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Tellurian chair: the gas crisis in Europe must be a wake-up call for America

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Hello from the power source.

After last year’s trauma, U.S. shale production has risen again – and strong growth is expected in 2022, Justin Jacobs reports this morning. expected..

Beyond the Atlantic, the great history of energy remains a natural gas crisis. US Energy Secretary Jennifer Granholm said the United States was standing up to manipulate the European energy market. But how? As I wrote this week, the United States has a lot of spot natural gas that can be exported to Europe, but Asian buyers are willing to pay more for the supply.

And UK producer Drax has told us it could postpone the planned shutdown next year of the two remaining coal plants, if the UK government so requests.

On the other hand, the suggestion of the International Energy Agency that Russia can supply more natural gas. Russia argues that if Europe wanted more natural gas, it should have approved a huge new supply pipeline to Germany sooner.

A Result of Confusion CO2 Deficiency – The result of the closure of a fertilizer plant due to soaring gas costs. The shortage is now pervasive in the food industry, which uses carbon dioxide for everything from sparkling drinks to preparing animals for slaughter.

Perhaps the bigger question is what this means for the EU’s green agenda. As a colleague from Europe Express, I wrote:

“When the Commission proposed a ’55-compliant’ climate strategy in July, the continent was suffering from flash floods in Belgium and Germany and a devastating forest fire in Greece. Today’s price crisis has shifted the debate on the costs, not the benefits of climate change, for politicians struggling to protect their households. “

Professor Helen Thomas of the University of Cambridge says in a must-read FT editorial that there is no solution to this crisis, only “nightmarish political choices in the face of harsh realities”. [Russian President Vladimir] Putin could further exacerbate Gazprom, the state monopoly of the Russian gas exporter. ”

Can this happen in the United States? Our main note today is an interview with Charif Souki, a liquefied natural gas tycoon. He was torn by US energy policy and warned that without careful control of supply the country would risk facing “what exactly happened in Europe.”

Plus, in today’s newsletter, data exercises show how much diplomatic effort is required to be truly secure. Global Accord Reduces methane emissions.

Thanks for the reading.

This article is an onsite version of the EnergySource newsletter. Subscribe here Send the newsletter directly to your inbox every Tuesday and Thursday

What the United States can learn from gas shortages in Europe

Charif Soki, executive chairman of liquefied natural gas developer Terrian, said the United States is heading towards an energy supply crisis hitting Europe unless the Biden administration puts in place a more energy policy. consistent. I warn you.

“You can see that if you don’t have a very careful energy policy, what is happening is exactly what has happened in Europe. Starting with the wrong priorities, suddenly hit the wall because of the lack of supplies. We’re going to hit each other, ”Souki told us.

Prices for natural gas and electricity have skyrocketed to record highs in the UK and Europe. Higher prices can undermine the initial economic recovery as the region scrambles to secure supply as stocks are low and demand is high. Some warn that the lights may start to go out, especially during cold winters and when demand increases.

Suki, who pioneered the United States’ 48 LNG export industries by taking advantage of the increased supply of shale gas, said such a crisis would develop differently in the United States, because the United States is a major energy producer. But he argued that the risks were particularly severe for some countries that remained isolated from supply as it became too difficult to build new pipelines.

“Prices are high in California today… We are starting to bring gas-fired power plants to California, but we don’t have the infrastructure to bring gas to California,” Souki said. ..

The Biden administration should redouble its efforts to ensure its natural gas supply reaches its customers, especially in places like California and the northeastern United States, Suki said.

However, President Byden urged the United States to move away from fossil fuels such as natural gas and coal, in a bid to make the grid carbon-free, with the rapid pace of wind and solar power powered by drums. I want to build. By 2035.

However, supply disruptions and high-priced threats can undermine trust in existing grids and lead to disruption in the energy system, Souki said.

“In states with different political systems, like California and Texas, the network is so dysfunctional that it will further disrupt service,” he said.

“People have to decide if they accept that the grid is for them or if they want to do things with their own hands. Installing a generator in a house does not cost a lot.

Souki hopes to take advantage of the new global gas supply shortage by promoting plans to build a new LNG export plant in the Gulf. He plans to approve the project by the end of March next year.

But he said he hopes the European gas crisis will be a call for the administration to wake up.

“Give President Biden some time. When he finishes everything else, I hope he has time to focus on energy policy and start to see it in a holistic sense. I need a policy. ” (Justin Jacobs)

Data mining

Encourage US and EU to join major methane emitters New global commitment It is still unclear how effective the initiative will be in reducing emissions.

The Global Methane Pledge aims to reduce emissions by 30% in 10 years. However, at present, the major signatories, including China and Russia, the two biggest pollutants that account for a quarter of global methane emissions, disagree. The commitment also does not set out national-level targets to reduce methane.

The reduction in methane emissions has been announced by the United Nations.The most profitable strategyTo fight against climate change. According to the latest IPCC, greenhouse gases are 80 times more powerful than carbon dioxide, causing at least a quarter of the global temperature rise. report..

More than half of methane emissions come from three sectors: fossil fuels, waste and agriculture. The EU is already working on emissions in these areas. In the United States, abolition of Congress The setback of the Trump era and the Biden administration on oil and gas methane pollution standards will be more severe. (Amandachu)

power point

  • China Stop building Although it is an overseas coal-fired power plant, we will continue to support domestic projects.

  • UK premiere Sales of green bonds generate record demand.

  • One of Scotland’s largest industrial lands We are considering hydrogen to reduce emissions.

  • The fight against glamorous climate change – It takes a thousand boring little steps.

  • CEO who called for action on climate change We are currently working to block it. (Rolling stone)

Energy Source is the Financial Times bi-weekly energy newsletter. It was written and edited by Derek Blower, Miles mccormick, Justin jacobs When Emilie Goldberg..

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Pros and cons of playing casino slots

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The online gambling market currently offers hundreds of online casinos where you can find countless slot machine games. This means that you will have the opportunity to choose from some of the best suppliers in the world. Therefore, playing slots online should have many advantages. But are there also downsides? We’re going to go over the pros and cons of playing slots online, so read on for more details.

Regulated market

If you know where to look, you’ll have no problem finding a perfectly regulated market to play some of the best casino slots. Once you start researching the best online gaming platforms, you will find that top search results present the best options. This is because these sites have undergone all the necessary checks, thus ranking high and creating a regulated and secure online gambling environment.

To make sure you’re on the right track, you can check the site’s seal of approval yourself. Just search for the name of the regulatory jurisdiction, like United Kingdom Gambling Commission, Malta Gaming Authority, Gibraltar, Curaçao, etc.

Easy to learn

Even if you’ve never had the chance to play casino games before, slots shouldn’t be a problem. These games are incredibly easy to learn, which means you don’t need any prior knowledge to start playing.

Plus, they’re purely luck-based, so you won’t have to rely on strategy to win. All you have to do is spin the reels and hope for the best.

So, once you get familiar with ICE36 Slots, you will notice how easy these games are to master. But remember to be smart with your options and not to put all of your eggs in one basket.

Economic

Slot machines are a group of casino games that do not require high investments, making them suitable for all budgets. Players can make deposits as low as a few dollars or up to a few thousand – it all depends on their budget.

With this in mind, slot machines also offer a wide range of stakes. High players can make high bets, while newcomers can even place 10 cents. This is a great advantage for both regular and occasional casino players. For example, starting with smaller bets allows players to get into the game before investing a lot of money. The range of the game leaves enough room for the player to place further bets or try out new casino games, which creates an entertaining gaming environment.

Bonuses and rewards

It’s no surprise that most online casinos regularly offer bonuses and rewards to new and existing users. It’s an effective way to attract players and retain regulars, which you won’t find in land-based casinos. You can read more about it here.

Welcome bonuses are the most common form of casino bonus, especially for unregistered users. By signing up, most players receive a strong incentive to keep playing. The majority of these bonuses are related to slot machine games as they are the most popular category in online casinos. So, if you are determined to take advantage of any promotion, slots are a great place to start.

Pro tip: Always read the terms and conditions before accepting a bonus. Most wagering requirements state that slots count 100% to meet rolling requirements, but it won’t hurt to see for yourself.

Quick to play

While playing slots doesn’t have many drawbacks, we have to stress how quickly slot machine spins usually end. As a result, most players won’t spend hours spinning the reels on their favorite slot machine – these games are usually over within minutes. Therefore, if playing for hours is more your thing, slot machines are not the right choice for you.

Lack of personal interaction

While some players can make friends by playing slots online, it will not be the same as playing poker online. It might not be a big factor for everyone, but it’s worth mentioning as some gamers might seek out this social factor with online gaming. Keep this in mind once you start your online gambling adventure.

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Strong profits outweigh a slower economy

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This article is an on-site version of the Unhedged newsletter. subscribe here Send the newsletter directly to your inbox on weekdays

Welcome to the house. The Bitcoin ETF review on Wednesday made me terribly disappointed with the relatively low level of online abuse. Are crypto fans sweeter in old age? Or are they just rich and over the top now? In any case, Unhedged is now working on more important subjects: the economy and stocks. Please send me the email: robert.armstrong@ft.com

Earnings call songs, actions dance

There are things happening now:

  • Inflation expectations are really starting to shift. If you’re willing to believe what the bond market is telling us, inflation is in place. The expected 10-year breakeven inflation rate (i.e. the nominal yield on 10-year bonds minus the yield of inflation-protected peers) is 2.6%, the highest in eight years . The five-year breakeven point is 2.8%, the highest in 16 years.

  • Oil is above $ 80 and is putting more pressure on it. Traditionally, when oil went bankrupt, the stock market didn’t like it (see 1970, 2000, 2008, 2018).

  • Growth in the United States continues to slow. This is my measure to a favorite chart and the Atlanta Federation’s GDP estimate for the quarter. Look at the changes in estimates (data-driven, non-discretionary) since September. In short: disease.

  • Federal Reserve Beige Book Wednesday’s comment reads this (a boring word that I italicized):

Economic activity increased in Medium to medium Rate based on majority of Federal Reserve Bank districts. But some neighborhoods Growth slows down This period is limited by supply chain disruptions, labor shortages and uncertainty surrounding the delta variant of Covid-19. .. ..

Growth in non-manufacturing activities Mild to moderate In most districts. The loan request was typically reported as: Flat to moderate this period. .. ..

Most districts reported Significant price increase, Supported by the growing demand for raw materials and raw materials. The increase in input costs was widespread Industry-wide due to product shortages due to supply chain bottlenecks. Price pressure Increased transport and labor constraints Not just the shortage of products.

  • Meanwhile, in China, another great world power, gross domestic product rose 0.2% between the second and third quarters (data via Bloomberg).

Well, none of this is the end time. Many of these could be delta / supply bottleneck variant phenomena that will pass next year. Of course, that’s what most people think, and they have a good reason to think about it. But the simple fact is that inflation has recently increased in the United States and around the world, slowing growth. This is what is happening now, and whatever we think or expect is what will happen next.

But what does the American stock market say? He says none of this matters. The dip has been purchased. The S&P 500 has returned to record levels and the Nasdaq is approaching that record.

Plus, it might make sense. When you buy stocks, you are not buying the global economy. You buy the income from the business. Plus, judging by the small number of sample third quarter earnings reports we’ve seen so far, corporate profitability has been strong.

The largest reporting US business is a bank. Their results were a little too dependent on investment banks for my liking, but I wonder what would happen to the credit card industry if everyone kept paying their balances wisely, but they talk about spending. I was encouraging.

Credit and debit card spending rose 21% at Bank of America, JP Morgan’s by 26%, and Citigroup’s by 20%. Whatever else is going on in the global economy, do American consumers feel as though they are blushing (why do so many other consumers think they can?) Quit their jobs)?

Nestlé is the perfect example of a more profitable business. It’s a bit odd to mention in this context as it’s not an American company, but the results are still very informative. It is essentially sold everywhere, we have employees everywhere, and we source our raw materials from everywhere. And the third quarter results were surprisingly good. In the first nine months of this year, we refined our sales forecast for the full year, reporting a 6% increase in global sales (and roughly the same in North America ). With a 2% price increase in the third quarter, the operating profit outlook remains the same as in recent years, despite higher input and transport costs.

Nestlé is arguably the most managed consumer products company in the world. We are ruthless about changing our product portfolio, so we are only focused on growth, earning good returns and protecting prices. This is a graph of operating income and the ratio of free cash to sales since 1994. It surprises me:

Therefore, not all companies can manage like Nestlé during this period. But it shows what a globally competitive business can do. And Nestlé was not alone. For example, Procter & Gamble reported that organic sales growth was a bit modest, but it was also able to increase prices.

Of course, there are still many profit seasons, and we can hear opinions from more than the big banks and consumer goods companies around the world. However, worrying cuts to pre-earnings forecasts are particularly rare. Among large companies, Nike Struggle The decline in sales prospects due to the Asian supply chain has so far looked outrageous.

SMEs that do not have the strength of Nestlé may find it even more difficult to deal with supply bottlenecks, especially some retailers (I think). One of the most interesting trends to note is that there is a divergence in results between large and small companies. And because of its great reputation, declining businesses can expect the market to hit them hard.

But large companies that can avoid supply chain disruptions and have pricing power can get through these tough economic times if they don’t last long. And given that there are no attractive options for investors, this in turn may be enough to support US stock prices at the current sky-high levels.

A good read

There is a lot of speculation about how the end of a central bank’s bond purchase may be a nuisance, but the central bank is subtly trying to deal with it. Well, the first major developed country to try it seems to be the UK. This summary My colleague Tommy Stubbington’s rather nervous situation is worth reading if you haven’t heard of it.

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Strong profits outweigh a slower economy Source link Strong incomes outweigh a slower economy

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FirstFT: ECB pushes banks to boost their post-Brexit operations

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Hello. This article is our on-site version of the FirstFT newsletter. Sign up for us Asia, Europe / Africa Also the Americas editions that send direct to your inbox on weekday mornings

European Central Bank Pushing the bank Add hundreds of additional employees and billions of additional capital to post-Brexit operations in continental Europe.

Despite the prediction that tens of thousands of city officials will have to relocate after Brexit, a Financial Times study has shown that London’s banking activity has declined only slightly in recent years.

But bank executives, lawyers and regulators have all told the FT that the ECB is becoming increasingly powerful to demand that lenders move more resources to the continent to run their European operations.

This promotion is partly linked to the ECB’s decision to end the pandemic period through which banks can transfer staff and capital to the EU.

Thanks for reading FirstFT Europe / Africa. This is the rest of today’s news – Jennifer

5 other articles in the news

1. Evergrande’s plan to sell the real estate sector collapses The Chinese real estate developer has said it could sell its real estate services business. Collapses. Increases the pressure on the group, which only takes a few days to avoid a formal default.

2. Investors shy away from money for cryptocurrencies As an investor, more than $ 10 billion was taken out of this year’s largest gold exchange-traded fund, according to Bloomberg data. Garbage Historically, the metal has been touted as a store worth buying digital assets over a decade ago.

PayPal in talks with Pinterest for $ 345 billion acquisition An online payment company is in talks to acquire a social media group. Largest acquisition transaction Two people with direct knowledge of the matter said this year.

4. The end of the era of the resignation of the President of the Deutsche Bundesbank Jens Weidmann takes the helm of the German central bank a few weeks after the national parliamentary elections, shortly before decisions on the future of monetary policy in the euro area. What does he do successor What does coalition negotiation mean?

5. Jack Ma will travel abroad for the first time since the crackdown Alibaba founders are on vacation in Spain and tagging the internet mogul, according to two people familiar with his travel plans. First trip confirmed out of China Because it fouled the country’s financial regulators last year.

Jack Ma pictured in Santa Ponsa, Mallorca on October 20

Jack Ma taken on October 20 in Santa Ponsa, Mallorca © AFP via Getty Images

Leslie Hook, FT’s environmental correspondent, will be in Glasgow next month for COP26. If you have any questions you would like Leslie to answer, please email us. firstft@ft.com I will publish his response.

Coronavirus digest

  • UK Health Minister Sajid Javid warned: England Faced the return of the limit He urged people to take booster shots and be careful.

  • President Vladimir Putin keeps workers at home for at least a week Russian The number of cases and deaths is skyrocketing.

  • North KoreaChina Trade hits all-time high In a year, Pyongyang’s economy has been rocked by pandemics and sanctions.

  • NOT. American drug regulator Have Approved booster jab It uses Moderna and Johnson & Johnson vaccines to support a “mix and match” strategy.

  • global Supply Chain The problems can continue during the “months” spent at the head of the World Trade Organization (WTO) of which FT speaks.

The day before

European Council summit The agenda for the two-day summit is the relationship between the European energy crisis and the bloc with China. For the latest information on the summit apply ours Europe Express Bulletin.

Turkey has been “gray listed” by Global Finance Watchdog Working group on financial activities Endorse the recommendations Turkey will be the subject of special monitoring for breaches of the fight against money laundering and the financing of terrorism.

WeWork will be published The coworking space company launched a transaction on the Nasdaq stock exchange after a two-year dispute.

Returned It’s a big day for corporate profits. In the UK, Barclays will publish its third quarter results and Unilever will publish its statement of accounts. Other reporting companies include Blackstone, AT&T, American Airlines, Hermes and the Southwest.

Who do you think will be the most influential women in 2021? Ahead of the annual Women of the Year series, we’re collecting recommendations from everyone. Share your suggestions in the comments below This story..

What else are you reading

Europe after Angela Merkel The German Chancellor will play the role of mediator as EU leaders prepare for a confrontation with Poland over the domination of EU law. This time, there is a difference: Merkel is on the way. The New German Coalition Hard Approach About Foreign Policy?

How Netflix became “Hateflix” I have Cultural war Furious in the biggest streaming company in the world. Activists accuse Netflix of running the programming they believe can be promoted.

Revenge of the old economy The temporary turmoil caused by the pandemic makes us want to blame today’s shortages. However, the roots of these bottlenecks can be traced back to the aftermath of the financial crisis. I’m writing to Jeff Curry, Global Head of Product Research at Goldman Sachs.

A line graph of the Global Equity Return index, Q1 2002 = 100, shows that the fall in stock prices in the

In the nightmare of John Lewis If you don’t know what you need at home or where it is, you can always try John Lewis. But it is in danger of disappearing. Millennials don’t feel it and Middle England goes shopping. Can retailers swing?

Bitcoin ETFs Shouldn’t Exist The First U.S. Bitcoin Exchange Traded Fund First day of trading this week. But, as my colleague Robert Armstrong wrote, “It’s hard to imagine an unattractive financial product. He explains why today’s uncovered newsletter. Register now here..

Thanks to the readers who took our survey yesterday. 70% of you have said that lawmakers in Washington, not Wall Street, are taking the right approach to Sino-US relations.

Meet the Journalists: Robin Harding

Robin Harding is Asian Editor-in-Chief and Associate Editor of FT

Robin Harding is Asian Editor-in-Chief and Associate Editor of FT

Robin Harding took on the role of FT’s Asian Editor-in-Chief in mid-August. An economist by training, he has held various positions from London to Washington and Tokyo, and has been a director since 2015.

What is your current story that interests you in particular?

The potential flaws of Chinese real estate company Evergrande are less than those that themselves describe China’s growth model. One of the big questions of this century is whether China can continue to grow until it is as prosperous as Japan and even the United States. The way China is approaching Evergrande provides clues to the answer.

You have lived in Japan for almost 12 years. Does the country continue to fascinate you?

Japan is different. I think one of the reasons before Japan’s tourism boom, Covid-19, is that it’s a wealthy industrialized country that still feels alien to Europeans and Americans. I’m still learning from the way Japan does things, and the comparison enlightens the rest of the world, whether or not it is about monetary policy. Urbanism Also Railway.

What’s the best book you’ve read last year?

I went back to my Kindle and reread it pride and prejudice This year, that’s the real answer. The best new non-fiction The strangest people in the worldHe basically claims that the Catholic Church created the modern world by banning marriage between cousins ​​in Europe. I will omit the sci-fi and fantasy recommendations here, but feel free to email !!

Remember that you can add FirstFT to myFT. You can also choose to receive FirstFT push notifications every morning in the app. Send recommendations and feedback to firstft@ft.com

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