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What’s New on VC+ in March?

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If you’re a regular visitor to Visual Capitalist, you know that we’re your home base for data-driven, visual storytelling that helps explain a complex world.

But did you know there’s a way to get even more out of Visual Capitalist, all while helping support the work we do?

New to VC+ in March 2021

VC+ is our members program that gives you exclusive access to extra visual content and insightful special features. It also gets you access to The Trendline, our new members-only graphic newsletter.

So, what is getting sent to VC+ members in the coming weeks?


Shattering the Glass Ceiling

SPECIAL DISPATCH: The Most Influential Women in Business and Finance

Every year, women contribute $5 trillion to global wealth.

Ahead of International Women’s Day on March 8, in this VC+ special dispatch we’ll look at global progress that’s been made in women’s economic rights, from rising earning power to their participation in the C-suite level.

We also look at some of the most influential women in the business and finance world today.

Publishing date: March 4 (Get VC+ to access)


VC 360: A Critical Analysis

SPECIAL DISPATCH: Evaluating visual design from a third-party perspective

As part of this regular VC+ series, we’ll look at how various media outlets have covered the global COVID-19 vaccine rollout.

From vaccine development to data on the doses sold by each manufacturer, we’ll dissect some of the most popular visualizations over the last few months.

Publishing date: March 11 (Get VC+ to access)


Insights From Buffett’s Brain

SPECIAL DISPATCH: What can we learn from the Oracle of Omaha

In this VC+ special dispatch we’ll examine Warren Buffett’s popular investing principles, how some of his famous quotes can help us think differently about life, and the power of the Buffett Indicator. 

Publishing date: March 18 (Get VC+ to access)


The News in Charts: March 2021

SPECIAL DISPATCH: Powerful Charts From News Stories of the Past Month

With the fast-paced global news cycle, it can be hard to keep track of all that’s going on at any moment.

In this monthly feature, we look back at some of the most newsworthy events of March 2021—and present the key takeaways in succinct charts from various media outlets.

Publishing date: March 25 (Get VC+ to access)


The Trendline

PREMIUM NEWSLETTER: Our Weekly Newsletter for VC+ Members
The Trendline

Every week, VC+ members also get our premium graphic newsletter, The Trendline.

With The Trendline, we’ll send you the best visual content, datasets, and insightful reports relating to business that our editors find each week.

Publishing Date: Every Sunday (Get VC+ to access)


More Visuals. More Insight. More Understanding.

Get access to these upcoming features by becoming a VC+ member.

For a limited time, get 25% off, which makes your VC+ membership the same price as a coffee each month:

Get 25% Off VC+ Today

PS – We look forward to sending you even more great visuals and data!

The post What’s New on VC+ in March? appeared first on Visual Capitalist.

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Visualizing the Power Consumption of Bitcoin Mining

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View the high-resolution of the infographic by clicking here.

Oil is one of the world’s most important natural resources, playing a critical role in everything from transportation fuels to cosmetics.

For this reason, many governments choose to nationalize their supply of oil. This gives them a greater degree of control over their oil reserves as well as access to additional revenue streams. In practice, nationalization often involves the creation of a national oil company to oversee the country’s energy operations.

What are the world’s largest and most influential state-owned oil companies?

Editor’s Note: This post and infographic are intended to provide a broad summary of the state-owned oil industry. Due to variations in reporting and available information, the companies named do not represent a comprehensive index.

State-Owned Oil Companies by Revenue

National oil companies are a major force in the global energy sector, controlling approximately three-quarters of the Earth’s oil reserves.

As a result, many have found their place on the Fortune Global 500 list, a ranking of the world’s 500 largest companies by revenue.

Country Name Fortune Global 500 Rank 2019 Revenues 
🇨🇳 China Sinopec Group 2 $443B
🇨🇳 China China National Petroleum Corporation (CNPC)  4 $379B
🇸🇦 Saudi Arabia Saudi Aramco 6 $330B
🇷🇺 Russia Rosneft 76 $96B
🇧🇷 Brazil Petrobras 120 $77B
🇮🇳 India Indian Oil Corporation (IOCL)  151 $69B
🇲🇾 Malaysia Petronas 186 $58B
🇮🇷 Iran National Iranian Oil Company (NIOC)  Not listed $19B* 
🇻🇪 Venezuela  Petróleos de Venezuela (PDVSA) Not listed $23B (2018)

*Value of Iranian petroleum exports in 2019. Source: Fortune, Statista, OPEC

China is home to the two largest companies from this list, Sinopec Group and China National Petroleum Corporation (CNPC). Both are involved in upstream and downstream oil operations, where upstream refers to exploration and extraction, and downstream refers to refining and distribution.

It’s worth noting that many of these companies are listed on public stock markets—Sinopec, for example, trades on exchanges located in Shanghai, Hong Kong, New York, and London. Going public can be an effective strategy for these companies as it allows them to raise capital for new projects, while also ensuring their governments maintain control. In the case of Sinopec, 68% of shares are held by the Chinese government.

Saudi Aramco was the latest national oil company to follow this strategy, putting up 1.5% of its business in a 2019 initial public offering (IPO). At roughly $8.53 per share, Aramco’s IPO raised $25.6 billion, making it one of the world’s largest IPOs in history.

Geopolitical Tensions

Because state-owned oil companies are directly tied to their governments, they can sometimes get caught in the crosshairs of geopolitical conflicts.

The disputed presidency of Nicolás Maduro, for example, has resulted in the U.S. imposing sanctions against Venezuela’s government, central bank, and national oil company, Petróleos de Venezuela (PDVSA). The pressure of these sanctions is proving to be particularly damaging, with PDVSA’s daily production in decline since 2016.

State-Owned Oil Companies - Venezuela example

In a country for which oil comprises 95% of exports, Venezuela’s economic outlook is becoming increasingly dire. The final straw was drawn in August 2020 when the country’s last remaining oil rig suspended its operations.

Other national oil companies at the receiving end of American sanctions include Russia’s Rosneft and Iran’s National Iranian Oil Company (NIOC). Rosneft was sanctioned by the U.S. in 2020 for facilitating Venezuelan oil exports, while NIOC was targeted for providing financial support to Iran’s Islamic Revolutionary Guard Corps, an entity designated as a foreign terrorist organization.

Climate Pressures

Like the rest of the fossil fuel industry, state-owned oil companies are highly exposed to the effects of climate change. This suggests that as time passes, many governments will need to find a balance between economic growth and environmental protection.

Brazil has already found itself in this dilemma as the country’s president, Jair Bolsonaro, has drawn criticism for his dismissive stance on climate change. In June 2020, a group of European investment firms representing $2 trillion in assets threatened to divest from Brazil if it did not do more to protect the Amazon rainforest.

These types of ultimatums may be an effective solution for driving climate action forward. In December 2020, Brazil’s national oil company, Petrobras, pledged a 25% reduction in carbon emissions by 2030. When asked about commitments further into the future, however, the company’s CEO appeared to be less enthusiastic.

That’s like a fad, to make promises for 2050. It’s like a magical year. On this side of the Atlantic we have a different view of climate change.

— Roberto Castello Branco, CEO, Petrobras

With its 2030 pledge, Petrobras joins a growing collection of state-owned oil companies that have made public climate commitments. Another example is Malaysia’s Petronas, which in November 2020, announced its intention to achieve net-zero carbon emissions by 2050. Petronas is wholly owned by the Malaysian government and is the country’s only entry on the Fortune Global 500.

Challenges Lie Ahead

Between geopolitical conflicts, environmental concerns, and price fluctuations, state-owned oil companies are likely to face a much tougher environment in the decades to come.

For Petronas, achieving its 2050 climate commitments will require significant investment in cleaner forms of energy. The company has been involved in numerous solar energy projects across Asia and has stated its interests in hydrogen fuels.

Elsewhere, China’s national oil companies are dealing with a more near-term threat. In compliance with an executive order issued by the Trump Administration in November 2020, the New York Stock Exchange (NYSE) announced it would delist three of China’s state-run telecom companies. Analysts believe oil companies such as Sinopec could be delisted next, due to their ties with the Chinese military.

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Here’s What $1,000 Invested in Vaccine Stocks Would Be Worth Now

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Vaccine Stocks During a Pandemic

It’s often said that with every crisis comes great opportunity.

While such catastrophes do create upheaval and uncertainty in financial markets, they can also lead to new opportunities for investors, as asset classes react to different environments.

Since the World Health Organization (WHO) declared COVID-19 to be a pandemic on March 11, 2020, the performance of vaccine stocks have been varied—but with some notable winners that notched triple or quadruple digit returns.

Here’s how much a $1,000 investment would be worth as of March 31, 2021, if you had put money into each vaccine stock at the start of the pandemic:

Stock Value of Investment % Growth Market Cap ($B)
Novavax $16,491 1,549.1% $14.3
Moderna $5,019 401.9% $59.9
BioNTech $3,247 224.7% $31.3
Johnson & Johnson $1,252 25.2% $419.8
Pfizer $1,122 12.2% $207.2
AstraZeneca $1,121 12.1% $93.8
Sanofi $1,096 9.6% $105.2

The Business of Vaccines

The returns on vaccine stocks have varied greatly. They are staggering in the case of Novavax and Moderna, but also seem quite underwhelming, when considering the likes of Sanofi, AstraZeneca, and Pfizer.

One factor for the discrepancy in stock price performance is the revenue potential from vaccine sales relative to the rest of the existing business, as vaccine sales will have a much greater impact on the fundamentals of smaller companies.

For example, before the pandemic, Novavax had revenues of just $18.7 million—this meant that capturing any portion of global vaccine sales would create massive value for shareholders. On the flipside, vaccine sales are much less likely to impact the fundamentals of Sanofi’s business, since the company already is generating $40.5 billion in revenue.

To put it into perspective, analysts are expecting total sales from COVID-19 vaccines to be around $100 billion, with $40 billion in post-tax profits.

Vaccine Stocks vs the S&P 500

Even in a booming and valuable industry, it’s difficult to identify the long-term leaders. For example, in the mobile phone market, there was a time where the likes of Motorola, Nokia, and Blackberry appeared untouchable, but eventually lost out.

Similarly, with the limited information available at the start of the pandemic, few, if any, could have separated the winners and losers from this group with accuracy.

In the past year, the S&P 500 grew 44.9%—meaning that only three of the seven vaccine stocks have seen their share prices outperform the market.

Nobody said helping solve a global pandemic guarantees a pay off.

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These Powerful Maps Show the Extremes of U.S. Population Density

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America’s 328 million people are spread across a huge amount of territory, but the population density of various regions is far from equal.

It’s no secret that cities like New York have a vastly different population density than, say, a rural county in North Dakota. Even so, this interactive map by Ben Blatt of Slate helps visualize the stark contrast between urban and rural densities in a way that might intrigue you.

How many counties does it take to equal the population of these large urban areas? Let’s find out.

New York City’s Rural Equivalent

New York City (proper) Population: 8.42 million
New York City Population density: 27,547 persons / mi²

New York City became the largest city in the U.S. back in 1781 and has long been the country’s most densely packed urban center. Today, 1 in every 38 people living in the United States resides in The Big Apple.

new york city population density equivalent map

For the northwestern counties above to match the population of New York City, it takes a land area around the size of Mongolia. The region shown above is 645,934 mi², and runs through portions of 12 different states.

In order to match the population of the entire New York metropolitan area, which holds 18 million people and includes adjacent cities and towns in New York state, New Jersey, and Connecticut, the above equivalent area would have to be even more massive.

Los Angeles County’s Rural Equivalent

LA County Population: 10.04 million
LA County Population density: 2,100 persons / mi²

Los Angeles County is home to the 88 incorporated cities that make up the urban area of Los Angeles.

Even excluding nearby population centers such as Anaheim, San Bernadino, and Riverside (which are located in adjacent counties) it is still the most populous county in the United States, with over 10 million inhabitants.

los angeles county population density equivalent map

To match this enormous scale in Middle America, it would take 298 counties covering an area of 471,941 mi².

Chicago’s Rural Equivalent

Chicago Metropolitan Area Population: 9.53 million
Chicago Metropolitan Area Population density: 1,318 persons / mi²

Next up is America’s third largest city, Chicago. For this visualization, we’re using the Chicago metropolitan area, which covers the full extent of the city’s population.

chicago population density equivalent map

To match the scale of the population of the Windy City, we would need to add up every county in New Mexico, along with large portions of Colorado, Arizona, and Texas.

Turning the Tables?

Conversely, what if we transported the people in the country’s least densely populated counties into the middle of an urban center?

Rank County Population
1 Kalawao County, Hawaii 86
2 Loving County, Texas 169
3 King County, Texas 272
4 Kenedy County, Texas 404
5 Arthur County, Nebraska 463

As it turns out, the total population of the five least populated counties is just 1,394—roughly the same amount of people that live on the average Manhattan block.

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Pandemic Recovery: Have BEACH Stocks Bounced Back?

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Which Asian Economies Have the Most Sustainable Trade Policies?

To say that Asia has benefited from international trade is an understatement. By opening its economies to the rest of the world, the region has become a leading exporter in many of today’s most important industries.

Trade has also improved Asia’s quality of life, lifting over one billion people out of poverty since 1990. Without the proper controls, however, such rapid growth could have harmful effects on Asia’s environment and society.

In this infographic from The Hinrich Foundation, we break down the results of their 2020 Sustainable Trade Index (STI). Since 2016, this index has ranked 19 Asian economies and the U.S. across three categories of trade sustainability: economic, social, and environmental.

What Exactly is Sustainable Trade?

International trade is an important source of economic growth, enabling domestic businesses to expand, reach new customers, and gain exposure to foreign markets.

At the same time, countries that focus too heavily on exports put themselves at greater long-term risk. For example, an aggressive expansion into manufacturing is likely to impair the quality of a country’s air, while overdependence on a single product or sector can create an economy that is susceptible to demand shocks.

“The primary principle which underpins sustainable trade is balance. Trade cannot be pursued solely for economic gains, without considering environmental and social outcomes.”
– Merle A. Hinrich

Thus, sustainable trade supports not only economic growth, but also environmental protection and strengthened social capital. It involves finding a balance between short-term incentives and long-term resilience.

Measuring Sustainable Trade

The Sustainable Trade Index (STI) is based on three underlying pillars of trade sustainability. Every economy in the STI receives a score between 0 and 100 for each pillar.

Pillar Number of Indicators Examples of Indicators
Economic pillar 21
  • Use of trade tariffs
  • Logistics performance
  • Growth in labor force
Social pillar 12
  • Level of economic inequality
  • Presence of child labor
  • Educational attainment
Environmental pillar 14
  • Level of air pollution
  • Reliance on natural resources
  • Environmental standards

The economic pillar measures a country’s ability to to grow its economy through trade, while the social pillar measures a population’s tolerance for trade expansion, given the costs and benefits of economic growth.

Last but not least, the environmental pillar measures a country’s proficiency at managing climate-related risks. Individual pillar scores are then aggregated to arrive at an overall ranking, which also has a maximum possible score of 100.

The Sustainable Trade Index 2020: Overall Rankings

For the first time in the STI’s history, Japan and South Korea have tied for first place. Both countries have placed in the top five previously, but 2020 marks the first time for either to take the top spot.

Rank Economy Overall Score
1 (tied) 🇯🇵 Japan 75.1
1 (tied) 🇰🇷 South Korea 75.1
3 🇸🇬 Singapore 70.2
4 🇭🇰 Hong Kong 68.3
5 🇹🇼 Taiwan 67.0
6 🇺🇸 U.S. 66.2
7 🇨🇳 China 56.5
8 🇵🇭 Philippines 55.9
🌏 Average 55.1
9 🇹🇭 Thailand 50.5
10 🇱🇰 Sri Lanka 50.4
11 🇲🇾 Malaysia 49.5
12 🇧🇩 Bangladesh 49.4
13 🇧🇳 Brunei 48.5
14 🇰🇭 Cambodia 47.8
15 (tied) 🇮🇳 India 46.9
15 (tied) 🇻🇳 Vietnam 46.9
17 🇮🇩 Indonesia 46.3
18 🇱🇦 Laos 46.1
19 🇵🇰 Pakistan 43.9
20 🇲🇲 Myanmar 40.3

Advanced economies like Singapore, Hong Kong, and Taiwan were also strong performers, each scoring in the high 60s. At the other end of the spectrum, developing countries such as India and Vietnam were tightly packed within the 40 to 50 range.

To learn more, here’s how each country performed in the three underlying pillars.

1. Economic Pillar Rankings

Hong Kong topped the economic pillar for the first time thanks to its low trade costs and well-developed financial sector. Financial services have increased their contribution to Hong Kong’s GDP from 13% in 2004 to 20% in 2018.

The region’s recently initiated national security law—which has resulted in greater political instability—may have a negative effect on future rankings.

Rank Economy Economic Score
1 🇭🇰 Hong Kong 69.6
2 🇸🇬 Singapore 68.7
3 🇨🇳 China 64.9
4 🇰🇷 South Korea 63.3
5 (tied) 🇲🇾 Malaysia 61.2
5 (tied) 🇺🇸 U.S. 61.2
7 🇹🇼 Taiwan 60.3
8 🇧🇳 Brunei 59.3
9 (tied) 🇯🇵 Japan 58.6
9 (tied) 🇵🇭 Philippines 58.6
🌏 Average 56.9
11 🇧🇩 Bangladesh 56.3
12 🇰🇭 Cambodia 56
13 🇱🇰 Sri Lanka 54.7
14 🇻🇳 Vietnam 53.9
15 🇮🇩 Indonesia 52.1
16 🇮🇳 India 51.4
17 🇲🇲 Myanmar 49.5
18 🇹🇭 Thailand 47.4
19 🇵🇰 Pakistan 46.9
20 🇱🇦 Laos 44.0 

China was also a strong performer, climbing to third for the first time. Asia’s largest economy benefits from a well-diversified group of trading partners, meaning it doesn’t rely too heavily on a single market.

The bottom five countries—India (16th), Myanmar (17th), Thailand (18th), Pakistan (19th) and Laos (20th)—suffered from issues such as payment risk, which is measured as the difficulty of getting money in and out of a country. This risk is especially damaging to trade because it discourages foreign direct investment.

2. Social Pillar Rankings

The social pillar features the highest average score, but also the largest gap from top to bottom. This gap has expanded over recent years, growing from 43.9 points in 2018 to 52.3 in 2020.

Rank Economy Social Score
1 🇹🇼 Taiwan 88
2 🇯🇵 Japan 87.3
3 🇰🇷 South Korea 86.9
4 🇺🇸 U.S. 83.1
5 🇸🇬 Singapore 63.1
6 🇵🇭 Philippines 62.4
7 🇹🇭 Thailand 60.9
🌏 Average 59.1
8 🇭🇰 Hong Kong 57.8
9 🇧🇩 Bangladesh 55.8
10 🇲🇾 Malaysia 53.6
11 🇱🇦 Laos 53.0
12 🇮🇳 India 52.5
13 🇮🇩 Indonesia 52.4
14 🇧🇳 Brunei 51.6
15 🇻🇳 Vietnam 50.4
16 🇨🇳 China 50.2
17 🇰🇭 Cambodia 46.2
18 🇱🇰 Sri Lanka 46.1
19 🇵🇰 Pakistan 45.6
20 🇲🇲 Myanmar 35.7

Taiwan claimed the top spot for the second time, solidifying its reputation as Asia’s leader in human capital development. It performed well in the educational attainment indicator, with 93.6% of its population receiving a tertiary education.

China, despite its success in other pillars, only managed 16th. This was partly due to the effects of its now defunct one-child policy, which has been responsible for creating gender imbalances and a shrinking population.

3. Environmental Pillar Rankings

The environmental pillar has the lowest average score of the three. Japan, Singapore, Hong Kong, and South Korea were the only countries to score above 75.

Rank Economy Environmental Score
1 🇯🇵 Japan 80.0
2 🇸🇬 Singapore 78.7
3 🇭🇰 Hong Kong 77.4
4 🇰🇷 South Korea 75.2
5 🇨🇳 China 54.5
6 🇺🇸 U.S. 54.3
7 🇹🇼 Taiwan 52.8
8 🇱🇰 Sri Lanka 50.4
🌏 Average 49.1
9 🇵🇭 Philippines 46.6
10 🇹🇭 Thailand 43.2
11 🇰🇭 Cambodia 41.2
12 🇱🇦 Laos 41.1
13 🇵🇰 Pakistan 39.3
14 🇮🇳 India 36.7
15 🇻🇳 Vietnam 36.3
16 🇧🇩 Bangladesh 36.0
17 🇲🇲 Myanmar 35.6
18 🇧🇳 Brunei 34.6
19 🇮🇩 Indonesia 34.3
20 🇲🇾 Malaysia 33.8

The top four performed well in areas such as air quality and water pollution, and with the exception of Hong Kong, have all introduced carbon pricing schemes in the past decade. This doesn’t mean these countries are without their flaws, however.

Land-constrained Singapore, for instance, ranked 16th in the deforestation indicator. The city-state is one of the densest population centers in the world, and has cut down forests to clear space for further settlement and urbanization.

Building Back Better From COVID-19

Despite the damage that COVID-19 has caused, there are some silver linings. This includes the environmental benefits experienced by China, where lockdowns reduced carbon emissions by 200 million tonnes in a single month. It’s been estimated that after two months, China’s reduced pollution levels saved the lives of 77,000 people.

These temporary improvements are an explicit reminder of the environmental and social costs associated with economic growth. In response, governments in Asia are taking steps to ensure the long-term sustainability of their nations. Japan and South Korea both announced their commitments to achieving carbon neutrality by 2050, while China set a similar goal for 2060.

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