China's power glut to continue as consumption growth falls to 8-year-low according to a report released by the China Electricity Council (CEC) on Wednesday (Naked Capitalism and reader Michael). I wonder what this might mean to all the much anticipated growth of nuclear power.
Russia debt downgraded to BBB. Rating agency Fitch also maintained its negative outlook as the impact of negative shocks from commodity prices and global capital markets, and the challenge to the Russian authorities in trying to manage the necessary macroeconomic policy adjustment weaken the economy (RGE Monitor). With a currency already in freefall, more corduroy road ahead.
Russia indicated on Wednesday it would switch from bailing out individual companies to supporting the economy through the banking sector. The proposals suggest that Moscow is losing hope it can stave off the crisis with public spending and is instead preparing for what might be a prolonged recession (FT Alphaville). I don't like the idea of public spending either, but I'm a loner, as would seem Russia.
Kazakh Tenge Devalued Kazakhstan's central bank devalued the tenge by 18% abandoning attempts to prop up exchange rates as currency reserves dwindle (RGE Monitor). More currency woes are coming.
Baltic Dry Index (BDI), the benchmark for freight costs for dry bulk commodities such as iron ore, coal and iron, on Wednesday jumped almost 15% to 1,316 points, the biggest daily increase in almost 25 years, on signs of a recovery in the raw materials trade (FT Alphaville). A sustain(ed) or (able) recovery in this index?
The US Treasury on Wednesday opened the floodgates of government bond issuance, revealing plans for a record debt sale in February and more frequent auctions in coming months (FT Alphaville). More money out of thin air.
U.S. Senate agrees to soften 'Buy American' Senators approve amendment that will see controversial provision changed to take into account international trade agreements (G&M). Glad to see some sensibilities creeping in to the protectionism realm.
UK slashes rates. The British central bank cut its base rate by 50 basis points to 1.0 percent, the lowest since its creation in 1694 (Reuters). Still heading down.
What you need to know about bankruptcy Bankruptcy trustee, Doug Hoyes, of Hoyes Michalos & Associates Inc., will take your questions (G&M). A bull market in foreclosures and bankruptcies. A sad state of affairs.
While others take advantage of eager markets. WestJet in pact with Air France, KLM Carriers to co-operate on baggage handling, electronic tickets; move expected to lead to code-sharing talks (G&M).
An alternative to typical employment? What I did on my layoff. The appeal of volunteering abroad catches on for those laid off in the economic downturn (G&M).
In-river generator may give power alternative. Last summer, the Western Alaska village of Ruby on the banks of the Yukon became the first community in America to tap into the power of an in-stream hydrokinetic generator, a submersible turbine that looks a bit like a tipped-over fish wheel (ADN). I have long supported the concept of distributed generation.
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