Daily Digest 2/5 - UK Declares Power To Break Up Banks, Friends Of Fraud
RBC boosts CEO’s pay 25% to $12.6-million (westcoastjan)
Executive compensation at all the banks has been recovering after cuts made in the wake of the financial crisis. Prior to the turmoil that began in 2008, Mr. Nixon’s paycheque topped out in fiscal 2006 when he received total direct compensation of $11.9-million.
Nearly 85% of respondents did not eat the recommended number of fruits and vegetables per day, while more than 40% fell short of ideal physical activity levels. A fifth of respondents described themselves as smokers, and 11% suggested they were heavy drinkers.
Such habits, the Heart and Stroke Foundation said, are setting survey participants up for years of disappointment.
Friends Of Fraud (Nervous Nelly)
Don’t say that educated and informed consumers can take care of themselves. For one thing, not all consumers are educated and informed. Edward Gramlich, the Federal Reserve official who warned in vain about the dangers of subprime, famously asked, “Why are the most risky loan products sold to the least sophisticated borrowers?” He went on, “The question answers itself — the least sophisticated borrowers are probably duped into taking these products.”
UK Declares New Powers To Break Up Banks (Nervous Nelly)
Britain's banking industry, which accounts for 4.6 percent of annual economic activity, has been caught up in a series of scandals since the financial crisis in 2008. Several leading executives at Barclays have been forced to step down after the bank was hit with 290 million pound fine for rigging Libor, the rate at which banks lend to each other. Royal Bank of Scotland also faces a 500 million pound fine for manipulating the key interest rate. HSBC and Standard Chartered have also fallen foul with regulators over the way they do business overseas.
What consumers will certainly do is scramble into local stores to take advantage of artificially-controlled prices knowing very well they have two short months to stock up on perishable goods at today's prices, before the country's inflation comes soaring back, only this time many of the local stores will not be around as their profit margins implode and as owners, especially of foreign-based chains, make the prudent decision to get out of Dodge while the getting's good and before the next steps, including such measures as nationalization, in the escalation into a full out hyperinflationary collapse, are taken by Argentina's female ruler.
Although endowments are outperforming the S&P500 over a 10-year period, growing at 6.2 percent a over a decade, they aren't expanding at the rate colleges need. Colleges need their endowments to grow by 7.4 percent over 10 years to match inflation and repay money withdrawn from endowments. The study raises alarm since participants reported that an average of 8.7 percent of their operating budget was funded by their endowment, a growth from the typical four to five percent.
Britain had earlier resolved to create a “ring fence” around banks’ investment branches, so that if the investment side ends up facing financial collapse (as happened with many banks operating in Britain during the financial crisis of 2008), it won’t affect the banks’ retail customers (as also happened in Britain during the crisis.)
The engineers' union and the Construction and Specialized Workers Union spent weeks in legal wranglings before the company agreed to hand over about 300 resumes last month to satisfy a Federal Court order.
The unions, which are more broadly seeking a judicial review of Ottawa's decision to issue permits to the workers in the first place, say their findings justify the legal challenge.
Staying Power (Denny J.)
It's not that we don't have enough energy sources. Indeed, every minute, enough solar radiation hits Earth to meet global energy needs for a year. Wind could also single-handedly take care of the entire world's demands, according to research published last year at Stanford University in California (PNAS, vol 109, p 15679). The reason it doesn't is down in part to the mismatch between when the energy can be obtained and when we can use it. Grid operators have to use back-up power stations, which forces up the cost of renewables. That's part of the reason why last year, renewable sources accounted for only 9.4 per cent of the electricity generated in the UK and 13 per cent of electricity in the US?- well short of previous targets.
“We have much more in our toolbox, and I think this is all about transparency and sharing information, and I’m just going to be one piece of that,” Manning told Reuters in an interview from Edmonton, where he was being briefed in advance of traveling to Washington next week.
There is still oil in the ground but we can't afford it anymore, this animation implores us to prepare for the inevitable limitations of our favorite finite energy resource.
Wind Energy In Spain Sets Record (westcoastjan)
"The Spanish economy has gained 3 euros for every one euro invested in incentives for wind farms," the association said in a blog post, adding that the fossil fuels needed to generate the same amount of electricity would have cost $406 million.
Spain has been trying to boost renewable energy production to curb carbon emissions.
The tepid response to EVs also pushed Nissan’s high-profile chief executive, Carlos Ghosn, perhaps the industry’s most outspoken proponent of battery cars, to announce in December a major strategic shift toward more mainstream gasoline-electric hybrids, which overcome many of the shortcomings of pure EVs.
SEA Tankers, a shipping firm based in Merignac, France, that owns the M/T Gascogne, issued a statement Monday confirming the ship had gone missing. The company had been working for a South Korean firm at the time of the attack, according to the Transportation Ministry.
Concerns raised over 'useless' Arctic oil spill plan (westcoastjan)
As summer ice in the Arctic has declined in recent years, the area has become the subject of intense interest from oil and gas companies. Estimates from the US Geological Survey indicated that there could be 60 billion barrels of oil in the region.
The Hidden Costs Of Milk (Amanda)
The dairy industry has spent millions of dollars marketing these medically-unproven health benefits. And while many U.S. physicians warn that the dangers of drinking milk exceed the health benefits, consumers seem to be convinced that milk truly “does the body good”. Milk consumption worldwide is on the rise and the global milk industry has reached a record height of $116 billion. Dairy producers are happy and eager to keep up with the demand.
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