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hardynwa · 8 months

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Why Nigeria must Channel Petroleum Subsidy Savings Towards Driving Green Growth and Sustainable Development in Nigeria

By Prof. Chukwumerije Okereke In a daring move, Nigeria's President, His Excellency President Bola Ahmed Tinubu GCFR, declared the immediate abolition of fuel subsidies during his Inaugural Address on May 29, 2023, stating quite simply that "subsidy is gone". In the coming months, President Tinubu would go on to announce that the money from subsidy payments will be transferred to fund public infrastructure, education, health care, and jobs, among other critical developmental requirements for the country. While the elimination of subsidies was praised as a key step in advancing Nigeria’s divestment from fossil fuels in the global climate change community, it remained unclear, indeed doubtful, whether this was the motivation for Nigeria's decision. There is no denying that the decision to establish the Presidential Compressed Natural Gas Initiative (PCNGI)—an initiative aimed at promoting the widespread adoption of Compressed Natural Gas (CNG)-powered vehicles in Nigeria's transportation system—will have an impact on the country's greenhouse gas emissions and, as a result, will aid Nigeria's net zero and decarbonisation efforts. However, much more is required to make the fuel subsidy programme serve Nigeria’s climate goals.In thinking more holistically and systematically about how the elimination of petroleum import subsidies might assist in driving Nigeria's climate action and ultimately position the country for long-term growth in line with global trends, One start in the right path is to set aside a specific percentage of subsidy savings for a special ring-finance fund that can be used to fund investments and projects in climate adaption, renewables, and climate-smart innovation. This is the path to toe. It is therefore our recommendation that a minimum of 20% of the savings from the subsidy removal regime be dedicated especially to climate-related infrastructure and investments. The fund can be deposited in the Climate Change Fund, which was established by the Climate Change Act, and administered as grants, subventions, allocations for infrastructure projects, subsidies for renewable energy and climate-smart agriculture, and so on. Some of the money can also be used as catalytic funding to leverage bigger investments in renewable energy investment from international public and private sector sources. Going by projected savings, this will free up about N16bn annually for climate finance that can be used to drive sustainable development of Nigeria. Parties to the international climate agreement at COP28 in Dubai, which the president and numerous ministers attended, committed to collaborate to triple the world's installed renewable energy generation capacity to at least 11,000 GW by 2030. Despite Nigeria's significant solar potential, with daily irradiation equivalent to more than a million tonnes of oil, far exceeding its oil and gas outputs, solar accounts for only 0.2% of installed capacity, making its contribution to the country's energy mix almost insignificant. According to a study conducted by Boston Consulting Group and All On (a Shell-funded impact investment company), the off-grid solar market in Nigeria had a compound annual growth rate of 22% between 2018 and 2022, making it one of the fastest growing in Africa during the same period. However, uptake is still hampered by high upfront costs, with only 1.25% of Nigerian households installing the system. According to the same study, installing solar in 30% of Nigerian households by 2030 would save 5 million metric tonnes of CO2, cutting household emissions by 30%. A dedicated fund created from fossil fuel savings can be utilised to invest in the expansion of on-grid and off-grid solar in Nigeria, thereby helping to bridge the energy poverty gap. This becomes even urgent considering that Nigeria continues to have the world's biggest unelectrified population, with over 90 million of the country's 200 million people living off the grid. A recent Agora policy report finds that climate change is causing increased hunger, poverty, disease burden, migration, conflict, and insecurity in Nigeria. It is damaging infrastructure, altering Nigeria's coastlines, fuelling desertification, causing water scarcity, facilitating erosion, and resulting in revenue losses for states and the national government, with the cumulative total economic cost of climate change to Nigeria estimated to be up to USD100 billion by 2050. Climate change might reduce agricultural productivity by 10 to 25 percent by 2080. For some places in the country's north, rainfed agriculture yields could fall by up to 50%. Increased warming trends will also make root crop and vegetable storage difficult for farmers who do not have access to refrigerators, exacerbating the already high degree of postharvest loss. Climate change is therefore arguably the biggest economic development challenge facing Nigeria. President Tinubu will make a bold announcement by allocating 20% of the country’s subsidy savings to the Climate Change Fund, which can then be used to compel higher commitments from the international community. Such promises may take the shape of a strong demand for the debt-for-climate programme, additional money for adaptation, loss and damage, renewables, and a reform of the global finance infrastructure to reduce the risk of investment for potential green firms. Chukwumerije Okereke is Professor of Global Climate Governance and Public Policy at University of Bristol, UK and President, Society for Planet and Prosperity, SPP, Nigeria Read the full article

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clothinglabels · 2 years

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Throughout history political badges have been used to show support for candidates during elections. These small pieces of memorabilia can be made from a variety of materials, including metals, cloth, and plastic. Some are quite rare and valuable, while others are more common. In this blog post, we will take a look at 10 different political pins and buttons from around the world. We will discuss the history behind each one and why they are significant. At Sienna Pacific we offer all kind of Custom Lapel Pins, as political pins or election pins, in Hard and Soft Enamel, Screen Printed, Photo Etched or Cloissoné.... We also manufacture and supply badge patches for the police, law enforcement, military or any kind of logo patch for companies and individuals. We do not sell nor commercialize any of the products listed below but we can always manufacture similar designs and even with antique finishing touch or sandblasted. 10 Political badges and their historic context George Washington's inaugural buttons at the Museum of American Revolution 1. 1789 George Washington's presidency inaugural buttons These buttons were made to inaugurate George Washington's presidency. They are made of copper and have the phrase "Long Live the President" and the initials GW. George Washington's 1789 campaign motto, "Long Live the President," may seem ironic at first glance. After all, this phrase typically references the monarchy in Europe, and the United States was just starting its journey as a democratic nation. However, a deeper dive into history reveals that the use of such a slogan was actually quite fitting for the time. The American Revolution had only just concluded, and much of Europe remained skeptical about the success of this new republic. Washington's campaign worked to reassure both American citizens and foreign rulers that democracy could prevail, and what better way to do so than to adapt traditional phrases of monarchic loyalty and apply them to the presidency? In essence, "Long Live the President" served as a proclamation of faith in the stability and longevity of America's experiment with self-government. (Source) A complete Post Medieval, copper alloy cufflink or cuff button representing George Washington (AD 1732-1799), probably dating from AD 1775 -1799. Each fastener is oval and depicts a incised slightly right forward facing bust of George Washington in tricorne hat (cocked hat as it was referred to in the 18th century) with ' G WASHINGTON' below. The rear of the fasteners is undecorated. Each fastener has an integral looped shank and are joined by an oval link.Dimensions of individual fastener: length: 15.16mm; width: 11.86mm; total weight: 2.55g. Source: The Portable Antiquities Scheme, CC BY 2.0, via Wikimedia Commons Campaign button for Abraham Lincoln, 1860. Portrait appears in tintype. Reverse side of button is a tintype of running mate Hannibal Hamlin. One of the earliest examples of photographic images on political buttons. Source: Mathew Benjamin Brady , Public domain, via Wikimedia Commons 2. 1860 Abraham Lincoln Presidential Campaign political ferrotype or tintype badge In some places it is referred to as a badge but according to some other sources it is a medallion. However, it is considered one of the predecessors of the political pins and buttons. Front: Abraham Lincoln Back: Running mate Hannibal Hamlin In the 1860 Presidential election, political badges were a common way for voters to show their support for a particular candidate. One such badge, depicting Abraham Lincoln, was made using a ferrotype or tintype process. This process involved capturing a photographic image onto a thin sheet of iron or tin. Today, these badges serve as interesting historical artifacts, offering insight into the political climate of the time and the individuals who wore them proudly in support of their preferred candidate. (Source) William Jennings Bryan "No Cross of Gold No Crown of Thorns" Campaign Button. Source: Historical.ha

.com 3. 1896 "No Cross of Gold, no crown of thorns" political campaign pin Among the top historic political badges we have to mention this simple but powerful one. This pin refers to William Jennings Bryan's famous 1896 speech. The mass production of political pins starts this year, thanks to a new industrial production process patented by Whitehead & Hoag. The phrase "No cross of gold, no crown of thorns" was popularized by William Jennings Bryan during the 1896 presidential election. The cross and crown symbolized the conflict between the interests of those in the gold industry, represented by a gold cross, and farmers and laborers, represented by a crown of thorns. This conflict revolved around monetary policy and the use of either gold or silver as a form of currency. Bryan, who supported the use of silver to improve economic conditions for farmers and laborers, famously proclaimed at the Democratic National Convention that he did not want a "cross of gold" imposed upon them. In other words, he did not want the power and interests of the wealthy gold industry to continue dominating over those in farming and labor industries. Ultimately, Bryan lost the election to William McKinley but his famous phrase remains an iconic rallying cry for economic equality. (Source) McKinley-Theodore Roosevelt Campaign and Inaugural Items, ca. 1900-1901 Source: Cornell University Library Public Domain 4. 1904 Theodore Roosevelt Campaign Buttons These political badges were used during Theodore Roosevelt's presidential campaign. The 1904 presidential election saw Theodore Roosevelt, the Republican incumbent, running for his second term in office. Building on his successful first term, Roosevelt campaigned on a platform of continued progress and expansion. He promised to maintain the strong economy and urge Congress to pass important legislation such as the Pure Food and Drug Act. His campaign also focused on expanding American influence abroad, advocating for a more assertive foreign policy and even suggesting the building of a Panama Canal. Roosevelt's campaign was ultimately successful, as he won by a landslide with over 60% of the popular vote. His decisive victory cemented him as a popular and influential president in American history. (Source) Campaign button from John F. Kennedy's 1960 presidential campaign. "There are no known U.S. copyright restrictions on this image." Source: John F. Kennedy 1960 presidential campaign, CC BY-SA 4.0, via Wikimedia Commons John F. Kennedy presidential campaign button; Campaign buttons from the United States presidential election, 1960. Source: John F. Kennedy presidential campaign for 1960., CC BY-SA 4.0, via Wikimedia Commons 5. 1960 JF Kennedy campaign political badges This button was used during John F. Kennedy's presidential campaign. The 1960 presidential campaign of John F. Kennedy was marked by numerous challenges, including his relative youth and inexperience, his Roman Catholic faith, and allegations of financial misconduct. However, Kennedy was able to effectively use television as a medium to present himself as confident, articulate, and charismatic. His famous televised debates with opponent Richard Nixon showcased his quick thinking and ability to connect with the American people. Additionally, Kennedy's team utilized innovative campaign tactics such as featuring the handsome Kennedy family in advertisements and distributing buttons with Kennedy's catchy campaign slogan "Kennedy for President - The New Frontier." (Source) Image of the front of an aluminium and plastic Chairman Mao badge with inscription "梅花欢喜漫天雪" ("the plum blossom is happy and the sky is full of snow" -- a line from a poem written by Chairman Mao in 1962), inscribed "敬祝毛主席万岁无疆" on back, diameter 5.9 cm. Mass produced badge issued throughout during the Cultural Revolution (1966-1971) 6. 1966 to 1971 Chairman Mao Badges - Cultural revolution: These political badges were given out during the Chinese Cultu

ral Revolution. They feature a portrait of Chairman Mao Zedong in several different designs. During China's Cultural Revolution, Chairman Mao badges were worn as a symbol of loyalty and devotion to communist leader Mao Zedong. These small pins featured the iconic portrait of Mao, often with phrases like "Long Live Chairman Mao" or "Serve the People." They were mandatory for all government officials and highly encouraged for citizens, with many wearing multiple badges at once to demonstrate their fervor. Even children as young as three or four years old wore them on their school uniforms. The badges reached peak popularity in the late 1960s, with an estimated nine billion produced during this time. Despite their initial widespread acceptance, the Cultural Revolution ultimately proved to be a destructive and tumultuous period in Chinese history, leading many to question the intense idolization of Mao symbolized by these ubiquitous badges. Today, they are often collected as historical artifacts from this turbulent era in Chinese history. (Source) Soviet Badges collected in Russia during 1990. Source: Jim Linwood Flickr Attribution 2.0 Generic (CC BY 2.0) 7. Soviet Era Political Pins. URSS Pioneer pin with profile of Lenin. Property of the Harvard Kennedy School Library & Knowledge Services, Harvard University: This pin belonged to a member of the Young Pioneer Organization, a communist youth group in the Soviet Union. It features a profile of Vladimir Lenin. The Soviet Union's political pins were a way for individuals to publicly display their allegiance to the state, as well as their commitment to specific political parties or figures. This particular pin features a profile of Vladimir Lenin, founder of the Russian Communist Party and first leader of the Soviet Union. Possessing and wearing such a pin would have been seen as a demonstration of loyalty to the ideals and policies of Lenin and the Communist Party. These pins were often worn on clothing or attached to bags and other personal items, serving both as identification and propaganda tool for the Communist state. It serves as a physical reminder of life under Soviet rule, where individual expression was heavily controlled and party loyalty was prized above all else. Today, these pins serve as historical artifacts, providing insight into life in the Soviet Union during its time in power. (Source) Peace movement protest badge, 'PEACE. PEACE PLEDGE UNION' button badge, white, red and green on black ground; lettering in white- "PEACE." above illustration of poppy plants with "PEACE PLEDGE UNION" below; white label on reverse- SUPPORT - NUCLEAR-FREE - NEW ZEALAND! - FOR INFO WRITE- - BOX 18541 - CH.CH. 9, NZ; pin fastening. Date: (1980s); 22 Apr 1999; eighties; 13 Apr 1999; Elizabeth II (1952 -)-House of Windsor-English reign. Source: Collection of Auckland Museum Tamaki Paenga Hira, 1999.30.22 8. Hippie Patches, Punk Patches, biker Patches are another kind of political badges from the 60s and 70s: These patches were popular among hippies, punks, and bikers in the 1960s and 1970s. They featured a variety of designs, including peace symbols, skulls, and flowers. In the 1960s and 70s, many countercultural movements sought ways to express themselves and differentiate themselves from mainstream society. One form of self expression was through clothing, including wearing embroidered patches. Hippie patches often featured flowers, peace symbols, and messages advocating for love and unity. Punk patches frequently displayed anti-establishment themes and aggressive graphics. Biker patches were worn by motorcycle gangs as symbols of membership and rank within the group. These patches continue to be popular among individuals looking to reflect their personal values and interests through fashion choices. While some may dismiss them as mere accessories, these patches hold deep significance for those who choose to wear them. In a world where individualit

y can sometimes feel lost in conformity, wearing patches is one way for people to assert their unique identities. 9. 2008 "Yes We Can" Obama U.S. Presidential Election Campaign Buttons These buttons were used during Barack Obama's presidential campaign. They feature the slogan "Yes We Can." In 2008, Barack Obama's "Yes We Can" campaign slogan inspired millions of Americans to rally behind his presidential candidacy. The phrase tapped into the country's collective desire for change, rallying diverse communities to come together and strive for a better future. During the campaign, Obama utilized various media platforms such as social media, television ads, and public appearances to spread his message and connect with voters. Despite facing steep odds against a well-established political opponent, Obama ultimately won the election and became the first African American president in U.S. history. The "Yes We Can" campaign will forever be remembered as a defining moment in American politics and a symbol of hope for those who seek equal opportunities in this country. 10. Donald Trump 2016 Presidential Campaign Buttons These buttons were used during Donald Trump's presidential campaign. They feature the slogans "Make America Great Again" and "Trump 2016." The 2016 presidential election was filled with historic moments, and collectors have taken note. The Donald Trump campaign buttons from that year have become hot collectibles, with new listings popping up on eBay every day. These buttons feature the now-iconic slogans "Make America Great Again" and "Trump 2016." Whether you supported Trump's campaign or not, these buttons provide a glimpse into one of the most talked about elections in modern history. While they may be nostalgic reminders of a landmark election for some, others see political badges as evidence of different times in human history, and how big movements, revolutionary ideas and leaders made use of them as a way of encoraging loyalty among their followers and spread their messages. Whatever the case, these buttons stand as part of history and make a notable addition to any political memorabilia collection. The tradition of wearing or giving away patches to support political candidates continues in the 21st century. So, if you see a political pin or button that you like, make sure to pick it up! It might just be a valuable piece of history.

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gwuscrc · 7 years

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In preparation for President Thomas LeBlanc’s inauguration set for November 13, 2017 we are highlighting inaugurations of past GW presidents using materials from the University Archives.

Benaiah Longley Whitman was president of Columbian University (now George Washington University) from 1895 to 1900. He was inaugurated as the 8th president of the university on November 15, 1895. According to the articles in the above picture issues of The Columbian Call, 6,000 people attended his inauguration which was held in Convention Hall. A tin horn sounded down New York avenue and under a street light “were seen a squad of fellows resplendent in orange and blue,” (GW’s colors were orange and blue before they were buff and blue!)

President Whitman had a commanding personality. He was of large figure and his face was impressive with “philosophic calm”. It was natural to him to do things in a large way. He was eminent in scholarship, and his judgments were always characterized by magnanimity.

The University grew during his administration, although financial difficulties continued, a condition that was soon to become critical. The student body increased from 1,000 to 1,300, there were many additions to the faculties and many new courses of study. Also during Whitman’s tenure the University Extension Program was established, library science was added to the curriculum, a new law school building was erected, and training of nurses begun at the University's new hospital (whose new female superintendent was also the first woman to appear on the official faculty list). A special event during this period was the establishment of the School of Comparative Jurisprudence and Diplomacy. President McKinley and his cabinet attended the opening of the new school.

Whitman was born in Torbrook, Nova Scotia, November 21, 1862 and he died in Seattle, Washington, November 27, 1911. He graduated from Brown University in the class of 1887, with a B.A. degrees, and received an M.A. degree in 1890. He received the honorary degree of D.D. from Bowdoin College in 1894; the degree of LL.D. from Howard University in 1899, and from Furman University in 1906.

He married Mary J. Scott of Newton, Massachusetts, December 6, 1888. He was pastor of the Free Street Baptist Church, Portland, Maine, 1890-92; President of Colby University, 1892-95; President of Columbian, now George Washington University, 1895-1900; pastor of the Fifth Baptist Church, Philadelphia, Pennsylvania, 1900-07; First Baptist Church, Seattle, Washington, from 1908 until his death in 1911. He was lecturer in Bucknell University, 1900-07; trustee of Newton Theological Institution, 1894-02; of Crozer Theological Seminary, 1901-08; President of the American Baptist Historical Society, 1900-07. He was a member of the Delta Upsilon Fraternity and of Phi Beta Kappa.

His inaugural address at Colby University, Ideals of Education (1892) is available online.

He also authored:

Elements of Ethics (1893);

Elements of Sociology (1894);

Elements of Political Science (1899);

Outlines of Political History (1900).

Learn more about GW Presidents on GWPast

#Benaiah Longley Whitman #GWU #columbian university #Thomas Le Blanc #GW Presidents #GW Presidential Inauguration #GW History

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classyfoxdestiny · 3 years

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Business News Live: Maruti Suzuki India to recall over 1.81 lakh cars

3:02 P.M.

U.S. funding tapped for Pacific undersea cable after China rebuffed

The Federated States of Micronesia will tap a U.S. funding facility to construct a Pacific undersea communications cable, after rejecting a Chinese company-led proposal that was deemed a security threat by U.S. officials, Reuters reported.

2:59 P.M.

Geely’s Volvo Cars warns on sales as supply woes dent output

Sweden-based automaker Volvo Car Group warned on Friday that sales volumes in the second half of 2021 could fall year-on-year after it was forced to cut production due to material shortages, Reuters reported.

The carmaker, owned by China’s Geely Holding, said sales fell 10.6% from a year ago in August, despite strong underlying demand, and cautioned the potential decline in volumes in the second half could impact revenue and profit.

2:54 P.M.

U.S. labor agency investigating two complaints from Apple workers

The U.S. National Labor Relations Board is investigating two cases filed by Apple Inc employees against the company, records on the agency’s website show, amid a wave of employee activism at a company known for its secretive culture.

Ashley Gjovik, a senior engineering program manager at Apple, filed an Aug. 26 charge, which cites harassment from a manager, reduction of responsibilities and increases in unfavorable work, among other complaints, Reuters reported.

2:48 P.M.

U.S. job growth seen slowing in August as Delta variant curbs services demand

U.S. employment growth likely pulled back in August after gaining nearly 2 million jobs in the past two months as soaring COVID-19 cases reduced demand for travel and entertainment, but the pace was probably enough to sustain the economic expansion.

Unemployment rate seen falling to 5.2% from 5.4%, Reuters reported.

2:33 P.M.

Deutsche Bank’s ESG Probe Triggers Review at Asset Managers

European asset managers are reviewing their ESG labeling and marketing claims following news of probes into the investing arm of Deutsche Bank AG, according to people close to the process, Bloomberg reported.

2:23 P.M.

Section of SpiceJet employees go on strike at Delhi airport over salary issues

A section of employees of SpiceJet airline went on strike at the Delhi airport on Friday morning over issues related to reduced salaries, PTI reported.

SpiceJet has been paying reduced salaries to a significant number of employees since 2020 as its finances have been hit due to COVID-19 pandemic-related travel restrictions. Other airlines have also cut the salaries since 2020 for the same reason.

2:15 P.M.

China’s SMIC to invest $8.87 bln for new chip plant in Shanghai

China’s Semiconductor Manufacturing International Corp will invest $8.87 billion to build a chip plant in Shanghai, it said on Friday, expanding capacity amid a global chip shortage as Beijing pushes to boost independence in the sector.

SMIC said it agreed to build a production line with monthly capacity of 100,000 12-inch wafers in the Lingang Free Trade Zone (FTZ) in the Pudong district of China’s business hub, Reuters reported.

2:12 P.M.

Tata Consumer Products rolls out new branding for Tata Soulfull range

Tata Consumer Products on Friday announced the rollout of new branding for the Tata Soulfull range of health and wellness food.

The company said it has integrated the Tata logo into the Soulfull portfolio, subsequent to Tata Consumer Soulfull Pvt Ltd becoming a 100% subsidiary of Tata Consumer Products in February 2021, PTI reported.

2:08 P.M.

Dollar hits one-month lows before payrolls test

The dollar sank to its lowest in almost a month against major rivals on Friday, ahead of a crucial U.S. jobs report that could spur the Federal Reserve to an earlier tapering of stimulus.

The dollar index was little changed at 92.227 after earlier touching 92.151 for the first time since Aug. 5, Reuters reported.

2:03 P.M.

Reliance aims at 100 GW renewable energy by 2030, bring hydrogen cost under $1: Ambani

Reliance Industries aims to generate at least 100 gigawatts of electricity from renewable sources by 2030, which can be converted into carbon-free green hydrogen, its chairman Mukesh Ambani said on Friday as he outlined a vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

The focus on generating electricity from renewable sources of energy such as solar and wind will help cut carbon emissions in the world’s third-largest greenhouse gas emitter, PTI reported.

1:56 P.M.

Alibaba, Tencent Look Cheap Even With China Crackdown Risks, NYU Professor Says

Some of China’s bellwether Internet stocks are undervalued even as risks of further downside from Beijing’s regulatory clampdown persist, according to a finance professor at New York University.

Alibaba Group Holding Ltd. is the most undervalued by 12.7% compared to its fair value followed by Tencent Holdings Ltd. at 8%, PTI reported.

1:31 P.M.

Maruti Suzuki India to recall over 1.81 lakh cars

Maruti Suzuki India to proactively recall 181,754 units of some petrol variants of CIAZ, ERTIGA, VITARA BREZZA, S-CROSS AND XL6.

The automaker will inspect for a possible defect in these models manufactured between 4th May 2018 to 27th October,2020, PTI reported.

1:22 P.M.

Bharti’s rights issue credit positive for itself, neutral for Singtel: Moody’s

Bharti’s rights issue is credit positive for the company, said Moody’s Investors Service. It noted that the fresh capital would keep the leverage relatively stable amid 5G investments, ongoing cash payments for spectrum and settlement outgo related to AGR.

For Bharti’s 31.7% shareholder, Singapore Telecommunications (Singtel), the transaction is ‘credit neutral’, it said.

Bharti Airtel board had recently approved raising up to ₹21,000 crore by way of rights issue, at a price of ₹535 per share, PTI reported.

1:15 P.M.

Future Retail seeks an early hearing in the SC on its retail merger deal with Reliance

Future Retail Ltd Friday sought an early hearing in the Supreme Court on its fresh appeal against a recent Delhi High Court order which said it will implement an earlier direction restraining FRL from going ahead with its ₹24,731 crore merger deal with Reliance Retail.

Amazon and Future are having a legal tussle after the US e-commerce giant dragged Future Group to arbitration at Singapore International Arbitration Centre (SIAC) in October last year, arguing that FRL had violated their contract by entering into the deal with rival Reliance.

On March 18, a single judge bench of Justice J R Midha had imposed costs of ₹20 lakh on the Future Group and others associated with it and ordered attachment of their properties. The high court had asked the parties to file an affidavit detailing their assets within one month and show cause as to why they not be detained under civil prison, PTI reported.

Sensex and Nifty continued their record breaking streak, opening at fresh record highs with Sensex crossing 58,000 for the first time. Asian shares held onto their gains while Oil fell ahead of a highly anticipated U.S. monthly jobs report.

There was something to rejoice for the Indian economy as the IHS Markit Services Purchasing Managers’ Index rose to 56.7 in August, expanding at its fastest pace since March 2020 when the pandemic began.

HDFC Life Insurance said it will buy the life insurance unit of battery maker Exide Industries for ₹6,687 crore, and added that Exide Life will merge into HDFC Life after the acquisition. After the IPO of Indian firms attracted significant interest from the investors around the world, E-commerce retailer Snapdeal is also considering an initial public offering that could raise about $400 million, Bloomberg reported.

12:45 P.M.

Japanese shares hit 30-year highs as Suga offers to step down

Japanese shares soared with the broad Topix index hitting a 30-year high, after Prime Minister Yoshihide Suga offered to resign, Reuters reported.

The country’s Nikkei share average rose 2.04% while the broader Topix vaulted 1.61% to reach levels not seen since April 1991. For the week, the Nikkei gained 5.4%, the most since early November when Joe Biden won the U.S. presidential election.

“Japanese shares had badly underperformed in recent months despite very strong earnings recovery and the only reason I could think of was a sense of stagnation due to the government’s poor response to the pandemic,” Takashi Hiroki, chief strategist at Monex Securities told Reuters.

12:25 P.M.

Snapdeal considers $400 million IPO

E-commerce retailer Snapdeal is considering an initial public offering that could raise about $400 million, Bloomberg reported.

The company is speaking with advisers regarding a potential listing in Mumbai next year that could value it at as much as $2.5 billion.

Discussions are still at an early stage, and the firm could decide not to proceed with the plan. Bloomberg said representatives for Snapdeal and SoftBank declined to comment.

12:13 P.M.

Copper edges higher as dollar sinks ahead of U.S. jobs data

Industrial metals were mostly higher today, with copper’s advance putting it on track for a second straight weekly gain, as the dollar sank to its lowest in almost a month ahead of a crucial U.S. jobs data, according to a Reuters report.

Three-month copper on the London Metal Exchange was up 0.6% at $9,433.50 a tonne, while the most-traded October copper contract on the Shanghai Futures Exchange rose 1% to 69,500 yuan ($10,760.35) a tonne, the report noted.

12:02 P.M.

Tata Motors opens 70 new sales outlets in South India

Tata Motors today inaugurated 70 new sales outlets across South India in one go, as part of its retail acceleration strategy. Spread across 53 cities, the new outlets have been strategically mapped to key emerging markets of the Southern region, the company said.

The showrooms will be home to the company’s ‘New Forever’ range of passenger vehicles, including its electric vehicles portfolio.

With the addition of new showrooms, Tata Motors’ network in Southern India (Karnataka, Tamil Nadu, Pondicherry, Telangana, Andhra Pradesh and Kerala) will be 272 and the retail footprint in India will grow to 980, a PTI report noted.

11:50 A.M.

Reddit seeks to hire advisers for U.S. IPO

Reddit Inc, the operator of online message boards, is seeking to hire investment bankers and lawyers for an initial public offering (IPO) in New York, Reuters reported, citing two people familiar with the matter.

Reddit was valued at $10 billion in a private fundraising round last month. By the time the IPO takes place early next year, Reddit hopes it will be valued at more than $15 billion, according to the report.

11:10 A.M.

August service activity grows at fastest pace since pandemic began

India’s services industry in August expanded at its fastest pace since March 2020 when the pandemic began as businesses reopened and vaccination rates improved, Reuters reported citing a survey.

The IHS Markit Services Purchasing Managers’ Index rose to 56.7 in August, above the 50-level that indicates growth. PMI had been below 50 for three months and was 45.4 in July.

“The Indian service sector bounced back in August, led by the reopening of several establishments and improved client confidence due to growing vaccine coverage,” Polyanna De Lima, economics associate director at IHS Markit told Reuters.

“Service providers foresee a brighter outlook, with firms indicating that the economic recovery could be sustained if restrictions continue to be lifted and further waves of contamination can be avoided.”

11:00 A.M.

Indian companies’ foreign borrowing jumps 60% in July

Indian companies raised over $3.43 billion from foreign markets through external commercial borrowings (ECBs) in July this year, a jump of about 60% from a year ago, PTI reported citing RBI data.

Indian companies had borrowed $2.15 billion from overseas markets in July 2020.

Of the total borrowings during July 2021, $3.03 billion came in through the automatic route of the ECB, while $400 million was through the approval route.

10:45 A.M.

Sebi moves Supreme Court against SAT order on PNB Housing Finance

Markets regulator Sebi has approached the Supreme Court against the Securities Appellate Tribunal’s order related to the PNB Housing Finance’s ₹4,000 crore equity capital raise plan, PTI reported.

On August 9, the two-member bench of the Securities Appellate Tribunal (SAT) pronounced a split verdict, saying there was difference of opinion between the members of the bench. PNB Housing Finance is restrained by SAT from disclosing the voting results by the shareholders on the fund raise plan until further orders.

“It has been brought to our notice that SEBI has filed an appeal to the Supreme Court of India against the order of SAT,” PNB Housing Finance said in a regulatory filing.

10:15 A.M.

CEO, CFO of scam-hit Karvy arrested

Karvy Stock Broking Chief Executive Officer Rajiv Ranjan Singh, and Chief Financial Officer G. Krishna Hari of Karvy were arrested basing on a complaint by IndusInd bank for allegedly involving in diverting funds raised from banks by pledging clients’ securities as collaterals, PTI reported.

The police had earlier arrested Chairman C Parthasarathy, on charges of defaulting a loan to the tune of ₹137 crore to IndusInd Bank.

10:00 A.M.

HDFC Life Insurance to buy Exide Life

HDFC Life Insurance will buy the life insurance unit of battery maker Exide Industries for ₹6,687 crore, the company said in a regulatory filing.

As part of the deal, HDFC will issue 8.7 crore shares to Exide Industries at ₹685 per share and the remaining amount as a cash payout of ₹726 crore. Exide Life will merge into HDFC Life after the acquisition. .

“This is a landmark transaction, first of its kind, in the Indian life insurance space,” HDFC Life Chairman Deepak Parekh said in a statement. “It would enhance insurance penetration and further our purpose of providing financial protection to a wider customer base.”

9:30 A.M.

Sensex crosses 58,000 for first time

Indian benchmark equity indices continued their record breaking streak. Sensex and Nifty opened at fresh record high with Sensex hitting the 58,000 mark for the first time.

At 9:16 IST, Sensex was up 0.38% at 58070.12 while Nifty rose 0.36% to 17296.

9:15 A.M.

Oil falls before U.S jobs report

Oil prices fell before after strong overnight gains ahead of a highly anticipated U.S. monthly jobs report, Reuters reported.

U.S. West Texas Intermediate (WTI) crude futures slipped 0.3% to $69.75 a barrel while Brent Crude fell 0.2% to $72.90 a barrel.

The fall was likely due to traders squaring positions ahead of U.S non-farm payrolls report for August as there are concerns that consensus maybe weaker than forecasts, Stephen Innes, managing partner at SPI Asset Management told Rueters.

9:00 A.M.

Asian shares hold gains

Asian shares held onto their gains while global shares were at record highs, Reuters reported.

MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat in early trading. Japan’s Nikkei rose 0.38%, Australia was up 0.3%, and Korea soared 0.61%.

Chinese blue chips fell 0.27% and Hong Kong was down 0.6%.

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californiaprelawland · 4 years

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What Are The Legal Implications Of A Domestic Terrorism Bill?

By Sydney George, Occidental College Class of 2023

January 22, 2021

On January 6th, 2021, a mob of extremist President Trump supporters invaded the U.S. Capitol as Congress planned to verify the Electoral College results of the 2020 Presidential Election. Some of the rioters brought zip-tie handcuffs, and multiple explosive devices were discovered near the Republican and Democratic national committee offices. Five people died from the events and many more were injured.

The insurrection event is only one of many episodes of violence by right-wing extremists in recent years. Incidents of right-wing violence have been escalating on the national level for some time. In 2019, the number of hate crimes in the U.S. reached levels unseen in over a decade. [1] It is estimated that in 2019, far-right extremist attacks and plots constituted nearly two-thirds of terrorist activity in the United States and were responsible for more than 90% of annual fatalities from acts of terrorism within the U.S. [2] Similarly, an October 2020 report from the U.S. Department of Homeland Security concluded that "racially and ethnically motivated violent extremists—specifically white supremacist extremists (WSEs)—will remain the most persistent and lethal threat in the Homeland." [3]

Newly inaugurated President Joe Biden has condemned these outbreaks of violence and vowed to prioritize passing a statute to combat domestic terrorism. Currently, there are no specific federal laws against domestic terrorism, leaving law enforcement agencies to convict violent extremists on the basis of other related statutes, like laws against hate crimes, assault and battery, organized crime, and illegal firearms. [4] Hence, passing a statute against domestic terrorism would expand the entire legal framework for convicting crimes of this nature. It would also majorly shift the priorities of federal agencies who tend to focus security resources on global terror threats rather than domestic ones.

The bill known as the Domestic Terrorism Prevention Act of 2019, which aimed to prevent domestic terrorism, was passed by the U.S. House of Representatives last fall with bipartisan support but was blocked in the Senate by Senator Ron Johnson. As stated in the language of the bill, the bill was intended to "authorize dedicated domestic terrorism offices within the Department of Homeland Security, the Department of Justice, and the Federal Bureau of Investigation to analyze and monitor domestic terrorist activity and require the Federal Government to take steps to prevent domestic terrorism" [5] in response to the growing threat of white supremacists and other right-wing terrorist groups.

On January 19th, 2021, in response to the insurrection at the U.S. Capitol, several members of Congress introduced a similar bill called the Domestic Terrorism Prevention Act (DTPA) of 2021. The legislation is nearly identical to the previous bill as it authorizes federal agencies to "analyze and monitor domestic terrorist activity and require the Federal Government to take steps to prevent domestic terrorism" [6].

More specifically, the DTPA would bolster federal efforts in assessing threats and supply more resources to state, local, and tribal law enforcement agencies in order to prevent terrorist activity. It would allow offices within the Department of Homeland Security (DHS), the Department of Justice (DOJ), and the Federal Bureau of Investigation (FBI) to investigate and prosecute cases of domestic terrorism and report to Congress with threat assessments, with a particular emphasis on white supremacist groups. The DTPA further structures a Domestic Terrorism Executive Committee to "coordinate with United States Attorneys and other key public safety officials across the country to promote information sharing and ensure an effective, responsive, and organized joint effort to combat domestic terrorism." [7]

"America must be vigilant to combat those radicalized to violence, and the Domestic Terrorism Prevention Act gives our government the tools to identify, monitor and thwart their illegal activities," said one of its co-sponsors, Rep. Brad Schneider (IL-10). [7]

Many current and former national security officials have echoed the support for a federal crackdown on domestic terrorist activity and for a specific law against domestic terrorism. The FBI Agents Association has stated their support for making "domestic terrorism a federal crime" to "ensure that FBI Agents and prosecutors have the best tools to fight domestic terrorism." [8]

Others are not so confident in the possible ramifications of the bill. On January 19th, 2021, a coalition of 220 national civil rights organizations, called the The Leadership Conference on Civil and Human Rights, wrote a letter to Congress expressing their deep concern about the "proposed expansion of terrorism-related legal authority." [9] The letter, undersigned by 135 organizations, wrote, "We must meet the challenge of addressing white nationalist and far-right militia violence without causing further harm to communities already disproportionately impacted by the criminal-legal system," specifically Black and brown communities, who have historically been targeted by similar provisions. The bill could give broad legal authority to federal agencies to target activists and religious minorities.

The letter further points out that the DOJ already "has over 50 terrorism-related statutes it can use to investigate and prosecute criminal conduct" and that the present failure to manage the violence of white supremacists stems from a failure to properly use the legal tools already in place.

Rather than pass a domestic terrorism bill, this coalition suggests that Congress should publicize current federal efforts to fight white supremacist violence, investigate the FBI-documented infiltration of law enforcement by white supremacist groups, require public hate crime data, and "regularly hold hearings featuring communities that are experiencing white nationalist violence" to ensure accountability from Congress. The letter was signed by many prominent non-profit organizations, such as the American Civil Liberties Union, the NAACP, and the Human Rights Watch.

Political strategist and organizer Akin Olla expressed similar concerns in a recent article for the Guardian. [10] He reflected on how after 9/11, the USA PATRIOT Act was intended to fight terrorism but was used more broadly to "monitor and interfere with the work of activists – leading to violations of civil liberties such as the placement of undercover NYPD officers in Muslim student groups across the north-east." [11] A law against domestic terrorism might similarly endanger civil liberties.

The potential for increased measures against domestic terrorism has many serious legal implications for both public safety and civil liberties. How Congress and President Biden will proceed will likely have major ramifications for years to come.

______________________________________________________________

[1] Balsamo, M. (2020, November 16). Hate crimes in US reach highest level in more than a decade. AP NEWS. https://apnews.com/article/hate-crimes-rise-fbi-data-ebbcadca8458aba96575da905650120d

[2] Jones, S. G., Doxsee, C., & Harrington, N. (2020, June 17). The Escalating Terrorism Problem in the United States. Center for Strategic and International Studies. https://www.csis.org/analysis/escalating-terrorism-problem-united-states

[3] Department of Homeland Security. (2020, October). Homeland Threat Assessment. Retrieved January 21, 2021, from https://www.dhs.gov/sites/default/files/publications/2020_10_06_homeland-threat-assessment.pdf

[4] Collins, A. C. (2020). The Need for a Specific Law Against Domestic Terrorism. GW Program on Extremism, 6. https://extremism.gwu.edu/sites/g/files/zaxdzs2191/f/The%20Need%20for%20a%20Specific%20Law%20Against%20Domestic%20Terrorism.pdf

[5] 116th Congress. (2019, March 27). Domestic Terrorism Prevention Act of 2019 [Screenshot Photograph]. Congress.Gov. https://www.congress.gov/bill/116th-congress/senate-bill/894/text?q=%7B%22search%22%3A%5B%22white+supremacy%22%5D%7D&r=1&s=2

[6] 117th Congress. (2021, January 12). Domestic Terrorism Prevention Act of 2021 [Screenshot Photograph]. Congressman Brad Schneider. https://schneider.house.gov/sites/schneider.house.gov/files/DTPA%20of%202021.pdf

[7] Domestic Terrorism Prevention Act (DTPA) of 2021 Introduced in House. (2021, January 19). Congressman Brad Schneider. https://schneider.house.gov/media/press-releases/domestic-terrorism-prevention-act-dtpa-2021-introduced-house#:%7E:text=The%20Domestic%20Terrorism%20Prevention%20Act%20of%202021%20would%20strengthen%20the,threat%3B%20and%20providing%20training%20and

[8] FBI Agents Association, [@FBIAgentsAssoc]. (2019, August 6). FBI Agents Association on [Tweet]. Twitter. https://twitter.com/FBIAgentsAssoc/status/1158748525263511558

[9] The Leadership Conference on Civil and Human Rights. (2021, January 19). 135 Civil Rights Organizations Oppose a New Domestic Terrorism Charge. https://civilrights.org/resource/135-civil-rights-organizations-oppose-a-new-domestic-terrorism-charge/

[10] Reporter, G. S. (2021, January 21). The US Capitol riot risks supercharging a new age of political repression. The Guardian. https://www.theguardian.com/commentisfree/2021/jan/14/biden-protest-surveillance-repression

[11] Hawley, C. (2016, December 20). NYPD monitored Muslim students all over Northeast. Associated Press. https://www.ap.org/ap-in-the-news/2012/nypd-monitored-muslim-students-all-over-northeast

Photo Credit: TapTheForwardAssist

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phgq · 4 years

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Biden to require walking boot after spraining foot

#PHnews: Biden to require walking boot after spraining foot

WASHINGTON – US President-elect Joe Biden sprained his foot while playing with one of his dogs and will likely be in a walking boot "for several weeks," his doctor said Sunday.

Dr. Kevin O'Connor, director of executive medicine at GW Medical Faculty Associates, said in a statement that initial X-rays did not show any obvious fracture, but his clinical exam warranted more detailed imaging.

O'Connor said a computed tomography (CT) scan confirmed "hairline [small] fractures” of Biden's “lateral and intermediate cuneiform bones, which are in the mid-foot.”

"It is anticipated that he will likely require a walking boot for several weeks," O'Connor added.

Biden slipped Saturday while playing with Major, one of his two dogs, and twisted his ankle, ABC News reported. The Bidens adopted Major in 2018. They acquired their first dog, Champ, after the 2008 election.

The 78-year-old will take office following his inauguration on Jan. 20, after winning the Nov. 3 presidential race against President Donald Trump by more than 6 million votes. (Anadolu)

***

References:

* Philippine News Agency. "Biden to require walking boot after spraining foot." Philippine News Agency. https://www.pna.gov.ph/articles/1123377 (accessed December 01, 2020 at 12:26AM UTC+14).

* Philippine News Agency. "Biden to require walking boot after spraining foot." Archive Today. https://archive.ph/?run=1&url=https://www.pna.gov.ph/articles/1123377 (archived).

#Philippines #News #Filipino #Pinoy #Tourism #Politics #Culture #Editorial #Environment #Society #History

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sharonamurphy · 7 years

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7 for 2017: Global Energy Market Trends

The global energy landscape continues to evolve. Sometimes by the nanosecond, sometimes by the day. But there is no such thing as a glacial pace. So to keep up-to-date on the developments that will influence and shape the terrain, here’s the latest installment of our “Global Energy Market Trends“.

Topics for 2017 include:

Renewable Energy Growth Regions

Permian Shale Takes on OPEC

The Continued Rise of Corporate PPAs

The Convergence of Efficiency, Supply and Demand Decision-Making

Expanding LNG Market Signals New Global Price Relationships

Political and Policy Changes and the Energy Implications: Part I (What won’t change.)

Political and Policy Changes and the Energy Implications: Part II (What will change.)

Read on for a selection from the whitepaper.

Political and Policy Changes and the Energy Implications: Part I

Politics aren’t often fertile ground for widespread agreement. But 2017 offers at least one notable exception. After 2016’s unpredictable votes in the UK and US, 2017 may usher in the first full year in a new political climate. The US certainly offers the most visible shift with Donald Trump’s inauguration signaling an ideological shift away from Barack Obama’s presidential policy on topics ranging from taxes and free trade to international relations.

However, Donald Trump is merely the avatar of a much broader trend.

The 2017 national elections in France and Germany could reshape plans for electricity infrastructure in Europe. In Britain, Prime Minister Theresa May will likely take the first formal steps to begin Britain’s departure from the European Union following a victorious Brexit vote last year.

Elsewhere, France will elect a new president. Polls indicate Francois Hollande’s left-aligned Socialist part is likely to be replaced by either a Republican or National Front candidate – parties frequently described as center-right or far-right, respectively.

In these and many other countries, the political climate has shifted dramatically. They are characterized by growing concerns on ideas of national identity, support for economic nationalism, and increased skepticism of free trade and open borders. These are ideas that are politically charged and extend well beyond the narrow focus of energy markets. Nonetheless, their potential impacts on the global energy landscape have been the subject of frequent discussion. Upon closer inspection, it’s important not only to consider what changes events like these will mean for energy but also those areas that are unlikely to change.

European Energy Markets

With a focus on energy, the ongoing Brexit timeline is unlikely to significantly impact European energy markets in 2017. Early indications point to a continuation of major energy projects in the European Union (EU), such as the NEMO interconnection line between Belgium and the UK or a 1.4 GW interconnection link to Norway. The continuation of those projects suggests that, despite Brexit, the UK power market is actually poised to develop stronger ties to the continent rather than breaking away.

Considering the UK typically sees some of the highest power prices on the continent, the push for greater connectivity is likely to weigh on corresponding future power prices while it offers support to connected market prices.

The UK’s Membership in the European Emissions Trading System

Additionally, the UK is likely to remain a member of the European emissions trading system (EU ETS), which provides the framework for the region’s carbon market. While the market includes all EU member states, it also already includes several non-EU members (e.g., Norway, Switzerland, and Iceland).

Given the precedent, Britain’s departure from the EU wouldn’t necessarily require a departure from the EU ETS. That’s especially important for the overall cost of carbon in the EU since a Brexit-related departure would likely be a significantly bearish factor for European carbon prices.

The United States’ Role as an Energy Importer

Stateside, the election of Donald Trump will bring about a number of changes, few as significant as federal energy policy. Before speculating on the changes that will unfold, several aspects still live beyond the reach of an executive order. Case in point: despite President Trump’s support for the oil, gas, and coal industry, along with bipartisan calls for “American energy independence,” the US will import energy from foreign sources regardless of who is in the White House. Those imports can come in many forms – from Canadian gas and electricity to Venezuelan oil to UK gasoline.

The simple fact is the US will still buy energy from dozens of foreign countries.Of course, “energy independence” doesn’t have to mean an end to energy imports altogether. For many, the term may refer to the overall balance, with the US eventually becoming a net exporter of energy. The switch from net importer to net exporter is something sectors such as natural gas and propane have already achieved, mainly due to the US shale boom that unfolded over the past decade.

In terms of oil, though, while that shale boom may have succeeded in lowering the need for imported oil, the US still imports millions of barrels of foreign oil every day. Certainly, President Trump is likely to pursue policies that lower the overall need for oil imports, including supporting the construction of new pipelines and opening new areas to drilling activity.

Further, trade restrictions on countries — Mexico or Saudi Arabia, for example – could alter the origin of US energy imports and force oil from those countries to Europe, China, or other markets. Nonetheless, even the most aggressive energy policy will see the US import more oil and refined products than it exports through 2017 and well beyond.

While a rapid rise in shale production helped boost US exports in recent years, the US remains one of the world’s largest importers of crude oil and refined products

Higher Renewable Energy Capacity

Finally, one energy trend is likely to continue almost universally: renewable energy capacity will continue to trend higher regardless of geography. Despite the Brexit turmoil, pro-Brexit Prime Minister Theresa May voiced strong support for clean energy just as anti-Brexit advocate David Cameron did during his time as Prime Minister before May. In France, far-right presidential candidate, Marine Le Pen, once a climate-change skeptic, called for a move towards a “zero-carbon” economy as part of her environmental platform.

Even in the US, where Donald Trump has been an outspoken skeptic of climate change and renewable incentives, renewables are expected to see significant growth in 2017 and in the years ahead. While Democrats and Republicans don’t often find common ground, polls show the idea of renewable energy is popular on both sides of the aisle.

As mentioned earlier, the US Congress extended the investment tax credit (ITC) and production tax credit (PTC) through 2020, which significantly boosts the incentive to build new wind, solar, and other renewable energy projects in the near future. That means even a removal of certain regulations on coal and other traditional brown power sources wouldn’t tarnish renewables as an attractive investment in US markets.

Ultimately, long-term trends and planned projects are difficult to reverse, even in the face of a changing political climate.

For more trends and information, download the 7 Global Trends for 2017 whitepaper.

The post 7 for 2017: Global Energy Market Trends appeared first on Renewable Choice Energy.

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omcik-blog · 8 years

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New Post has been published on OmCik

New Post has been published on http://omcik.com/the-stock-market-rally-too-far-too-fast/

The stock market rally: Too far, too fast

The Dow has soared nearly 2,500 points, or 13%, since Donald Trump was elected president of the United States. And the world’s most famous market barometer is up more than 1,000 points, or 5%, in just the past month — after Trump was inaugurated.

Investors are clearly giddy.

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Wall Street is expecting tax reform and an unwinding of Obama era regulations on banks and health care companies under Trump and the Republican-led Congress.

In addition, there are hopes for a massive stimulus package to help rebuild roads, bridges and other infrastructure.

Trump has also met with business leaders from several key industries in the past month and many of those CEOs have all talked about adding jobs in the U.S. in order to further boost the economy.

But are investors ignoring to potential risks? CNNMoney’s Fear & Greed Index, which measures seven indicators of sentiment, is now showing signs of Extreme Greed in the market. That could be a sign that the rally may soon end.

Trump may also find that it’s not as easy to get things done in Washington as it is when you are running a private company. It could take a lot longer than he’d like to get his economic proposals through Congress, even with a Republican majority.

“Investors have embraced an oversimplified story of tax cuts and less regulation on Trump. That narrative may start to unwind,” said Aaron Clark, portfolio manager at GW&K Investment Management.

“It’s going to be difficult to get things like repealing and replacing the Affordable Care Act for example,” Clark added.

And Trump’s proposed immigration ban, which may wind up going through a lengthy court battle, could hurt big tech companies that have heavily recruited foreign talent.

Related: Stocks on best winning streak in 25 years

Investors may also grow frustrated if Trump spends more time holding combative press conferences and attacking the media on Twitter instead of doing actual work that would lift the economy.

And there are some big international risks too, particularly in Europe. It’s still unclear what long-term impact Brexit will have on the U.K. and the rest of Europe.

Populism is spreading throughout the continent. It’s not just Theresa May in Britain. There are concerns that French presidential candidate Marine Le Pen could wind up being the Trump of the eurozone and push France to “Frexit” the EU.

Italy has a new government (again) after Matteo Renzi stepped down late last year. And concerns about Greece’s debt load have raised their ugly head again. (Welcome back my friends, to the show that never ends!)

This is all happening as bond rates in the U.S. are continuing to rise and the Federal Reserve is set to raise interest rates several more times this year. Higher rates could take a bite out of any stimulus from the Trump administration.

“I’m very surprised by how the stock market has reacted,” said Mary Ann Hurley, vice president of fixed income trading at D.A. Davidson & Co. “Frankly, the bond market does not believe the stimulus hype.”

“If it were that simple to create growth, it would have happened already in Japan and Europe,” she said. “Talk is cheap. And I’m concerned about rising interest rates and worried about the protectionism and populism in Europe.”

Related: Here’s why Trump hasn’t killed the bull market

Some strategists are worried about the rise of protectionism in the United States.

Trump quickly moved to kill the President Obama-backed Trans-Pacific Partnership. He also has had tough words with Mexico, Japan, China and Germany about their currencies and exports.

“I’m very worried about Trump’s trade policy,” said Shannon Saccocia, head of asset allocation at Boston Private Wealth. “The risk is that China winds up replacing the U.S. as a big trading partner for other nations.”

“If there’s a vacuum in leadership, China could fill it,” Saccocia added.

Despite these numerous risks, the market has continued to chug higher.

That might not be a problem if stocks were cheap. But they’re not.

John Butters at FactSet Research points out that the S&P 500 is now trading at about 17.6 times earnings estimates for the next 12 months. That’s its highest valuation since 2004.

Related: Is Trump the reason for the bull market? Or Janet Yellen?

Simply put, investors are betting that absolutely nothing will go wrong in the global economy over the next few months.

That seems unlikely given the concerns about Europe and the U.S. — as well as the fact that China’s economy is cooling off, India has had a hiccup due to the elimination of some of its paper currencies and Japan remains stagnant.

Humberto Garcia, head of global asset allocation for Leumi Investment Services, fears that investors are way too optimistic.

“The market has a lot of euphoria baked into it,” Garcia said. “After the election, I said animal spirits were dancing. They’re dervishes now.”

CNNMoney (New York) First published February 22, 2017: 11:27 AM ET

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hardynwa · 8 months

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Why Nigeria must Channel Petroleum Subsidy Savings Towards Driving Green Growth and Sustainable Development in Nigeria

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