The United States is seeking to counter China's dominance in the critical mineral supply chain by establishing a trade zone with allied nations. The State Department hosted a meeting on Wednesday with representatives from at least 50 countries, including the European Union, Japan, India, South Korea, Australia, and the Democratic Republic of Congo, to discuss the availability of and access to these minerals, according to BBC Technology and BBC Business reports.
The initiative aims to secure the supply of minerals crucial for manufacturing essential technologies, ranging from smartphones to weapons and electric vehicle batteries. These critical minerals are vital components in computer chips and electric vehicle batteries.
Meanwhile, in South Korea, a global surge in the popularity of Korean culture is driving up the price of "gim," the local term for dried seaweed, a staple food in the country. According to BBC World, rising prices are causing concern among gim-lovers nationwide. Lee Hyang-ran, a gim vendor in Seoul for 47 years, noted the shift in international perception. "In the past, people from Western countries thought Koreans were eating something weird that looks like a piece of black paper," she said. "I never thought I'd be selling gim to them. But now, they all come here."
In other business news, Novo Nordisk, the Danish pharmaceutical company behind Ozempic and Wegovy, is facing financial pressures due to price cuts. BBC Business reported that the company's shares plunged 18% after it warned that profits and sales could fall by as much as 13%. Chief Executive Maziar Mike Doustdar described the pricing pressures as "unprecedented" and "painful." The company cited a deal made with former US President Donald Trump to lower the cost of weight-loss drugs for Americans as a contributing factor. Novo Nordisk had recently announced thousands of job cuts amid increasing competition.
Separately, The Guardian highlighted the existence of prediction markets, where individuals can bet on the occurrence of catastrophic world events. The report cited an example of someone who placed bets on a prediction market platform that Donald Trump would oust Nicolás Maduro, netting them nearly $500,000 when it happened.
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