One of the world’s biggest cities is running out of water. Sao Paulo, a city of 20 million people, could run dry within weeks. The humanitarian and economic cost would be immense. The fiasco should be a global wakeup call for other metropolises.
Drought and population growth are driving some West Valley cities to place a greater importance on reclaimed water — or water from a toilet, shower, dishwasher and the like — as a renewable drinking-water resource.
Spain’s 10-year yield dropped five basis points, or 0.05 percentage point, to 1.923 percent as of 4:17 p.m. London time and touched 1.922 percent, the lowest since Bloomberg started collecting the data in 1993.
“We are losing around $40bn per year due to geopolitical sanctions and we are losing some $90bn to $100bn per year due to oil prices falling 30pc,” Mr Siluanov said in a speech in Moscow, reported by RIA Novosti news agency.
South Africa’s economy expanded less than expected in the third quarter, putting the continent’s most developed economy among other big emerging-market peers that are failing to bring about a hoped-for global recovery.
Home prices in Germany’s biggest seven cities are about 25 percent overvalued, the central bank said, unchanged from February.
“If problems in the property market arise in isolation, in an otherwise stable economic landscape, banks should be able to compensate for mortgage losses through profits elsewhere,” the Bundesbank said. “However, because property crises are often accompanied by a macro-economic slowdown, the aggregated losses could significantly impair banks’ ability to cope with risk.”
The Organization for Economic Cooperation and Development has downgraded its projections for Japan’s economic growth in 2014 and 2015, acknowledging that the country has slipped back into recession in the wake of the April 1 consumption tax hike.
Bank of Japan Governor Haruhiko Kuroda on Tuesday stressed the bank’s readiness to expand stimulus further to meet its price goal, standing firm in the face of criticism that last month’s monetary easing has accelerated unwelcome falls in the currency.
Profits of Japanese corporations have soared thanks to the central bank’s monetary expansion, which has weakened the yen. But wages for many workers have remained flat or even fallen, while prices have risen.
Weak purchasing power is seen as one reason why consumer demand has fallen and remained weak after a sales tax hike in April, from 5 percent to 8 percent.
One half of generic medicines went up in price between last summer and this summer; about 10 percent more than doubled in cost in that time, with some common medicines rising by over 500 percent, new data released in connection with a Congressional hearing found.
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