Norway Core Inflation Keeps Pace, Matching Central Bank View
Underlying consumer-price growth excluding energy stayed put at 3.1% last month, according to data from the statistics office on Monday. Economists surveyed by Bloomberg had a median forecast of 3%, while Norges Bank expected a 3.1% gain.
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Condé Nast Traveler
20 minutes ago
- Condé Nast Traveler
Inside the Leather Workshops of Andalusia
Menacho opened his workshop in the whitewashed village of Castilblanco de los Arroyos, a 45-minute drive north of Seville, a decade ago—but had never planned to work with leather. A keen equestrian, he wanted to become a riding instructor but failed the entrance exam. 'The following week they called me to see if I wanted to join the saddlery course instead,' he says. 'I said yes because I'd always enjoyed working with my hands. I learned cutting and stitching, how to differentiate between leather types, and how to make basic riding bags,' he says. It was through making saddles, tack, and other equestrian items, that he acquired the techniques that would make him a leading leathermaker in Spain—and across the fashion world. But the craft, and the ancient artisanal methods he follows, holds a deep significance for Menacho. Leatherwork in Andalusia dates back as far as the Islamic period, when cities like Córdoba became hubs for the trade. 'For me, it's a way of life and a symbol of identity,' he says. This history, and the region's deep connection with horses—as seen through its rich culture of agriculture and equestrianism—has led generations of Sevillian leather workers to hone and evolve the craft. Sacred art related to Seville's Semana Santa Easter festivities is at the root of many artisans' designs, while others are inspired by the city's rich mix of Moorish, Gothic, Mudejar, Renaissance and Baroque architecture. But artisanal work is hard work, and a number of craftspeople are beginning to rely more on machinery than the traditional methods to create their products. Younger generations, meanwhile, are moving away from the professions of their parents to embark on more modern careers. Both are developments that Menacho and many of his peers worry will not only dilute the quality of the product, but this intrinsic part of Andalusian life more deeply, too. 'The work of an artisan is culture, art, and history, but it can also be the future,' he says. 'I try to show people the real value of artisanal work so that we don't lose it.' Menacho, whose workshop is almost entirely free of machinery, does 90% of his work by hand Cristina Gómez Ruiz Techniques done by hand by artisans like Menacho distinguish, in their book, their work from industrial product Cristina Gómez Ruiz Menacho's own leather craft involves chiseling and scoring, die-cutting and stitching, embossing and gilding. He treats his leathers the traditional way with vegetable dyes in oak barrels, a process that can take between six and twelve months. His workshop is practically free of machinery, and 90% of the work he does is by hand, often using techniques that date back centuries, something that Menacho feels distinguishes an artisanal product from something industrial. 'The old, traditional methods are the ones that really work. Some of them date back 500 or 800 years. They're based on time, rhythm, and knowledge of materials,' he says.
Forbes
21 minutes ago
- Forbes
Truckin' To 2030: Europe's Green Horizon For Medical Cannabis & Hemp
Europe's cannabis sector is undergoing a profound transformation—one driven by evolving regulations, changing social attitudes, and rising institutional investor interest. Germany, as the continent's largest economy, stands at the heart of this transition, leading a dual trajectory in both medical cannabis and industrial hemp. What was once niche is now positioned as a cornerstone of sustainable health, clean materials, and innovative investment opportunities. You might say that the European industry appears to be built to last. Market Overview and Segmentation Europe's cannabis landscape is divided into two distinct segments: THC‑containing cannabis (above 0.3% THC), regulated primarily for medical and sometimes adult-use purposes; and industrial hemp (below 0.3% THC), employed in foods, textiles, bioplastics, cosmetics, and construction. While sharing a botanical origin—Cannabis sativa L.—each operates under its own regulatory framework, supply chain, and market focus. Understanding this segmentation is essential for investors and policymakers evaluating risk and opportunity. Globally, the medical cannabis market was valued at approximately €4.5 billion in 2024 and is projected to reach over €62 billion by 2030—recording a staggering compound annual growth rate (CAGR) of 55%. Europe, fueled by demographic shifts and legal liberalization, is forecasted to be the fastest-growing region. Meanwhile, the industrial hemp market is poised to triple to around €15 billion by 2030, according to UNCTAD projections, driven by surging demand for climate-friendly materials and plant-based nutrition. Regulatory Developments The eyes of the world are on Germany, as it has emerged as the regulatory focal point in Europe. Its Cannabis Act (CanG), enacted in 2024, removed restrictive quotas and significantly expanded medical access. A complementary Medical Cannabis Act (MedCanG) is under development, emphasizing pharmacy-based distribution while tightening telemedicine channels. In parallel, a new Industrial Hemp Liberalization Act is expected in 2026, poised to eliminate outdated restrictions and modernize hemp production regulation. On the EU level, the classification of CBD as a Novel Food is opening doors to wellness and nutrition markets previously inaccessible for hemp producers. Growth in Medical Cannabis Since medical cannabis legalization in 2017, German patient numbers have soared—with 300,000 individuals receiving prescriptions in 2024, estimated to grow to 840,000 in 2025. By 2030, the market is expected to reach €650 million. Innovations in formulation—such as high-purity extracts, dronabinol pills, and cannabinoid pastilles—are expanding therapeutic use across neurology, chronic pain, and oncology. Major operators like SYNBIOTIC SE are leading the charge, developing standardized dosage forms and investing in regulated production. Global companies such as Tilray, Aurora, OrganiGram, and Canada's Sanity Group (via its partnership with OrganiGram) are deepening their European presence, underlining the continent's rising magnetism for international cannabis investors. Industrial Hemp as a Sustainability Engine Industrial hemp, long undervalued, is now recognized as a strategic asset in Europe's green economy. German industrial hemp sales grew from €526 million in 2023 to a projected €3 billion by 2032 (CAGR ~22%). Applications range from hemp-protein powders to sustainable building insulation and biodegradable packaging. EU regulatory shifts—especially Novel Food approvals for CBD—further enable consumer-facing products. Companies such as Hempro International and new-era ventures targeting hemp-based construction materials and plant-based supplements illustrate the growing breadth of the market. Investment Opportunities and Strategic Challenges Europe is increasingly attractive to North American capital. SYNBIOTIC SE exemplifies a diversified strategy, combining medical cannabis and hemp under a unified corporate model. The publicly traded holding company expects revenues to climb from €26 million in 2025 to €47 million by 2027, with positive EBITDA forecasted in 2026. This dual exposure provides a hedge against regulatory divergence and price compression in either sector. David Hyde, founder and CEO of Hyde Advisory & Investments, plays a pivotal role in monitoring and facilitating cannabis investments in Germany. Through his firm's expert brokerage services, Hyde navigates complex regulatory frameworks, matches strategic partners, and helps investors identify high-quality medical cannabis assets in the German market. Drawing from his firm's insights, Hyde notes: Germany's medical cannabis market continues to grow, albeit more slowly than Australia's. While German market competition is increasing, there is lots of room for new brand/category entrants with proper market research, understanding of developed cannabis markets and the right distribution partner(s)." Several industry leaders are confident that Europe represents the next major frontier for cannabis investment. As Boris Jordan, Executive Chairman of Curaleaf, put it, '[Europe is the next big market for cannabis after the U.S.]' Meanwhile, Irwin Simon, CEO of Tilray, emphasizes the scale of the opportunity: 'Germany's de-scheduling of cannabis opens the path to new opportunities in a potential $3 billion medical market; the European Union medical cannabis market is now projected to become $45 billion.' Constantin von der Groeben, founder of Demecan, reflects on Germany's growth momentum: 'The market is on a constant growth that is overwhelming,' while Beau Whitney, head economist at Whitney Economics, sees a broader European transformation underway: 'We can expect an accelerated expansion in the EU of legalised cannabis… If countries reform quickly, then the EU could supplant the U.S. as the major leader in global cannabis reform.' Yet investors must navigate risks: regulatory uncertainty (especially around telemedicine and CBD policy), intense price competition as production scales, limited banking integration, and macroeconomic volatility. The fragmented legal landscape further complicates capital deployment in cannabis-related ventures. Why Legalization Is Working The legalization model in Europe—and particularly in Germany—has shown measurable success. Its framework promotes transparency, standards for safety and quality, and integration into conventional health systems. The emphasis on licensing, standardized extracts, and court-regulated pharmacies mirrors a methodical approach, providing market certainty for investors and patients alike. Moreover, reform frameworks that prioritize illicit-market conversion—such as transitioning traditional, unregulated growers into legal cooperatives—mirror best practices championed by analysts like Whitney Economics. This conversion aligns economic incentives, reduces social harms, and demonstrates the sustainability of the legal regime. Outlook to 2030 As of 2025, both medical cannabis and industrial hemp are poised to become multibillion-euro pillars of Europe's economy. By 2030, medical cannabis in Europe could exceed €10 billion, while industrial hemp ascends as an eco-driven mainstay. Companies rooted in innovation, regulatory compliance, and product diversification will lead market consolidation. Germany will remain the driving force behind this evolution—acting as the regulatory pioneer and investment hub for cannabis in Europe. Institutional and private investors seeking long-term value should consider pan-European platforms that bridge both cannabis segments, such as publicly traded SYNBIOTIC SE. Their IFRS-audited integrated model reflects the shift to a new chapter in medicine and an innovative sustainable economy. END NOTES: CanG Gesetz 2024 – UNCTAD 2022 – Cannabissciencetech 2024 – CannaMonitor 2025 – Credence Research – Grand View Research – IMARC Group – Luminorecruit 2025 – MJBizDaily 2024 – Novel Food – OrganiGram/Sanity Group 2024 – Research And Markets 2024 – Reuters 2024 – Statista – Weedman 2025 –
CBS News
an hour ago
- CBS News
Are annuities a safe investment this August? 5 things to know now
As inflationary pressures continue to impact household budgets and volatility persists within the financial markets, many seniors, retirees and soon-to-be retirees are looking for ways to safeguard their nest eggs. And, while there are any number of ways to do that, annuities have long been used to guarantee that retirees have a predictable income stream after they stop working. But while annuities are considered a reliable way to ensure financial security in retirement, the economic landscape we're facing currently brings with it new considerations. After all, today's issues with high interest rates, inflation and stock market volatility could influence how safe an annuity truly is as an investment. Understanding these dynamics is crucial for anyone considering annuities, whether they're seeking guaranteed income, tax-deferred growth or just peace of mind in terms of market risk. So, with economic uncertainty swirling, is this really the right time to consider an annuity? That's what we'll analyze below. Find out how to add an annuity to your retirement portfolio today. When evaluating annuity safety, you're essentially asking two questions: Will the insurance company be around to make good on its promises, and will those promises actually protect your purchasing power over time? With that in mind, here are a few important things you should know about the safety of annuities right now: Unlike bank deposits, annuities aren't backed by the Federal Deposit Insurance Corporation (FDIC). Your safety instead relies entirely on the financial stability of the insurance company issuing the contract. This makes it critical to research the insurer's credit and customer service ratings. As you consider your options, look for companies with ratings of A or better from agencies like A.M. Best, Moody's or Standard & Poor's. These ratings reflect the company's ability to meet its financial obligations, including annuity payments, even during economic downturns. After all, a company with a strong balance sheet and conservative investment practices is far more likely to honor its commitments decades down the road. Learn more about the annuity options available to you here. If your insurance company does fail, there are state guarantee associations that may step in to protect annuity holders, but this protection has significant limitations. Coverage typically caps at $250,000 to $300,000 per person per company, though this varies by state. Perhaps more importantly, though, these associations don't prevent all losses; they simply aim to minimize them. If you're considering putting a large portion of your retirement savings into annuities, spreading your investments across multiple highly-rated insurers can help you stay within these protection limits while reducing concentration risk. Not all annuities are created equal when it comes to safety. Fixed annuities offer the most predictable returns, with the insurance company guaranteeing a specific interest rate for a set period. If safety is your primary concern, fixed annuities generally offer the most straightforward protection, though they may struggle to keep pace with inflation over long periods. Variable annuities, on the other hand, tie your returns to underlying investment performance, which means your principal can fluctuate significantly. Indexed annuities fall somewhere in between, offering some market upside potential while typically protecting against losses. When you purchase an annuity, the interest rate environment significantly impacts both your returns and your safety. So, understanding where rates stand and where they might be heading can help you time your annuity purchase more strategically or choose products with more conservative guarantees. In higher-rate environments, insurance companies can invest your premiums more aggressively while still meeting their guaranteed obligations, creating a larger safety cushion. When rates are low, that margin shrinks, potentially forcing insurers to take on more risk to generate adequate returns. The greatest risk to annuity holders generally isn't company failure. It's the slow erosion of purchasing power through inflation. A fixed annuity that pays $1,000 per month might seem safe today, but if inflation averages 3% annually, that same payment will have significantly less buying power in 20 years. Some annuities offer inflation protection features or cost-of-living adjustments, but these typically come at the cost of lower initial payments. So, as you're evaluating annuity safety, you may want to consider whether the product protects not just your principal, but your lifestyle. Annuities can be a safe component of a retirement strategy, but their safety isn't automatic. It depends on careful product selection and realistic expectations about what they can and cannot do. So, rather than viewing annuities as either completely safe or completely risky, think of them as tools that can eliminate longevity risk, which is the risk that you'll outlive your money. To ensure you're making the safest bet possible, though, you'll need to choose the right type of annuity for your specific needs and timeline while keeping realistic expectations about what any single financial product can accomplish, especially in an uncertain economic environment.
