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According to the Wall Street Journal, forecasters predict that unemployment will increase and hiring will slow in 2024, which could help the economy achieve a soft landing. The labor market in the United States has cooled off, but it is still generating jobs at a faster rate than before the pandemic. Factors contributing to this cooling trend include the Federal Reserve's interest rate hikes, industries reaching pre-pandemic employment levels, increased availability of workers through immigration and people rejoining the workforce, and a decrease in job hopping. Job growth has become concentrated in industries such as healthcare, social assistance, leisure and hospitality, and state and local government. This less dynamic labor market has helped slow down wage growth, which is a concern for the Federal Reserve. Temporary hiring has also been on a downward trend, which is seen as a warning sign for the labor market. However, there are reasons for optimism, such as the labor market still producing jobs at a faster pace than before the pandemic and resilient consumer spending. Companies are also hesitant to lay off workers due to labor shortages and high turnover costs. [Extracted from the article]

In 2009, the government of South Africa ordered some gold and platinum producers - including AngloGold Ashanti Ltd., Lonmin PLC, Anglo Platinum Ltd. and Anglo American PLC - to suspend production several times because of safety violations. The stoppages will decrease production, raise production costs, and hinder the recovery of the gold and platinum sectors as demand begins to pick up.

Affected by write-downs and plummeting commodity prices, Xstrata PLC's net profit in 2009 plunged 82% to $661 million, compared with profit of $3.6 billion a year earlier. Revenue fell 16% to $23.53 billion. Xstrata announced it will resume making dividend payments.

Rio Tinto and BHP Billiton have agreed to a joint venture combining their iron-ore operations in Western Australia. The mining companies expect to generate $10 billion in savings from the deal. Steelmakers oppose the venture, claiming it will result in lower iron-ore production at higher prices.

In spite of opposition from its largest shareholder, transportation firm National Express Group PLC plans a rights issue to raise 360 million pounds sterling to buttress its finances and pay off debt. National Express will issue as many as 357 million new shares.

In interview, BHP Billiton Ltd.'s chief executive, Marius Kloppers, discusses how his company is cutting costs and prioritizing expenditures to get through the global recession.

In a move that could slash $1 billion in annual costs, mining company Xstrata PLC proposed a merger with rival Anglo American PLC. The resulting entity would be equally owned by both companies' shareholders, but Xstrata's management would be more in control of the company. Potential obstacles to the deal include Xstrata's failure to offer a premium for Anglo's shares, Xstrata's proposal to take the lead in managing the company, and possible opposition from the government of South Africa, where Anglo has operations.

Byline: DANA CIMILLUCA AND JEFFREY SPARSHOTT; WALL STREET JOURNAL STAFF MINING LONDON -- Anglo-Swiss miner Xstrata PLC has made a bold merger approach to rival Anglo American PLCAAUK-Q, an effort [...]

Mining firm Anglo American PLC reports a 29% drop in net profit to $5.22 billion, and a 7.6% drop in revenue to $32.96 billion for the fiscal year 2008. $11 billion in debt, the company reduced its 2009 capital-expenditures budget by more than half to $4.5 billion. To conserve cash, Anglo American will suspend dividend payments, cut production, and eliminate 19,000 jobs.

In response to plummeting aluminum demand and prices, mining company Rio Tinto plans to cut aluminum production by an additional 230,000 metric tons to a total reduction of 450,000 metric tons, and eliminate 1,100 jobs at its aluminum unit Rio Tinto Alcan. The moves are part of Rio Tinto's efforts to reduce its debt load by $10 billion in 2009.

Shortly after Origin Energy Ltd.'s announced joint venture with ConocoPhillips to develop Origin's coal-seam-gas assets in Australia, BG Group PLC abandoned its $11.3 billion hostile takeover bid for Origin. It is speculated BG Group cannot match Origin's market capitalization under the new joint venture. Article discusses the companies' share value and BG Group's investments and partnerships in Australia.

Boosted by higher profit margins, Kazakhstan-based miner Eurasian Natural Resources Corp. announces first-half net profit more than tripled to $1.34 billion, revenue rose 85% to $3.44 billion while costs increased 21% to $1.44 billion. ENRC has increased its capital expenditure by 92% to $6.9 billion. Article discusses the company's revenue prospects for the rest of 2008.

Kazakh mining company Kazakhmys PLC announces it will raise its stake in Eurasian Natural Resources Corp. to 22.24% from 14.59%, a $2.7 billion deal. Article discusses Kazakhmys's and Eurasian's share value increase following the announcement, and the prospects for a future merger of both companies.

Candover Group Ltd. and a consortium of private equity firms has agreed to purchase petroleum company Expro International Group PLC for $3.15 bil. The bid represents a 55% premium to Expro shares.

First-quarter output of aluminum and iron ore for Australian mining firm Rio Tinto Ltd. showed strongly, with aluminum production almost five times higher and iron ore increasing by 16%. Mined copper, however, fell 6%. Rio Tinto also rejected a takeover offer from BHP Billiton Group valued at $147.4 bil.

Full-year 2007 net profit for Swiss mining firm Xstrata PLC increased by 13% to $5.54 bil, boosted by acquisitions that include Canada's Falconbridge Ltd. and Eland Platinum Holdings Ltd. Revenue increased 12% to reach $28.54 bil. Talks continue with Brazilian firm Companhia Vale do Rio Doce S.A.

First-half net profit for UK Coal PLC more than tripled, rising to 53.57 mil pounds sterling, with pretax profit increasing to 40.6 mil pounds sterling. Figures were boosted by the firm's property business, which rose from 19.9 mil pounds sterling last year to 54 mil pounds sterling this year.

The U.S. economy is experiencing a phenomenon known as a "soft landing," where inflation is returning to pre-pandemic levels without a recession or significant economic weakness. This is a rare occurrence, as historically, the Federal Reserve has not been able to bring down inflation without causing a recession. Inflation has decreased to 3.2% in October, and core inflation (excluding food and energy) is running at a 2.8% annual rate. However, a soft landing is not guaranteed, as inflation has not reached the target of 2% and external factors such as energy prices or a financial crisis could still impact the economy. Additionally, consumer spending may be slowing down, and there are signs of potential weakness in the labor market. While investors are optimistic, the Federal Reserve remains cautious and focused on achieving a monetary policy that can bring inflation down to 2%. [Extracted from the article]

Employers in the United States are offering more paid time off to attract and retain workers in a competitive job market. This has resulted in a widening gap between the number of hours workers are paid for and the number of hours they actually work. The expansion of paid benefits, including family leave, sick leave, and vacation, has allowed employees to have more flexibility in managing their work-life balance. However, this trend of fewer hours worked could contribute to worker shortages and additional stress for businesses. [Extracted from the article]

Anglo-Australian mining company Rio Tinto and Canada's Ivanhoe Mines Ltd are engaged in the Oyu Tolgoi project in Mongolia, worth more than US$3 billion. The development has been sped up by the Mongolian parliament's repeal of a windfall-profits tax on copper and gold.

Rio Tinto PLC has iron ore price contracts with China's China Steel Corp. and South Korea's Pohang Iron and Steel Company Ltd., although China's Iron and Steel Association rejects the adoption of the 33% cut in the price of iron ores.