PPCC-Pisitófilos Creditófagos-Verano 2022

[Derby]

https://www.ft.com/content/4d38e508-6b0a-4074-8978-3feca795a90f

France sends power alert to UK and Spain after trading error

Neighbouring countries receive emergency electricity request from grid operator RTE

France sent an emergency power alert to neighbours including the UK and Spain this week, asking them to be ready to send as much electricity as possible after a huge trading error jeopardised French supplies.

The request was triggered by a trading error by one of France’s regional energy providers, which accidentally oversold huge amounts of electricity over a two-day period.

The unusual alert added to Europe-wide energy stresses as the region faces its worst power crisis in decades owing to soaring costs driven by Russia’s cutting of gas flows.

It also underlined severe strains in France’s power network, which is struggling with an unprecedented number of outages at its nuclear reactors — the linchpin of its generation system.

French grid operator RTE said it on Tuesday sent the call for neighbouring countries to prepare to export more power overnight. The UK’s National Grid and a person close to Spain’s power network confirmed that their countries received the alert.

Électricité de Strasbourg — which provides electricity to the area around the eastern French city and is majority-owned by state-backed utility EDF — said in a statement that it was investigating the “dysfunction”. 

It said it had erroneously sold 2.03 gigawatts and 5.75GW of electricity in two separate transactions on September 6 and 7, and later added that the incident had cost it €60mn after it rebalanced its supply needs. Filings with RTE describe the issue as an IT incident.

Such requests for emergency help are rare. According to energy companies and grid officials, network operators typically send no more than a few per year, acting when they see a risk of supply falling short of demand.

Energy companies are, however, nervous about potential disruptions to intra-European electricity and gas trading if the region is hit by shortages this winter.

The French alert was sent after rebalancing operations at the end of the day showed that there could be a deficit of electricity at Électricité de Strasbourg, a person familiar with the matter said. EDF declined to comment.

Alerts are sent via the European Awareness System — which grid managers use to exchange information — and are used to ensure supplies from elsewhere can be mobilised. In this week’s French case, the extra supplies were ultimately not needed, RTE said.

Energy providers continuously enter into trades to match up supplies with demand. But the amounts at stake are abnormally large — one gigawatt alone is equivalent to the capacity of some nuclear reactors, or enough to power a small city for about a year. 

France was already turning to neighbours to provide extra electricity on a regular basis owing to its reduced nuclear supply, notably the UK — which has been a net exporter of electricity via subsea cables — as well as Germany and Spain.

But at the same time Paris is at loggerheads with Berlin and Madrid over a proposed new gas pipeline from Spain to France.

Olaf Scholz, German chancellor, and Pedro Sánchez, Spain’s prime minister, back the MidCat pipeline, arguing it would help ease energy shortages beyond the Iberian peninsula.

But Emmanuel Macron, France’s president, is opposed to the project, saying existing gas connections between France and Spain are not being used at full capacity. A pipeline that would take several years to complete would not remedy short-term strains and would push Europe further into a dependence on fossil fuels, he added.

“I don’t understand the short-term problem we’re trying to resolve [with this],” Macron said.

The French government is upping the pressure on the operator of its nuclear power fleet, EDF, to fix outages by the winter, after unexpected corrosion problems in some reactors added to scheduled maintenance stoppages and have plunged output to multi-decade lows.

At a meeting on Friday to address the gas price crisis, EU energy ministers in Brussels signalled their support for a temporary cap on the price of gas imports including those from Russia and a windfall levy on energy producers.

[Benzino Napaloni]

(...)
Pero lo que resulta más extraño es encontrar productos de limpieza como suavizantes o bastoncillos para los oídos
(...)

¿Los bastoncillos para los oídos no los había prohibido la UE?, igual quieren quitarse de en medio el stock... Qué chusco es todo, y es de una torpeza infinita que Yolanda Díaz sea asociada a las grandes cadenas de supermercados en detrimento del pequeño comercio.
Igual para SUMAR de verdad van a tener que meterla directamente en el PSOE... El giro antiwoke (anti-Podemos) ya lo está dando El País claramente...

No el bastoncillo en sí sino el material. El palo ya no es de plástico sino de material biode(sa)gradable.

[pollo]

Ana-Iris Simón, contundente: "La culpa de que no me pueda comprar una casa no es de la generación 'boomer', sino del capitalismo financiero"

La periodista Ana-Iris Simón criticó en laSexta Columna que "lo que está equivocado es un sistema que aboca a miles de jóvenes a compartir piso sin ellos quererlo, a querer tener familia y no poder hacerlo".

https://www.lasexta.com/programas/sexta-columna/anairis-simon-contundente-culpa-que-pueda-comprar-casa-generacion-boomer-sino-capitalismo-financiero_20220910631c7c0560c19f000191a9ab.html

¿Dónde está la bolitaaa?

No preste atención al hombre tras la cortina.

[Mad Men]

Ana-Iris Simón, contundente: "La culpa de que no me pueda comprar una casa no es de la generación 'boomer', sino del capitalismo financiero"

La periodista Ana-Iris Simón criticó en laSexta Columna que "lo que está equivocado es un sistema que aboca a miles de jóvenes a compartir piso sin ellos quererlo, a querer tener familia y no poder hacerlo".

https://www.lasexta.com/programas/sexta-columna/anairis-simon-contundente-culpa-que-pueda-comprar-casa-generacion-boomer-sino-capitalismo-financiero_20220910631c7c0560c19f000191a9ab.html

¿Dónde está la bolitaaa?

No preste atención al hombre tras la cortina.

Me encanta el comodín financiero. Es la carta predilecta para culpar de todos los males. Como dice PP.CC es un comodín tautológico.


Saludos

[Derby]

https://www.wsj.com/articles/why-is-the-dollar-so-strong-american-innovation-11662903959

Why Is the Dollar So Strong? American Innovation

Periods of strengthening or weakening of the dollar haven’t obviously coincided with the economic cycles. Something else has been going on.

The dollar is having a once-in-a-generation surge of supremacy over the world. After 11 years and a 40% gain on a real trade-weighted basis, some are starting to wonder if it is time for a fall.

In the short run a weaker dollar is plausible, as Europe’s governments absorb the financial threat to their economies from energy prices and foreign central banks rush to catch up with the Federal Reserve on rate rises. The burst of optimism in the markets on Friday led the dollar to fall back, as money that had sought it out as a haven left again.

But the long periods of strengthening or weakening in the past haven’t obviously coincided with the economic or monetary policy cycles. Something else has been going on, and to try to spot the end of this megacycle in the dollar we need to consider what.

Marvin Barth, a former U.S. Treasury economist, thinks it is all about innovation. He now runs an independent research firm called Thematic Markets and his basic thesis is that the U.S.’s leading position in academic research, and the close links of universities and business, gave the country a head start in computerization in the 1970s and early 1980s, in the internet in the 1990s and in newer internet applications and artificial intelligence more recently.

Each innovation sparked a wave of investment to take advantage of it. This improved profitability and attracted foreign capital—pushing up the dollar.

Inventions don’t stay in one country for long. But in each case America’s head start gave it a few years’ lead before investments elsewhere looked as profitable. By then, the earnings generated had flowed out into society and funded a consumption boom that eventually turned into a housing boom. To finance housebuilding, the U.S. sucked in capital even after losing its competitive advantage—so the dollar had to fall to make it attractive to foreign money.

The story is a nice one, and helps explain how the dollar’s long-run trends can carry on even through the temporary interruption of recessions.

As evidence, Mr. Barth studied the length of cycles for various economic variables by using a frequency-analysis technique from engineering. The cycle for the share of capital spending in gross domestic product matches that of the dollar, at about 17 years, while things important in the short term, such as monetary policy, have little influence at such a long horizon.

There’s nothing magical about past cycles having been 17 years long, and no reason to think future ones will be the same length. This latest dollar uptrend has already run longer than each of the periods of multiyear gains since the greenback was taken off the gold standard by President Richard Nixon in the early 1970s.

Mr. Barth thinks it could run much longer still, because something interesting has happened with capital spending. U.S. private fixed investment, excluding housing, has stabilized at a fairly high share of GDP, avoiding the boom-and-bust of past dollar cycles. Despite frequent complaints that the private sector doesn’t invest enough, the 10-year average is now the highest since Ronald Reagan left office. Research-and-development spending is also at all-time highs as a share of GDP.

Also potentially extending the cycle is deglobalization, which will both require more capital to be deployed domestically to replace international supply chains and hinder the spread of new inventions.

Even investors who don’t buy the innovation story can’t deny that the U.S. has done a far better job than the rest of the developed world in rebuilding its economy since the financial crisis. It now has the advantage of being an energy powerhouse too, thanks to another U.S.-led innovation, fracking.

“This cycle is very much about U.S. economic supremacy,” says Kit Juckes, head of FX strategy at Société Générale, who thinks it might be nearing its top.

In the short term, the usual issues of interest rates and recession fears will swing the dollar around. But if the U.S. can maintain its economic vitality relative to the rest of the world, the dollar could stay high for a long time yet.

[Derby]

https://www.24newshd.tv/11-Sep-2022/certainly-a-risk-of-us-recession-yellen-says

'Certainly a risk' of US recession, Yellen says

The United States faces "a risk" of recession as its battle against inflation could slow the nation's economy, but a serious downturn can still be avoided, Treasury Secretary Janet Yellen said Sunday.

An American recession "is a risk when the Fed is tightening monetary policy to address inflation," President Joe Biden's leader on financial, economic and tax policy told CNN, referring to the US Federal Reserve.(...)

[Derby]

https://arynews.tv/canadas-real-problem-is-not-job-losses-its-the-great-retirement/

CANADA’S REAL PROBLEM IS NOT JOB LOSSES, IT’S ‘THE GREAT RETIREMENT’

OTTAWA, Sept 11 (Reuters) – More than a year after the Great Resignation took hold in the United States, Canada is grappling with its own greyer version: The Great Retirement.

Canada’s labor force grew in August, but it fell the previous two months and remains smaller than before the summer as tens of thousands of people simply stopped working. Much of this can be chalked up to more Canadians than ever retiring, said Statistics Canada.

It is not just the 65-and-over crowd packing up their offices and hanging up their tool belts. A record number of Canadians aged 55-64 are now reporting they retired in the last 12 months, Statscan data shows.



That is hastening a mass exodus of Canada’s most highly skilled workers, leaving businesses scrambling, helping push wages sharply higher and threatening to further drag down the country’s sagging productivity, economists say.

“We knew from a long time ago that this wave was coming, that we would get into this moment,” said Jimmy Jean, chief economist at Desjardins Group. “And it’s only going to intensify in the coming years.”

“The risk you have, and in some sectors you’re already seeing it, is that people are leaving without there being enough younger workers to take over. So there’s a loss of human capital and knowledge.”

During the pandemic, retirements fell as many Canadians decided to stay in their jobs longer. With restrictions now lifted, many are rushing to make up for lost time, choosing to travel and spend more time with family.

Their departures are shrinking the labor force, which could weigh on economic growth at a time when the central bank is aggressively hiking interest rates to counter spiking inflation, fanning fears that the economy will fall into recession.

Canada – which has ramped up immigration to help drive economic growth – has the largest working-age population, as a percentage of the overall population, in the G7, but at the same time its labor force has never been older, according to Statscan. One in five workers in Canada is 55 or older.



There were 307,000 Canadians in August who had left their job in order to retire at some point in the last year, up 31.8% from one year earlier and 12.5% higher than in August 2019, before the onset of the pandemic, Statscan said.

Adding to the problem, more than 620,000 Canadians entered the 65+ age category during the pandemic, a 9.7% increase in that population group. Despite three straight months of job losses, job vacancies and postings remain well above pre-pandemic levels.

NURSES AND TRUCKERS

The retirement problem is particularly dire in skilled fields like trades and nursing. Since May, Canada has lost 34,400 jobs in healthcare even as a record number of nurses reported working overtime hours.

Those were not jobs being cut, but rather people retiring, said Cathryn Hoy, president of the Ontario Nurses’ Association.

“It’s a huge problem right now, because we’ve had so many that have retired unexpectedly,” she said, citing the pandemic, working conditions and a wage dispute with Canada’s largest province.

The transportation industry is also grappling with a severe worker shortage, both because of the pandemic-driven frenzy for more goods and as the workforce ages.

“More and more drivers are aging and therefore retiring or contemplating different lifestyle,” said Tony Reeder, owner of Trans-Canada College, a career college that trains transport truck drivers.

At the same time, demand is booming from trucking companies, many of which take on student drivers for on-the-job training courses and then hire them outright as soon as they are fully licensed, said Reeder.

“Without trucks and people to drive trucks … goods will sit at ports and in warehouses as opposed to getting to the destination where they can be consumed,” he said.

[pollo]

https://arynews.tv/canadas-real-problem-is-not-job-losses-its-the-great-retirement/

CANADA’S REAL PROBLEM IS NOT JOB LOSSES, IT’S ‘THE GREAT RETIREMENT’

Y mira que muchos decían que no había "generación tapón".

[wanderer]

Y mientras, no paramos de pegarnos tiros en el pie:

La industria química amenaza con irse de Europa: «Aquí ya no hay negocio para seguir»
En España, las medidas anunciadas por el Gobierno dan un respiro a la industria, pero la situación sigue siendo delicada y la producción se ha reducido notablemente
https://theobjective.com/economia/2022-09-11/industria-quimica-europa-produccion/

[Benzino Napaloni]

https://arynews.tv/canadas-real-problem-is-not-job-losses-its-the-great-retirement/

CANADA’S REAL PROBLEM IS NOT JOB LOSSES, IT’S ‘THE GREAT RETIREMENT’

Y mira que muchos decían que no había "generación tapón".

Verás qué risa cuando además descubran que los jóvenes, además de ser pocos, no pueden tomar el relevo. Por haber recibido una educación de mierda para no ser contestones, por estar con problemas mentales, o por pensar conscientemente que "ahora que trabaje SPM, voy a hacer lo mínimo por sobrevivir".

La herencia de tochos va a ser lo de menos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20220912/281642489012825

Alquileres: alto coste del intervenci­onismo

https://www.eleconomista.es/vivienda-inmobiliario/noticias/11938369/09/22/Crece-el-numero-de-propietarios-que-deciden-vender-sus-pisos-de-alquiler.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20220912/281612424241753

Il Sole 24 Ore (Italia) · Frenazo en las hipotecas para jóvenes

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20220912/281500755092057

El BCE teme una potente fuga de depósitos por la llegada del euro digital

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20220912/281685438685785

La banca abre una 'guerra' por captar nóminas y regala hasta 300 euros

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20220912/281736978293337

CaixaBank y EDP se alían para sumar 100.000 instalacio­nes fotovoltai­cas

Saludos.