Showing posts with label Environment. Show all posts
Showing posts with label Environment. Show all posts
Places to visit in Africa before you die.
Monday, April 26, 2010
Labels:
African News,
Environment,
Traveling
Cost of Eyjafjallajökull: Canadians and Koreans count their losses.
Saturday, April 24, 2010
By Mark Cobley
Empty skies and chaos at airports as silica dust blots out brilliant springtime sun in Northern Europe dominates pictures in newspapers today, as Eyjafjallajökull continues to belch to the east. Much focus is on the financial losses to the airports and airlines, thought to amount to £100m (€114.2m) in the UK alone, but who ultimately bears these costs?
Well spare a thought for Korean pensioners and teachers in Ontario.
Korea's national pension fund bought 12% of London's Gatwick airport when it was sold by Spanish owners in February this year. Meanwhile the Canadians will have found themselves particularly exposed to "volcano risk" this morning: the C$100bn (€73.7bn) Ontario Teachers' Pension Plan has stakes in both Birmingham and Bristol airports, and also Copenhagen, which some fear will be shut later this weekend as the ash drifts south from Norway.
This is probably why it has a globally-diversified portfolio, with a stake in Sydney's airport too.
A fellow Canadian fund, the Caisse de Dépôt et Placement du Québec, owns 26% of BAA, the UK airports operator that runs Heathrow and had to sell Gatwick after a competition ruling. So at least the Canadians are spreading their volcano risk around.
Global Infrastructure Partners, a $5.6bn (€4.1bn) investment-fund joint venture between General Electric and Credit Suisse, will also be nervously watching the skies over London for continued signs of ash-clouds this weekend. It has a 75% holding in London City Airport and the lion's share of Gatwick too.
Even the Arabs may have something to worry about. The Abu Dhabi Investment Authority is believed to have acquired a nearly 15% stake in Gatwick from Global Infrastructure Partners, according to a report in the FT.
GIP, the Ontario Teachers' Plan, ADIA, and the CDPQ could not be reached for comment this morning.
Source:www.efinancialnews.com
Empty skies and chaos at airports as silica dust blots out brilliant springtime sun in Northern Europe dominates pictures in newspapers today, as Eyjafjallajökull continues to belch to the east. Much focus is on the financial losses to the airports and airlines, thought to amount to £100m (€114.2m) in the UK alone, but who ultimately bears these costs?
Well spare a thought for Korean pensioners and teachers in Ontario.
Korea's national pension fund bought 12% of London's Gatwick airport when it was sold by Spanish owners in February this year. Meanwhile the Canadians will have found themselves particularly exposed to "volcano risk" this morning: the C$100bn (€73.7bn) Ontario Teachers' Pension Plan has stakes in both Birmingham and Bristol airports, and also Copenhagen, which some fear will be shut later this weekend as the ash drifts south from Norway.
This is probably why it has a globally-diversified portfolio, with a stake in Sydney's airport too.
A fellow Canadian fund, the Caisse de Dépôt et Placement du Québec, owns 26% of BAA, the UK airports operator that runs Heathrow and had to sell Gatwick after a competition ruling. So at least the Canadians are spreading their volcano risk around.
Global Infrastructure Partners, a $5.6bn (€4.1bn) investment-fund joint venture between General Electric and Credit Suisse, will also be nervously watching the skies over London for continued signs of ash-clouds this weekend. It has a 75% holding in London City Airport and the lion's share of Gatwick too.
Even the Arabs may have something to worry about. The Abu Dhabi Investment Authority is believed to have acquired a nearly 15% stake in Gatwick from Global Infrastructure Partners, according to a report in the FT.
GIP, the Ontario Teachers' Plan, ADIA, and the CDPQ could not be reached for comment this morning.
Source:www.efinancialnews.com
Labels:
Business and Finance,
Environment
Oil Exploration:President Barack Obama approves offshore drilling in Virginia
Wednesday, March 31, 2010
By PHILIP ELLIOTT, Associated Press Writer Philip Elliott, Associated Press Writer
WASHINGTON – In a reversal of a long-standing ban on most offshore drilling, President Barack Obama is allowing oil drilling 50 miles off Virginia's shorelines. At the same time, he is rejecting some new drilling sites that had been planned in Alaska.
Obama's plan offers few concessions to environmentalists, who have been strident in their opposition to more oil platforms off the nation's shores. Hinted at for months, the plan modifies a ban that for more than 20 years has limited drilling along coastal areas other than the Gulf of Mexico.
Obama was set to announce the new drilling policy Wednesday at Andrews air base in Maryland. White House officials pitched the changes as ways to reduce U.S. reliance on foreign oil and create jobs — both politically popular ideas — but the president's decisions also could help secure support for a climate change bill languishing in Congress.
The president, joined by Interior Secretary Ken Salazar, also was set to announce that proposed leases in Alaska's Bristol Bay would be canceled. The Interior Department also planned to reverse last year's decision to open up parts of the Chukchi and Beaufort seas. Instead, scientists would study the sites to see if they're suitable to future leases.
Obama is allowing an expansion in Alaska's Cook Inlet to go forward. The plan also would leave in place the moratorium on drilling off the West Coast.
In addition, the Interior Department has prepared a plan to add drilling platforms in the eastern Gulf of Mexico if Congress allows that moratorium to expire. Lawmakers in 2008 allowed a similar moratorium to expire; at the time President George W. Bush lifted the ban, which opened the door to Obama's change in policy.
Under Obama's plan, drilling could take place 125 miles from Florida's Gulf coastline if lawmakers allow the moratorium to expire. Drilling already takes place in western and central areas in the Gulf of Mexico.
The president's team has been busy on energy policy and Obama talked about it in his State of the Union address. During that speech, he said he wanted the United States to build a new generation of nuclear power plans and invest in biofuel and coal technologies.
"It means making tough decisions about opening new offshore areas for oil and gas development," he warned.
Obama also urged Congress to complete work on a climate change and energy bill, which has remained elusive. The president met with lawmakers earlier this month at the White House about a bill cutting emissions of pollution-causing greenhouse gases by 17 percent by 2020. The legislation would also expand domestic oil and gas drilling offshore and provide federal assistance for constructing nuclear power plants and carbon sequestration and storage projects at coal-fired utilities.
White House officials hope Wednesday's announcement will attract support from Republicans, who adopted a chant of "Drill, baby, drill" during 2008's presidential campaign.
The president's Wednesday remarks would be paired with other energy proposals that were more likely to find praise from environmental groups. The White House planned to announce it had ordered 5,000 hybrid vehicles for the government fleet. And on Thursday, the Environmental Protection Agency and the Transportation Department are to sign a final rule that requires increased fuel efficiency standards for new cars.
WASHINGTON – In a reversal of a long-standing ban on most offshore drilling, President Barack Obama is allowing oil drilling 50 miles off Virginia's shorelines. At the same time, he is rejecting some new drilling sites that had been planned in Alaska.
Obama's plan offers few concessions to environmentalists, who have been strident in their opposition to more oil platforms off the nation's shores. Hinted at for months, the plan modifies a ban that for more than 20 years has limited drilling along coastal areas other than the Gulf of Mexico.
Obama was set to announce the new drilling policy Wednesday at Andrews air base in Maryland. White House officials pitched the changes as ways to reduce U.S. reliance on foreign oil and create jobs — both politically popular ideas — but the president's decisions also could help secure support for a climate change bill languishing in Congress.
The president, joined by Interior Secretary Ken Salazar, also was set to announce that proposed leases in Alaska's Bristol Bay would be canceled. The Interior Department also planned to reverse last year's decision to open up parts of the Chukchi and Beaufort seas. Instead, scientists would study the sites to see if they're suitable to future leases.
Obama is allowing an expansion in Alaska's Cook Inlet to go forward. The plan also would leave in place the moratorium on drilling off the West Coast.
In addition, the Interior Department has prepared a plan to add drilling platforms in the eastern Gulf of Mexico if Congress allows that moratorium to expire. Lawmakers in 2008 allowed a similar moratorium to expire; at the time President George W. Bush lifted the ban, which opened the door to Obama's change in policy.
Under Obama's plan, drilling could take place 125 miles from Florida's Gulf coastline if lawmakers allow the moratorium to expire. Drilling already takes place in western and central areas in the Gulf of Mexico.
The president's team has been busy on energy policy and Obama talked about it in his State of the Union address. During that speech, he said he wanted the United States to build a new generation of nuclear power plans and invest in biofuel and coal technologies.
"It means making tough decisions about opening new offshore areas for oil and gas development," he warned.
Obama also urged Congress to complete work on a climate change and energy bill, which has remained elusive. The president met with lawmakers earlier this month at the White House about a bill cutting emissions of pollution-causing greenhouse gases by 17 percent by 2020. The legislation would also expand domestic oil and gas drilling offshore and provide federal assistance for constructing nuclear power plants and carbon sequestration and storage projects at coal-fired utilities.
White House officials hope Wednesday's announcement will attract support from Republicans, who adopted a chant of "Drill, baby, drill" during 2008's presidential campaign.
The president's Wednesday remarks would be paired with other energy proposals that were more likely to find praise from environmental groups. The White House planned to announce it had ordered 5,000 hybrid vehicles for the government fleet. And on Thursday, the Environmental Protection Agency and the Transportation Department are to sign a final rule that requires increased fuel efficiency standards for new cars.
Chile's 8.8 earthquake
Saturday, February 27, 2010
PHOTO CREDITS: USATODAY.COM
One of the largest earthquakes ever recorded tore apart houses, bridges and highways in central Chile
The magnitude-8.8 quake was felt as far away as Sao Paulo Brazil Haiti
At least 214 people were killed, according to Interior Minister Edmundo Perez Yoma, and officials said about 1.5 million homes sustained at least some damage.
President Michelle Bachelet declared a "state of catastrophe" in central Chile United States
Labels:
Environment,
Environment -Earthquake
WORLD'S STRONGEST QUAKES
Sources: U.S.
Labels:
Environment
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