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Wood Mackenzie: Recession could slow, or stop, up to 150GW of renewable projects in Asia Pacific region

first_imgWood Mackenzie: Recession could slow, or stop, up to 150GW of renewable projects in Asia Pacific region FacebookTwitterLinkedInEmailPrint分享S&P Global Market Intelligence ($):A coronavirus-led recession beyond 2020 could result in the delay or cancellation of up to 150 GW of renewable projects in Asia Pacific from 2020 to 2024, according to a Wood Mackenzie analysis.An extended recession could heavily impact demand in the region, which accounted for three-quarters of global growth from 2015 to 2019, causing an overcapacity that would limit investments in the power sector.The consultancy projects 380 TWh of demand loss in a two- to three-month disruption with strong recovery. Markets going into recession, however, could result in the loss of 1,000 TWh by 2023, or about two years of growth in the region.“The coming months will be crucial to determine if the region is moving towards a rapid recovery or extended recession future,” Research Director Alex Whitworth said in an April 22 statement.An extended recession scenario is expected to reduce the competitiveness of renewables by making it harder to secure project funding. In such a scenario, lower fossil fuel prices would mean renewables wouldn’t be able to compete with coal-fired power plants until beyond 2025, according to WoodMac.“In our base case outlook, the impact on wind and solar installations in 2020 can be offset by stronger growth and support policies in 2021. But if the situation worsens, renewables projects in [India, Vietnam, the Philippines, Thailand, Indonesia, and Malaysia] could be heavily impacted by increased financing costs, as well as forex risk due to high capex share of costs,” Whitworth added.[Nephele Kirong]More ($): Virus-led recession risks 150 GW of renewable projects in Asia Pacific – WoodMaclast_img read more

GOP tax plan calculations are deceptive

first_imgFamilies with kids in low-tax states get more savings from the tax side, which outweighs the rising cost of their health-care premiums. And not everyoneis in the individual exchanges.The point is not that everyone is a loser. It is twofold: 1) There will be a lot of winners and some losers and a lot of people who break close to even, and 2)It’s not fair to disregard the cost the bill likely imposes for those in the Obamacare exchanges.Moreover, if the premium costs continue to rise at 10 percent, thanks to repeal of the individual mandate, the premium hikes will eat up a larger and larger chunk of the tax “savings” over time.And let’s discard the hooey that this bill is all about the middle class.A itemizing family with two kids making $750,000 or more in a low-tax state (e.g. Florida, Texas) saves nearly $20,000 (and probably isn’t in the exchanges).If the family can run some of the income through a pass-through, well, they’ve hit pay dirt. Let’s take a married couple making $70,000 in California. Go over to the the Kasier Family Foundation calculator and you find the Silver plan, with the subsidy, costs about $530 per month.Hike that 10 percent and over a year the couple is paying $636 more, adding to its loss (if they were itemizers in the example above) or wiping out its saving (if non-itemizing).That is the cost of this bill for those using the exchanges.Let’s take someone in Maine, just to pick a state.A married couple making $100,000 and itemizing is supposed to save about $930 per year.But the couple’s Silver Plan tax plan went up about $125 per month. That couple loses about $600 per year.Now, clearly there are winners even with the hike in the Obamacare premiums. Categories: Editorial, OpinionSpend some time on one of the many tax calculators out there to estimate the impact of the GOP’s tax bill, and you quickly find there is no average American.A married couple under one calculator making $25,000 to $75,000 with no kids, living in a high-tax state (and therefore itemizing) likely pays $120 more under the new plan; but a non-itemizing couple could save $520. (That’s it? Yup).Change the income to $350,000 to $750,000, and the savings for an itemizer soars to more than $13,000 (much more if you can run your money through a pass-through).But such calculators have a major omission.The bill also eliminates the individual mandate, which is estimated to increase premiums 10 percent (maybe there will be off-setting legislation passed in the Senate, but most likely the House would reject it).The GOP voted to cut taxes and raise the cost of health-care insurance for those in the individual market.center_img If Republicans think it is worth running up the debt, passing the tax bill to our kids and grandkids and cutting programs that benefit primarily middle- and lower-income Americans (we can’t afford them!) to reward these kinds of families, they should say so.(They should also acknowledge that they are grossly aggravating income inequality.)You can see why Trump donors at Mar-a-Lago are tickled about the tax bill.What’s harder to understand is why Republicans think much more modest-income people getting far less, paying more for health care and seeing the champagne celebrations at Mar-A-Largo are going to believe this was all done for the “forgotten man and woman.”The GOP must think the forgotten man and woman are dumb, blind or forgetful.Jennifer Rubin writes the Right Turn blog for The Washington Post, offering reported opinion from a conservative perspective.More from The Daily Gazette:EDITORIAL: Find a way to get family members into nursing homesFoss: Should main downtown branch of the Schenectady County Public Library reopen?EDITORIAL: Beware of voter intimidationEDITORIAL: Thruway tax unfair to working motoristsEDITORIAL: Urgent: Today is the last day to complete the censuslast_img read more

Industrial Looking for a fresh perspective

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

State firms to focus on ‘slimming down’ while avoiding layoffs

first_imgTwo-thirds of Indonesia’s 142 state firms and around 800 subsidiaries and sister companies will be consolidated as the government focuses on “slimming down” to help profitable businesses that add value to the state, a top official has said.The State-Owned Enterprises (SOEs) Ministry announced Friday its plan for business “rationing and consolidation” within state firms. Energy giant Pertamina, telecommunications firm Telekomunikasi Indonesia (Telkom) and flag carrier Garuda Indonesia stand on the front line of plans to merge, liquidate or divest stakes in subsidiaries.SOEs Minister Erick Thohir said the business overhaul would also reduce the number of business sectors covered by state firms to 14 from 27 sectors today. “We are slimming down gradually, but we are prioritizing some [companies] first like Telkom and Garuda because they are publicly listed companies,” Erick told a teleconferenced briefing.“Of course there will be questions on the fate of the employees. We would try to minimize layoffs.”Pertamina and Garuda executives said they would reassign employees in the affected companies to their respective parent companies or other business units.Overhauling the country’s state firms has been a key goal of President Joko “Jokowi” Widodo since he appointed Erick as minister in October last year, as he believes that SOEs are scattered across too many sectors with management groups that burden their companies. Read also: Government redirects state capital injections as COVID-19 hits businesses“We continue to focus on the core business, sustainable efficiency, so we continue to remain healthy. Especially with COVID-19, corporations need efficiency,” Erick said.Garuda may need to restructure its sharia-compliant sukuk (Islamic bonds) due in June as the airline struggled to pay its dues with COVID-19 hitting the travel industry hard, the minister said on March 20.“The companies would of course generate some money from the liquidation and divestments, but the amount is insignificant. What’s more important is that we make SOEs more efficient and consolidate them,” Erick said. Pertamina, Telkom and Garuda refused to go into detail on the amount of funds they would pocket from the asset liquidation and divestments.Pertamina president director Nicke Widyawati said the company planned to liquidate and divest its stakes in 25 direct and indirect subsidiaries to make its business more efficient and focus more on its core business.“We plan to liquidate and divest our stakes in eight subsidiaries this year and the rest would continue next year,” she said during the video conference. Nicke did not mention the names of the companies or their businesses, but said that many of them were no longer operational.Telkom plans to reduce its subsidiaries in the next two years as nearly half of them, along with its sister companies, overlap. The company’s president director, Ririek Adriansyah, said that, of the 49 direct and indirect subsidiaries in its portfolio, around 20 companies had business segments that overlapped and they therefore could be merged gradually until 2021.Read also: Garuda, ‘severely affected’ by COVID-19, may restructure bonds: MinisterGaruda Indonesia is poised to follow in Telkom’s footsteps, with president director Irfan Setiaputra saying that the company would merge six of its subsidiaries.“Among them are our online logistics platform Garuda Tauberes and our aircraft charter subsidiary,” he said.The Garuda Tauberes platform would be merged with its cargo unit to make the business more efficient. The aircraft charter subsidiary would be merged with the parent company, Irfan added.Center of Reform on Economics (Core) Indonesia economist Piter Abdullah said the ministry’s decision was difficult to comprehend, noting that subsidiaries and sister companies needed to be established for profitability and efficiency in the first place.“If those subsidiaries were meant to create inefficiencies and losses, the minister should look into possible legal violations,” Piter said, calling for transparency.“We need to wait for a further explanation from the SOEs Ministry. Which subsidiaries are to be liquidated? Is it really because they are making losses?“Business rationing can benefit other parties by way of reducing competition or through the acquisition of state firms’ subsidiaries that are actually profitable.”Topics :last_img read more

EMEC Leads Orkney Virtual Energy System Project

first_imgThe first phase of a new £28.5 million project to create a Virtual Energy System (VES) in Orkney, Scotland, has been launched to digitally link distributed and intermittent renewable generation to flexible demand.The ReFLEX (Responsive Flexibility) Orkney project will demonstrate a first-of-its-kind Virtual Energy System (VES) interlinking local electricity, transport, and heat networks into one controllable, overarching system.The project aims to create a ‘smart energy island’, demonstrating the energy system of the future, which will reduce and eventually eliminate the need for fossil fuels.Led by the European Marine Energy Centre (EMEC), the ReFLEX Orkney project brings together an expert consortium of Orkney-based partners – Solo Energy, Aquatera, Community Energy Scotland, Heriot-Watt University and Orkney Islands Council – as well as multi-national energy company Doosan Babcock.Electricity, transport and heat powered by local renewable energy generation, will be coupled with flexible energy demand balancing the intermittency of renewables.This pioneering project will help Orkney maximise the potential of its significant renewable generation capabilities, help to ensure higher quality and more affordable energy services, as well as further lowering the county’s carbon footprint by decreasing reliance on imported carbon-intensive grid electricity from the UK mainland.Once demonstrated and proven in Orkney, it is expected that the VES model and associated integrated energy service supply framework will be replicated in other areas across the UK and internationally, building long term export opportunities for the ReFLEX project partners and helping to create more flexible and renewable-based energy systems.last_img read more

PSA Issues Safety Rules for NCS CO₂ Transport and Injection

first_imgThe Petroleum Safety Authority Norway (PSA) has now issued regulations covering safety and the working environment when transporting and injecting CO₂ on the Norwegian continental shelf (NCS).Areas of application for these regulations will include the government’s full-scale demonstration project for carbon capture, transport and storage (CCS) in geological formations beneath the North Sea.The PSA has been assigned the regulatory authority for safety and the working environment when transporting and injecting CO₂, and issued the new regulations to cover this area in February 2020.The new regulations apply to transport and injection of CO₂ in geological formations on the NCS, and apply to equipment and systems required for operation and maintenance of pipelines as well as for monitoring injection wells and emergency/safety systems associated with pipelines and wells.Upstream, their application is delimitated by the equipment needed for injection and down to the outlet of the CO₂ well’s injection pipeline.Parts of the government’s demonstration project for CO₂ handling, which embraces a full-scale system for carbon capture, transport, reception and permanent storage, will be among the areas subject to the regulations.Elements in a large-scale CO₂ system of this kind include a carbon capture facility with storage tanks, transport by sea, a reception facility and intermediate storage, pipeline transport to the North Sea and permanent storage in a reservoir beneath the seabed.The Northern Lights consortium (Equinor, Norske Shell and Total) will be responsible for the transport and storage section of the demonstration project.The regulations on safety and the working environment when transporting and injecting CO2 on the continental shelf, and the associated guidelines, are currently being translated into English. These translations will be published at psa.no as soon as they are ready.Source: PSAlast_img read more

Parents to share maternity leave under new plans (UK)

first_imgTelegraph (UK) 11 Oct 2012Fathers will be able to take time off work and claim state benefits throughout the majority of the first year of their baby’s life if the mother returns to employment. This will allow the main household earner, if the mother, to return to work after just a fortnight. The Daily Telegraph can disclose that the introduction of the joint allowance will be delayed until October 2015, following a Cabinet disagreement over the impact of the scheme on hard-pressed businesses. The system of maternity allowance will be renamed “flexible parental leave” to make it clear that both mothers and fathers are entitled to the state support. To address fears from women’s charities, mothers will still receive the assistance automatically unless they apply to transfer it to their partners. It is understood that mothers will only be required to take the first fortnight of leave after giving birth, for health reasons, after which fathers can take the paid time off work.http://www.telegraph.co.uk/news/politics/9603142/Parents-to-share-maternity-leave-under-new-plans.htmllast_img read more

Ilonggo pandesal – a taste of love, generosity, unity

first_imgIndividual loaves are shaped by rolling the dough into long logs which are rolled in fine bread crumbs. These are then portioned, allowed to rise, and baked. It can also be complemented with butter, margarine, cheese, jam, peanut butter, chocolate spread, or other fillings like eggs, sardines and meat./PN According to the city’s chief executive, many more players in the local bread industry volunteered for the city government’s “Ilonggo pandesal” initiative – members of the Iloilo Bakers Association such as Carlo’s Bakeshop, JD Bakeshop, Theresa’s Bakeshop, Tibiao Bakery, and Wewin’s Bakeshop. Pandesal is most commonly served hot and may be eaten as is, or dipped in coffee, hot chocolate or milk. “My fellow Ilonggos, I hope as you eat pandesal you will taste the love, generosity and unity of the bakers,” said Mayor Jerry Treñas. The city government has been distributing free “Ilonggo pandesal” since April 6. This bread production and distribution was initially supported by Angelina Bakeshop as baker with the Uygongco Flour Mill and Carlos Uy Corp. as suppliers of flour and other needed ingredients. Pandesal (also spelled pan de sal) is a popular yeast-raised bread roll in the Philippines. It is made of flour, eggs, yeast, sugar, and salt. “The ‘Ilonggo pandesal’ is free for all Ilonggos,” said  Treñas. ILOILO City – They may be competitors but for the sake of the Ilonggos, local bakers have come together to make sure no one would go hungry while the city is battling to contain the spread of SARS-CoV-2, the virus that causes the coronavirus disease 2019 (COVID-19). Other companies supporting the “Ilonggo pandesal” program are General Milling Corp., BTJ Marketing, San Miguel Corp., 89-S Distribution Inc., and Great Harvest Commodities. They are supplying raw materials for the pandesal.  San Miguel Corp., for example, donated 240 sacks of flour. “This is, indeed, pandesal made with love and unity,” said Treñas.last_img read more

Super Bowl 100

first_imgIn a Sports Illustrated article authored by C. Stone, he theorized what the Super Bowl would be like in 2066.  How much of it would be the same as this year’s Super Bowl.  He figured that it would be about the same since very little has changed since Super Bowl I.I think the game will not change that much, either.  I do believe that it will be much more tech heavy.  Surely in the next 50 years, the helmets will be concussion proof and the uniform worn by the players will be equipped with some type of body sensor.  This will allow doctors on the sideline to zero in on injuries much quicker.One thing I am very certain of is that everything will cost more.  Who knows how much a ticket will be, and if you could still buy a cup of beer for less than $20.  Time will tell.last_img read more

Giggs ‘best role model’ – Cleverley

first_img Having been at the club for 24 years, Cleverley thinks the presence of the 13-time Premier League winner around the training ground can have a good effect on the squad this season as they look to challenge for the title following a dismal year under David Moyes. “We have known (Giggs) for a long time and he is brilliant for the players,” the Manchester United midfielder said. “As a young player growing up at the club he has been the best role model there is. “You look at his career and all the titles he has won and hopefully he can pass his knowledge on to the players. “It is good to have him around.” Van Gaal will take charge of his third match as Manchester United manager in the early hours of Wednesday morning in Washington DC. Their opponents, Inter Milan, will have a familiar face in their XI – that of Nemanja Vidic. The former United captain joined Inter this summer after an eight-year spell at Old Trafford, where he amassed 15 trophies. Press Association The Serb has settled in well at the Italian club and is happy to be working under manager Walter Mazzarri. “He’s a coach who explains very clearly what he wants so it’s easier to do what he asks of you,” Vidic told Inter’s website. “I’m enjoying it and I’m getting to grips with the way the team plays.” United defender Rafael will play no part in the rest of the club’s tour of the United States. The 24-year-old sustained a groin injury in training prior to United’s 3-2 win over Roma in Denver last week and he has been sent to Manchester for treatment. ”As he was unlikely to participate in the remaining tour games, returning to the Aon Training Complex affords the best overall option for his recovery in time to continue pre-season preparation when the team returns,” said a statement on manutd.com. United’s Premier League opener at home to Swansea is just 19 days away on August 16. Doubts were raised about Giggs’ future at the end of last season when he hung up his boots following a four-match spell as player-manager. New manager Van Gaal brought five staff members with him when he was appointed in May, but he felt it was important to keep a link with the club’s past, so Giggs was immediately sounded out about becoming the Dutchman’s assistant. Tom Cleverley is glad Louis van Gaal gave his “role model” Ryan Giggs a place on the Manchester United coaching staff. last_img read more