Iran to lead Middle East region for oil and gas pipeline additions by 2023

first_imgIran oil and gas pipeline additions will cater to the country’s vast reservesIran holds the world’s fourth-largest oil reserves and second-largest gas reserves, according to US government figures. As of January 2018, it possessed crude oil reserves totalling 157 billion barrels, which is almost 10% of global supply and 13% of the reserves accounted for by Opec.In November, Tehran announced a 53-bilion barrel crude oil discovery in the south-west region of Khuzestan — dubbed Namavaran — which senior government ministers claimed as the country’s second-largest known oil deposit after the 65-billion barrel Ahvaz site.However, strict economic sanctions imposed by the US after the Trump administration pulled out of an international nuclear de-escalation pact in 2015 have limited Iran’s ability to trade its oil and gas resources globally.As tensions continue to simmer between the two nations, there is plenty of attention being paid to the stability of the region’s oil markets. Iran is expected to lead the way with new-build oil and gas trunk and transmission pipeline additions in the Middle East during the next three years.Research by business intelligence firm GlobalData indicates the country will contribute 43% of the region’s planned and announced pipeline construction between 2020 and 2023, comprising a total of 7,496 kilometres (km).GlobalData oil and gas analyst Adithya Rekha said: “A total of 18 new-build pipelines are expected to start operations in Iran by 2023.“Iranian Gas Trunk line–IGAT IX is the longest upcoming pipeline in the country with a length of 1,863km.“It is a natural gas pipeline that is expected to start operations in 2022. National Iranian Gas owns a 100% equity stake in the pipeline and will also be its operator.” Iraq and Saudi Arabia will also add significant pipeline extensionsNeighbouring Iraq is expected to be the second-highest contributor to the Middle East’s new oil and gas pipeline additions by 2023 — with 3,775km expected by the end of the period.Of this addition, 3,375km will be from planned projects, while the remaining 400km will be from early-stage announced projects.The Basra–Aqaba Gas pipeline will be the lengthiest addition to the country’s trunk and transmission infrastructure, extending around 1,700 km to connect the Iraqi city of Basra to Jordan’s Port of Aqaba.The onshore natural gas pipeline is expected to commence operations in 2021.In Saudi Arabia, oil and gas pipeline additions are expected to total 1,825km by 2023 from nine projects.The biggest of the Saudi pipeline extensions will be Haradh-Hawiyah Gas – an onshore natural gas network stretching 450km across the country.center_img Iran is expected to account for 43% of new oil and gas pipeline extensions in the Middle East over the next three years, adding almost 7,500km to its networklast_img read more


first_imgThe Jobs for Southwest Indiana Political Action Committee (JPAC) announced their endorsements for the fall elections today.JUST IN:  Southwest Indiana Chamber created JPAC in 1996 as a separate organization to support pro-business candidates for local and state offices.  JPAC is a ten-member, bipartisan board co-chaired by a Republican and Democrat member of the Chamber’s Board of Directors. The members use long-established criteria and guidelines to determine support for candidates.During this election cycle, the Chamber surveyed candidates in the Evansville Municipal races.  The candidate responses to a pre-determined questionnaire can be found at has endorsed the following candidates in contested races:FOR MAYORMayor Lloyd Winnecke: “Mayor Winnecke has been a true champion of business in Southwest Indiana and for the City of Evansville in his tenure in office. His leadership on our new downtown environment, the Stone Family Center for Health Sciences, Mickey’s Kingdom and the coming Deaconess Aquatic Center as well as his leadership on important regional and national initiatives such as the construction of the I-69 Bridge, has made a real difference in our region’s success.  We continue our support of Lloyd Winnecke’s service as the Mayor of Evansville.”FOR CITY COUNCILThe City Council has authority over the regulatory climate of the City of Evansville as well as its budget.  As the center of our region, Evansville’s prosperity and quality of life matter to our businesses, our citizens, and the greater region.  JPAC supports elected leaders that ably represents the interests of their constituents as well as the needs of the larger community and welcomes candidate who demonstrates the skills to do both.This year, Evansville is fortunate to have many worthy candidates who have stepped up to serve.  JPAC continues its support of Missy Mosby, Jonathan Weaver, and Justine Elpers; each of whom has been receptive to the initiatives we find important for a thriving business environment.  We believe the City of Evansville will be well-served by these individuals:EVANSVILLE CITY COUNCIL – AT LARGE (3 seats)Ron BeaneKaitlin Moore MorleyJonathan WeaverFOR EVANSVILLE CITY COUNCILEVANSVILLE CITY COUNCIL –  WARD #1: Tim O’BrienEVANSVILLE CITY COUNCIL –  WARD #2: Missy MosbyEVANSVILLE CITY COUNCIL –  WARD #3: Zachary HeronemusEVANSVILLE CITY COUNCIL –  WARD #4: Alex BurtonEVANSVILLE CITY COUNCIL –  WARD #5: Justin Elpers FacebookTwitterCopy LinkEmailSharelast_img read more

Deans announce new challenge

first_imgThirteen deans from Schools across Harvard today announced $150,000 in new entrepreneurship challenges, expanding Harvard support for student innovation and cross-School collaborations with broad social and cultural impact.Sponsored by the deans and hosted by the Harvard Innovation Lab, the Deans’ Cultural Entrepreneurship Challenge and the Deans’ Health and Life Sciences Challenge call on undergraduate, graduate, and postdoctoral candidates across the University to tackle social issues head-on. Students are encouraged to build cross-disciplinary teams and apply their diverse interests, knowledge, and expertise as they create innovative solutions to challenges in the fields of culture and health.“The President’s Challenge has demonstrated how faculty and students from throughout the University can apply their creative energies to address pressing societal problems,” said Provost Alan M. Garber. “These two new challenges sponsored by the deans will build upon that experience. They will show how the same entrepreneurial spirit can be brought to bear on cultural imperatives and seemingly intractable problems in the life sciences.”Both challenges, supported by friends and alumni of Harvard, offer a grand prize of $75,000 to be awarded to the winner and selected runners-up to support their projects. Finalist teams selected in March and April will also receive financial support to further their projects before the Demo Day, where they will showcase their work. Winners and runners-up will be selected in May.“I am proud to join the deans of Harvard in ushering in these new opportunities for students to get experience in making a real-world impact while applying the concepts they are learning in Harvard classrooms,” said Nitin Nohria, dean of Harvard Business School. “I’ve no doubt that these aspiring future leaders will develop unique solutions to take on social issues in these two very important sectors, the arts and health care.”The challenges build on the President’s Challenge for social entrepreneurship launched last year by President Drew Faust. It was Harvard’s first call to action to all University students and postdoctoral fellows interested in developing entrepreneurial solutions to the world’s most important social problems. The second President’s Challenge, launched this fall, expanded the topics of engagement and introduced a new category, the arts, encouraging students to explore how the arts could be used to address social problems in the world.The Deans’ Cultural Entrepreneurship ChallengeThe Deans’ Cultural Entrepreneurship Challenge focuses on support for cultural ventures and innovative partnerships between artists and entrepreneurs. With public and private funding declining for the arts, the challenge encourages student groups to embrace cultural entrepreneurship by establishing organizations that create and maintain the infrastructure necessary for arts and artists to survive and thrive. Students will develop solutions for expanding the role of the arts in society and supporting arts and artists in a sustainable manner.“The arts enrich our lives individually and collectively,” said co-chair Diana Sorensen, dean of arts and humanities and James F. Rothenberg Professor of Romance Languages and Literatures and of Comparative Literature. “I celebrate this partnership with the Harvard Business School because it will allow us to imagine new ways to support lives in the arts.”Developed in partnership with Yo-Yo Ma and the Silk Road Project, the challenge is backed by a multifaceted partnership that makes the most of the extraordinary talent, ambition, and passion on Harvard’s campus and outside to promote cultural enterprises that will address the problem of declining funding and limited career opportunities in the realms of art and culture.The challenge draws on the combined expertise of the Harvard Business School, the Division of Arts and Humanities in the Faculty of Arts and Sciences, and the Silk Road Project, Ma’s nonprofit arts organization affiliated with Harvard University. The Silk Road Project collaborates with leaders in the cultural, academic, and business sectors to promote the work of cultural entrepreneurs who seek to create an impact beyond the traditional boundaries of their art forms.Ma and his traveling Silk Road Ensemble will make an appearance at the official launch of the Deans’ Cultural Entrepreneurship Challenge on Dec. 6 at the i-lab.The Deans’ Health and Life Sciences ChallengeThe Deans’ Health and Life Sciences Challenge recognizes that the delivery of affordable health to the global population is one of the world’s most pressing problems. The challenge calls upon students who are concerned about global health and interested in translating their ideas into action.The challenge is encouraging students to develop innovative and entrepreneurial solutions by advancing new cures and therapies, changing behaviors, developing new ways to apply information technology, engineering and computer science, and designing new health care systems to deliver affordable health.Four focus areas for the challenge are redesign of health delivery; changing behavior; computation and data analysis in therapy discovery, personalized medicine, and public health; and stem cell biology and regenerative medicine.The challenge draws upon health care expertise from each of the Harvard Schools. “Access to and the delivery of affordable health is a global issue. To make progress, we must work together across boundaries, bringing together people, ideas, disciplines, and perspectives from throughout the world,” said Jeffrey S. Flier, dean of the faculty of medicine. “Harvard is optimally positioned to address this challenge through the creation of cross-disciplinary teams of students who embody an entrepreneurial spirit.”“The Deans’ Challenges are designed to showcase the innovative ideas and creative output of students across Harvard to make meaningful impact,” said Julio Frenk, dean of Harvard School of Public Health. “The challenges are an important opportunity for students to tackle the pressing issue of making health care affordable, accessible, and acceptable to all.”The Deans’ Health and Life Sciences Challenge will kick off on Dec. 11 with a talk at the i-lab by Richard Lee of the Harvard Stem Cell Institute and professor of medicine at Harvard Medical School.“These Deans’ Challenges offer more support and invaluable entrepreneurial experiences for students and build on the momentum of innovation at Harvard,” said Gordon Jones, managing director of the i-lab. “This is a unique opportunity for students to test entrepreneurship in a supportive environment while bringing meaningful contributions to society.”For more information, visit the i-lab website.last_img read more

Rhode Island moving forward with 600MW offshore wind solicitation

first_imgRhode Island moving forward with 600MW offshore wind solicitation FacebookTwitterLinkedInEmailPrint分享 Island has issued a 600MW offshore wind solicitation for the state.The move forms part of Governor Gina Raimondo’s plan to meet 100% of the state’s electricity demand with renewable energy resources by 2030.The solicitation will be developed by National Grid, with oversight by the state Office of Energy Resources, and is subject to approval by the Public Utilities Commission.Orsted and Eversource Energy’s JV Revolution Wind has already been selected to provide 400MW in Rhode Island’s first offshore wind solicitation.Governor Raimondo said: “In the face of global climate change, Rhode Island must drive toward a cleaner, more affordable and reliable clean energy future. In January, I set a nation-leading goal for Rhode Island to meet 100% of its electricity demand with renewables by 2030. Offshore wind will help us achieve that bold, but achievable goal, while creating jobs and cementing our status as a major hub in the nation’s burgeoning offshore wind industry.”More: Rhode Island issues 600MW US offshore wind bidlast_img read more

Mikel Arteta to push ahead with permanent Pablo Mari transfer as Arsenal shelve Axel Disasi interest

first_imgMari has looked assured in games and impressed in training (Picture: Getty)Mari has already stressed that he is keen to remain at the Emirates, though acknowledged the coronavirus crisis – which has put huge financial strain on clubs and seen Arsenal’s players agree to a pay cut – could make a deal hard to complete.Speaking to talkSPORT, he said: ‘I have found myself here at Arsenal. It is a really good option for me. I want to stay here and improve as a player and a person. I want to be here for many more years.’In another interview with Sky Sports, he added: ‘I hope that me and the club go at the end with good things to do a permanent transfer. But we will see because at the moment with the virus it is a little bit difficult.’MORE: Piers Morgan ‘sickened’ by Mesut Ozil refusing to take a pay cut and slams Arsenal starMORE: Robin van Persie takes pop at Ivan Gazidis and reveals one regret over Arsenal exitFollow Metro Sport across our social channels, on Facebook, Twitter and Instagram.For more stories like this, check our sport page. Mikel Arteta to push ahead with permanent Pablo Mari transfer as Arsenal shelve Axel Disasi interest Comment Advertisement The Spanish centre-back moved to the Emirates on an initial loan deal in January (Picture: Getty)Arsenal boss Mikel Arteta has given the go-ahead to the club’s hierarchy to turn Pablo Mari’s loan stay at the Emirates into a permanent move, effectively ending interest in Axel Disasi.Central defence has become one of the key areas Arteta wishes to strengthen when the transfer window reopens, with the back-line continuing to leak goals despite an upturn in results prior to the Premier League season being suspended.The club also have a looming contract crisis in the heart of their defence, with David Luiz, Sokratis Papastathopoulos and Shkodran Mustafi all entering the final year of their respective deals.Sorry, this video isn’t available any more.Reports in France claimed recently that Arsenal had identified Reims centre-back Disasi as a potential option to bolster their backline, having made an approach in January.AdvertisementAdvertisementADVERTISEMENTHowever The Athletic’s David Ornstein says the Gunners will not pursue a £13m deal for the 22-year-old, with Arteta adamant that he wants a left-footed centre-back – which Disasi is not.Instead, the Gunners will look a little closer to home, with Arteta happy to turn Mari’s loan move into a permanent deal for a fee of around £10m.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalAlthough the Spanish defender has had little game time, he impressed against West Ham in the Premier League and Portsmouth in the FA Cup – keeping a clean sheet in both.Mari played as the left-sided centre-back for Flamengo prior to joining Arsenal, and club bosses feel he ticks the requirement Arteta wants, while they also have William Saliba returning from his loan at Saint-Etienne.Should Arsenal manage to offload one of their many other centre-backs, they could be tempted to dive back into the market to strengthen that area of the squad even further. Metro Sport ReporterTuesday 21 Apr 2020 12:20 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link6kShares Advertisementlast_img read more

150,000 Additional Pennsylvanians Enrolled in Governor Wolf’s Medicaid Expansion Plan

first_img150,000 Additional Pennsylvanians Enrolled in Governor Wolf’s Medicaid Expansion Plan July 22, 2015 Healthcare,  Human Services,  Medicaid Expansion,  Press Release Harrisburg, PA – The Department of Human Services (DHS) today announced 150,000 new Pennsylvanians have enrolled in HealthChoices, since Governor Tom Wolf’s Medicaid expansion plan launched on April 27, 2015. HealthChoices provides health care coverage to more Pennsylvanians than ever before, including many who previously didn’t qualify for traditional Medicaid plans.“It is a priority of my administration to provide greater access to health care for Pennsylvanians,” Governor Wolf said. “Not only will the safety and security afforded by access to affordable health care make it easier for Pennsylvanians participate in our economy, but it will also drive down costs for providing health care, particularly visits to the emergency room which is the most expensive form of care. Additionally, Medicaid expansion will provide a boost to the commonwealth’s economy.”As a result of Pennsylvania’s decision to expand Medicaid, more hard working individuals now have access to preventive care, primary care doctors, prescriptions and behavioral health parity. In addition to individuals who qualified previously, Pennsylvanians ages 19 to 64 with incomes up to 138 percent of the Federal Poverty Level may be eligible for coverage under Medicaid expansion.“When Governor Wolf began the Medicaid expansion on April 27th, there were approximately 289,000 Pennsylvanians who had been enrolled in expanded Medicaid under the previous plan. Adding the 150,000 that we are announcing today takes us a total of approximately 439,000 Pennsylvanians,” said DHS Secretary Ted Dallas. “The results are that more people in the commonwealth have access to critical health care services including preventative care than ever before.”Medicaid expansion also allowed the state to access millions in federal funds for health care. In fiscal year 2015-16, those federal funds saved the state approximately $626 million in state funds. Based on current enrollment trends, state savings are projected to grow to $645 million in state fiscal year 2016-17.In addition to expanding the pool of individuals eligible, HealthChoices streamlined Medicaid in Pennsylvania, allowing consumers to receive health care faster and more efficiently. In the previous plan, formerly known as Healthy PA, individuals could be enrolled in one of three separate plan components. The complexity of this approach led to many individuals not receiving the appropriate coverage and others inappropriately denied care. By streamlining this process, the Medicaid expansion has made enrollment easier for consumers.For more information or to apply for coverage, visit www.HealthChoicesPA.comcenter_img SHARE Email Facebook Twitterlast_img read more

Townsville house and land prices surge

first_img5 Beaufort Street in Belgian Gardens sold for $420,000 on November 5, 2016 but only $380,000 during its last sale, October 16, 2012.REIQ Townsville Zone Chair said Damien Keyes said people from all walks of life were buying into the market.“We’re seeing a real good cross section of people buying. We’re seeing more first home buyers in the established housing market but there are also downsizes, home buyers that are upgrading and a lot of renovators,” he said.“In that sense it makes sense that the older, fringe suburbs are popular.“A lot of renovators want raw houses and our market allows them to pick them up for around $200,000 or less. They than renovate then to sell for a profit once the market picks up.”KEY TOWNSVILLE PROPERTY FACTSDecember quarter sales: 437 (houses), 73 (units), 28 (vacant land)Quarterly median sale price: $345,000 (houses), $260,000 (units), $169,500 (land)Quarterly change: 4.6% (houses), 0.0% (units), 13.8% (land).Vacancy rates: 6.4 per cent, down from 7.1 per cent in SeptemberGross Rental Yield: 4.4 % (houses), 4.9% (units)Median weekly rent: $290 (3-bed house), $245 (2-bed flat), $300 (3-bed townhouse)(Source: REIQ/CoreLogic) 40 Dearness Street in Garbutt is among the recent success stories with the three-bedroom house selling for $310,000 on March 20, this year. It last sold for $261,000 in August 2010.“The area is set to benefit from considerable infrastructure and government spending programs, including the $250 million football stadium and planning for the $1.6 billion Port of Townsville project, which will help employment figures and stabilise business confidence,” she said.“The unit market held steady this quarter at $260,000 and, while there was zero growth this quarter, there was also zero contraction.“Unfortunately, the market has contracted 4.3 per cent over the year and, compared with five years ago, has contracted 16.2 per cent.”McGrath Estate Principal Brad Matheson said he believed Townsville had officially reached the bottom of the cycle and predicts further price hikes were on the cards in the year ahead.“The year has kicked off very strongly and I think the market has finally bottomed and won’t fall anymore which is a direct result of improved buyer confident,” he said.“In the first two months of 2017, our team alone recorded four off market sales and three of our properties sold above list price with multiple offers for these sought after homes.“One of them was a beautifully styled property in Vincent which received five offers within the first week and sold $21,000 above the list price.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020“Open house numbers have also doubled to what they averaged last year and we’ve found that the 4810 postcode has been particularly active with a lot of properties selling in under two weeks.” Townsville’s property market is on the move with house prices jumping 4.6 per cent to $345,000 and vacant land 13.8 per cent to $169,5000. Picture: Megan MacKinnonTOWNSVILLE’S property market is on the move with house prices jumping by 4.6 per cent to $345,000 and vacant land surging 13.8 per cent to $169,5000.Townsville figures accounted for the biggest median price change recorded across the December quarter across Queensland as cited in the Real Estate Institute of Queensland Marker Monitor Report, released last week.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 3:52Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -3:52 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Trackdefault, selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenTownsville property market wrap03:52It found rental vacancies were also down from 7.1 per cent in September to 6.4 per cent in December with gross rental yields have remained steady at a citywide average of 4.4 per cent four houses and 4.9 per cent for units.REIQ CEO Antonia Mercorella said Townsville’s property market had a buoyant final quarter of 2016 with the city’s set to see further increases in the year ahead.last_img read more

Fed may not tighten credit until next year, experts say

first_img“The Fed continues to expect a December hike, as signalled by its dots chart,” he said.“However, there were otherwise doveish elements to (the) announcement, including a lowering of short-run growth and inflation forecasts and long-term growth, unemployment and the Fed funds rate projections.”He said AXA IM believed the FOMC was likely to hike in December, particularly if the Q3 employment cost index shows some signs of revival.“In the interim, we expect speculation to rise that the Fed will not tighten policy this year,” he said.In a global research report, Bank of America Merrill Lynch said the Fed’s decision was about as doveish as it could be for equity investors, with the committee members having committed to watch international developments.“Similar to deferral of Fed tapering in 2013, we see this as supportive to equities given the de-risking already undertaken,” it said.Peter O’Flanagan, head of foreign exchange trading at ClearTreasury, also noted the way the Fed statement referred to worries about the slowdown in the external environment.“Previously, the Fed had indicated it would be focused on the domestic economy when making decisions around rate hikes, but things have certainly changed,” he said.“Now, it is looking at events in China and other emerging markets and their potential impact on global growth.”Although the Fed maintained it still expected to hike this year, O’Flanagan said December was the only real possibility for this to happen.He said he saw the first quarter of next year as a more realistic target.Lee Ferridge, head of North American macro strategy at State Street Global Markets, said the Fed’s international focus had increased the importance of dollar strength, with the US currency being “the doorway by which the global economy affects the domestic one.”“Now it’s a waiting game again, and every upcoming meeting is on the table so long as data and conditions can justify a move,” he said.“However, there is no guarantee the conditions will be satisfactory ahead of the end of 2015.”Meanwhile, Rick Rieder, CIO of fundamental fixed income at BlackRock, said there were strong signals that a rate hike before the end of the year was very probable.Rieder said the timing of the next increase was much less important than the pace of credit tightening, and that the Fed had already said it would be measured in its approach.“It is very clear the Fed’s monetary policy this upcoming cycle will be nothing like the historic tightening cycles of the past in terms of the consistency of movement at each meeting, or the long-term trajectory of significant rate rises,” he said.Felix Wintle, head of US equities at Neptune Investment Management, also said he expected a rate cut this year.“At Neptune, we are still confident the Fed will raise rates in 2015 and believe December is now the most likely time for this,” he said.Even though the language accompanying yesterday’s decision was doveish, rate rises may come quicker than the market expects, he said.Rising rates will change the investment landscape, he said, with a rising rate environment creating winners and losers among sectors and stocks.“This is because, as interest rates rise, so does the cost of capital – i.e. the cost of credit to corporates,” he said.He said this spelled trouble for companies relying on raising capital to run their business and those that were highly geared.At Amundi, Philippe Ithurbide, global head of research, strategy and analysis, and Bastien Drut, head of strategy and economic research, saw December as the most likely time for the FOMC to make its first rate hike.“But it will stay in very gradual mode and, at the most, tighten by 25 basis points per quarter,” they said.Robeco’s chief economist Léon Cornelissen said that, if the economic climate remained favourable, the most likely scenario was for the Fed to make a first modest rate hike in December, followed by an explanatory press conference by Yellen. The US Federal Reserve’s decision yesterday to hold its key interest rate at zero, coupled with its cautious comments and new focus on the possible impact of external factors, means the cost of central bank credit may stay put until next year, according to asset managers and economists.Although most expected a rate rise to happen in December, many analysts also scrutinised comments by Fed chair Janet Yellen following the decision, which were seen as indicating a more doveish attitude to raising interest rates, as well as a downward revision in its long-term rate outlook.At its meeting yesterday, the Federal Open Market Committee (FOMC) left the Fed funds rate unchanged at 0.00-0.25%.At AXA Investment Managers (AXA IM), senior economist David Page said it was important the Fed lowered its long-term rate outlook to 1.8-2.2% from 2-2.3%.last_img read more

ConocoPhillips sells Greater Sunrise stake to Timor-Leste

first_imgConocoPhillips agreed to sell its 30 percent interest in the Greater Sunrise Fields to the government of Timor-Leste for $360 million.Proceeds from this transaction will be used for general corporate purposes, ConocoPhillips said in a statement.“Although we differ with the government on its proposed development plan for Sunrise, we recognize the importance of the field to the nation of Timor-Leste, and the sale of our interest to the government gives them a working interest in this important development,” said Matt Fox, executive vice president, strategy, exploration and technology, at Conoco Phillips.The transaction is expected to close in the first quarter of 2019.The sale gives the government of Timor-Leste interest in the Woodside-operated multi-billion Greater Sunrise LNG project that stalled due to the maritime border dispute between Timor-Leste and Australia.The project received a major boost in March this year when the two governments signed a treaty establishing permanent maritime boundaries as well as a framework to jointly develop the Greater Sunrise gas fields.The fields were discovered in 1974 and hold gross contingent resources of 5.13 Tcf of gas and 225.9 million barrels of condensate, according to Woodside.The Australian LNG player, together with its partners plans on developing the resources through the Sunrise LNG project.When the interest sale deal between ConocoPhillips and the government of Timor-Leste closes, partners in the Sunrise LNG project will include the operator Woodside with a 33.44 percent stake, Timor-Leste government (30 percent), Shell (26.56 percent) and Osaka Gas with a 10 percent stake.last_img read more

Mike Yardley: Cannabis uncertainty is a cop-out

first_imgNewsTalk ZB 8 July 2020Family First Comment: Another Mike on Newstalk ZB (Mike Yardley this time) nails it….“We already have an addiction-fueled mental health crisis in this country, much of which can be sheeted home to recreational cannabis abuse and psychosis. Why risk aggravating that problem even more, by normalising and legitimising dope, by surrendering on the law?”I have a major beef with this mealy-mouthed suggestion from the Chief Science Advisor’s panel that it’s still uncertain whether legalising dope increases harm.We already have an addiction-fueled mental health crisis in this country, much of which can be sheeted home to recreational cannabis abuse and psychosis. Why risk aggravating that problem even more, by normalising and legitimising dope, by surrendering on the law? There are so many unintended consequences, which I don’t believe this panel has fully considered.Let me give you an example of the elevated threat of real harm to you and me. Drug-driving.Last week the Road Transport Forum made their views very clear about the higher risks on our roads if recreational cannabis use is legalised. It raises the stakes on risk.And bear in mind, the number of people being killed by drug impaired drivers on our roads is already higher than those killed by drivers above the legal alcohol limit. Do we want to ratchet that up?Here’s some stats from various North American jurisdictions that legalised dope.Post-legalisation in Colorado, cannabis-related roads deaths increased 151%. In Washington State, they doubled. A quarter of Canadians aged 18-34 who smoke dope admit to driving after consuming, or have been a passenger with someone who just has. Idiots.In a 2018 Colorado State study, 27% of cannabis users admitted to driving high almost daily. And a New Zealand health study found that habitual users of cannabis have about 10 times the risk of causing a road injury or death compared to infrequent or non-users.Ding ding. I hear alarm bells.READ MORE: read more