Developing Countries to Benefit from Oil Price Slump

first_imgThe World Bank says gains from low oil prices could be substantial for developing-country importers if supported by stronger global growth.The latest edition of Global Economic Prospects released Thursday said the lower prices reflected several years of upward surprises in oil supply and downward surprises in demand. Other factors are receding geopolitical risks, a significant change in policy objectives of the Organization of the Petroleum Exporting Countries (OPEC), and the dollar’s appreciation.”Although the relative strength of the forces driving the recent plunge in prices remains uncertain, supply related factors appear to have played a dominant role,” it said.The bank said soft oil prices were expected to persist in 2015 and would be accompanied by “significant real income shifts from oil-exporting to oil-importing countries.”For many oil-importing countries, lower prices contribute to growth and reduced inflationary, external, and fiscal pressures,” it added.Madam Ayhan Kose, the World Bank Director of Development prospects, said lower oil prices provided a “window of opportunity to undertake fiscal policy and structural reforms as well as fund social programs.””In oil-exporting countries, the sharp decline in oil prices is a reminder of significant vulnerabilities inherent in highly concentrated economic activity and the necessity to reinvigorate efforts to diversify over the medium and long term,” Kose said.The analysis on oil prices in Global Economic Prospects is complemented by two special features on how trends in global trade and remittance flows are impacting developing countries.Global trade weak on cyclical and long-term factorsGlobal trade expanded by less than 3.5 percent in 2012 and 2013, well below the pre-crisis average annual rate of 7 percent, holding back developing country growth in recent years.Weak demand, mainly in investment but also in consumer demand, is one of the main causes of the deceleration in trade growth.With high-income countries accounting for some 65 percent of global imports, the lingering weakness of their economies five years after the crisis suggests that weak demand continues to adversely impact the recovery in global trade.However, long-term trends have also slowed trade growth, including the changing relationship between trade and income. Specifically, world trade has become less responsive to changes in global income because of slower expansions of global supply chains and a shift in demand from trade-intensive investment to less trade-intensive private and public consumption.The analysis finds that these long-term factors affecting trade will also shape the behavior of trade flows in the year’s ahead-in particular, which the expected recovery in global growth is not likely to be accompanied by the rapid growth in trade flows observed in the pre-crisis years.Remittances have potential to smooth consumptionA second special feature reports that remittance flows to many low- and middle-income countries are not only significant relative to GDP but also comparable in value to foreign direct investment (FDI) and foreign aid.Since 2000, remittances to developing countries have averaged about 60 percent of the volume of total foreign direct investment flows. For many developing countries, remittances are the single largest source of foreign exchange.The study finds that, in addition to their considerable volume, remittances are more stable than other types of capital flows, even during episodes of financial stress.For example, during past sudden stops, when capital flows fell on average by 14.8 percent, remittances increased by 6.6 percent. The stable nature of remittance flows, the analysis concludes, means that they can help smooth consumption in developing countries, which often experience macroeconomic volatility.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Events taking place Saturday February 7th 2009

first_imgHere are the events taking place today in the Energetic City06:00 AM – 06:00 PM  Atom House Tournament08:00 AM  Hydro/Government Bonspiel08:00 AM – 05:00 PM  Indoor Women’s Soccer Tournament10:30 AM – 11:30 AM  Pre-School Storytime06:00 PM  Chocolate Festival06:00 PM – 01:00 AM  Esperanza El SalvadorTBA  Oldtimer’s Hockey TournamentFor more upcoming events visit Advertisement –last_img

Carbon tax decision still causing a stir

first_imgIn addition, a tax hike would have meant energy companies behind the province’s proposed LNG projects would have had to factor into their development plans significantly higher carbon tax rates, which by 2024 could have reached 100 dollars a tonne.Thus, given the continuing downturn in the oil and gas industry, fuelled by stubbornly low natural gas prices, and increased global production, has already resulted in lengthy delays by leading LNG project proponents on final investment decisions, there was concern a carbon tax increase could have been the determining factor leading them to scrap their development plans. So the government will pursue its 2050 target without the implementation of a 2018 tax hike, as a tool to reduce carbon emissions, but like the Premier, Mr. Keane argues exporting natural gas, a lower-intensity carbon emission fuel, will help replace coal, in areas like Asia, and he says the LNG industry should get some recognition for its small global carbon contribution. FORT ST. JOHN, B.C. – Even though a series of increases in the BC carbon tax was among its 32 recommendations, not every member of the government appointed Climate Leadership Team supports the idea.David Keane is President of the BC LNG Alliance and has been quoted as saying the industry is not opposed to a price on carbon, but does not support an increase at this time in the 30 dollar a tonne tax.He says it’s concerned that BC is so far ahead of other jurisdictions that it is prudent for the province to do, what it announced last week it will do, wait until those other jurisdictions catch up.- Advertisement -Thus, the Liberal government put on hold the recommended annual carbon tax increase of 10 dollars a tonne beginning in 2018 and extending through to 2050.That angered backers who viewed it as a key to getting BC back on track to reach its ambitious goal of reducing its greenhouse gas emissions by 80% over 2007 levels by 2050.However in many of their voter base areas, like this one, a tax increase, could very well have been political suicide for the governing Liberals in next spring’s election, especially when considering this province already has the second highest tax driven average price for retail gasoline in the country. Advertisementlast_img read more

Norwich 4-5 Liverpool: Adam Lallana’s last-gasp goal settles Carrow Road thriller

first_imgAdam Lallana scored deep into injury-time to earn Liverpool victory against Norwich in a sensational encounter at Carrow Road on Saturday lunchtime.The Reds took the lead early on when Roberto Firmino’s scuffed shot trickled in off Declan Rudd’s far post.Dieumerci Mbokani’s brilliant backheel drew Norwich level before former Everton star Steven Naismith fired home a debut goal to put the hosts ahead at the break.Ten minutes into the second half, Wes Hoolahan converted a penalty to stretch the Canaries’ lead and, at 3-1, Liverpool looked dead and buried.But Jordan Henderson reduced the arrears almost immediately, sweeping home after a deft touch from Firmino.The influential Firmino, again preferred to Christian Benteke in attack, then levelled things up when he brought down substitute Lallana’s centre and coolly finished past Rudd.With 15 minutes left, the comeback looked to be complete as James Milner seized on a woeful backpass from Russell Martin to put Liverpool 4-3 up.But Norwich then demonstrated their own fighting spirit as Bassong’s powerful strike from outside the box made it 4-4 with 90 minutes on the clock.That was not to be the end of the drama, however.With five minutes of injury-time played, Norwich failed to clear their lines and Lallana’s shot looped over Rudd to settle a dramatic encounter.That sparked wild scenes on the touchline, with Jurgen Klopp racing up the touchline to join his players in celebrating a first Premier League victory of 2016.Liverpool are now just five points adrift of a top four place, having played a game more than their rivals, while Norwich remain two points clear of the relegation places. 1 Liverpool celebrate last_img read more


first_imgDDTV: A Donegal man had to overcome a series of awkward obstacles after leaving his best man speech at home!If Leroy Barrett wasn’t nervous enough already about his best man speech the realisation that he had forgotten it at home and its implications led to widespread panic. Thankfully, two of the groomsmen joined Leroy in an effort to ensure he avoided any problems on his way back home to get his all important speech.However, after a run on a Massey Ferguson, numerous runs through fields and hurdling over fences, a few pints and a few halves and an encounter with the law the Raphoe lads eventually made it back in time!Simply click play on the video above to watch and enjoy.The video was made by Paul Doherty.  DDTV: WATCH HILARIOUS VIDEO AS BEST MAN EMBARKS ON CRAZY ADVENTURE AFTER FORGETTING HIS SPEECH was last modified: June 2nd, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window) Tags:Best ManDDTVFeaturesnewsWedding Speechlast_img read more

Warriors mailbag: What to make of Warriors’ loss to Toronto

first_imgDETROIT — The Warriors’ 131-128 overtime loss to the Toronto Raptors on Thursday did not serve as an NBA Finals preview. Instead, it highlighted a few realities.The Warriors (15-8) will become significantly better once Stephen Curry returns for Saturday’s game against the Detroit Pistons (11-7) after missing the past 11 games with a strained left groin. Ditto for whenever Draymond Green (right toe), DeMarcus Cousins (left Achilles) and Alfonzo McKinnie (left ankle) return. Kevin Durant is an …last_img read more

Sixers 113, Warriors 104: Warriors no longer unbeatable

first_imgOAKLAND — Steve Kerr is right. The Warriors are not unbeatable.The Warriors lost to the Philadelphia 76ers, 113-104, on Thursday at Oracle Arena, a surprising development considering two things. The Warriors (36-15) snapped an 11-game winning streak. They also looked nothing like the team that had showed dominance during a span that last 26 days.“We weren’t there mentally. We weren’t there competitively,” Warriors coach Steve Kerr said. “We got what we deserved.”Other than that, the Warriors …last_img read more

Celebrate food this National Nutrition Month

first_imgShare Facebook Twitter Google + LinkedIn Pinterest  This has been the winter of my discontent and I am so glad that spring has arrived. My off-season started off feeding my love of traveling. Then Bam! I had two surgeries that threw me off my normal game plan for two or three months. I am so thankful for the technologies of today with wireless Internet, direct TV, laptops, tablets, phones and wireless printers. My fetish of infomercials, and love affair with online shopping is not a good thing for a confined woman with Amazon, Wayfair and a plethora of merchandise at my fingertips. Please don’t tell Paul, he’ll see the bills soon enough. So thankful it was the winter season where I could binge watch Netflix, HGTV, Hallmark, Food Network and where March Madness became winter madness. I am also thankful for my friends for coming to my rescue as chauffeurs, cooks and errand runners. Everyday tasks such as grocery shopping and being in the kitchen were out the door as I was confined to a recliner with limited mobility — pretty hard for a dietitian and farmer with itchy feet and mind.Technology is good, bad and ugly. It is good, because it enabled me to set up a wireless office around my recliner. I was able to binge write my OCJ Food for Thought articles and get caught up on my dietitian continuing ed. It kept me up to date on the Facebook, Google feed and media craziness that influence this world. The ugly showed up in the form of fake agriculture news, elaborate food marketing strategies and fairy tale nutrition information that floods consumers today. It is UNREAL! My education tells me to preach evidence-based nutrition and believe the science. I can see how this is becoming increasing difficult to decipher for those not in the world of agriculture and nutrition. There are those that want to believe something and have found their “expert” to back them up. There are also those that just want safe, affordable food for their families and are confused and scared by what they read on the labels and hear from their “sources.”Following facts and not fear is easier said than done. It’s important for us to continue to share our ag stories with those we meet. You never know the seeds that will sprout from an everyday conversation. It continues to amaze me that we live in a country with the world’s safest and most diverse food supply and the new trend is worry about food waste. Life is good.Technology was better than good for Paul because I was able to try the new “Click It” online ordering system from Kroger. I was able to save him time perusing the aisles. The best kept secret is that it keeps you from impulse buying! So maybe we did help in the food waste issue, though there is still an abundance of choices to be made. Even a simple Bob Evans mashed potatoes item had nine choices! You were unable to choose the exact produce you wanted but what we received was great. I would highly recommend online grocery ordering if available in your area. It’ll make you plan, save you time and probably money as well. Paul has expanded his horizons in the kitchen, however I am sure he is anxious for me to return to normal function. I can’t wait either. I’ve been collecting new recipes to try that I’ve collected from Facebook, Food Network and my new favorite, Giada. Who needs recipe books when you have the web and a wireless printer at your fingertips?Celebrate National Nutrition Month and Agriculture day this March. Celebrate that we live in this country where the food is safe, plentiful and affordable. Celebrate the technology that not only helps us do our jobs better and easier but allows us to share our stories with others. I can’t wait to get back into the kitchen to celebrate the abundance of American agriculture. Enjoy a few of these newfound favorites I can’t wait to share with my friends and family.Eat well & healthy,ShellyCarrot and Radish Salad 1 Tbsp. red wine vinegar1½ Tbsp. olive oil1 Tbsp. chopped dill1 Tbsp. chopped chives1 tsp. honey¼ tsp. salt⅛ tsp. ground black pepper2 medium carrots, peeled and thinly sliced1 bunch radishes, thinly sliced  In a medium bowl, combine the vinegar, oil, honey, salt, and pepper and whisk to mix well. Toss in the carrots, radishes, chives, and dill and serve immediately. Serves 4 Chickpea Curry with Rice Ree DrummondPerfect for meatless Monday. If a beef farmer Ree Drummond can eat a meatless meal we can too!  2 cups basmati rice2 tablespoons vegetable oil1 large onion, choppedsalt & freshly ground black pepper2 teaspoons curry powder2 cloves garlic, chopped1 cup vegetable stock2-15-oz. chickpeas, drained& rinsedOne 13.5-ounce can coconut milk1 to 2 tablespoons honey1 to 2 tablespoons sriracha sauceNaan bread, for servingChopped fresh cilantro, for garnish.    Cook the basmati rice according to the package instructions.Heat the oil in a medium skillet over medium-low heat. Add the onions, season with salt and pepper and cook until the onions are dark brown and caramelized, about 10 minutes. Stir in the curry powder and garlic and cook for 30 seconds. Pour in the vegetable stock and stir to scrape up all the brown bits in the pan. Add the chickpeas, coconut milk, honey and a squirt of sriracha. Bring to a boil, reduce the heat and simmer for 10 minutes. Taste and adjust the seasoning.Warm the naan in the microwave. Serve the curry over the rice with the warmed naan. Garnish with the cilantro. Mozzarella Fonduta Giada De Laurentiis 28-oz jar tomato-basil sauce1/2 teaspoon crushed red pepper flakes1/4 cup chopped fresh basil4 oz thinly-sliced prosciutto7- to 8-ounce ball fresh mozzarellasalt and freshly ground black pepper3/4 cup (2 ounces) shredded GruyereGrilled ciabatta bread or bread sticks  Roll prosciutto up and then slice into ½ inch slices. Slice mozzarella ball into 6 ¼ to 1/3 inch thick slices.In a small saucepan, bring the tomato-basil sauce and red pepper flakes to a simmer over medium heat. Cook uncovered until thick, 20 to 25 minutes. Remove the pan from the heat and stir in the basil.Preheat the broiler. Place six 5-ounce ramekins on a baking sheet. Divide the sauce equally among the ramekins. Divide the prosciutto among the ramekins. Place the slices of mozzarella between 3 paper towels to absorb any excess moisture. Place the slices of mozzarella on top of the prosciutto. Season with salt and pepper. Sprinkle the Gruyere on top.Broil until the cheese is melted and golden brown, 5 to 8 minutes. Serve with grilled bread or bread sticks.Note: Special equipment: six 5-ounce ramekins. I think you could probably also make this in a 2 qt. baking dish. Gingerbread Whoopie Pies The Magnolia Journal 1 cup butter, softened1 cup sugar1/2 cup molasses2 large egg4 cups all-purpose flour1 teaspoons ground ginger1 teaspoon ground cinnamon½ teaspoon cloves2 teaspoon baking soda1/4 teaspoon salt1/2 cup coarse or granulated sugarFILLING:8 oz. cream cheese, softened1 cup powdered sugar1 tsp. vanilla  Preheat oven to 350°. Grease or line baking sheets with parchment paper. In a large bowl, cream butter and sugar until light and fluffy. Beat in molasses, baking soda and spices. Add eggs; mix well. Beat in as much of the flour as you can with the mixer. Using a wooden spoon, stir in any remaining flour.Shape into 1 3/4-in. balls; roll in sugar. Place 2 in. apart on baking sheets.Bake 8-10 minutes or until set. Cool 1 minutes before removing from pans to wire racks to cool completely.For filling, in a small bowl, beat cream cheese, powdered sugar and vanilla until smooth and fluffy.Spread filling on the bottoms of half of the cookies,top with remaining cookies. Cover and chill assembled whoopie pies for 24 hours Yield: about 1 dozen.Note: Try making smaller cookies with 1 Tbsp. scoop and adjust baking time accordingly.last_img read more