People buying SUVs are cancelling out climate gains from electric cars
- The growing popularity of SUVs is making it even harder to cut carbon dioxide emissions and meet climate goals.
- Oil consumption by conventional cars – excluding SUVs – is estimated to have dropped 10 per cent, or by over 1.8 million barrels a day, in 2020.
- The increase in SUVs in 2020 led to a rise in oil consumption that cancelled out the effect of electric cars, says Petropoulos.
- Between 2010 and 2020, global CO2 emissions from conventional cars fell by nearly 350 megatonnes, due to factors such as fuel efficiency improvements as well as the switch to electric.
- This trend means overall emissions from all types of cars are not falling despite the growth in electric vehicles (EVs).
- It takes more resources, including bigger batteries, to build electric SUVs, says Petropoulos, and they consume around 15 per cent more electricity.
Per Capita Energy and Wealth Levels
- It is very difficult to have full economic development without about 5000-kilowatt hours per capita for electricity.
- The UK has about per capita electricity generation for a developed nation at about 4500-kilowatt hours per person.
- This electricity generation needs to be adjusted higher if the country is a major importer.
- A major importing nation is bringing in goods and services that require a lot of electricity to be generated from the exporting nation.
- The developed countries that are not using much electricity are often : importing heavy energy goods have good climates that need less heating in winter have a financial or other non-heavy industry-focused economy.
- China is a net exporter of goods while Europe is a net importer.
- Indonesia should be at 140 watts per capita as they have been building power generation.
Global fundies' positioning points to 'imminent' correction
- Investor sentiment is bullish, readings on earnings per share, yields, inflation and emerging markets are at record highs and cash holdings are at an eight-year low, according to a survey of global fund managers.
- Bank of America said the survey found a net 87 per cent of fundies expect global profits to improve over the next 12 months, the best outlook for profits since February 2002.
- While US equities have rallied to start 2021, the survey found that a record net 62 per cent of fundies are "overweight" emerging markets.
- In his second inauguration on March 4, 1865, Lincoln sought to begin the healing of a divided country emerging from a bloody Civil War. Sophisticated investors are so bullish that a correction in risk assets is "imminent", according to Bank of America.
Too Many Survey Questions? Let Ant Colony Optimization Handle It.
- In this article, I describe how to shorten surveys using ant colony optimization (ACO) in R.
- In the social and behavioral sciences, researchers often use online surveys and questionnaires to collect data from a sample of participants.
- When participants get tired, they may skip questions, provide inaccurate responses due to insufficient effort responding, or even abandon the survey completely.
- Engineers decided to use the way Argentine ant colonies function as an analogy to solve the shortest path problem and created the ACO algorithm .
- The survey consists of 36 questions measuring two attachment dimensions for adults: avoidance and anxiety (see Figure 2).
- Second, we will activate the ShortForm package in R that includes the antcolony.lavaan function to shorten surveys using the ACO algorithm.
- In the example above, ACO was able to produce a shorter version of the ECR survey that includes only 12 questions.
Cisco Lifts Acacia Bid From $2.5B to $4.5B to Clinch the Deal
- Ian King (Bloomberg) -- Cisco Systems Inc. raised its offer for Acacia Communications Inc. by more than 70% to close a deal that its target tried to walk away from.
- Acacia shareholders will get $115 a share in cash in the revised bid, for a total deal value of $4.5 billion, Cisco said in a statement Thursday.
- The new terms reflect the difficulties of trying to do transactions that require approval in China and the surge in public market value of technology stocks.
- Networking equipment maker Cisco announced in July 2019 that it had reached a deal to acquire Acacia, an optical component maker, for about $2.6 billion, saying the merger would help it capture a bigger chunk of spending on 5G telecommunications networks.
- Last week Acacia said that it was terminating the agreement because Cisco didn’t receive Chinese regulatory approval within the time-frame of the merger agreement.
U.S. Stock Futures Rise Ahead of Yellen’s Testimony
- U.S. stock futures and international indexes were broadly higher Tuesday ahead of Janet Yellen’s testimony before a Senate committee where she is expected to support higher spending on coronavirus relief.
- Futures tied to the S&P; 500 gained 0.6%, and contracts linked to the Nasdaq-100 advanced 0.9%.
- The Stoxx Europe 600 gained 0.4% in morning trade.
- Energy and industrials sectors led gains while the consumer discretionary sector lost ground.
- EasyJet added 2.7%.
- John Wood Group declined 3.1%.
- The U.K.’s FTSE 100, which is dominated by large international businesses, rose 0.6%.
Nearly half of adult Canadians struggle with literacy
- Despite relatively high education rates, an analysis of international assessments by Statistics Canada in 2013 showed that more than one in six adult Canadians fell short of passing the most basic set of literacy tests.
- About half the adult population fell short of passing a high school level of assessment, by testing the ability to digest lengthier and more complex texts while processing the information accurately.
- In some provinces, immigrants with a very high literacy score actually represented a higher proportion than the Canadian-born population.
- Due to these economic factors, even if the Canadian education system is producing graduates with high enough literacy scores, these skills sets can atrophy.
- Some Canadians filling those "high-risk, low-mobility" jobs most susceptible to automation would have difficulty shifting to work that requires literacy; they tend to come from some of the country's largest industries, such as manufacturing, food services, accommodation, retail and construction.
Fundies keep wary eye on inflation risk
- Inflation has been missing in action for a decade but fund managers and strategists caution that resurgent price pressure may emerge as a risk over coming years given the rebound in global growth fuelled by massive stimulus.
- Traditional measures of inflation remain subdued but market-based gauges of inflation expectations have risen strongly since their March lows as investors price in a recovery, higher commodity prices and a waning in deflationary trends like globalisation.
- While understanding why investors were buying cyclical stocks on a six to 12-month view given the anticipated rebound in growth, he said stronger longer-term portfolio performance would come from stocks exposed to structural growth themes that offered growth double or triple that of GDP growth.
- Ms Liu sees five major themes driving the markets over 2021: return to work, reflation, higher dividends, housing, and structural growth.
Regaining Rio's social license to operate
- New CEO Jakob Stausholm will happily bear higher costs to restore the iron ore miner's relationship with the Puutu Kunti Kurrama and Pinikura people.
- Against a background of booming iron ore revenues, Rio Tinto's new chief executive, Jakob Stausholm, is steadily working on regaining the trust of the Indigenous people of the Pilbara, the Puutu Kunti Kurrama and Pinikura people.
- Jakob Stausholm is working on a "remedy" for permanently rebuilding relations with Indigenous Australians.
- The company told last year's parliamentary inquiry into the Juukan destruction that the remedy "includes immediate actions like the moratorium area, rebuilding the relationship and establishing an enduring legacy".
- On Tuesday, Stausholm said Rio would "modernise and improve agreements" with Indigenous Australians, particularly in the Pilbara.
- He says Rio has returned 74 per cent of free cash flow (pre-growth capex) to shareholders over the past four years.