China has the capacity to lead in carbon trading
Pilot schemes launched this year could be the start of a world-class system — if the country can solve its data-gathering problems, says Qiang Wang.
15 January 2013
The value of the world’s carbon market fell for the first time last year. More than one-third was wiped from the price of carbon credits in a plunge that reflects the continued global economic crisis and uncertainty over the future of emissions-trading schemes.
http://www.nature.com/news/china-has-the-capacity-to-lead-in-carbon-trading-1.12212
Wednesday, January 16, 2013
Fitch affirms Gas Natural at 'BBB+'; stable outlook
Fitch affirms Gas Natural at 'BBB+'; stable outlook
Wed Jan 16, 2013 7:17am EST
Jan 16 - Fitch Ratings has affirmed Gas Natural SDG, S.A.'s Long-term Issuer Default Rating (IDR) at 'BBB+' and removed it from Rating Watch Negative (RWN). The Outlook is Stable. A full list of rating actions is below.
The rating actions follow the approval by the Spanish government of a set of measures on 27 December 2012 designed to prevent generation of future tariff deficit (TD) in the electricity system in Spain. The current regulatory scheme presents slight changes compared with the draft measures published in September 2012. The main difference is that a flat 7% tax has been fixed to all power generation compared with the previous proposal of 6%. Fitch does not expect this to have a significant impact on Gas Natural's credit metrics. The other approved measures were largely unchanged.
Wed Jan 16, 2013 7:17am EST
Jan 16 - Fitch Ratings has affirmed Gas Natural SDG, S.A.'s Long-term Issuer Default Rating (IDR) at 'BBB+' and removed it from Rating Watch Negative (RWN). The Outlook is Stable. A full list of rating actions is below.
The rating actions follow the approval by the Spanish government of a set of measures on 27 December 2012 designed to prevent generation of future tariff deficit (TD) in the electricity system in Spain. The current regulatory scheme presents slight changes compared with the draft measures published in September 2012. The main difference is that a flat 7% tax has been fixed to all power generation compared with the previous proposal of 6%. Fitch does not expect this to have a significant impact on Gas Natural's credit metrics. The other approved measures were largely unchanged.
Tuesday, January 15, 2013
Germany: 2013 Will be Better Than it Looks
Germany: 2013 Will be Better Than it Looks
Evelyn Herrmann
The German economy grew 0.7% in 2012 compared to the previous year. After adjusting for calendar effects, German GDP grew 0.9% in real terms for 2012, according to the preliminary estimates released by the German federal statistics office yesterday. We typically watch and forecast seasonally and calendar-adjusted growth. The average annual growth would imply a quarterly contraction of 0.3% q/q in Q4 2012, in line with our forecasts.
Evelyn Herrmann
The German economy grew 0.7% in 2012 compared to the previous year. After adjusting for calendar effects, German GDP grew 0.9% in real terms for 2012, according to the preliminary estimates released by the German federal statistics office yesterday. We typically watch and forecast seasonally and calendar-adjusted growth. The average annual growth would imply a quarterly contraction of 0.3% q/q in Q4 2012, in line with our forecasts.
Turkey: Unemployment rate declined despite the record high participation rate
Turkey: Unemployment rate declined despite the record high participation rate
In October, unemployment rate remained unchanged at 9.1% while non-farm unemployment rate decreased 0.2pp to 11.4%. On a seasonally adjusted basis, unemployment rate decreased to 9.3% from 9.4% in September and non-farm unemployment rate declined 0.3pp to 11.7%. The unemployment rate declined in spite of the new record high participation rate which increased to 50.7% from 50.3% in September.
In October, unemployment rate remained unchanged at 9.1% while non-farm unemployment rate decreased 0.2pp to 11.4%. On a seasonally adjusted basis, unemployment rate decreased to 9.3% from 9.4% in September and non-farm unemployment rate declined 0.3pp to 11.7%. The unemployment rate declined in spite of the new record high participation rate which increased to 50.7% from 50.3% in September.
Monday, January 14, 2013
US: Open-mouth Operations at Work
US: Open-mouth Operations at Work
Yelena Shulyatyeva and Bricklin Dwyer
Chairman Bernanke stuck very close to the party line during his conversation today at the University of Michigan, and did not alter or deviate from that message. When given the chance to push back on the market's response to the December FOMC minutes, he didn't. Unlike some of the FOMC participants we heard from yesterday, Chairman Bernanke did not provide any guidance on the timing of asset purchases. In our view, he is likely in the camp of FOMC members who “emphasized the need for considerable policy accommodation but did not state a specific time frame or total for purchases.” The Chairman said that QE has been effective in the past and that the latest round looks like it is working, but cautioned that it is too early to make an assessment. He still sees the labour market as weak, the economy as fragile and the cost of letting unemployment persist at current levels enormous. He reiterated two main tools are at the Committee's disposal: forward guidance, otherwise known as “open-mouth operations,” and QE. Going forward, the FOMC will need to consider how effective these policies are and evaluate their costs and benefits.
Yelena Shulyatyeva and Bricklin Dwyer
Chairman Bernanke stuck very close to the party line during his conversation today at the University of Michigan, and did not alter or deviate from that message. When given the chance to push back on the market's response to the December FOMC minutes, he didn't. Unlike some of the FOMC participants we heard from yesterday, Chairman Bernanke did not provide any guidance on the timing of asset purchases. In our view, he is likely in the camp of FOMC members who “emphasized the need for considerable policy accommodation but did not state a specific time frame or total for purchases.” The Chairman said that QE has been effective in the past and that the latest round looks like it is working, but cautioned that it is too early to make an assessment. He still sees the labour market as weak, the economy as fragile and the cost of letting unemployment persist at current levels enormous. He reiterated two main tools are at the Committee's disposal: forward guidance, otherwise known as “open-mouth operations,” and QE. Going forward, the FOMC will need to consider how effective these policies are and evaluate their costs and benefits.
UK: House Hunting
UK: House Hunting
David Tinsley
One of the interesting and potentially useful developments in the UK recently has been some signs that the housing market might be firming up. The latest indicators in this regard will bear watching carefully over the first few months of this year.
David Tinsley
One of the interesting and potentially useful developments in the UK recently has been some signs that the housing market might be firming up. The latest indicators in this regard will bear watching carefully over the first few months of this year.
US Economy to Grow 2.5% This Year: Fed's Evans
http://www.cnbc.com/id/100375995
US Economy to Grow 2.5% This Year: Fed's Evans
Published: Monday, 14 Jan 2013 | 2:14 AM ET
The U.S. economy is expected to grow by 2.5 percent in 2013, improving to 3.5 percent growth in 2014, top Fed official Charles Evans said on Monday.
US Economy to Grow 2.5% This Year: Fed's Evans
Published: Monday, 14 Jan 2013 | 2:14 AM ET
The U.S. economy is expected to grow by 2.5 percent in 2013, improving to 3.5 percent growth in 2014, top Fed official Charles Evans said on Monday.
Sunday, January 13, 2013
What Are Gold Bugs Afraid Of?
http://www.cnbc.com/id/100375832
What Are Gold Bugs Afraid Of?
Published: Sunday, 13 Jan 2013 | 10:37 PM ET
By: Michael Ivanovitch | President, MSI Global
The price of an ounce of fine gold entered this Millennium at $271.1, one of the lowest gold prices in the previous 20 years. Since then, the price of gold has soared more than five-fold. Over the same period, the Dow Jones Industrial Average increased 16.5 percent. Corrected for inflation, gold returned a whopping 480 percent, while real returns on major stock market indices in the U.S. and in the euro area were negative - in double digits.
What Are Gold Bugs Afraid Of?
Published: Sunday, 13 Jan 2013 | 10:37 PM ET
By: Michael Ivanovitch | President, MSI Global
The price of an ounce of fine gold entered this Millennium at $271.1, one of the lowest gold prices in the previous 20 years. Since then, the price of gold has soared more than five-fold. Over the same period, the Dow Jones Industrial Average increased 16.5 percent. Corrected for inflation, gold returned a whopping 480 percent, while real returns on major stock market indices in the U.S. and in the euro area were negative - in double digits.
Oil Curbed by 'Fountain' of North American Supply: Survey
http://www.cnbc.com/id/100375837
Oil Curbed by 'Fountain' of North American Supply: Survey
Published: Sunday, 13 Jan 2013 | 10:14 PM ET
By: Sri Jegarajah
Market Reporter, CNBC Asia Pacific
Oil prices may rise this week, boosted by expectations of further weakness in the U.S. dollar against its European counterpart and on indications global growth is improving, according to CNBC's latest survey of oil market sentiment, though gains may be limited by increased supply from North America.
Oil Curbed by 'Fountain' of North American Supply: Survey
Published: Sunday, 13 Jan 2013 | 10:14 PM ET
By: Sri Jegarajah
Market Reporter, CNBC Asia Pacific
Oil prices may rise this week, boosted by expectations of further weakness in the U.S. dollar against its European counterpart and on indications global growth is improving, according to CNBC's latest survey of oil market sentiment, though gains may be limited by increased supply from North America.
Turkey: The narrowing in the current account deficit has neared to an end
Turkey: The narrowing in the current account deficit has neared to an end
At USD 4.5bn, November's current account deficit was lower than the market consensus and our forecast (USD 4.8bn). Consequently, 12-month cumulative current account deficit declined to USD 51.9bn, from USD 52.8bn in October. Non-energy current account balance on a 12-month cumulative basis turned into a surplus of USD 0.4bn, from a deficit of USD 0.8bn in October. 12-month cumulative net gold exports increased to USD 5.6bn, from USD 5.2bn in October, and continued to contribute to the narrowing in the current account deficit.
At USD 4.5bn, November's current account deficit was lower than the market consensus and our forecast (USD 4.8bn). Consequently, 12-month cumulative current account deficit declined to USD 51.9bn, from USD 52.8bn in October. Non-energy current account balance on a 12-month cumulative basis turned into a surplus of USD 0.4bn, from a deficit of USD 0.8bn in October. 12-month cumulative net gold exports increased to USD 5.6bn, from USD 5.2bn in October, and continued to contribute to the narrowing in the current account deficit.
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