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https://www.bloomberg.com/news/articles/2023-06-02/madrid-luxury-property-prices-soar-as-rich-latin-americans-flood-marketCitarRich Latin Americans Transform Laid-Back Madrid Into a New MiamiLuxury property prices are soaring in the Spanish capital and its high-dining scene is abuzz with activity.The Salamanca district of Madrid on May 27.When apartments in a luxury building on Calle Padilla in Madrid’s chic Salamanca district were put on the market a few months ago, more than half of them were snapped up by wealthy Mexicans.The project, with 25 units each priced at as much as €3 million ($3.25 million), is being bankrolled primarily by Mexican investors and stands as a symbol of the increasingly visible presence of the Latin American nation’s citizens in the Spanish capital.Since 2020, Mexicans have spent more than €700 million in Spanish real estate and construction, according to government foreign direct investment data. Like other well-heeled Latin Americans, they are investing in the city, buying second or third homes and parking their savings. A residential building under renovation opposite the Robuchon Madrid restaurant in the Spanish capital’s Salamanca district, on May 27.“Madrid has become the new Miami,” said Jose Manuel Ortega, a former investment banker who now advises foreigners on Spanish real estate and private banking. Left-leaning governments in major Latin American nations have sent capital fleeing, with the region’s five largest economies seeing about $137 billion take flight in 2022, 41% higher than in 2021 and the most since 2010, according to preliminary data from the Institute of International Finance. While a lot of that has landed in Miami, linguistic and cultural affinities have brought some of it to Spain. The flood of funds is changing the face of Madrid: driving property prices soaring and creating a sizzling hot high-end dining scene.Luxury property prices jumped 6% last year, more than in most large European capitals, according to consultancy Knight Frank. They hit a record for a second consecutive month in April, real estate website Idealista shows.Luxury boutiques line Salamanca’s 19th-century boulevards.New restaurants are sprouting across Madrid’s fancy Salamanca neighborhood at a breathtaking pace, and are almost always full. Table reservations start as early as 8 p.m. — unheard of in a city where kitchens rarely came alive before 9 p.m., and where lunch is served mostly between 2 p.m. and 3:30 p.m. Locals are having to come to grips with other changes, like time allotments at tables, common perhaps in New York, but unusual in a country where long, lazy post-meal conversations are a cultural staple. The Spanish even have a word for it: “sobremesa” — which translates as “over the table.”The new arrivals have brought “a change in lunch and dinner times in Spain, with many locals finishing lunch barely an hour before foreigners are ready for dinner,” said Gonzalo Torres, a Madrid-based food critic.Salamanca’s wide, leafy 19th-century boulevards are lined with upscale restaurants, including the Michelin-starred Ramon Freixa Madrid and La Tasqueria. The area has luxury boutiques to make the global rich feel at home.A cottage industry of services has also emerged to cater to the needs of the affluent. Over the past two years, Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest lender, has opened two offices in Madrid for ultra-rich individuals. BBVA happens to own the largest bank in Mexico, where Spanish rival Banco Santander SA also has a large presence. Both banks have extensive operations elsewhere in Latin America.Brazilian chef Sandro Silva has opened several restaurants in Madrid, creating a culture of pricier dining that’s now widespread in the city’s upscale neighborhoods. The French group Robuchon, with its record Michelin stars, opened a restaurant in Madrid late last year.The arrival of a Four Seasons hotel and the reopening of the Villa Magna, owned by RLH Properties, a Mexican firm founded by business executive Borja Escalada, have reinforced the luxury push. Also, Spanish business schools, such as IE and Iese, have become popular options for the children of wealthy Latin American families. Mexicans made up the second-largest cohort among non-Europeans at IE this year. “Madrid has become a clear destination for Latin Americans, a trend that has accelerated since the Covid pandemic in 2020,” said Victor Matarranz, head of wealth management at Banco Santander. “First, they come almost as tourists to look around, then they develop an appetite for real estate.” Now, they’re looking for business opportunities, he said.Abya, one of the city’s most luxurious restaurants, owned by Mexican businessman Manuel Gonzalez.Earlier waves brought wealthy exiles fleeing political turmoil at home — like Venezuelans escaping Huge Chavez’s policies around 2010. The rise now in Mexican investments, and to a lesser degree from other countries such as Peru, coincides with a shift to the left in governments across much of Latin America, from Andres Lopez Obrador in Mexico to Gabriel Boric in Chile and Gustavo Petro in Colombia.Many rich Mexicans are on the prowl for investing opportunities, said Ximena Caraza, director of Casa de Mexico, a cultural and economic center that helps the country’s investors do business in Spain.“Lots of Mexicans are coming to see what business they can do here,” she said.Rich Mexicans keep a low profile, but occasionally they can’t avoid making a splash. Mexican businessman Manuel Gonzalez bought a coveted palazzo in central Madrid and this year refurbished it into one of the city’s most luxurious restaurants, called Abya. Carlos Slim during the Sophia Awards of Excellence of the Queen Sofia Spanish Institute in New York in 2022.Carlos Slim, Latin America’s wealthiest person, owns significant stakes in publicly-listed Spanish real estate firms, Metrovacesa SA and Realia SA. Carlos Fernandez Gonzalez, who made a fortune in the Mexican beer industry, is the second-largest shareholder in one of the biggest Spanish commercial real estate operators, Inmobiliaria Colonial, and has resided in Spain for several years. “Clients started coming, seeing Madrid and then saying, ‘we could own a house here,’” said Humphrey White, who runs Knight Frank in Spain, adding that the city’s low crime is an added lure for the wealthy, who can walk around without security staff.Mexicans, Argentinians, Peruvians and Colombians are among those looking for properties, real estate agents say. The investors benefit from a so-called golden visa program, which expedites residency permits for foreigners who spend at least €500,000 on real estate, as long as it is debt-free. Spain hasn’t joined the clamp-down on golden visas seen in several other European nations. Many of the investors aren’t just buying homes for themselves. They also work on real estate projects — in Salamanca, but also increasingly in other fancy neighborhoods, like Chamberi.“The local real estate scene was all very quiet, and it is now changing with the Mexicans,” said Javier Kindelan Williams, head of valuation and advisory for continental Europe at CBRE, a consulting and research firm. The city is starting to compete with the likes of Paris and Berlin for luxury, but with prices that “are a bargain,” he said. A million dollars can buy 106 square meters in the Spanish capital, compared with 43 in Paris and 70 in Berlin, according to Knight Frank. The demand is shaking up high-end real estate. GBS, a boutique Spanish financial advisory, is having to vacate the premises it has occupied in Salamanca for about three decades because the landlord wants to convert the offices into luxury apartments. The firm has itself partnered with Mexican investor Nicolas Carrancedo’s group BeGrand on developing Salamanca’s Calle Padilla project.Pricier dining is now widespread in the Madrid’s upscale neighborhoods.The new arrivals are energizing Madrid’s economy. But they are also changing a way of life in the capital, one that was characterized by a workday that started at 10 a.m., lunch at 3:00 p.m., siestas and late dinners. “It used to be a city where things closed for hours in the afternoon,” said Casa de Mexico’s Caraza. “That’s not the case anymore.”
Rich Latin Americans Transform Laid-Back Madrid Into a New MiamiLuxury property prices are soaring in the Spanish capital and its high-dining scene is abuzz with activity.The Salamanca district of Madrid on May 27.When apartments in a luxury building on Calle Padilla in Madrid’s chic Salamanca district were put on the market a few months ago, more than half of them were snapped up by wealthy Mexicans.The project, with 25 units each priced at as much as €3 million ($3.25 million), is being bankrolled primarily by Mexican investors and stands as a symbol of the increasingly visible presence of the Latin American nation’s citizens in the Spanish capital.Since 2020, Mexicans have spent more than €700 million in Spanish real estate and construction, according to government foreign direct investment data. Like other well-heeled Latin Americans, they are investing in the city, buying second or third homes and parking their savings. A residential building under renovation opposite the Robuchon Madrid restaurant in the Spanish capital’s Salamanca district, on May 27.“Madrid has become the new Miami,” said Jose Manuel Ortega, a former investment banker who now advises foreigners on Spanish real estate and private banking. Left-leaning governments in major Latin American nations have sent capital fleeing, with the region’s five largest economies seeing about $137 billion take flight in 2022, 41% higher than in 2021 and the most since 2010, according to preliminary data from the Institute of International Finance. While a lot of that has landed in Miami, linguistic and cultural affinities have brought some of it to Spain. The flood of funds is changing the face of Madrid: driving property prices soaring and creating a sizzling hot high-end dining scene.Luxury property prices jumped 6% last year, more than in most large European capitals, according to consultancy Knight Frank. They hit a record for a second consecutive month in April, real estate website Idealista shows.Luxury boutiques line Salamanca’s 19th-century boulevards.New restaurants are sprouting across Madrid’s fancy Salamanca neighborhood at a breathtaking pace, and are almost always full. Table reservations start as early as 8 p.m. — unheard of in a city where kitchens rarely came alive before 9 p.m., and where lunch is served mostly between 2 p.m. and 3:30 p.m. Locals are having to come to grips with other changes, like time allotments at tables, common perhaps in New York, but unusual in a country where long, lazy post-meal conversations are a cultural staple. The Spanish even have a word for it: “sobremesa” — which translates as “over the table.”The new arrivals have brought “a change in lunch and dinner times in Spain, with many locals finishing lunch barely an hour before foreigners are ready for dinner,” said Gonzalo Torres, a Madrid-based food critic.Salamanca’s wide, leafy 19th-century boulevards are lined with upscale restaurants, including the Michelin-starred Ramon Freixa Madrid and La Tasqueria. The area has luxury boutiques to make the global rich feel at home.A cottage industry of services has also emerged to cater to the needs of the affluent. Over the past two years, Banco Bilbao Vizcaya Argentaria SA, Spain’s second-largest lender, has opened two offices in Madrid for ultra-rich individuals. BBVA happens to own the largest bank in Mexico, where Spanish rival Banco Santander SA also has a large presence. Both banks have extensive operations elsewhere in Latin America.Brazilian chef Sandro Silva has opened several restaurants in Madrid, creating a culture of pricier dining that’s now widespread in the city’s upscale neighborhoods. The French group Robuchon, with its record Michelin stars, opened a restaurant in Madrid late last year.The arrival of a Four Seasons hotel and the reopening of the Villa Magna, owned by RLH Properties, a Mexican firm founded by business executive Borja Escalada, have reinforced the luxury push. Also, Spanish business schools, such as IE and Iese, have become popular options for the children of wealthy Latin American families. Mexicans made up the second-largest cohort among non-Europeans at IE this year. “Madrid has become a clear destination for Latin Americans, a trend that has accelerated since the Covid pandemic in 2020,” said Victor Matarranz, head of wealth management at Banco Santander. “First, they come almost as tourists to look around, then they develop an appetite for real estate.” Now, they’re looking for business opportunities, he said.Abya, one of the city’s most luxurious restaurants, owned by Mexican businessman Manuel Gonzalez.Earlier waves brought wealthy exiles fleeing political turmoil at home — like Venezuelans escaping Huge Chavez’s policies around 2010. The rise now in Mexican investments, and to a lesser degree from other countries such as Peru, coincides with a shift to the left in governments across much of Latin America, from Andres Lopez Obrador in Mexico to Gabriel Boric in Chile and Gustavo Petro in Colombia.Many rich Mexicans are on the prowl for investing opportunities, said Ximena Caraza, director of Casa de Mexico, a cultural and economic center that helps the country’s investors do business in Spain.“Lots of Mexicans are coming to see what business they can do here,” she said.Rich Mexicans keep a low profile, but occasionally they can’t avoid making a splash. Mexican businessman Manuel Gonzalez bought a coveted palazzo in central Madrid and this year refurbished it into one of the city’s most luxurious restaurants, called Abya. Carlos Slim during the Sophia Awards of Excellence of the Queen Sofia Spanish Institute in New York in 2022.Carlos Slim, Latin America’s wealthiest person, owns significant stakes in publicly-listed Spanish real estate firms, Metrovacesa SA and Realia SA. Carlos Fernandez Gonzalez, who made a fortune in the Mexican beer industry, is the second-largest shareholder in one of the biggest Spanish commercial real estate operators, Inmobiliaria Colonial, and has resided in Spain for several years. “Clients started coming, seeing Madrid and then saying, ‘we could own a house here,’” said Humphrey White, who runs Knight Frank in Spain, adding that the city’s low crime is an added lure for the wealthy, who can walk around without security staff.Mexicans, Argentinians, Peruvians and Colombians are among those looking for properties, real estate agents say. The investors benefit from a so-called golden visa program, which expedites residency permits for foreigners who spend at least €500,000 on real estate, as long as it is debt-free. Spain hasn’t joined the clamp-down on golden visas seen in several other European nations. Many of the investors aren’t just buying homes for themselves. They also work on real estate projects — in Salamanca, but also increasingly in other fancy neighborhoods, like Chamberi.“The local real estate scene was all very quiet, and it is now changing with the Mexicans,” said Javier Kindelan Williams, head of valuation and advisory for continental Europe at CBRE, a consulting and research firm. The city is starting to compete with the likes of Paris and Berlin for luxury, but with prices that “are a bargain,” he said. A million dollars can buy 106 square meters in the Spanish capital, compared with 43 in Paris and 70 in Berlin, according to Knight Frank. The demand is shaking up high-end real estate. GBS, a boutique Spanish financial advisory, is having to vacate the premises it has occupied in Salamanca for about three decades because the landlord wants to convert the offices into luxury apartments. The firm has itself partnered with Mexican investor Nicolas Carrancedo’s group BeGrand on developing Salamanca’s Calle Padilla project.Pricier dining is now widespread in the Madrid’s upscale neighborhoods.The new arrivals are energizing Madrid’s economy. But they are also changing a way of life in the capital, one that was characterized by a workday that started at 10 a.m., lunch at 3:00 p.m., siestas and late dinners. “It used to be a city where things closed for hours in the afternoon,” said Casa de Mexico’s Caraza. “That’s not the case anymore.”
Cita de: Cadavre Exquis en Junio 03, 2023, 11:23:58 amCitarArizona Limits Construction Around Phoenix as Its Water Supply DwindlesPosted by BeauHD on Friday June 02, 2023 @11:30PM from the supply-and-demand dept.Longtime Slashdot reader MightyMartian shares a report from the New York Times:CitarArizona has determined that there is not enough groundwater for all of the housing construction that has already been approved in the Phoenix area, and will stop developers from building some new subdivisions (Source paywalled, alternative source), a sign of looming trouble in the West and other places where overuse, drought and climate change are straining water supplies. The decision by state officials very likely means the beginning of the end to the explosive development that has made the Phoenix area the fastest growing metropolitan region in the country. The state said it would not revoke building permits that have already been issued and is instead counting on new water conservation measures and alternative sources to produce the water necessary for housing developments that have already been approved.Maricopa County, which includes Phoenix and its suburbs, gets more than half its water supply from groundwater. Most of the rest comes from rivers and aqueducts as well as recycled wastewater. In practical terms, groundwater is a finite resource; it can take thousands of years or longer to be replenished. The announcement of a groundwater shortage means Arizona would no longer give developers in some areas of Maricopa County new permits to construct homes that rely on wells for water.Phoenix and nearby large cities, which must obtain separate permission from state officials for their development plans every 10 to 15 years, would also be denied approval for any homes that rely on groundwater beyond what the state has already authorized. The decision means cities and developers must look for alternative sources of water to support future development -- for example, by trying to buy access to river water from farmers or Native American tribes, many of whom are facing their own shortages. That rush to buy water is likely to rattle the real estate market in Arizona, making homes more expensive and threatening the relatively low housing costs that had made the region a magnet for people from across the country.Saludos.Está en las cañerías.
CitarArizona Limits Construction Around Phoenix as Its Water Supply DwindlesPosted by BeauHD on Friday June 02, 2023 @11:30PM from the supply-and-demand dept.Longtime Slashdot reader MightyMartian shares a report from the New York Times:CitarArizona has determined that there is not enough groundwater for all of the housing construction that has already been approved in the Phoenix area, and will stop developers from building some new subdivisions (Source paywalled, alternative source), a sign of looming trouble in the West and other places where overuse, drought and climate change are straining water supplies. The decision by state officials very likely means the beginning of the end to the explosive development that has made the Phoenix area the fastest growing metropolitan region in the country. The state said it would not revoke building permits that have already been issued and is instead counting on new water conservation measures and alternative sources to produce the water necessary for housing developments that have already been approved.Maricopa County, which includes Phoenix and its suburbs, gets more than half its water supply from groundwater. Most of the rest comes from rivers and aqueducts as well as recycled wastewater. In practical terms, groundwater is a finite resource; it can take thousands of years or longer to be replenished. The announcement of a groundwater shortage means Arizona would no longer give developers in some areas of Maricopa County new permits to construct homes that rely on wells for water.Phoenix and nearby large cities, which must obtain separate permission from state officials for their development plans every 10 to 15 years, would also be denied approval for any homes that rely on groundwater beyond what the state has already authorized. The decision means cities and developers must look for alternative sources of water to support future development -- for example, by trying to buy access to river water from farmers or Native American tribes, many of whom are facing their own shortages. That rush to buy water is likely to rattle the real estate market in Arizona, making homes more expensive and threatening the relatively low housing costs that had made the region a magnet for people from across the country.Saludos.
Arizona Limits Construction Around Phoenix as Its Water Supply DwindlesPosted by BeauHD on Friday June 02, 2023 @11:30PM from the supply-and-demand dept.Longtime Slashdot reader MightyMartian shares a report from the New York Times:CitarArizona has determined that there is not enough groundwater for all of the housing construction that has already been approved in the Phoenix area, and will stop developers from building some new subdivisions (Source paywalled, alternative source), a sign of looming trouble in the West and other places where overuse, drought and climate change are straining water supplies. The decision by state officials very likely means the beginning of the end to the explosive development that has made the Phoenix area the fastest growing metropolitan region in the country. The state said it would not revoke building permits that have already been issued and is instead counting on new water conservation measures and alternative sources to produce the water necessary for housing developments that have already been approved.Maricopa County, which includes Phoenix and its suburbs, gets more than half its water supply from groundwater. Most of the rest comes from rivers and aqueducts as well as recycled wastewater. In practical terms, groundwater is a finite resource; it can take thousands of years or longer to be replenished. The announcement of a groundwater shortage means Arizona would no longer give developers in some areas of Maricopa County new permits to construct homes that rely on wells for water.Phoenix and nearby large cities, which must obtain separate permission from state officials for their development plans every 10 to 15 years, would also be denied approval for any homes that rely on groundwater beyond what the state has already authorized. The decision means cities and developers must look for alternative sources of water to support future development -- for example, by trying to buy access to river water from farmers or Native American tribes, many of whom are facing their own shortages. That rush to buy water is likely to rattle the real estate market in Arizona, making homes more expensive and threatening the relatively low housing costs that had made the region a magnet for people from across the country.
Arizona has determined that there is not enough groundwater for all of the housing construction that has already been approved in the Phoenix area, and will stop developers from building some new subdivisions (Source paywalled, alternative source), a sign of looming trouble in the West and other places where overuse, drought and climate change are straining water supplies. The decision by state officials very likely means the beginning of the end to the explosive development that has made the Phoenix area the fastest growing metropolitan region in the country. The state said it would not revoke building permits that have already been issued and is instead counting on new water conservation measures and alternative sources to produce the water necessary for housing developments that have already been approved.Maricopa County, which includes Phoenix and its suburbs, gets more than half its water supply from groundwater. Most of the rest comes from rivers and aqueducts as well as recycled wastewater. In practical terms, groundwater is a finite resource; it can take thousands of years or longer to be replenished. The announcement of a groundwater shortage means Arizona would no longer give developers in some areas of Maricopa County new permits to construct homes that rely on wells for water.Phoenix and nearby large cities, which must obtain separate permission from state officials for their development plans every 10 to 15 years, would also be denied approval for any homes that rely on groundwater beyond what the state has already authorized. The decision means cities and developers must look for alternative sources of water to support future development -- for example, by trying to buy access to river water from farmers or Native American tribes, many of whom are facing their own shortages. That rush to buy water is likely to rattle the real estate market in Arizona, making homes more expensive and threatening the relatively low housing costs that had made the region a magnet for people from across the country.
La humanidad se enfrenta a numerosos desafíos para conseguir que todas las personas tengan las mismas oportunidades de desarrollo y bienestar en el año 2000. Naciones Unidas adoptó ocho objetivos para satisfacer las principales necesidades de los más pobres. Quince años después, 193 países aprobaron la Agenda 2030 que plantea los Objetivos de Desarrollo Sostenible, un nuevo horizonte con los retos más importantes para los seres humanos durante los próximos años. Se trata de 17 ambiciosos objetivos que precisan la colaboración de la sociedad civil y los sectores público y privado cuyo éxito significaría un mundo más igualitario y habitable.La erradicación de la pobreza y el hambre y garantizando una vida sanaUniversalizar el acceso a servicios básicos como agua el saneamiento y la energía sostenibleApoyar la generación de oportunidades de desarrollo a través de la educación inclusiva y el trabajo dignoFomentar la innovación e infraestructuras resilientes creando comunidades y ciudades capaces de producir y consumir de forma es sostenibleReducir las desigualdades en el mundo, especialmente las de géneroCuidar el medio ambiente combatiendo el cambio climático y protegiendo los océanos y ecosistemas terrestresPromover la colaboración entre los diferentes agentes sociales para crear un ambiente de paz y desarrollo sostenibleSi entre personas gobiernos y empresas conseguimos que se cumplan estos objetivos de desarrollo sostenible haremos del mundo un lugar más próspero para todos
Brussels woos banks to provide guarantees for gas stored in UkraineWar-torn country has largest underground storage facilities in EuropeBrussels is in talks with banks to provide guarantees for companies willing to store their gas in Ukraine’s vast underground gas storage despite the possibility that it could be destroyed.The war-torn country has the largest gas tanks in Europe and has offered its capacity to European companies facing a potential supply glut come winter as storage levels within the bloc are already at record highs.But businesses have qualms about storing gas reserves in Ukraine even as 80 per cent of the underground facilities are located in the west of the country, farthest from the frontline. Russia has targeted Ukrainian gas pipelines in past attacks, but no underground storages have so far been hit.At present only a few companies with a high tolerance for risk are using Ukraine’s storage. European Commission vice-president Maroš Šefčovič told the Financial Times that to encourage use “on top of the competitive prices the Ukrainians are offering, we need to work on guarantees for international actors”.The commission is in talks with lenders such as the European Bank of Reconstruction and Development “to develop this idea into a working project, which would further boost the energy security of Europe”, he added.Four EU officials also confirmed the talks. A commission official said that Brussels was speaking to governments as well as financial institutions about providing “adequate insurance coverage” adding that it would help “lower the risk premium related to the situation in Ukraine”.The EBRD confirmed it was in contact with the commission but declined to comment on discussions. The European Investment Bank said it had been consulted but that it would be against its policy of not funding fossil fuels.Ukraine’s storage, which is owned by the state gas company Naftogaz, has capacity for 31bn cubic metres of gas. Of that it could offer up to 10 bcm to European companies with a possibility to extend that to 15 bcm if Ukraine can retake Russian-occupied territory, according to Naftogaz. That will add to the EU’s underground gas storage capacity of about 115 bcm.“Ukraine possesses the biggest underground gas storage in Europe and a vast transmission infrastructure, able to supply more than 15 countries”, Naftogaz told the FT. The storage capacity that Ukraine can offer “is extremely important for those European countries who lack their own storage facilities and want to accumulate reserves for winter”, it added.Naftogaz subsidiary Ukrtransgaz, which operates the storage sites, in April was certified as a gas storage operator that meets the EU’s standards — a prerequisite of Ukrainian gas storage being used for the bloc’s strategic gas reserves.Storing European gas in Ukraine’s tanks would be a way of providing revenues to Kyiv to support it against Russia’s full-scale invasion. Before the invasion, 28 countries kept gas in Ukrainian storage but other than Moldova, officials would not disclose which countries currently had gas stored in the tanks for security reasons.The EU’s gas storage tanks are 68 per cent full, an unusually high level for June thanks to a lack of demand over the mild winter. Researchers at Columbia University’s Center on Global Energy Policy warned this week that Europe faced possible oversupply and that Ukraine’s “underused and readily available” storage was “a unique opportunity for Europe to carry forward its current — but temporary — gas surplus into the winter and beyond”.But risks to the infrastructure amid continued Russian missile attacks on Ukrainian cities and Kyiv partially banning gas exports after Moscow’s full-scale invasion last year have resulted in a lack of appetite from European companies.“If the EU can devise a scheme that would protect companies against potential losses associated with storing gas in Ukraine, then it might well encourage a greater variety of firms to store gas in Ukraine”, said Natasha Fielding, head of European gas pricing at Argus Media.If Ukrainian storage “gains a wider appeal”, she added, it could provide “a bigger buffer to meet demand in case of extremely cold weather or any unplanned supply disruptions this winter or in the following ones”.
Revisiting the Behavioral Revolution in Economics ANTARA HALDAROver the past 15 years, as behavioral sciences gained widespread recognition, economics has progressively acknowledged the significance of the biases that drive individuals and firms to behave irrationally. But the much-needed epistemic revolution has failed to materialize, owing to economists’ resistance to change.CAMBRIDGE – In 2008, University of Chicago economist (and future Nobel laureate) Richard Thaler and Harvard law professor Cass Sunstein published their book Nudge, which popularized the idea that subtle design changes in the architecture of choice (“nudges”) can influence our behavior. The book became a global phenomenon and marked an intellectual watershed. But 15 years after its publication, the question remains: Has behavioral economics lived up to the hype?Thaler and Sunstein based their thesis on the research and insights of psychologists Daniel Kahneman and Amos Tversky, which they had previously applied to the field of law and economics in a Stanford Law Review article (co-authored with Christine Jolls). While the paper was one of the most cited law-review articles ever, it remained virtually unknown outside the discipline.But following the publication of Nudge, and against the backdrop of the global financial crisis, behavioral economics burst into the mainstream, turning Thaler and Sunstein into superstars. Thaler received the Nobel Prize in economics in 2017. Sunstein was recruited by the Obama administration to head the White House Office of Information and Regulatory Affairs and translate the book’s findings into policy, spawning more than 200 “nudge units” around the world.Acclaimed author Michael Lewis fueled further interest in behavioral science with his books Moneyball and The Big Short (the latter’s screen adaptation featured a cameo by Thaler). In just a few short years, behavioral economics went from niche specialization to cultural phenomenon.Beyond the buzz, the behavioral breakthrough also promised to usher in a full-fledged epistemic revolution, fundamentally altering the sources of knowledge deemed valuable. In particular, behavioral economists underscored the importance of psychological factors, in addition to econometric analysis, in understanding how economic institutions work.The integration of behavioral sciences into microeconomics, which focuses on the decisions and actions of individual actors, has led to a growing recognition that consumers’ and firms’ own heuristics and biases may cause their behavior to deviate from the economic model of rationality. Nowadays, most major universities incorporate behavioral economics into their curricula, and the majority of mainstream textbooks cite behavioral approaches (even if cursorily). Moreover, by exposing the flaws in the prevailing rational-actor approach, behavioral economics has amplified other perspectives, such as Ernst Fehr’s work on “strong reciprocity,” Robert Shiller’s Narrative Economics, and Nathan Nunn’s scholarship on cultural economics.But the impact of the behavioral revolution outside of microeconomics remains modest. Many scholars are still skeptical about incorporating psychological insights into economics, a field that often models itself after the natural sciences, particularly physics. This skepticism has been further compounded by the widely publicized crisis of replication in psychology.Macroeconomists, who study the aggregate functioning of economies and explore the impact of factors such as output, inflation, exchange rates, and monetary and fiscal policy, have, in particular, largely ignored the behavioral trend. Their indifference seems to reflect the belief that individual idiosyncrasies balance out, and that the quirky departures from rationality identified by behavioral economists must offset each other. A direct implication of this approach is that quantitative analyses predicated on value-maximizing behavior, such as the dynamic stochastic general equilibrium models that dominate policymaking, need not be improved.The validity of these assumptions, however, remains uncertain. During banking crises such as the Great Recession of 2008 or the ongoing crisis triggered by the recent collapse of Silicon Valley Bank, the reactions of economic actors – particularly financial institutions and investors – appear to be driven by herd mentality and what John Maynard Keynes referred to as “animal spirits.”Even without a financial panic, as Keynes notes in The General Theory of Employment, Interest, and Money, “anticipating what average opinion expects the average opinion to be” is fraught with error and uncertainty. But, despite George Akerlof’s persistent advocacy for a behavioral macroeconomics that considers “cognitive bias, reciprocity, fairness, herding, and social status,” the real-world foundations of macroeconomic theory remain shaky, and the scope of efforts to systemize our understanding of contagion-type phenomena through tools like network analysis remains limited.The roots of economics’ resistance to the behavioral sciences run deep. Over the past few decades, the field has acknowledged exceptions to the prevailing neoclassical paradigm, such as Elinor Ostrom’s solutions to the tragedy of the commons and Akerlof, Michael Spence, and Joseph E. Stiglitz’s work on asymmetric information (all four won the Nobel Prize). At the same time, economists have refused to update the discipline’s core assumptions.This state of affairs can be likened to an imperial government that claims to uphold the rule of law in its colonies. By allowing for a limited release of pressure at the periphery of the paradigm, economists have managed to prevent significant changes that might undermine the entire system. Meanwhile, the core principles of the prevailing economic model remain largely unchanged.For economics to reflect human behavior, much less influence it, the discipline must actively engage with human psychology. But as the list of acknowledged exceptions to the neoclassical framework grows, each subsequent breakthrough becomes a potentially existential challenge to the field’s established paradigm, undermining the seductive parsimony that has been the source of its power.By limiting their interventions to nudges, behavioral economists hoped to align themselves with the discipline. But in doing so, they delivered a ratings-conscious “made for TV” version of a revolution. As Gil Scott-Heron famously reminded us, the real thing will not be televised.
Cita de: sudden and sharp en Junio 03, 2023, 11:51:17 amCita de: Cadavre Exquis en Junio 03, 2023, 11:23:58 amCitarArizona Limits Construction Around Phoenix as Its Water Supply DwindlesPosted by BeauHD on Friday June 02, 2023 @11:30PM from the supply-and-demand dept.Longtime Slashdot reader MightyMartian shares a report from the New York Times:CitarArizona has determined that there is not enough groundwater for all of the housing construction that has already been approved in the Phoenix area, and will stop developers from building some new subdivisions (Source paywalled, alternative source), a sign of looming trouble in the West and other places where overuse, drought and climate change are straining water supplies. The decision by state officials very likely means the beginning of the end to the explosive development that has made the Phoenix area the fastest growing metropolitan region in the country. The state said it would not revoke building permits that have already been issued and is instead counting on new water conservation measures and alternative sources to produce the water necessary for housing developments that have already been approved.Maricopa County, which includes Phoenix and its suburbs, gets more than half its water supply from groundwater. Most of the rest comes from rivers and aqueducts as well as recycled wastewater. In practical terms, groundwater is a finite resource; it can take thousands of years or longer to be replenished. The announcement of a groundwater shortage means Arizona would no longer give developers in some areas of Maricopa County new permits to construct homes that rely on wells for water.Phoenix and nearby large cities, which must obtain separate permission from state officials for their development plans every 10 to 15 years, would also be denied approval for any homes that rely on groundwater beyond what the state has already authorized. The decision means cities and developers must look for alternative sources of water to support future development -- for example, by trying to buy access to river water from farmers or Native American tribes, many of whom are facing their own shortages. That rush to buy water is likely to rattle the real estate market in Arizona, making homes more expensive and threatening the relatively low housing costs that had made the region a magnet for people from across the country.Saludos.Está en las cañerías.Hasta que deja de estarlo.En los años 80 del siglo pasado, en algunas ciudades del levante español y debido a las restricciones del preciado líquido, en meses como julio y agosto se producían cortes programados en ciertas franjas horarias y, si uno abría el grifo, no salía agua (vamos, que no había agua en las cañerías).Puede que usted no haya vivido esa experiencia, pero le puedo asegurar que era así.El hecho de que hayamos nacido en un país y en un momento de la historia en el que al abrir un grifo salga agua, o al apretar un interruptor se encienda una bombilla no quiere decir que siempre haya sido sido así y, de hecho, a día de hoy, en pleno siglo xxi, sigue habiendo zonas del planeta en las que no lo es o en donde ha dejado de serlo como, por ejemplo, en Sudáfrica:https://elpais.com/planeta-futuro/africa-no-es-un-pais/2022-07-01/hasta-diez-horas-al-dia-sin-luz-en-sudafrica-en-su-peor-crisis-energetica-desde-2019.htmlLes recuerdo que no hace ni un año, fue necesario el uso de camiones cisterna para abastecer de agua potable a pueblos de las provincias de Cataluña y Álava, que no son precisamente regiones del tercer mundo:Empresas de camiones cisterna totalmente desbordadas en Cataluña (11.08.2022)Los pueblos de Álava han necesitado 58 camiones cisterna por los problemas con el agua (03.08.2022)Este año parece que la temporada de restricciones en España comienza ahora en junio en las Islas Afortunadas, en concreto, en Tenerife:https://twitter.com/conradodiaz22/status/1664936144876994560Y también en Uruguay, en donde el Gobierno ha decidido relajar los requisitos de lo que considera agua potable en Montevideo:https://twitter.com/conradodiaz22/status/1664934381608132608Me fascina ver como en un foro como este en el que tras gracias al esfuerzo de todos los foreros y tras años de análisis de ingentes cantidades de información (información que, gran parte, por no decir en su totalidad, se encuentra sesgada y manipulada) se haya logrado elaborar toda una teoría sobre como el ladrillo es la raíz una parte importante de nuestros males y, sin embargo, se despachen noticias como esta:https://twitter.com/conradodiaz22/status/1664933211191795713con un simple: "está en las cañerías".Evidentemente es debatible (y creo que para eso estamos en este foro) pero, en mi opinión, el problema del ladrillo —que todos tenemos claro que tiene los días contados— es un problema menor si lo comparamos con los retos a los que deberemos enfrentarnos en los próximos años.De aquí a 2050 tenemos los siguientes hitos:SDG o Sustainable Development Goals (popularmente conocido como "Agenda 2030")BRI o Belt and Road Initiative (al que pp.cc. alude como OBOR o One Belt One Road, que es el nombre que se le ha dado en China)El primero, tiene como plazo de implantación 2030 y, el segundo, 2049.Resumidos en el famoso "no tendrás nada, y serás feliz", estos son los 17 objetivos de la Agenda 2030:Poner fin a la pobreza en todas sus formas en todo el mundoPoner fin al hambre, lograr la seguridad alimentaria y la mejora de la nutrición y promover la agricultura sostenibleGarantizar una vida sana y promover el bienestar para todos en todas las edadesGarantizar una educación inclusiva, equitativa y de calidad y promover oportunidades de aprendizaje durante toda la vida para todosLograr la igualdad entre los génerosGarantizar la disponibilidad de agua y su gestión sostenible y el saneamiento para todosGarantizar el acceso a una energía asequible, segura, sostenible y moderna para todosPromover el crecimiento económico sostenido, inclusivo y sostenible, el empleo pleno y productivo y el trabajo decente para todosConstruir infraestructuras resilientes, promover la industrialización inclusiva y sostenible y fomentar la innovaciónReducir la desigualdad en y entre los paísesLograr que las ciudades y los asentamientos humanos sean inclusivos, seguros, resilientes y sosteniblesGarantizar modalidades de consumo y producción sosteniblesAdoptar medidas urgentes para combatir el cambio climático y sus efectosConservar y utilizar de forma sostenible los océanos, los mares y los recursos marinos para el desarrollo sostenibleProteger, restablecer y promover el uso sostenible de los ecosistemas terrestres, gestionar los bosques de forma sostenible, luchar contra la desertificación, detener e invertir la degradación de las tierras y poner freno a la pérdida de la diversidad biológicaPromover sociedades pacíficas e inclusivas para el desarrollo sostenible, facilitar el acceso a la justicia para todos y crear instituciones eficaces, responsables e inclusivas a todos los nivelesFortalecer los medios de ejecución y revitalizar la Alianza Mundial para el Desarrollo SostenibleTengan en cuenta que lo anterior no es una "carta a los Reyes Magos de Oriente" escrita por un tipo random, son los puntos de una hoja de ruta que está marcando las decisiones de 193 países incluídos, por supuesto, los que conforman la UE así que, nos guste o no, va a tener un impacto en nuestras vidas (y me atrevo a afirmar que mucho mayor que el que ha tenido el ladrillo).Vean, por ejemplo, este vídeo que publicó Acciona el 15 de diiembre de 2016:Acciona | ¿Qué son los Objetivos de Desarrollo Sostenible (ODS)?Les dejo a continuación la transcripción del audio del mismo resaltando lo que creo más relevante:CitarLa humanidad se enfrenta a numerosos desafíos para conseguir que todas las personas tengan las mismas oportunidades de desarrollo y bienestar en el año 2000. Naciones Unidas adoptó ocho objetivos para satisfacer las principales necesidades de los más pobres. Quince años después, 193 países aprobaron la Agenda 2030 que plantea los Objetivos de Desarrollo Sostenible, un nuevo horizonte con los retos más importantes para los seres humanos durante los próximos años. Se trata de 17 ambiciosos objetivos que precisan la colaboración de la sociedad civil y los sectores público y privado cuyo éxito significaría un mundo más igualitario y habitable.La erradicación de la pobreza y el hambre y garantizando una vida sanaUniversalizar el acceso a servicios básicos como agua el saneamiento y la energía sostenibleApoyar la generación de oportunidades de desarrollo a través de la educación inclusiva y el trabajo dignoFomentar la innovación e infraestructuras resilientes creando comunidades y ciudades capaces de producir y consumir de forma es sostenibleReducir las desigualdades en el mundo, especialmente las de géneroCuidar el medio ambiente combatiendo el cambio climático y protegiendo los océanos y ecosistemas terrestresPromover la colaboración entre los diferentes agentes sociales para crear un ambiente de paz y desarrollo sostenibleSi entre personas gobiernos y empresas conseguimos que se cumplan estos objetivos de desarrollo sostenible haremos del mundo un lugar más próspero para todosY ahora fíjense en estas noticias:https://www.ecologie.gouv.fr/sobriete-energetique-plan-reduire-notre-consommation-denergiehttps://cincodias.elpais.com/companias/2023-03-10/la-ue-acuerda-reducir-su-consumo-energetico-un-117-para-2030.htmlhttps://www.reuters.com/business/energy/germany-require-265-cut-energy-consumption-by-2030-draft-law-2023-04-03/Es cierto que desde que se puso en marcha la Agenda 2030 en 2015, se han producido algunos "imprevistos" (e.g.: pandemia, guerra de Ucrania, quiebra de SVB y Signature Bank, etc.), pero es evidente que occidente pretende seguir adelante con el plan de ruta trazado en la Agenda 2030 y, si uno tiene en cuenta todo lo anterior, es fácil comprender que aparezcan noticias como esta:https://forococheselectricos.com/2023/05/noruega-quiere-noruegos-dejen-coche-electrico-en-casa-gratuita-autobuses.htmlPiensen qué relación puede haber entre las noticias anteriores, la Agenda 2030, la transición energética y el hecho de que, a día de hoy, el 80% de la energía que consumimos a diario proviene de fuentes no renovables, tal y como se puede apreciar en las siguientes gráficas:En este artículo de 2018, elaboraron la siguiente gráfica a partir de los informes "Statistical Review of World Energy" que publica BP anualmente (*) donde se puede ver claramente en qué punto estamos en lo que a la transición energética se refiere:En 2019 el consumo energético anual fue de 517 exajulios, de los cuales el 89% provenían de fuentes de energía no renovables (pretroleo, carbón, gas natural y nuclear).https://ourworldindata.org/grapher/energy-consumption-by-source-and-countryhttps://ourworldindata.org/grapher/energy-consumption-by-source-and-countryA raíz de la guerra en Ucrania el consumo ha descendido ligeramente y, en la actualidad, estamos consumiendo 515 exajullios de los cuales el 87% proviene de fuentes no renovables.Si observamos la evolución histórica en lo que a consumo de energía se refiere desde que se produjo la Revolución Industrial...https://ourworldindata.org/grapher/global-primary-energy... es evidente que queda un largo camino para reemplazar las fuentes de energía no renovables por fuentes de energía alternativas (y, se hará sí o sí, porque no queda otra).De igual forma, la solución más evidente a este problema pasa por reducir el consumo de energía (el melón lo abrió Francia allá por julio de 2022 diciendo que, para el año 2050, había que reducir en un 40% el consumo de conbustibles fósiles, en marzo de 2023 la UE proponía una reducción del 11,7% de aquí al 2030, y un mes después Alemania —que, no olvidemos, ha cerrado todas sus centrales nucleares este año— hablaba de una reducción de un 26,5%). Lo que no cabe duda es de que, mientras la Agenda 2030 siga vigente, sea un 11,7%, un 26,5% o lo que se acabe acordando, es ahí hacia donde vamos.(*) Por si quieren echarle un ojo, tienen aquí el PDF del informe Statistical Review of World Energy de BP correspondiente al año 2022.Saludos.
‘Shadow Banks’ Account for Half of the World’s Assets—and Pose Growing RisksRegulators don't have a clear view into the huge world of nonbank finance, or 'shadow banking.' Barron's peers into this opaque world.The sudden failure this year of three sizable American banks demonstrated one way in which the financial system can “break” as the Federal Reserve and other central banks press a campaign to normalize interest rates. There could be others.Risk-minded regulators, policy makers, and investors are eyeing the huge but nebulous world of largely unregulated nonbank financial intermediaries, known colloquially as shadow banks, as a potential locus of future problems. It includes sovereign-wealth funds, insurers, pension funds, hedge funds, financial-technology firms, financial clearing houses, mutual funds, and fast-growing entities such as money-market funds and private credit funds.The nonbank financial system now controls $239 trillion, or almost half of the world’s financial assets, according to the Financial Stability Board. That’s up from 42% in 2008, and has doubled since the 2008-09 financial crisis. Postcrisis regulations helped shore up the nation’s biggest banks, but the restrictions that were imposed, coupled with years of ultralow interest rates, fueled the explosive growth of nonbank finance.
Hasta que deja de estarlo.En los años 80 del siglo pasado, en algunas ciudades del levante español y debido a las restricciones del preciado líquido, en meses como julio y agosto se producían cortes programados en ciertas franjas horarias y, si uno abría el grifo, no salía agua (vamos, que no había agua en las cañerías).Puede que usted no haya vivido esa experiencia, pero le puedo asegurar que era así.El hecho de que hayamos nacido en un país y en un momento de la historia en el que al abrir un grifo salga agua, o al apretar un interruptor se encienda una bombilla no quiere decir que siempre haya sido sido así y, de hecho, a día de hoy, en pleno siglo xxi, sigue habiendo zonas del planeta en las que no lo es o en donde ha dejado de serlo como, por ejemplo, en Sudáfrica:https://elpais.com/planeta-futuro/africa-no-es-un-pais/2022-07-01/hasta-diez-horas-al-dia-sin-luz-en-sudafrica-en-su-peor-crisis-energetica-desde-2019.htmlLes recuerdo que no hace ni un año, fue necesario el uso de camiones cisterna para abastecer de agua potable a pueblos de las provincias de Cataluña y Álava, que no son precisamente regiones del tercer mundo:Empresas de camiones cisterna totalmente desbordadas en Cataluña (11.08.2022)Los pueblos de Álava han necesitado 58 camiones cisterna por los problemas con el agua (03.08.2022)Este año parece que la temporada de restricciones en España comienza ahora en junio en las Islas Afortunadas, en concreto, en Tenerife:[...]
Meter en el mismo saco las sensaciones que me produce salvar un país de la desertización (realidad) y las que me produce Irene Montero y sus adláteres locas (postureo e ideología) no es en ningún caso una buena estrategia.