On the Blogs: The Economy of the ‘Lucky Country’ Is at Risk From Its Lack of Diversification

first_imgOn the Blogs: The Economy of the ‘Lucky Country’ Is at Risk From Its Lack of Diversification FacebookTwitterLinkedInEmailPrint分享Satyajit Das for Bloomberg View:If Australia is an economic miracle—the so-called Lucky Country, beneficiary of more than a quarter century of uninterrupted growth—then its banks are its most visible sign of strength. In fact, though, this ruddy good health masks some deeply worrying trends. The balance sheets of Australia’s biggest banks are far more vulnerable than they may seem on the surface—and that means Australia is, too.Australian financial institutions have made the same fundamental mistake the rest of the country has, assuming that growth based on “houses and holes”—rising property prices and resources buried underground—can continue indefinitely. In fact, despite a recent rebound in Chinese demand, commodities prices look set to remain weak for the foreseeable future. Banks’ exposure to the slowing natural resources sector has reached nearly $50 billion in loans outstanding—worryingly large relative to their capital resources.Pundits have been saying for years that Australia needs to diversify its economy, boosting services exports—primarily tourism, education and health—rather than continuing to depend on resources and debt-fueled property growth. Banks need to do the same, reducing their exposure to the housing market and the mining industry. At the same time, they should move swiftly to shore up their balance sheets, aggressively increasing bad-debt reserves, raising capital and gradually trimming dividends. Even their otherwise enviable luck can’t last forever.In Australia, All That Glitters Isn’t Goldlast_img read more

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‘Sea-change’ driving demand for renewable energy in U.S.

first_img FacebookTwitterLinkedInEmailPrint分享Reuters: The wind and solar industries hope demand for carbon-free power from U.S. cities, states and corporations can offset headwinds from President Donald Trump’s tax policy and tariffs, developers said this week.The Trump tax overhaul trimmed production and investment tax credits, and the administration also slapped a 30 percent tariff on imported solar panels. The moves, aimed at boosting manufacturing and economic growth, also dimmed prospects for renewables. But Trump’s withdrawal of federal support for Obama-era climate goals indirectly helped the industry by inspiring a backlash among U.S. cities, states and corporations, which have grown more ambitious about installing cleaner forms of energy.Also, investors with years of deals under their belts are less wary about financing solar and wind than they were years ago, and socially responsible funds are actively seeking projects to invest in, according to executives and investors at the Renewable Energy Finance Forum-Wall Street in New York. “There is a sea change in grass-roots demand for renewable energy,” Susan Nickey, managing director at Hannon Armstrong Sustainable Infrastructure Capital Inc., which invests about $1 billion a year in the sector, said in an interview on the sidelines of the conference on Tuesday. “More and more corporations and consumers are saying ‘We want 100 percent renewable energy,’” she said, adding city and state governments are adopting renewable-friendly policies to reflect that growing demand.She cited a survey of financial institutions that showed two-thirds of respondents planned to boost renewable investments this year. Some 89 percent said they would sharply increase planned investments from now to 2030 unless government policies slow demand for renewable energy.More: Renewable energy seeks demand, investment to survive Trump squeeze ‘Sea-change’ driving demand for renewable energy in U.S.last_img read more

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McCoy still needs two for landmark

first_img McCoy was narrowly denied in the opening novice hurdle on Flemenson by the Hadden Frost-ridden Rydon Pynes, while his mount in the following race, Keen Eye, never looked like taking a hand in the finish at any stage. His third ride of the afternoon, Well Hello There, travelled extremely well for much of the three-mile handicap chase but a bad blunder just before the home straight cost him any chance of victory and he was ultimately well beaten. Press Association Tony McCoy will have to wait until Chepstow on Wednesday at the earliest for his 4,000th winner after drawing a blank with three rides at Exeter to remain on the 3,998 mark.center_img The 18-times champion jockey has two booked rides at the Welsh venue on Wednesday – the Rebecca Curtis-trained El Macca in the R.A.B.I. Gateway Project Maiden Hurdle and Jonjo O’Neill’s Mission Complete, who could be appropriately named should he land the NFU Mutual Supports R.A.B.I. Handicap Hurdle. last_img read more

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Man accused of fatally shooting brother-in-law following Thanksgiving feast

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREPettersson scores another winner, Canucks beat KingsPolice were continuing the investigation. The suspect, whose identity has not yet been released, turned himself in around 2 a.m., Smith said. Formal murder charges were pending, Smith said. For more news and observations about crime in Los Angeles and the San Fernando Valley, check out the Daily News’ crime blog by clicking here. A 27-year-old man turned himself in to police early this morning after allegedly shooting his brother-in-law to death following a Thanksgiving celebration, according to a detective. Mario Gutierrez, 37, died after being shot in the chest around 8:40 p.m. as he left a family gathering in 4400 block of Verdemour Avenue in El Sereno, said Los Angeles Police Department Detective Scott Smith. Gutierrez was declared dead at the scene, Smith said. The shooting followed a dispute that took place as the victim was leaving the party, the detective said. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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