Economics

...Around the globe, the pandemic has jeopardized a vital artery of finance supporting hundreds of millions of families — so-called remittances sent home from wealthy countries by migrant workers. As the coronavirus has sent economies into lockdown, sowing joblessness, people accustomed to taking care of relatives at home have lost their paychecks, forcing some to depend on those who have depended on them.

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James Dimon's Warning for the U.S. Economy and uncertainties ahead

Sat, 2020-07-25 21:06 — mike kraft

Jamie Dimon's warning for the U.S. economy — nobody knows what comes next More than four months into the coronavirus pandemic, the financial damage wrought by the outbreak has yet to fully register. Hugh Son CNBC

The range of outcomes for the economy in the second half is incredibly wide: JPMorgan Chase sees no fewer than five different paths it can take.
The bank has gotten more pessimistic, seeing unemployment in its default “base” scenario hitting nearly 11% by the end of this year, 4.3% worse than when it made the same forecast in April.

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Governor Abbott Announces Phase One To Open Texas, Establishes Statewide Minimum Standard Health Protocols

Tue, 2020-04-28 08:30 — Kathy Gilbeaux

CLICK HERE - REPORT - Texans Helping Texans - The Governor's Report to Open Texas - April 27, 2020 (64 page .PDF report)

gov.texas.gov - April 27, 2020

Governor Greg Abbott today announced the first phase of the State of Texas' ongoing plan to safely and strategically open Texas while minimizing the spread of COVID-19. Under Phase I, certain services and activities are allowed to open with limited occupancy, and the Texas Department of State Health Services (DSHS) is issuing minimum standard health protocols for all businesses and individuals to follow. The Governor also outlined special guidance for Texans over 65 and detailed a comprehensive mitigation plan for nursing homes in Texas. The Governor also announced a statewide testing and tracing program developed by DSHS that will help public health officials quickly identify and test Texans who contract COVID-19 and mitigate further spread of the virus.

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‘Urgent’ Need for Businesses to Adapt to Growing Threat from Climate Change, McKinsey Says

Sat, 2020-01-18 22:48 — Kathy Gilbeaux

A dog looks out of a house flooded by Hurricane Maria, in Catano town, Juana Matos, Puerto Rico, on September 21, 2017. Hector Retamal | AFP | Getty Images

CLICK HERE - REPORT - Climate risk and response: Physical hazards and socioeconomic impacts - January 2020

cnbc.com - by Pippa Stevens - January 16, 2020

KEY POINTS

McKinsey said trillions of dollars in economic activity and hundreds of millions lives are at risk from a changing climate.

“Much as thinking about information systems and cyber-risks has become integrated into corporate and public-sector decision making, climate change and its resulting risks will also need to feature as a major factor in decisions,” McKinsey Global Institute director Jonathan Woetzel said.

BlackRock CEO Larry Fink warned this week that the intensifying climate crisis will bring about a fundamental reshaping of finance, with a significant reallocation of capital set to take place “sooner than most anticipate.”

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Spiking Health Problems in U.S. Millennials May Make Them Poorer

Sun, 2019-11-10 08:13 — Kathy Gilbeaux

CLICK HERE - REPORT - Blue Cross Blue Shield - The Economic Consequences of Millennial Health

bloomberg.com - by Emma Court - November 6, 2019

More millennials in the U.S. are suffering from chronic health problems, potentially restraining the lifetime economic potential of a generation of young adults.

A spike in conditions like depression, hypertension and high cholesterol among younger people could increase health-care costs and lower incomes in coming years, according to a report Wednesday from the Blue Cross Blue Shield Association, a federation of 36 independent companies that together provide coverage for 1 in 3 Americans.

(CLICK HERE - READ COMPLETE ARTICLE)

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231 Mayors Call on Congress to Extend the Solar Investment Tax Credit

Wed, 2019-10-23 08:07 — Kathy Gilbeaux

CLICK HERE - LETTER - Mayors Support the Solar Investment Tax Credit (7 page .PDF document)

solarnovus.com - 22 October 2019

A bipartisan group of 231 mayors from Tacoma, Wash to Ft. Lauderdale, Fla. sent a letter to Congress today urging them to pass the Renewable Energy Extension Act (HR 3961/S. 2289), a five-year extension of the solar Investment Tax Credit (ITC).

“More than 200 mayors from 39 states are stepping up to defend the ITC,” said Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA). “Mayors are increasingly turning to solar energy to fight the effects of climate change and generate millions of dollars of private investment in their cities.

(CLICK HERE - READ COMPLETE ARTICLE)

CLICK HERE - HR 3961

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Banks Worth $47 Trillion Adopt New U.N.-Backed Climate Principles

Mon, 2019-09-23 17:56 — Kathy Gilbeaux

Smoke billows during a fire in an area of the Amazon rainforest near Porto Velho, Rondonia State, Brazil, September 17, 2019. REUTERS/Bruno Kelly

CLICK HERE - UN - Principles for Responsible Banking

reuters.com - by Matthew Green - September 22, 2019

Banks with more than $47 trillion in assets, or a third of the global industry, adopted new U.N.-backed “responsible banking” principles to fight climate change on Sunday that would shift their loan books away from fossil fuels.

Deutsche Bank (DBKGn.DE), Citigroup (C.N) and Barclays (BARC.L) were among 130 banks to join the new framework on the eve of a United Nations summit in New York aimed at pushing companies and governments to act quickly to avert catastrophic global warming.

“These principles mean banks have to consider the impact of their loans on society – not just on their portfolio,” Simone Dettling, banking team lead for the Geneva-based United Nations Environment Finance Initiative, told Reuters.

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How to Fight Climate Change Without Fighting Capitalism

Tue, 2019-08-27 09:05 — Kathy Gilbeaux

Solar Impulse, the first solar-powered plane to circumnavigate the globe.

qz.com - by Bertrand Piccard - August 26, 2019

. . . qualitative growth. It means you create jobs, you make money, and you make a profit for everyone by replacing the outdated and polluting systems that destroy the planet with clean, modern, and efficient systems that protect the environment . . .

. . . The Solar Impulse Foundation was launched, with the challenge to identify 1,000 solutions that can protect the environment in a profitable way . . .

. . . Nearly 2,000 companies have joined up and are starting to pitch solutions.

(CLICK HERE - READ COMPLETE ARTICLE)

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Global Worry Over Amazon Fires Escalates; Bolsonaro Defiant

Sat, 2019-08-24 09:40 — Kathy Gilbeaux

This satellite image provided by NASA shows the fires in Brazil on Aug. 20, 2019. As fires raged in the Amazon rainforest, the Brazilian government on Thursday denounced international critics who say President Jair Bolsonaro is not doing enough to curb widespread deforestation. (NASA via AP)

apnews.com - by MARCELO SILVA de SOUSA - August 23, 2019

Amid global concern about raging fires in the Amazon, Brazil’s government complained Thursday that it is being targeted in smear campaign by critics who contend President Jair Bolsonaro is not doing enough to curb widespread deforestation.

The threat to what some call “the lungs of the planet” has ignited a bitter dispute about who is to blame during the tenure of a leader who has described Brazil’s rainforest protections as an obstacle to economic development and who traded Twitter jabs on Thursday with France’s president over the fires.

French President Emmanuel Macron called the wildfires an international crisis and said the leaders of the Group of 7 nations should hold urgent discussions about them at their summit in France this weekend.

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