Norway's Arctic idyll shivers at oil plans
By Alister Doyle and Balazs Koranyi
SVOLVAER, Norway | Tue Mar 12, 2013 9:04 am EDT
(Reuters) - Oil companies seeking new Arctic areas for exploration face a battle with environmentalists, fishermen and hotel owners over Norwegian islands where jagged snow-capped peaks rise sheer from the sea.
With oil production falling to a 25-year low this year and the state depending on oil revenues, Norway's ruling Labour Party is warming to drilling in Lofoten's pristine waters, setting up the issue as the year's biggest political fight ahead of elections in September.
http://www.reuters.com/article/2013/03/12/us-energy-arctic-idUSBRE92B0I720130312
Tuesday, March 12, 2013
Turkey: The end of rebalancing
Turkey: The end of rebalancing
At USD 5.6bn, January's current account deficit was slightly higher than the market consensus and our forecast (both at USD 5.3bn). Consequently, 12-month cumulative c/a deficit declined USD 0.1bn to USD 46.8bn. Non-energy current account balance remained unchanged at USD 5.5bn on a 12-month cumulative basis. The revision of Turkstat's tourism revenue estimations was reflected to BoP statistics, and as a result, 2012 c/a deficit was revised down to USD 46.9bn from USD 48.9bn, or 5.9% of GDP. Net errors and omissions were revised from USD 4bn to USD 2bn for 2012.
At USD 5.6bn, January's current account deficit was slightly higher than the market consensus and our forecast (both at USD 5.3bn). Consequently, 12-month cumulative c/a deficit declined USD 0.1bn to USD 46.8bn. Non-energy current account balance remained unchanged at USD 5.5bn on a 12-month cumulative basis. The revision of Turkstat's tourism revenue estimations was reflected to BoP statistics, and as a result, 2012 c/a deficit was revised down to USD 46.9bn from USD 48.9bn, or 5.9% of GDP. Net errors and omissions were revised from USD 4bn to USD 2bn for 2012.
South Africa: Fourth quarter current account deficit narrows to 6.5% of GDP from 6.8% in Q3
South Africa: Fourth quarter current account deficit narrows to 6.5% of GDP from 6.8% in Q3
South Africa’s current account deficit narrowed slightly in the fourth quarter of 2012, falling to R212.6bn from R215bn in Q3. Coupled with the q/q increase of R91.9bn in fourth quarter GDP, the result was that the current account deficit as a percentage of GDP narrowed from 6.8% in Q3 (revised up from 6.4%) to 6.5%. In addition to the trade deficit narrowing from R87.3bn in the third quarter to R86bn, net service, income and current transfer payments also declined in the final quarter, declining from R127.7bn in Q3 to R126.6bn. The net result of these declines was a R2.4bn reduction in the current account deficit in the fourth quarter. Expressed as a percentage of GDP, the current account deficit averaged 6.3% in 2012, a considerable deterioration from 3.4% in 2011.
South Africa’s current account deficit narrowed slightly in the fourth quarter of 2012, falling to R212.6bn from R215bn in Q3. Coupled with the q/q increase of R91.9bn in fourth quarter GDP, the result was that the current account deficit as a percentage of GDP narrowed from 6.8% in Q3 (revised up from 6.4%) to 6.5%. In addition to the trade deficit narrowing from R87.3bn in the third quarter to R86bn, net service, income and current transfer payments also declined in the final quarter, declining from R127.7bn in Q3 to R126.6bn. The net result of these declines was a R2.4bn reduction in the current account deficit in the fourth quarter. Expressed as a percentage of GDP, the current account deficit averaged 6.3% in 2012, a considerable deterioration from 3.4% in 2011.
Monday, March 11, 2013
Japan to Begin Test Production for Frozen Gas Locked in Seabed
Japan to Begin Test Production for Frozen Gas Locked in Seabed
By Tsuyoshi Inajima & Yuji Okada - Mar 11, 2013
Japan, which has almost no natural energy resources of its own, will begin the world’s first offshore drilling operation this week to extract frozen natural gas locked under the seabed.
http://www.bloomberg.com/news/2013-03-11/japan-to-begin-test-production-for-frozen-gas-locked-in-seabed.html
By Tsuyoshi Inajima & Yuji Okada - Mar 11, 2013
Japan, which has almost no natural energy resources of its own, will begin the world’s first offshore drilling operation this week to extract frozen natural gas locked under the seabed.
http://www.bloomberg.com/news/2013-03-11/japan-to-begin-test-production-for-frozen-gas-locked-in-seabed.html
The Paper World of Brookfield Asset Management
http://sirf-online.org/2013/03/11/paper-world-of-brookfield-asset-management/
The Paper World of Brookfield Asset Management
By: Roddy Boyd | March 11, 2013
Enter the name of Toronto-based public company Brookfield Asset Management into a search engine and it delivers more than 1 million results. The global conglomerate, whose annual sales exceed $18 billion, controls ports in England, owns Manhattan’s prestigious World Financial Center and sells Chicago a fair measure of its electricity. Yet the massive enterprise is better known for what it owns than how it operates.
The Paper World of Brookfield Asset Management
By: Roddy Boyd | March 11, 2013
Enter the name of Toronto-based public company Brookfield Asset Management into a search engine and it delivers more than 1 million results. The global conglomerate, whose annual sales exceed $18 billion, controls ports in England, owns Manhattan’s prestigious World Financial Center and sells Chicago a fair measure of its electricity. Yet the massive enterprise is better known for what it owns than how it operates.
Would You Please Yield?
JOURNAL REPORTS Updated March 11, 2013, 5:23 pm ET
Would You Please Yield?
Amid Low Returns From Bonds, Sovereign Wealth Funds Move Aggressively Into Real Estate
By PETER EVANS
At the start of 2010, the world's largest sovereign wealth fund had no property investments to speak of.
Three years later, Norway's Government Pension Fund Global, which manages the oil-rich nation's wealth through Norges Bank Investment Management, has committed around $6.7 billion to property. The investments are mainly focused on prime office and retail space in major European capitals, and Norges Bank has said it plans to spend billions more over the next decade.
http://online.wsj.com/article/SB10001424127887324678604578340630485929040.html
Would You Please Yield?
Amid Low Returns From Bonds, Sovereign Wealth Funds Move Aggressively Into Real Estate
By PETER EVANS
At the start of 2010, the world's largest sovereign wealth fund had no property investments to speak of.
Three years later, Norway's Government Pension Fund Global, which manages the oil-rich nation's wealth through Norges Bank Investment Management, has committed around $6.7 billion to property. The investments are mainly focused on prime office and retail space in major European capitals, and Norges Bank has said it plans to spend billions more over the next decade.
http://online.wsj.com/article/SB10001424127887324678604578340630485929040.html
Oil, Copper Are the Short-Term Commodity Plays: Goldman
Oil, Copper Are the Short-Term Commodity Plays: Goldman
Published: Monday, 11 Mar 2013 | 2:57 PM ET
By: Patti Domm
CNBC Executive News Editor
Goldman Sachs analysts see a robust near-term outlook for commodities, saying they think the selloff in February amid concerns about China's growth was overdone.
http://www.cnbc.com/id/100543022
Published: Monday, 11 Mar 2013 | 2:57 PM ET
By: Patti Domm
CNBC Executive News Editor
Goldman Sachs analysts see a robust near-term outlook for commodities, saying they think the selloff in February amid concerns about China's growth was overdone.
http://www.cnbc.com/id/100543022
Sunday, March 10, 2013
Eco Analysis - China's recovery is more gradual than expected (W. Yao)
Eco Analysis - China's recovery is more gradual than expected (W. Yao)
■ China's food-fuelled inflation and housing-driven growth
China's February CPI increased more than expected by 3.2%yoy, but will most likely fall back again in March. Money and credit growth moderated in February but remained accommodative. Meanwhile, growth data for January and February combined were mixed. Industrial production disappointed, while fixed asset investment powered ahead, thanks to the incredibly buoyant property market. Retail sales weakened considerably, but the main cause was probably the laudable anti-corruption campaign waged by the new leaders. Overall, the data still suggest that the recovery is on track, albeit more gradual than initially anticipated.
Wei YAO
■ China's food-fuelled inflation and housing-driven growth
China's February CPI increased more than expected by 3.2%yoy, but will most likely fall back again in March. Money and credit growth moderated in February but remained accommodative. Meanwhile, growth data for January and February combined were mixed. Industrial production disappointed, while fixed asset investment powered ahead, thanks to the incredibly buoyant property market. Retail sales weakened considerably, but the main cause was probably the laudable anti-corruption campaign waged by the new leaders. Overall, the data still suggest that the recovery is on track, albeit more gradual than initially anticipated.
Wei YAO
China's ragtag shale army a long way from revolution
China's ragtag shale army a long way from revolution
By Chen Aizhu
BEIJING | Sun Mar 10, 2013 6:36pm EDT
(Reuters) - China's plans to unlock what could be the world's biggest shale gas reserves risk running further off track after 16 firms awarded exploration rights in the latest auction lacked one core skill - not one has drilled a gas well before.
http://www.reuters.com/article/2013/03/10/us-china-shale-idUSBRE9290GR20130310
By Chen Aizhu
BEIJING | Sun Mar 10, 2013 6:36pm EDT
(Reuters) - China's plans to unlock what could be the world's biggest shale gas reserves risk running further off track after 16 firms awarded exploration rights in the latest auction lacked one core skill - not one has drilled a gas well before.
http://www.reuters.com/article/2013/03/10/us-china-shale-idUSBRE9290GR20130310
Friday, March 8, 2013
Turkey: Signs of Life in IP
Turkey: Signs of Life in IP
January's industrial production was 2.1% y/y, slightly below the market and our expectations of 2.5%. On a seasonally and calendar adjusted basis, IP increased by 2.3% m/m, following a decline of 3.5% m/m in December. January industrial production index shows that CBRT's monetary easing has started to reflect on manufacturing activity. Strong January IP figure combined with robust credit growth, confidence indices and PMI, points that the pickup in the economic activity will continue in Q1.
January's industrial production was 2.1% y/y, slightly below the market and our expectations of 2.5%. On a seasonally and calendar adjusted basis, IP increased by 2.3% m/m, following a decline of 3.5% m/m in December. January industrial production index shows that CBRT's monetary easing has started to reflect on manufacturing activity. Strong January IP figure combined with robust credit growth, confidence indices and PMI, points that the pickup in the economic activity will continue in Q1.
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