimulus checks is to offer quick financial assistance and to help ease the emotional burden faced by those impacted. Survivors of wildfires frequently encounter substantial obstacles in the wake of these calamities, such as reconstructing their homes and coping with the mental anguish associated with displacement and grief. Steps to Apply for Assistance Residents affected by the fires are urged to start the application process promptly. The FEMA disaster assistance portal offers comprehensive information on eligibility criteria and necessary documentation. Additionally, individuals can obtain help from local community centers and government agencies. For more detailed information on applying for FEMA disaster assistance, visit the official FEMA website. Upcoming Humanitarian Initiatives Alongside the stimulus checks, the federal government is focusing on sustainable strategies to address the impacts of climate change and minimize the occurrence of natural disasters. Key investments in wildfire prevention, enhanced infrastructure, and renewable energy sources are anticipated to be vital components of future efforts aimed at disaster mitigation.

Business2025-04-15 09:11:50

"I Seek the Top Talent for Our Teams": Meta to Cut Over 3,000 Jobs, CEO Mark Zuckerberg Urges for 'Comprehensive Performance-Driven Reductions' — Check Out the Memo In a memo circulated internally on Tuesday, Zuckerberg indicated that the upcoming year will be "challenging" for the organization.

Meta Platforms is cutting 5% of its workforce, according to an internal memo circulating on Tuesday, first reported by Bloomberg. "The memo states, 'Normally, we address underperformance by managing individuals out over the span of a year. However, this time we will implement more significant performance-related reductions in this cycle, aiming to replenish these positions in 2025.'" According to its most recent quarterly report, the company has around 72,000 employees. Meta owns Instagram, Facebook, WhatsApp, and X competitor Threads (among other businesses). Meta has been implementing widespread layoffs for several years now. In November 2022, the tech giant announced it was cutting 11,000 roles or 13% of its workforce. In 2023, CEO Mark Zuckerberg announced a "year of efficiency," including layoffs of around 10,000 people. In October 2024, Meta laid off an undisclosed number of employees from WhatsApp, Instagram, and Threads. Earlier this month, Meta ended its independent fact-checking program in favor of a Community Notes program written by users. Last week, the company announced it was ending its DEI programs. Business Insider and CNBC also obtained the memo. Read it here: Meta is focused on developing some of the most significant technologies globally, including AI, smart glasses as the next computing platform, and the evolution of social media. This year promises to be challenging, and I want to ensure we have the most talented individuals on our teams. I have made the decision to enhance our performance management process by expediting the exit of low performers. Traditionally, we have taken a year to address individuals who fall short of expectations; however, this cycle, we will implement more significant performance-related reductions, aiming to refill these positions in 2025. We will not immediately part ways with everyone who did not meet expectations recently if we believe in their potential for improvement. For those who are let go, we will offer a generous severance package, consistent with what we have provided in past reductions. We will provide additional guidance for managers as we approach the calibration process. Individuals who are affected will receive notifications starting February 10, or later for those located outside the United States.