Asks Michael Schuman at the Curious Capitalist.
THE NOTION OF A EUROPEAN-NORTH AFRICAN SUPER-GRID GAINING GROUND
FT Energy Source reproduces an interview with Gregor Czisch of Germany’s Kassel University, who argues that such a supergrid would not be more geopolitically compromising than the current dependence on natural gas.
SOUTH KOREAN INDUSTRIES TO SPEND $18.5 BILLION ON GREEN TECHS TO 2013
Shinhye Kang at Bloomberg reports that South Korean companies plan to spend $18.5 billion in clean energy technologies to capture government spending on green technology and jobs. In the meantime, Choe Sang-Hun at the New York Times reports that there may be some friction between Seoul and DC when they begin renegotiating their nuclear fuel treaty later this year. Nuclear energy provides about 40% of South Korea's electricity. Seoul wants to reprocess the nuclear fuel; the US is opposed because reprocessing makes making nuclear weapons a simpler prospect.
PUTIN EXTENDS FUEL SUBSIDIES FOR FARMERS FACING DROUGHT
Maria Kolesnikova at Bloomberg reports that Prime Minister Putin has agreed to continue fuel discounts to farmers in Russia, who are facing the worst drought in a decade.
OPEC PREDICTS 2.1% INCREASE IN GLOBAL OIL DEMAND IN 2010
Robert Perkins at Platts reports that the IEA predicts a 2.1% increase in global oil demand in 2010, or an additional 1.8 million b/d rise from 2009. For 2011, the IEA predicts a 1.3 million b/d year-on-year growth in global oil demand to 87.8 million b/d. The slowing demand growth comes on top of predictions of growing global GDP.
BASHIR CHARGED WITH GENOCIDE BY INTERNATIONAL CRIMINAL COURT
Colum Lynch and Rebecca Hamilton at the Washington Post report that the International Criminal Court has charged the sitting Sudanese President, Omar Hassan al-Bashir, with genocide. David Eggers and John Pendergrast opine in the New York Times that the US should threaten Sudan to try and ensure that the North-South peace referendum takes place in January. Right now it looks to them that war is inevitable between them. Although they make room for the ICC's recent holding, it is not clear to me how it would be likely to produce a peaceful solution to the emerging problem.
PEMEX TO SELL DOLLAR BONDS
Gabrielle Coppola and Andres R. Martinez at Bloomberg report that Pemex, Mexico's national oil company, will sell at least $500 million in dollar bonds, yielding 250 basis points over US Treasuries today.
BOSTON FED PRESIDENT WORRIED MORE ABOUT DEFLATION THAN INFLATION
Jon Hilsenrath at Real Time Economics reports that Federal Reserve Bank of Boston President Eric Rosengren is more concerned about the possibility of deflation than of inflation.
“The core inflation rate is right around 1%,” he said. “Given the amount of substantial excess capacity that we have in the economy, there is some risk of further disinflation. And I would say the risk of deflation has gone up and is more of a risk than I would like to see at this point.”Rebecca Wilder at News N Economics reports that inflation expectations for all the developed countries appear to be going down.
Edward Hugh at Fistful of Euros argues that there is a global slowdown in the works.