Operating income will decline 2%-4% over the next 12-18 months. Increasing paper packaging prices and demand for paper packaging and pulp will only partially offset rising input costs, falling demand for paper and lower wood product and market pulp prices.

Ample supply is pushing into new markets beyond the reach of North American pipelines. Stricter environmental regulations will initially favor natural gas, as renewable energy technologies gradually become more competitive.

Asian exports have slowed substantially in recent months. Our new report identifies APAC countries that are most vulnerable to slower Chinese growth, driven by both external and domestic factors – as well as those that stand to benefit from longer-term shifts in investment and trade connections.

Numerous cities have taken steps to curb costs of other post-employment benefits (OPEB), but most cost-containment strategies will take years to provide substantial savings. And, where rising OPEB expenses are not addressed, they threaten to curtail other spending priorities.