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Larger solar farms producing 30MW are part of the many solar power projects rejected in the UK in the last 5 years says this report in The Guardian. This would have cut an estimated 100 million pounds off of UK electricity bills says environmental group Green Alliance, enough renewable energy to power 147,000 homes.

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73 million boomer reach the age of 80 in the US in 2023. By 80 years the brain can have lost its vigor yet our bodies can reach 100 with modern medicine, making it necessary to understand and tackle aging truly well. This is the message from AARP in the recent issue of its publication. 

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Saudi Arabia signed a series of agreements with India at the G20 Summit with $100 billion in investments planned including digital, rail, energy  and other connectivity for the IMEC corridor for India through Middle East to Europe. Saudi prince MBS announces the IMEC Corridor and talks about its significance at the G20 Summit.

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The last major oil company controlled by a family is Amerada Hess. Leon Hess drove a green colored truck to deliver fuel in New Jersey about 100 years ago and his son runs the company. This ownership and the name is now history with the sale of the company for $53 billion to Chevron.

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A house that inspired Henrik Ibsen in writing the play Peter Gynt is in the far north of Norway. Ig is 150 miles from Oslo. It was recently renovated with several centuries old wooden structures. The owner's grandfather personally brought the message of Norway's independence from Sweden to the Swedish king in 1905.

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Australia exceeded China in total revenue for GE by $100 million, with $5.8 billion in revenues. GE now sees resource rich countries providing revenue growth of 25% in the next 2 years compared to 10-15% for China and India. The Ichthys $34 billion LNG project by Total SA and Inpex of Japan alone generated $1.1 billion in contracts for gas turbines, compressors and underwater production systems. The Gorgon project of Chevron on the northwest coast of Australia generated $1.3 billion in revenue.

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Asian banks exposure to the US subprime mortgage securities. Bank of China has the largest exposure of $9.65 billion investments in subprime, but its part of a large investment of $130 billion in foreign currency investments and the bank funds itself with customer deposits so it does'nt face a crisis even though its much large than the bank's first half profit of $3.9 billion. Note that this bank has only taken a loss of $100 million charged so far. Standard Chartered has about $17 billion in a structured investment vehicle (siv). Mitsubishi Financial Group has $2.45 billion exposure to subprime mortgage securities. Mizuho has off balance sheet vehicles with exposure of $7.3 billion. HongKong, India and the rest of Asia are not affected.

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If Morse's thinking holds and crude prices drop to $90 range per barrel (see the link to Morse) then we have another major problem on our hands as the incentives for conservation diminish and there is less money invested in energy conservation, and investment, effort and enthusiasm for new technologies for conservation also diminishes. This risks the environment and carbon dioxide emissions and keeps sending money on expensive oil imports to Saudis, Russia and the middle east which could be better invested in the US for innovation and R&D or returned tothe public. For energy saving conservation technology investors the drop in incentive through a return to cheap oil or expectations of prices that are below $100 for instance can be the worst of both worlds high prices and low investment says Vinod Khosla. He advocates a floor on the price of oil. Stanford Professor Hillard Huntington, executive director of the Energy Modeling Forum, a group of energy experts, says energy saving initiatives could easily take 4 million to 5 million barrels a day of demand off the market in 10 years from the 20 million barrels a day that the USA uses to heat homes, power industry, and fuel cars, trucks and planes. It would be a huge loss for that not to happen. And this has happened before as the oil crisis in the 1980's became a dim memory once oil prices hit a low of $11 in the mid 1980's after conservation kicked in at the time. The idea then is to have some sort of gasoline tax that would keep a floor on the price of oil that Europe already has. And British Columbia has shown how by having a small tax and returning money to the taxpayers with a $100 check refund and in other ways to small business and other txpayers....

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In Biden's address at the UN General Assembly he talks about climate change and Covid-19, and a foreign policy that brings together US and its allies in Europe and Asia. He said "the next decade will quite literally determine our futures."  He encouraged "competition" but he stressed he was "not seeking a new Cold War or a world divided into rigid blocks." Biden also said the US would spend $10 billion to end hunger and invest in food systems around the world.

Biden also increased US commitment for developing countries to reduce emissions to total $11 billion by 2024- in a recent interview Indian finance minister Sitharaman says India has done its work for COP21 emissions entirely without US or other funds.

In a few days Biden will hold a Covid summit where he will call for vaccinating 70% of the world's population. 

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Decriminalizing hard drugs led to all sorts of problems in Portland Oregon and citizens feeling unsafe with and increase in homelessness and increase in drug activity. Mike Baker talks to Portland Mayor Ted Wheeler about how a Proposition Measure 110 in 2020 decriminalized drugs with three fourths of Portland supporting it. Not anymore as most people still feel unsafe. Governor Gina Kotek has reimposed criminal penalties for possession of drugs. And Wheeler now supports expanding the police force. It is a three year experiment that went wrong also creating a sense that there a personal safety problem for ordinary residents of the city. The lack of behavioural facilities to help people affected added to the problem. This has lessons for all parts of the country, Wheeler also says the politics also went awry. Safe streets, safe neighborhoods is part of the infrastructure that America is building across the country under the Biden administration, safety and ease of living are what infrastructure and rebuilding America is about. And the perception of the need for good law enforcement and safe neighborhoods, safe transportation is now embraced across America. ...

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US and UK complete a trade agreement, the first of its kind with major trading partners. US has a $11 billion surplus in $148 billion two way trade with UK which is just ahead of India and behind Vietnam in trade with the US. Vietnam has acted as aproxy for Chinese exports to US something the DJT administration is taking action to correct. UK first 100,000 cars exported to US will not face a 25% levy, and UK exports will only face the 10% levy on all countries, including on British aluminium and steel. This agreement happened Thursday May 8 after a night call from Trump to Starmer moving up the negotiations to get awin for the US and the UK, that will also act as a model for other countries to reach trade agreements with the US. India, Japan, South Korea, could be next followed by EU. It also opens up engagement with China on a trade agreement. UK's Starmer thanked president Trump. The agreement was a first and it boosts stock markets in the US, shows the US can do this. ...

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Japan's economic growth was 1.0% over the previous quarter in the 4th quarter 2013. Economic growth for the full year 2013 was 1.6%.

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Expert views that the G-7 meetings in Cornwall and the Carbis Bay pledges were not adequate in providing financing for climate change goals. Climate finance falls far short of the $100 billion planned by 2020.

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This public site was formerly the Royal Mint till 1967 and before that a Cistercian Abbey, one of western civilizations profound spiritual movements that lasted over five centuries 1100 to 1600 from France and England to Portugal and Italy, with 338 Abbeys throughout Europe by 1200 under St Bernard of Clairvaux, France. The Cistercian religious awakening among the people in Europe weakened feudal ties, developed agriculture and created the conditions for the renaissance and scientific revolutions in Europe by 1600.

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Baxter State, Park Adirondacks Park and other State Parks in the US. Adirondacks Park in upstate New York is huge 6 million acres with 3.4 million acres of private land and 100 small towns, 2.6 million acres of public land, 3000 lakes and 46 peaks over 4000 feet. It was set up as "forever wild" by the state constitution in 1892. Nearby is Maine's highest peak Mount Katahdin at 5300 feet in Maine Baxter State Park.

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What we bring is scale, says Teskey, co-founder of Brookfield Asset Management, which has set a target of $25 billion for 2 private funds for climate action. $10 billion has been raised and it continues fundraising. $2 billion from the UAE for energy transition fund and $1 billion for emerging markets transition. Additional fund raising will take place for emerging markets fund. Across all its funds Brookfield says it has raised $100 billion for investment in renewable power and energy transition projects. The demand for renewable power comes from cities and companies looking for cleaner ways of powering everything from data centers to manufacturing. It also comes from regulations on climate and from generous incentives offered by governments. The demand for renewable power from corporates, says Connor Teskey of Brookfield, is simply overwhelming. Teskey and Mark Carney, the former head of the central banks of UK and Canada and the point man on climate for the UN, are co-founders.   Total global energy transition investment was $1.8 trillion in 2023, a 17% increase from 2022, and yet this is nowhere near the needed investment of $4.8 trillion for climate goals needed annually for 2024 to 2030. Lyrarc.com will track these investments in its Climate Change Action part of the site. Brookfield is looking at cutting emissions in what is a broader strategy. whih means it will invest in fossil fuel projects where it can significantly cut emissions. This includes cement and steel makers.    ...

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A Phase 1 trial of over a thousand volunteers shows the Oxford vaccine works well with minimum side effects that can be handled with acetaminophen. Phase 2 trial is underway with volunteers in UK, Brazil and South Africa. Participants given the vaccine had significant increase in antibodies to neutralize the disease, and T cells for long term protection. About 70% reported fatigue or headaches which can be handled with acetaminophen. After the Ebola crisis of 2014 in West Africa the British government invested 120 million pounds to form a group to develop vaccines for top 10 likely threats dubbed "Disease X." On this list was the coronavirus. Scientists at the Jenner Institute at Oxford formed a team as part of this effort. Sarah Gilbert and Adrian Hill led the scientists at Jenner and pioneered research for  a new way to do this- to first replace a part of the virus with a component of the new virus. Then to remove the part of the virus that allows it to replicate in humans. This method is called recombinant adenovirus vector. The Oxford scientists used existing technology in new ways to increase the chances of getting a good vaccine early.  The first vaccine could be developed and tested for mass production by September. A 30,000 participant trial begins in U.S. in August. About 1 billion doses could be manufactured by end of 2020. India's Serum Institute has the manufacturing facilities to do this near Pune, India.  ...

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Much of the inflation reduction actions were taken by the US Federal Reserve as the central bank of the Nation and by president Biden in passing the Inflation Reduction Act and investing in growing the economy. All this may be jeopardized by the action of a Trump administration limiting the independence of the central bank. The support for crypto currency by Trump creates more risks to the economy. Additional risks are posed by the views expressed in Project 2025 on the US central bank. It is stated that the financial stability mandate be removed, that employment stability be removed and its regulatory role be effectively taken out. A commission to be appointed to look at alternatives to the central banking role of the US Fed. There are inflationary episodes and banking crises yet they stem from poor behaviour of banks as private players (2009 financial crisis) and price gouging by companies and firms and are not because of the central bank. There are also episodes of poor management  which reflected the culture of that period such as Libertarian culture under Greenspan. As in management in private industry firms good or poor managers make adifference. The institution created of the central bank around 1910 comes from the crises that happened in the period before that  and how it evolved into its postwar role. This includes the Great Depression when it did not have its regulatory, financial stability and employment role. Tampering with the basic structure that has evolved over 100 years of experience would cause lasting damage to the US economy and expose it to hidden risks. This would put a severe burden on the Nation after the loss of one million lives in the pandemic that just happened, the cost of living crisis, and the severe impact that decades of loss of local manufacturing have placed on communities across America- which both the US Federal Reserve under Jerome Powell and president Biden have fought so hard to tackle. ...

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Oil prices using the Brent crude benchmark drop to $113 a barrel this week with further declines expected as the Saudis are now prepared to increase oil production to support the US in its deterrence campaign against Russia and China. Saudis under Prince Salman will do this in exchange for security guarantees against Yemeni rebels and Iranian attacks.

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There is something about John F. Kennedy that makes his 1000 days simply the blueprint for America's first 100 years since his presidency in 1960- in space and by extension in climate change, in civil rights, in diversity that spans the whole world of Asia-Africa-Latin America, in the struggle for global literacy and education.

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Foreign investment at high rates helped China build its middle class. In the first quarter of 2023 it dropped to $20 billion from $100 billion a year earlier. This means about $80 billion will be going elsewhere to increase incomes and the middle class through investments in the US itself, and in countries such as India and Vietnam.

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US president Biden announces 100% tariff on China made EV's and 50% on solar panels. This is to prevent China from flooding the US market with highly subsidized products from China, give US manufacturers the opportunity to build a market in the US and develop new technologies. It also protects jobs in these industries for American workers.

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WSJ looks at dangerous work loads and overwork, 100-125 hour work weeks with little or no chance for rest for younger workers in investment banking. Most of them sign up for the opportunity unaware of the toll it will take and bosses routinely expect such dangerous workloads ignoring bank policies that are not enforced by the banks management. 

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UK will spend $3 billion more through NHS payment to pharma companies in UK to get the US to cut its pharma tariffs on UK to zero for 3 years. This agreement with UK helps to protect $11 billion in UK pharma exports to the US. For the US it addresses it's complaint that Americans pay more for the same drugs because in Europe the pharma customers pay less, and has called for a correction.

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Rosa Ines Rivera, a cook at the cafeteria for the Y.H. Chan School of Public Health, Harvard University, with 2 small children, describes the protests over the increase by Harvard administration of the premiums charged on health insurance that now take up over 10% of the income. She says she lives in public housing with her parents as she lost her apartment because she is behind on the rent, and now cannot afford to pay the increase in premiums. About 750 workers at Harvard are on strike on this issue. She says dining hall workers want the current pay of $31,193  a year increased to $35,000 to provide a living wage that helps them afford medical care, because of the high cost of living in Boston.  To get some idea of the plight of workers who provide the kind of nutritious meals that a lot of students depend on for healthy living- Rivera says she takes in about $450 a week after taxes, or about $1800, rent is $1150, which leaves $650 for herself and two children for all food, and expenses in Boston. The $4000 in premiums for health insurance would be about 330 per month, leaving her about $320 for food and living expenses with 2 children. Why the need to bring up children in poverty in America, for generation after generation, after putting in a full day of work? ...