BP: Record Drop in Global Coal Consumption in 2015

first_img FacebookTwitterLinkedInEmailPrint分享Yukako Ono for the Financial Times:Global coal consumption dropped 1.8 per cent in 2015, its largest fall on record, according to BP, as demand increasingly shifts to greener fuels. Coal was the only fuel that lost global market share in the power market although it remained the second largest with 29.2 per cent, the lowest share since 2005.The net decline in coal consumption was due to economic growth slowdowns in the US and China where production fell too, BP said.BP said in its statistical review released today that the shift is helping carbon emission reduction:Sluggish demand growth together with the shift in the energy mix away from coal meant that the growth in carbon emissions from energy consumption stalled in 2015. This encouraging development represented the slowest growth in emissions in nearly a quarter of a century (aside from immediately following the financial crisis).Carbon emissions increased by just 0.1 per cent in 2015, BP noted.Full article: Global coal demand saw record fall last year — BP BP: Record Drop in Global Coal Consumption in 2015last_img read more

State pension liabilities pose biggest threat to Germany’s credit rating

first_imgGermany’s AAA sovereign credit rating could come under threat in the years ahead, according to credit rating agency Scope.In its most recent report on the country’s financial stability, Scope named “future pension liabilities” as the top source for credit weakness in the future, ahead of “low domestic investment” and “adverse demographics”.“The combination of a lack of investment and an ageing population points to an emerging imbalance between younger and older generations, which will have a lasting impact on the economy,” Scope said.It added that “rising unfunded pension liabilities” and an increase in age-related spending could “dampen government revenue generation on the back of weaker economic growth”. “To help mitigate this, further adjustments to the social security and pension systems are needed,” Scope urged. “If no action is taken, the debt ratio, including future liabilities from health and pension expenditure will bring Germany back into the realm of highly indebted countries in the euro area.”However, the analysts cautioned that the government would likely be met with resistance from the electorate if it sought to reform the pension system.Last month, Scope criticised the German government’s plan to guarantee current pension payout levels and replacement rates from the first pillar. Ein Staatsfonds für Deutschland?Meanwhile, German economist Volker Brühl, managing director of the Centre for Financial Studies in Frankfurt, proposed the creation of a sovereign wealth fund to ensure sustainability of the state pension system.The current government plan for financing the first-pillar guarantee only dealt with budgetary needs up to 2025, he said.“It is as yet unclear what a sustainable pension concept for the time after 2025 could look like,” Brühl said.The economist added that the government had estimated the annual top-ups needed for the state pension system would reach “well above €100bn by 2031”, compared with €67.8bn in 2018.“This has to change,” Brühl said. “Therefore, the current debates on the future financial security of the pension system should assess whether the existing ‘pay-as-you-go’ system should be extended by a funded component.”He proposed the creation of a “Rentenfonds Deutschland” – effectively a sovereign wealth fund for pensions, to be financed from tax money and, if necessary, “a moderate debt level”.“If the assets in such a state fund are invested in a… long-term portfolio with a high equity share, it will yield attractive returns that can help to absorb some of the pension liabilities,” Brühl said.According to his calculations, such a fund could reach €1trn by 2050 “without damaging the solidity of the public finances”.There have been calls for the creation of a sovereign wealth fund in the recent past, but these were mainly aimed at creating a funding basis for infrastructure investments.last_img read more

Mr. Lloyd Alan Harris

first_imgMr. Lloyd Alan Harris, age 69, of Vevay, Indiana, entered this life on June 22, 1950, in Cincinnati, Ohio. He was the loving son of the late, Lloyd Sheldon and Burnetta G. (Gullion) Harris. Alan was raised in Switzerland County, Indiana and was a 1968 graduate of the Madison High School in Madison, Indiana. Alan majored in biology at Purdue University in West Lafayette, Indiana, until he was in an accident his senior year of college. He was united in marriage to Sharon Bear. Alan was later united in marriage to Rebecca Sue Robinson on September 3, 1990, at the Patriot Baptist Church in Patriot, Indiana. This happy union was blessed with three sons, Travis, Christopher and Danny. Alan was later united in marriage to Carolyn Sarah Mahan on September 10, 1999 in Covington, Kentucky. Alan and Sarah shared seven years of marriage together until she passed away on September 25, 2006. Alan owned and operated the Alan Harris and Sons Appliances in Vevay, Indiana, for 34 years. Alan was a former member of the Millwright Local Union No.1076 of Greenwood, Indiana and Millwright Local Union No.1003 of Indianapolis, Indiana. Alan was a member of the Sons of the American Legion Post #185 and the Sons of the American Legion Post #5396. Alan enjoyed playing euchre at the Legion and VFW and swimming, but most of all, spending time with his loving grandchildren. Alan passed away at 2:15 p.m., Wednesday, August 21, 2019, near Vevay, Indiana.Alan will be missed by his sons, Travis Harris of Vevay, IN, Christopher Harris and his wife, Amanda of Vevay, IN and Danny Harris and his companion, Skyla Allen of Patriot, IN; his grandchildren, Cassius, Jonah, Tripp and Jexlynn Harris; his step-sons, John Davis and his wife, Bethany of Crittenden, KY and Cory Davis of Crittenden, KY; his sister, Paula Ann (Harris) Dodd of Madison, IN; his nieces, Kimberly Newlin of Birmingham, AL, Jennifer Wester and her husband, Derek of Birmingham, AL; his nephew, Brian Dodd of Madison, IN and his great-nieces and nephews, Cole, Lily, Ella, Whitten and Sutton.He was preceded in death by his parents, Lloyd Sheldon and Burnetta G. (Gullion) Harris, died August 18, 1997; his wife, Carolyn Sarah (Mahan) Harris, died September 25, 2006; his brother-in-law, Edward Jacob “Ed” Dodd, Jr, died August 7, 2018.Funeral services will be conducted Monday, August 26, 2019, at 1:00 p.m., by Rev. Mike Jones at the Haskell & Morrison Funeral Home, 208 Ferry Street, Vevay, Indiana 47043.Friends may call 11:00 a.m. – 1:00 p.m., Monday, August 26, 2019, at the Haskell & Morrison Funeral Home, 208 Ferry Street, Vevay, Indiana 47043.Memorial contributions may be made to the Guy S. Harris Scholarship Fund c/o CFSCI or to the Harris Park c/o Patriot Posey Park Board. Cards are available at the funeral home or online at www.haskellandmorrison.comlast_img read more