IMF cuts world growth forecast to 3.5%

first_img Keywords Economic forecastsCompanies International Monetary Fund OECD raises outlook for Canadian economic growth this year Stagflation is U.S. economists’ biggest fear, SIFMA says Facebook LinkedIn Twitter IE StaffAssociated Press Unveiling its forecasts at the World Economic Forum in Davos, Switzerland, the fund left its prediction for U.S. growth this year unchanged at 2.5%.For Canada, the IMF’s estimate for growth in 2019 was 1.9%, down from a forecast in October for growth of 2.0%.The IMF’s view is more positive than an assessment by the Bank of Canada issued Jan. 9. The central bank forecast growth of 1.7%, down from its October prediction of 2.1%.In a report released today, Desjardins splits the difference, forecasting Canada’s GDP at 1.8%.The IMF’s growth outlook for the 19 countries that use the euro currency has been reduced to 1.6% from 1.8%. Desjardins’ forecast is slightly dimmer at 1.5%.Growth in emerging-market countries is forecast to slow to 4.5% from 4.6% in 2018, says the IMF. It expects the Chinese economy—the world’s second biggest—to grow 6.2% this year, down from 6.6% in 2018 and the slowest since 1990. For emerging markets and China, Desjardins forecasts growth of 4.6% and 6.3%, respectively.Rising trade tensions pose a major risk to the world economy. Under President Donald Trump, the United States has imposed import taxes on steel, aluminum and hundreds of Chinese products, drawing retaliation from China and other U.S. trading partners.“Higher trade uncertainty will further dampen investment and disrupt global supply chains,” said IMF chief economist Gita Gopinath.In its report, Desjardins says escalating protectionism is “intensifying” uncertainty worldwide. It also says significant tightening of financial conditions could have a negative impact on markets. Further, inflation that is stronger or weaker than forecast would have “major consequences,” especially for the bond market.Rising interest rates in the U.S. and elsewhere are pinching emerging-market governments and companies that borrowed heavily when rates were ultra-low in the aftermath of the 2007-2009 Great Recession.As the debts roll over, those borrowers have to refinance at higher rates. A rising dollar is also making things harder for emerging-market borrowers who took out loans denominated in the U.S. currency.Separately, the United Nations is forecasting that the global economy will grow by around 3% in 2019 and 2020, but says waning support for multilateralism, escalating trade disputes, increasing debt and rising climate risks are clouding prospects.The U.N.’s report on the World Economic Situation and Prospects 2019 also stresses that economic growth is uneven and often doesn’t reach countries that need it most.U.N. Secretary-General Antonio Guterres says in the forward of the report launched Monday that while economic indicators remain “largely favourable,” the report “raises concerns over the sustainability of global economic growth in the face of rising financial, social and environmental challenges.: world map, emerging markets and international global businesses kentoh/123RF Related news Share this article and your comments with peers on social media Economy lost 68,000 jobs in May The International Monetary Fund (IMF) has cut its forecast for world economic growth this year, citing heightened trade tensions and rising U.S. interest rates.The IMF said Monday that it expects global growth this year of 3.5%, down from 3.7% in 2018 and from the 3.7% it had forecast for 2019 back in October. last_img read more

Solar advocates attack Xcel plan to define net metering costs

first_imgSolar advocates attack Xcel plan to define net metering costsClean energy supporters are assailing a plan by utility group Xcel Energy to better define the value of net metering in Colorado, which the company says would make the incentive “clear and transparent.” August 1, 2013 Edgar Meza Manufacturing Markets Markets & Policy Share A coalition of renewable energy proponents, businesses and environmental groups in the U.S. state of Colorado is taking aim at a new proposal from utilities giant Xcel Energy that they say targets rooftop solar growth in its territory.According to a report by the Solar Energy Industries Association (SEIA), the group is urging the Colorado Public Utilities Commission (CPUC) to reject the Xcel plan in order to protect one of the state’s most significant instruments in encouraging consumer investment in solar power.According to SEIA, the utility is using a contested study that has not undergone public or commission review to make its case against the state’s successful solar policy. “The Xcel study and subsequent proposal do not fairly value the many benefits that rooftop solar delivers to Colorado,” SEIA says.Issued last week as part of Xcel’s 2014 Renewable Energy Standard (RES) compliance plan, the proposal calls for solar customers’ net costs — the benefits they receive less the costs Xcel Energy avoids as a result of their solar systems – to be clearly set forth in Xcel’s renewables fund, known as the Renewable Energy Standard Adjustment (RESA).Xcel maintains the value of the net metering incentive is not clearly identified. “Solar generation does allow the utility to avoid the cost of fuel, some future generating plant needs and some system energy losses, but other costs related to distribution, transmission and generation capacity are not avoided so they ultimately are paid for by other Xcel Energy customers in Colorado,” the company says.David Eves, president and CEO of Public Service Co. of Colorado, an Xcel subsidiary, says the need to define the value of net metering “is becoming an issue in many states, but we believe our proposal to continue our programs, while quantifying the full value of utility incentives, will make for better future decisions about our renewable energy alternatives. As the solar industry truly moves toward becoming self-sustaining, we need to determine how to address these costs.”Xcel says it’s asking the CPUC “to identify clearly the incentives provided to solar customers associated with net metering. These net metering incentives ultimately are paid by non-solar customers across Xcel Energy’s service territory in Colorado.” The company stresses that its RES compliance plan “does not propose to change the amount of money paid to solar customers in 2014, but to make the full net metering incentive clear and transparent.”Popular content The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. 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Yet sometimes, even when best practice is applied – and without particul… The Hydrogen Stream: 20 MW green hydrogen plant in Finland, two Australian projects move forward Sergio Matalucci 20 April 2021 pv-magazine.com Storegga, Shell and Harbour Energy want to set up a 20 MW blue hydrogen production facility in the U.K. Australia’s Origin Energy wants to build a hy… Enabling aluminum in batteries Mark Hutchins 27 April 2021 pv-magazine.com Scientists in South Korea and the UK demonstrated a new cathode material for an aluminum-ion battery, which achieved impressive results in both speci… ITRPV: Large formats are here to stay Mark Hutchins 29 April 2021 pv-magazine.com The 2021 edition of the International Technology Roadmap for Photovoltaics (ITRPV) was published today by German engineering association VDMA. The re… Solar park built on rough wooden structures comes online in France Gwénaëlle Deboutte 26 April 2021 pv-magazine.com French company Céléwatt energized its 250 kW ground-mounted array, built with mounting structures made of raw oak wood.April 26, 2021 Gwénaëlle Debo… Spanish developer plans 1 GW solar plant coupled to 80 MW of storage, 100 MW electrolyzer Pilar Sánchez Molina 22 April 2021 pv-magazine.com Soto Solar has submitted the project proposal to the Ecological Transition and the Demographic Challenge (Miteco). The solar plant could start produc… We all trust the PV performance ratio test Dario Brivio, Partner 20 April 2021 pv-magazine.com The performance ratio test is at the core of the handover from EPC to owner. 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Cracking the case for solid state batteries pv magazine 29 April 2021 pv-magazine-australia.com Scientists in the UK used the latest imaging techniques to visualize and understand the process of dendrite formation an… 123456Leave a Reply Cancel replyPlease be mindful of our community standards.Your email address will not be published. Required fields are marked *CommentName * Email * Website Save my name, email, and website in this browser for the next time I comment. By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. 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Moves to take action alongside sti… Strong growth ahead for storage pv magazine 7 April 2021 pv-magazine.com Annual battery storage installations will exceed 10 GW/28 GWh in 2021, following a particularly strong year in 2020, des… China’s push for decarbonization Andreas Walstad 7 April 2021 pv-magazine.com The carbon market is finally a reality in China. After 10 years of delays, regional pilot schemes and general uncertaint… iAbout these recommendationslast_img read more

Vanderbilt’s Josh Henderson returning for sixth year

first_imgAbout a week after announcing All-SEC center Damian Jones will return next season, Vanderbilt confirmed his backup will also be back for another year.Fifth-year senior Josh Henderson, a 6-foot-11 center, has been granted a sixth year with the Commodores by the NCAA due to medical hardship from injuries that severely limited two of his previous seasons.Vanderbilt’s athletic communications office confirmed the NCAA’s ruling on Wednesday.Henderson will return for the 2015-16 season for his final year of eligibility, meaning Vanderbilt will bring back eight of its top nine players from one of the nation’s youngest rosters.Henderson played in 24 games last season with two starts. He averaged 2.2 points, 1.2 rebounds and 7.3 minutes, mostly providing brief breaks for Jones, who will put off his NBA Draft availability for at least one more year.In his career, Henderson has played 72 games. His most court time came in 2012-13, when he started in 21 games. But that was sandwiched between injuries during his redshirt freshman (foot) and junior (knee) seasons, which limited him to only 15 games played combined.Vanderbilt will have several options in the post next season. Jones and Henderson can both play center. Versatile 7-footer Luke Kornet returns, and 6-6 Jeff Roberson could spend time at both small forward and power forward.Plus, Vanderbilt’s top 25 recruiting class features a pair of lauded big men in 6-11 Djery Baptiste and 6-9 Samir Sehic to add to a team that went 21-14 last season and advanced to the NIT quarterfinal.Reach Adam Sparks at 615-259-8010 and on Twitter @AdamSparks.Vanderbilt center Josh Henderson has been granted a sixth year with the Commodores by the NCAA due to medical hardship.Vanderbilt center Josh Henderson has been granted a sixth year with the Commodores by the NCAA due to medical hardship.last_img read more

A look at every North Korean missile test this year

first_imgiStock/Thinkstock(NEW YORK) — On Tuesday night, North Korea launched a KN-15 missile from its eastern coast into the Sea of Japan, marking the fourth missile test conducted by the North Korean regime this year alone.Here’s what to know about each of those tests:Feb. 12In February, North Korea successfully tested a land-based version of a KN-11 missile, a solid-fuel rocket, which traveled 310 miles into the Sea of Japan.Gen. John Hyten, the commander of U.S. Strategic Command, told a congressional panel Tuesday that the February launch marked a significant advancement for North Korea because it was its first successful solid-fueled missile fired from a mobile launcher.Mobile-launched missiles are harder to track and can be fired at short notice.Hyten labeled the launch of the KN-11 missile as “a major advancement” by North Korea because it was “a new solid medium range ballistic missile off a new transporter erector launcher.”The February launch occurred as Japanese Prime Minister Shinzo Abe visited President Donald Trump at his Mar-a-Lago estate in Florida over the weekend.Photos taken by the club’s patrons and later posted on Facebook captured Japanese and U.S. officials responding in real-time to the incident, sparking criticism about why such important meetings were not conducted in a more secure location.March 6In early March, North Korea launched five medium-range Scud-type missiles. Four traveled more than 600 miles, the upper limit of their range, into the Sea of Japan. The fifth took off, but later crashed.Three missiles landed in waters in Japan’s economic exclusion zone, which extends 200 miles from its shoreline.Shortly after this test occurred, the U.S. delivered the Terminal High Altitude Area Defense (THAAD) anti-missile system to South Korea, a process which the U.S. started working on with its ally after the flurry of North Korean missile tests in 2016.THAAD is a missile defense shield designed to intercept short and medium range missiles.March 21Later in the month, North Korea tested a mobile-launched missile which exploded “within seconds of launch,” according to U.S. Pacific Command.The launch was near Kalma in eastern Wonsan province, where North Korea previously attempted to test its mobile-launched Musudan intermediate-range ballistic missile. Last year, North Korea test-fired eight Musudan rockets, but only one was considered a success.U.S. officials have not identified what type of missile was tested on March 21 since it exploded so soon after launch.April 4Tuesday’s KN-15 missile launch comes just days before Chinese President Xi Jinping will meet with President Trump at Mar-a-Lago, during which North Korea is expected to be a major point of discussion.“Yes, we will talk about North Korea,” Trump told the Financial Times over the weekend. “And China has great influence over North Korea. And China will either decide to help us with North Korea, or they won’t. And if they do, that will be very good for China, and if they don’t it won’t be good for anyone.”According to the FT, Trump said the U.S. could “totally” handle the situation in North Korea without assistance from the Chinese, but he declined to go into specifics.U.S. Secretary of State Rex Tillerson released a terse statement following Tuesday’s test, saying, “North Korea launched yet another intermediate range ballistic missile. The United States has spoken enough about North Korea. We have no further comment.”Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more