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NASA Shows Off Spacecraft To Explore Massive Metal Asteroid Worth Way More Than Our Global Economy – Forbes

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NASA has been showing-off its latest spacecraft to the media. “Psyche,” still in the clean room of NASA’s Jet Propulsion Laboratory (JPL) in California, is about to be taken to Florida for its launch this August on an exciting mission to explore a mysterious—and possibly the most valuable—asteroid of the same name.

It target is officially called “16 Psyche” because it was the 16th asteroid ever discovered back in 1852. It’s also the brightest and most reflective asteroid of all, which leads scientists to suspect that it may be made largely of metal.

Scientists know of meteorites that are mostly metal, but 16 Psyche could be unique in that it might be an asteroid that is totally made of iron and nickel.

Some think that the metals that comprise Psyche could make be worth about $10,000 quadrillion. The global economy was worth about $142 trillion in 2019.

Its strange composition could be because Psyche is actually the leftover core of a “dead” planet that never made it—a “protoplanet.”

If it is then it will be considered to be one of the building blocks of the rocky planets in the Solar System. 16 Psyche could therefore provide a unique opportunity to study how planets like our own Earth formed, say scientists.

16 Psyche is about 140 miles/226 kilometers wide and orbits the Sun from the main asteroid belt between Mars and Jupiter. It’s about 230 million miles/370 million kilometers from Earth.

The van-size spacecraft shown-off to reporters this week will launch from the Kennedy Space Center atop a SpaceX Falcon Heavy rocket during August 2022, fly by Mars for a gravity assist in May 2023 and, in early 2026, finally go into orbit around 16 Psyche.

The Psyche spacecraft will then orbit 16 Psyche for 21 months and investigate its composition.

“Welcoming reporters into the clean room gives the public a glimpse of the years of hard work that have gone into this mission,” said Brian Bone, Psyche’s assembly, test, and launch operations manager at JPL. “Thanks to the Psyche team’s determination and skill, we’re in the final stretch of readying the spacecraft to head out to our launch site in Florida.”

Psyche is the 14th mission in NASA’s Discovery Program.

Wishing you clear skies and wide eyes.

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Economy

Minimum wage to hire higher-paid temporary foreign workers set to increase

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OTTAWA – The federal government is expected to boost the minimum hourly wage that must be paid to temporary foreign workers in the high-wage stream as a way to encourage employers to hire more Canadian staff.

Under the current program’s high-wage labour market impact assessment (LMIA) stream, an employer must pay at least the median income in their province to qualify for a permit. A government official, who The Canadian Press is not naming because they are not authorized to speak publicly about the change, said Employment Minister Randy Boissonnault will announce Tuesday that the threshold will increase to 20 per cent above the provincial median hourly wage.

The change is scheduled to come into force on Nov. 8.

As with previous changes to the Temporary Foreign Worker program, the government’s goal is to encourage employers to hire more Canadian workers. The Liberal government has faced criticism for increasing the number of temporary residents allowed into Canada, which many have linked to housing shortages and a higher cost of living.

The program has also come under fire for allegations of mistreatment of workers.

A LMIA is required for an employer to hire a temporary foreign worker, and is used to demonstrate there aren’t enough Canadian workers to fill the positions they are filling.

In Ontario, the median hourly wage is $28.39 for the high-wage bracket, so once the change takes effect an employer will need to pay at least $34.07 per hour.

The government official estimates this change will affect up to 34,000 workers under the LMIA high-wage stream. Existing work permits will not be affected, but the official said the planned change will affect their renewals.

According to public data from Immigration, Refugees and Citizenship Canada, 183,820 temporary foreign worker permits became effective in 2023. That was up from 98,025 in 2019 — an 88 per cent increase.

The upcoming change is the latest in a series of moves to tighten eligibility rules in order to limit temporary residents, including international students and foreign workers. Those changes include imposing caps on the percentage of low-wage foreign workers in some sectors and ending permits in metropolitan areas with high unemployment rates.

Temporary foreign workers in the agriculture sector are not affected by past rule changes.

This report by The Canadian Press was first published Oct. 21, 2024.

— With files from Nojoud Al Mallees

The Canadian Press. All rights reserved.

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Economy

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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OTTAWA – The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Finance Minister Chrystia Freeland pledged a year ago to keep the deficit capped at $40 billion and in her spring budget said the deficit for 2023-24 stayed in line with that promise.

The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.

The PBO says economic growth will remain tepid this year but will rebound in 2025 as the Bank of Canada’s interest rate cuts stimulate spending and business investment.

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press. All rights reserved.

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Economy

Statistics Canada says levels of food insecurity rose in 2022

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OTTAWA – Statistics Canada says the level of food insecurity increased in 2022 as inflation hit peak levels.

In a report using data from the Canadian community health survey, the agency says 15.6 per cent of households experienced some level of food insecurity in 2022 after being relatively stable from 2017 to 2021.

The reading was up from 9.6 per cent in 2017 and 11.6 per cent in 2018.

Statistics Canada says the prevalence of household food insecurity was slightly lower and stable during the pandemic years as it fell to 8.5 per cent in the fall of 2020 and 9.1 per cent in 2021.

In addition to an increase in the prevalence of food insecurity in 2022, the agency says there was an increase in the severity as more households reported moderate or severe food insecurity.

It also noted an increase in the number of Canadians living in moderately or severely food insecure households was also seen in the Canadian income survey data collected in the first half of 2023.

This report by The Canadian Press was first published Oct 16, 2024.

The Canadian Press. All rights reserved.

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