Australia with plans for global change in energy policy
Australian scientists have calculated that only one percent of unused geothermal energy in the country can produce clean electricity that will meet the needs for the next 26 thousand years, Reuters reported. Australian government announced that it will put 50 million Australian dollars in a project to develop technology for geothermal energy.
Geothermal energy, sometimes called "hot rocks", there is huge potential in Australia - both in terms of combating climate change, and for national energy security, indicates the Minister of the resources of the South continent - Martin Fergusan. Currently 77% of electricity in Australia is produced from coal, but aims for 20% renewable energy by 2020 remain. While Australia is not the largest global pollutant and contributes to 1.5% of global emissions of greenhouse gases per capita, it is number one with five times more emissions from China.
To create electricity from geothermal energy is inserting water under the earth where water is hetting hotter, and a heat energy is used to generate electricity. Governmental organization Geoscience Australia already created a maps of geothermal energy in the country, using data from mining and energy companies, collected over the decades. On Wednesday a representative of Geoscience for Reuters said that only one percent of reserves equal to 26,000 years energy supplies.
In order to produce electricity, "hot rocks" must have a temperature of 150 degrees Celsius. Such is the temperature at depths of 1 to 5 km., Degrees in earth near the center increased. Estimates of the Association for geothermal energy in Australia show that by 2020 the country will be able to cover 40% (2200 mW) from the requirement of energy from renewable energy sources through the use of hot stones. To do this, however, needed investment from 12 billion Australian Dollars. However prices for electricity production from the ground will be significantly lower after the release of the first plant for commercial purposes.
Labels: Business News
The merge between Commerzbank and Dresdner Bank may be stopped
Strengthen signals are received that in August will be decided for unification between Commerzbank and Dresdner Bank, wrote "Handelsblat. The deal between the two financial institutions is not impossible but would be difficult to implement, say internal sources. However, there is a large speculation in this direction.
Two months both banks carefully checked each other trade reports. Commerzbank, Drezdner Bank and the concern parent Allianz is the refusal of official statements. Inside sources claim that the merger will be completed after 31 August.
Dresdner Bank intends by the end of the month to split from the company's consumer business and to be entered in the commercial register. In recent months, shares of Allianz lost 30 percent of its value, which led to losses for Drezdner Bank. Allianz expectations after the purchase of Drezdner Bank for 24 billion euros in 2001 have crash. Apart from Commerzbank, Drezdner Bank is interested in the Chinese and Russian Development Bank and Sberbank.
Commerzbank and Drezdner Bank faces a problem of valuation of the shares to the financial crisis. At the same time they can not extend the time for negotiations.
Labels: Business News
Higher trade deficit in the European Union
According to information published today by the European statistical office Eurostat, the first estimates the trade balance of the euro with the rest of the world for the month of June 2008 show 100 million deficit. In June 2007 the euro is enjoyed 7.5 billion trade surplus. However, in May this year the deficit was 3.9 billion euros. In June, exports rose by 1.4% and imports by 2.9% from the previous month. Initial estimates for the trade balance of the entire European Union of 27 members shows a deficit of 20.1 billion euros in June, as a year earlier the minus was 9.1 billion for the increase of foreign trade deficit in the EU as we know, serious and Bulgaria contributes, with a negative balance of 3.9 billion euros for the period. Imports of EU on a monthly basis in June 2008 has increased by 2.7% and exports by 0.5%.
Most significant is the shortage of the European Union's energy sector - 148.6 billion for the period January - May 2008, compared with slightly over 100 billion euros for the same period of 2007. Foreign trade surplus has in trade with machinery and vehicles (+59.9 billion compared with +44.0 billion).
Labels: Financial News
Incomes for Russia from Oil and Gas 3 times less to 2023
Income of federal budget in Russia from oil and gas sector will decrease nearly triple in 2023 on the Finance Minister has stated on Russian Federation Alexei Kudrin, quoted by RIA Novosti. The Ministry of Finance predicts that the incomes of the budget system of oil and gas will be get lower from 8.8% of Gross Domestic Product (in 2007) to 3.1% in 2023 years. In Kudrin's words this will happen because of mass decommissioning of old deposits.
In the Ministry of Finance estimates of the fall in oil income in the budget will be determined not by the decline in prices of raw materials, but to reduce the share of oil and gas sector in the structure of Gross Domestic Product. This trend will not change, even if prices are maintained within 120 to 150 dollars for a barrel. Overall income of the federal budget will reduce from 23.6% from GDP in 2007 to 12.9% in 2023. The decrease in revenue from oil and gas sectors will also be due to the increase in the minimum estimated non-tax yield of oil - in 2009 from 9 to 15 dollars for a barrel. Furthermore, in some regions of Russia extraction of oil will be happy to "tax holiday". The absolute record in oil buisiness of Russia was in February this year. For the first half of 2008 the yield of oil and gas fell by 0.3% over the same indicator of the previous year.
Labels: Financial News
Leman Bothers is selling properties for 40 billions USD
Investment Bank Leman Bothers started negotiations for sale of its portfolio of property and papers relating to the property market at a cost of up to 40 billion dollars, informed Journal Financial Times. The financial company wants to improve its balance sheet. According to experts requested price is likely different with views of potential buyers.
This was the reason that tis year the bank has proposed to take up to 5 billion dollars loss if the properties continue to get cheaper. If the sale of properties not give any effect, "Leman" may release department for commercial properties and to place on the exchange as a separate company. The pace hardly will recruit many new capital, but will increase confidence in the health of balance. In November last year the bank evaluate its portfolio of properties by 52 billion dollars.
Labels: Business News
German economy with first drop from 4 years
In the second quarter of 2008 the economy of Germany droped for the first time in four years. The Gross Domestic Product of the country is 0.5% lower as compared with the first quarter of the year, announced the national statistical office, quoted by Shpigel Online. This decrease corresponds to the expectations of macroeconomists, who provided a lower score mainly because of economic decrease in the construction sector.
During the first three months of the year GDP main indicator of the value created inside the country's production has rose by 1.3%. According to an annual weighted data in the second quarter of 2008 the economy of West Germany increased with 1.7%. The problems of the German economy are too expensive EUR, growth in inflation and fall in demand globally. After the 2.5% economic growth in 2007, German statisticians expect this year to GDP increased by 1.7% and in 2008 - by 1.2%. Probably when 11 hours of Luxembourg EU statistical office Eurostat announced data on economic growth in the euro zone, to understand the first decrease in GDP in Europe since EUR was put into circulation.
Euro falls against dollar significantly yesterday and is razmenyashe around $ 1.4843 - and still for the last 12 months euros increased by 10% its value against the U.S. dollar.
Labels: Financial News
China Increased the tax over large engine cars
Yesterday China announced that in order to overcome the pollution and reduce fuel consumption will increase taxes on large personal cars - and will reduce them to small cars, reported Reuters. China is the second in the world oil consumer after the United States. However, commentators argue that the new tax will have only limited effect. Chinese authorities do not want to crash with taxes the delaying road market in the country. Consumer tax on motor vehicle with more than 4 liters will be doubled and now is 40%, indicating the Ministry of Finance. For cars with an engine 3 to 4 liters tax will be increased by 25% from 15%.
The tax on small cars with engine 1 liter and less will fall from the current 3% to 1%. Taxes remain unchanged for cars between 1 and 2.5 litres, which constitute nearly 90% of the vehicle fleet in China. Less than 1% of cars in China are with engines over 3 liters. Buyers are government functionaries, for which the higher costs have a reverse effect and actually will make them to consume more.
Labels: Financial News
