Goodwill Savannah GA http://goodwillsavannahga.org/ Thu, 29 Sep 2022 05:19:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://goodwillsavannahga.org/wp-content/uploads/2021/04/cropped-goodwill-32x32.png Goodwill Savannah GA http://goodwillsavannahga.org/ 32 32 What saved the budget? – Macro Business https://goodwillsavannahga.org/what-saved-the-budget-macro-business/ Thu, 29 Sep 2022 02:30:04 +0000 https://goodwillsavannahga.org/what-saved-the-budget-macro-business/

Westpac with the note. In a nutshell: commodity prices and the reopening boom.


The federal budget position has improved significantly in fiscal year 2021/22, exceeding all expectations.

The underlying cash deficit stood at -$32.0 billion, or -1.4% of GDP. This was $47.9 billion less than projected in the March 2022/23 budget.

The deficit has narrowed sharply from the record deficit in 2020/21, at the start of the pandemic, of -$134.2 billion, -6.5% of GDP.

Revenue for 2021/22 was $27.7 billion higher than forecast. Payments were $20.1 billion lower than forecast.

Net debt in June 2022 was $515.6 billion, or 22.5% of GDP, some $115.8 billion lower than budgeted. Net debt peaked in 2020/21, at $592.2 billion, 28.6% of GDP – down from $76.6 billion in 2021/22.

Gross debt in June 2022 was $895.3 billion, or 39.0% of GDP, a surprise downside of $10.7 billion. As a percentage of the economy, gross debt fell by 0.5% of GDP, from a peak of 39.5% in 2020/21.

Economic overview

Australia’s economy grew at a rapid pace in 2021/22, with nominal GDP growing at 11.0%, a fraction above the 10.75% forecast in the budget.

While the budget forecast for the economy was broadly correct, the budget figures – receipts and payments – diverged significantly from the official forecast, as shown above.

Double-digit nominal GDP growth was well above normal, a result significantly boosted by the rise in the terms of trade to a record high, up 12.1% on the year, due to the rise world commodity prices.

Another factor has been relatively high inflation more generally.

The mining sector was one of the main beneficiaries, with mining profits up 46% during the year.

Production increased by 3.9% in 2021/22, a fraction below the budget forecast of 4.25%. This strong result was supported by earlier policy stimulus and the gradual easing of covid-related restrictions.

Labor market conditions were generally more favorable than projected in the budget. Employment grew 3.3% in the year to the June quarter of 2022, beating forecasts of 2.75%. Wages, as measured by the wage price index, rose 2.6% on the year to June, in line with the budget forecast of 2.75%. Total employee compensation increased by 5.6% in fiscal year 2021/22.

Income details

Revenues for the year 2021/22 amounted to $584.4 billion, or 25.4% of GDP.

This included $536.6 billion in tax revenue, 23.4% of GDP, a surprise upside of $24.1 billion. The good surprises were concentrated on corporate income tax, +14.2 billion dollars, and on individuals, +6.8 billion dollars. Lower-than-expected use of COVID-19-related business support measures, such as temporary comprehensive spending and loss carry-back, was a contributing factor to higher-than-expected corporate tax revenues.

Non-tax revenues totaled $47.8 billion, some $3.6 billion more than expected.

For more details on tax revenues, in terms of fiscal year, they amounted to $550.4 billion for 2021/22. This represents a 14.6% increase from a year ago, +$70.2 billion.

Personal income tax was $264.6 billion, accounting for 63% of total tax revenue. This result was up 12.3% from a year ago, an increase of $28.9 billion.

As for corporate profits, they were $125.9 billion for the year, or 30% of the total. That was a 27% increase over the previous year, an increase of $26.8 billion.

Details of expenses

Payments were $616.3 billion in 2021/22, 26.8% of GDP, a surprise downside of $20.1 billion.

The FBO document cites a number of factors impacting specific programs, which together accounted for $11.1 billion in lower-than-expected payouts, or 55% of the downside surprise.

The budget document quotes:

* “programs providing funds in response to COVID-19 have experienced delays or lower demand than estimated;
* health-related programs experienced lower than estimated demand;
* several programs were also impacted by supply chain disruptions and capacity constraints, resulting in payments below estimates or late payments;
* other programs also experienced lower participation than estimated; and
* the result also reflects the increase in payments in certain programs”.

We note that the stronger-than-expected labor market will have put downward pressure on social benefits, likely contributing to lower-than-expected payouts. Unemployment fell to 3.75% in the June quarter, below the budget forecast of 4%, and job growth was significantly stronger (3.3% vs. 2.75% expected).

Containment and reopening: dramatic budgetary impact

Conditions have been volatile for the past couple of years with covid restrictions at times disrupting business significantly.

This was evident in the 2021/22 financial year, with the early months impacted by delta blockages in the two largest states, NSW and Victoria.

The transition from lockdown to reopening had a dramatic impact on budget numbers in 2021/22 – the $32.0 billion full-year shortfall reflected two very different periods.

In the first four months of 2021/22, from July to October, the cumulative budget deficit stood at $43.9 billion.

Over the eight months from November to June 2022, benefiting from the reopening, the budget went into surplus, amounting to a cumulative 12.0 billion dollars.

Between the two periods, the monthly rate of receipts jumped by 29% ($40.7 billion to $52.7 billion), while payments stabilized, down -1% ($51.7 billion to $51.2 billion).

Recall that in 2018/19, before the pandemic, the budget was in balance.

An uncertain prospect

Where from here remains very uncertain.

A sharp downturn in the Australian economy is imminent in response to an aggressive RBA tightening cycle. Additionally, global commodity prices have retreated from their highs due to fears of a global recession.

The upcoming October 25 federal budget – the initial budget of the newly elected government – ​​will provide an update to official forecasts, both economic and fiscal.

Today, Federal Treasurer Chalmers reportedly said, ‘don’t expect to see a budget surplus in the years to come’, adding that ‘fiscal pressures are intensifying rather than diminishing’.

In earlier comments, at a joint press conference with the Minister of Finance on September 20, Treasurer Chalmers highlighted “the five major areas of growing spending in the budget, which are creating some pretty significant structural issues. Health, the NDIS, elder care, defense, and the cost of servicing a trillion dollar debt are all rising rapidly. And it’s a combination of the inevitable and the desirable, and so we need to have a conversation about it.

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Altus Power ($AMPS) to Acquire About 97 Megawatts of Solar Assets for $220 Million https://goodwillsavannahga.org/altus-power-amps-to-acquire-about-97-megawatts-of-solar-assets-for-220-million/ Tue, 27 Sep 2022 15:39:04 +0000 https://goodwillsavannahga.org/altus-power-amps-to-acquire-about-97-megawatts-of-solar-assets-for-220-million/

September 27, 2022 – TheNewswire – Altus Power (AMPS) has signed definitive agreements to acquire a portfolio containing 97 megawatts of operating solar assets for approximately $220 million. The company says it will fund the acquisition through a combination of cash and assumed liabilities.

The newly acquired portfolio spans nine US states and contains a combination of commercial and industrial assets that include solar panels on rooftops, ground and carports that provide clean electricity under contracts existing long term to top quality customers.

The Stamford, Connecticut-based company says the new agreements will increase its portfolio of solar power and storage assets to approximately 466 MW in 22 states, while creating new customer relationships.

Gregg Felton, co-CEO of Altus Power, said, “We are excited to bring these new long-term customer relationships and operating assets to our portfolio of commercial and industrial solar and storage assets. We welcome the opportunity to serve customers in new markets, including Pennsylvania, Indiana, Arizona and Nevada, as well as expand our footprint in existing markets.

Altus Power creates, develops, owns and operates solar generation, energy storage and electric vehicle charging infrastructure located locally in 22 states, from Vermont to Minnesota to Hawaii.

Atlus Power shares trade on the NYSE under the symbol AMPS. For more information, visit www.greenstocknews.com

Source: https://greenstocknews.com/newswire/altus-power-amps-to-acquire-approximately-97-megawatts-of-solar-assets-for-220-million

Disclaimer

This content is not financial advice and is for informational, educational and entertainment purposes only. Green Stock News is not responsible for any losses related to financial decisions made by you. Video content and other materials, including web content, are based on data obtained from sources we believe to be reliable, but their accuracy is not guaranteed and are not believed to be complete. As such, the information should not be construed as advice intended to meet the particular investment needs of any investor. Green Stock News is not responsible for any gains or losses resulting from the opinions expressed in this video or materials it publishes electronically.

Watch the original video news clips here: https://greenstocknews.com/green-stock-newswire

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Markets crash as monetary laughing gas fades https://goodwillsavannahga.org/markets-crash-as-monetary-laughing-gas-fades/ Mon, 26 Sep 2022 20:58:29 +0000 https://goodwillsavannahga.org/markets-crash-as-monetary-laughing-gas-fades/

Comment

The main problem with economics is that there are two generations of market players who have only known expansionary policies. That’s why the most pressing question for investors is not where profits are going or what is the rate of change in economic growth, but when will central banks pivot.

The Federal Reserve and other major central banks caused a massive crisis. On the one hand, the balance sheets of the main central banks have remained intact in local currency in 2022, and the rate hike path is quite accommodative. Markets, on the other hand, are collapsing. How is it possible? Because central banks think their actions are of no consequence because there are a legion of economists out there who twist the facts to say there is no problem. However, the opposite is true. Markets and politicians are so used to easy money that the slightest normalization is wreaking havoc around the world.

The first problem is that the vast majority of the $90 trillion in global reserves is invested in carry trade against the US currency. The second is that negative nominal and real rates have zombified the corporate world and led governments to think that debt is not important. The third problem is much more serious. Investors and governments have been led to believe that announcements of rate hikes and liquidity cuts should be ignored because policymakers are ignoring them anyway.

All of this resulted in an overleveraged environment in which companies with weak strategies found enough cash to survive, and where multiple expansion across all sectors, from listed companies to private companies, was not an exception but the norm. . And this excess, which has been nurtured over the past 14 years by absurdly lax policies in booms and busts, has fostered a reliance on progressively more aggressive monetary operations. Governments, businesses, families and market participants are unhappy with a process of normalization that keeps central bank balance sheets abnormally high or interest rates well below inflation. They demand more, quickly and regularly.

We are taught that central banks must choose between recession and inflation. It is a logical error. The mandate of central banks is not to engineer inflated leveraged growth; rather, it is about maintaining price stability.

Recessions are not caused by interest rate hikes by central banks. They are the result of years of excessive debt, bad investments and reckless risk-taking.

Markets are collapsing because the seemingly unstoppable expansion of previous years was based on money illusion. Monetary laughing gas makes you smile but does not cure.

Many analysts and investors have warned for years of excessive complacency and unjustifiable valuations, only to be dismissed as pessimists because all you had to do was follow the Fed.

“Don’t fight central banks,” was the warning, and most of us took it to heart. When central banks claimed they had to stop printing money because they went over budget in 2020, a significant portion of the investor base dismissed the idea. Many people began to argue that central banks had nothing to do with inflation and that they should keep cutting rates and printing money (“injecting liquidity,” they argued). However, even though the DJ kept spinning records, the music stopped.

With a slight drop in the global money supply, no substantial reduction in central bank balance sheets and extremely gradual rate hikes announced for months, the markets collapsed. However, the markets cannot accept even minor changes. The junkie needs another fix, a major and ever-increasing fix.

With negative real and nominal interest rates, the economy does not improve. It’s in a worse situation. Negative real and nominal interest rates have resulted in a bloated, sluggish and unproductive economy in which the inefficient are bailed out while the efficient are penalized. When the velocity of money plummeted, productivity growth stagnated, and debt soared to all-time highs, hardly anyone seemed to notice. Why? Because markets were rising and even the world’s worst-run companies could get loans at negative real rates.

Some commentators are now worried that central banks are tightening too quickly, despite remaining silent during the strangest and most dramatic increase in the monetary base in recent history.

Those who championed a $20 trillion expansion in 2020 are partly responsible for the crash of 2022.

However, there is a more serious problem. The current crisis, which policy makers have fabricated and authorized, will harm even those who have not benefited or profited from the excess. Unsuspecting citizens who have no exposure to stocks or bonds and who have never seen private equity valuations soar will suffer from stagflation as their real wages and savings deposits disappear and some will lose their jobs.

The current global economic sinking demonstrates the deeply unethical nature of printing money and allowing central banks and governments to become lenders and providers of last resort. It hurts the middle class on its way in and destroys it on its way out.

The artificial creation of money is never neutral. It disproportionately favors the primary beneficiaries of the newly generated currency, the government and the indebted, while seriously undermining deposit savings and real wages.

The 2020 stimulus package was the greatest ruse ever played against humanity. It was pointless in the first place because all that happened was that governments locked us all down because of a health issue. There was no need to encourage debt, spending or money supply. He just established false bottlenecks in the stimulus chain, resulting in a worst-case scenario.

You received a check from a government that is now taking that amount and more through inflation—poor tax—and a higher tax burden. As a result, there is more inflation, less growth, negative real wage growth and now a market crash. The result has been bigger governments and poorer citizens.

No. I repeat. The Federal Reserve does not have to choose between recession and inflation. They must decide between logic and financial repression.

Those who complain that central banks are raising interest rates too quickly should have warned of the madness of 2020. Never mind that central banks are pivoting. The fallout from stimulus initiatives is already affecting economic growth and corporate profitability. Even if rate hikes had been slower, markets would have seen a reality check on valuations. Bubbles burst. Still. The only question that remains is when.

The opinions expressed in this article are the opinions of the author and do not necessarily reflect the opinions of The Epoch Times.

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Daniel Lacalle, Ph.D., is chief economist at the Tressis hedge fund and author of “Liberty or Equality,” “Escape from the Central Bank Trap,” and “Life in the Financial Markets.”

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U.S. Farm Profits Set to Reach Near Record Highs in 2022 | Agricultural News https://goodwillsavannahga.org/u-s-farm-profits-set-to-reach-near-record-highs-in-2022-agricultural-news/ Sat, 24 Sep 2022 13:45:00 +0000 https://goodwillsavannahga.org/u-s-farm-profits-set-to-reach-near-record-highs-in-2022-agricultural-news/

The USDA’s Economic Research Service projects that inflation-adjusted cash net farm income in the United States – gross income less cash outlays – will increase by $13.5 billion (8.7% ) from 2021 to $168.5 billion in 2022. This is the highest level since 2012. In comparison, U.S. net farm income is projected to decline by $0.9 billion (0.6% ) from 2021 to $147.7 billion in 2022.

This comes after the NFI rose by $44.4 billion (42.6%) in 2021 to the highest level since 2013. The NFI is a broader measure of the profitability of the agricultural sector that incorporates elements non-monetary, including changes in inventory, economic depreciation and imputed gross rental income.

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Bill to ban members of Congress and SCOTUS from trading in stocks takes shape https://goodwillsavannahga.org/bill-to-ban-members-of-congress-and-scotus-from-trading-in-stocks-takes-shape/ Sat, 24 Sep 2022 11:49:24 +0000 https://goodwillsavannahga.org/bill-to-ban-members-of-congress-and-scotus-from-trading-in-stocks-takes-shape/

Long-awaited legislation that would bar lawmakers and other senior government officials from trading stocks was strengthened Thursday, as House Democrats released a legislative framework that aims to close loopholes, reduce conflicts of interest and making penalties for non-compliance more painful.

Rep. Zoe Lofgren (D-California), chair of the House Administration Committee examining shortcomings in the current financial disclosure system, outlined the framework in a Sept. 22 letter to fellow Democrats.

“As a result of this review, I believe that a meaningful and effective plan to address financial conflicts of interest could help restore public confidence that our public servants act in the public interest,” wrote Lofgren.

“Are our public officials acting in the public interest? »

Pressure has been building for some time to reform the current system of financial disclosure after media scrutiny of potential conflicts of interest in trading by US government officials and their families. A recent analysis found that nearly one-fifth of members of Congress or their family members bought or sold financial assets over a three-year period, showing a possible conflict of interest.

“These stories undermine the faith and trust of the American people in the integrity of public servants and our federal government. Members of the public may wonder if our public officials are acting in the public interest or in their private financial interest? Lofgren wrote.

The new framework, titled “Combating Financial Conflicts of Interest and Restoring Public Faith and Trust in Government,” would involve reforming the Stop Trading on Congressional Knowledge Act, or STOCK Act, which was passed in 2012 and enables lawmakers to trade stocks but requires them to disclose those transactions.

A problem with the current disclosure system is paper filing which has sometimes seen virtually unreadable forms. The framework addresses this problem by proposing that all persons subject to the disclosure requirements file their returns electronically.

The framework also aims to require public servants to provide more detail in disclosure forms. Current law allows lawmakers to disclose transaction values ​​within wide ranges, such as $1 million to $5 million. According to the new proposal, they should provide “more granularity” by providing a rounded value for high-value assets, transactions and liabilities.

The proposal also seeks to close a loophole that allows spouses or dependents of public servants to declare high-value assets as “worth more than $1 million” and force them to provide more specific details.

SCOTUS included in stock ban

Notably, the framework also casts the net more broadly to include Supreme Court justices under the restrictions, alongside members of Congress and other senior officials, as well as their spouses and dependent children.

Under this framework, government officials and Supreme Court justices, as well as their spouses and dependent children, would not be permitted to trade in shares or hold investments in securities, commodities , futures and cryptocurrencies.

Incoming and current officials would be required to dispose of these assets or place them in blind trusts.

At the same time, officials would be allowed to invest in assets that don’t have the same potential for conflicts of interest, such as diversified mutual funds, exchange-traded funds and US government securities.

The framework also aims to impose more painful penalties for violations, which under the STOCK Act are a paltry $200 for each 30-day period of non-compliance.

The new proposal seeks to raise the penalty to $1,000, while calling for greater transparency around enforcement by requiring ethics oversight offices to publicly disclose information about filers’ compliance.

Lofgren said legislation that builds on the proposed framework would be introduced “soon”.

The House Press Gallery Twitter account said in a press release that the bill could be considered in the House as early as next week.

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Tom Ozimek has extensive experience in journalism, deposit insurance, marketing and communications, and adult education. The best writing advice he’s ever heard comes from Roy Peter Clark: “Hit your target” and “Save the best for last.”

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What Erdogan’s unusual economic ideas mean for Turkey https://goodwillsavannahga.org/what-erdogans-unusual-economic-ideas-mean-for-turkey/ Fri, 23 Sep 2022 17:58:00 +0000 https://goodwillsavannahga.org/what-erdogans-unusual-economic-ideas-mean-for-turkey/

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Turkish President Recep Tayyip Erdogan isn’t the only politician who doesn’t like the country’s banks charging people relatively heavily to borrow money. What sets him apart is his unorthodox belief in low interest rates and his determination to wrest control of monetary policy from central bankers. The result: a succession of benchmark rate cuts that fueled runaway inflation and precipitated a currency crash.

1. What is Erdogan’s beef with high interest rates?

He says they slow economic growth and fuel inflation. The thesis has irritated international investors for years. While the country’s spending and credit binge during the pandemic propelled growth, the economy has also suffered from double-digit inflation and unpredictable policy measures. He also referred to Islamic proscriptions on usury as the basis of his policy.

2. Are his arguments reasonable?

The point on weaker growth is. When a central bank raises rates, banks are less able to borrow to maintain required reserves and tend to lend at their own high rates. This makes business loans scarcer and more expensive and can therefore slow the economy. But Erdogan’s second notion – that high interest rates lead to higher prices – contradicts conventional economic theories.

3. What is the basis of Erdogan’s theory?

It is likely that this is partly based on his experience running businesses, mainly in the food industry, before his career as a politician took off. Many Turkish companies borrow relatively heavily to cover operating expenses, making volatility in borrowing costs a source of uncertainty and rate hikes an additional expense. According to Erdogan, higher tariffs lead to higher prices because companies have to pass on the increased costs to their customers. This makes assumptions that mainstream economists dispute, namely that interest rates are a significant part of business costs and that producers have sufficient pricing power to impose their will on consumers.

4. Who agrees with Erdogan?

The argument is based on a theory by Yale University economist Irving Fisher on the relationship between inflation, nominal interest rates, and real interest rates. Critics of the neo-fishermen say that even if their theory had merit, it would not apply to an economy like Turkey’s, which suffers from chronically high inflation and depends on foreign funding. Indeed, the reduction in interest rates reduces the return on investments in Turkish assets and the local currency tends to weaken when foreigners decide to put their money elsewhere. This increases the cost of imported goods in liras and leads to higher prices, or more inflation.

5. What did Erdogan do to put his views into practice?

Many central banks raised borrowing costs to fight inflation after the pandemic. Turkey went the other way, cutting its benchmark interest rate by 7 percentage points to 12% in the 13 months to September. During this period, the lira gradually weakened and inflation accelerated. The government raised the national minimum wage in December and July to limit the hit to households. This further inflamed prices, sending inflation to a 24-year high above 80% in August – the fourth highest among 120 countries tracked by Bloomberg. Erdogan held firm, saying what Turkey needs is more investment, production and exports, not higher interest rates.

6. What was the impact on the financial markets?

Interest rates on commercial debt began to deviate from benchmark rates as lenders were reluctant to offer ever-cheaper loans when the supply of short-term central bank funding was in doubt. In response, monetary authorities imposed rules to force banks to bring their lending rates closer to the benchmark. They were also forced to increase their holdings of fixed-rate government debt denominated in lira. As a result, the cost of lira debt fell, while yields on risky Turkish dollar bonds moved in the opposite direction.

7. What did it do to the economy?

Homes, cars and many essentials have become unaffordable for some of Turkey’s 84 million people. Food inflation has hit low wages, while the middle class has seen its standard of living shrink. On the other hand, economic growth outpaced Turkey’s peers and unemployment was relatively low due to an abundance of cheap labor. As the stock market rallied, keeping pace with inflation, bond investors struggled to adjust to a world of 68% negative real returns. The lira hit an all-time low against the dollar in September, even though the central bank has spent around $75 billion to prop up the currency this year, according to calculations by Bloomberg Economics.

8. Could Erdogan back down?

Erdogan signaled that he would do everything in his power to keep his low interest rate policy intact. Finance Minister Nureddin Nebati told investors frustrated by low bond yields that they could find good returns in Turkish stocks. With the 2023 election looming, Erdogan fears changing course and risking a spike in borrowing rates that could inflict more pain on consumers. To bolster popular support, he announced a $50 billion plan to boost homeownership, introduced a cap on rents, scrapped some student loans and promised another big hike in the minimum wage. He is aware that the economy is his biggest challenge, and economists are not ruling out a policy overhaul after the election.

More stories like this are available at bloomberg.com

]]> Governor Hochul Announces Installation of Over 100 Evolve NY Electric Vehicle Fast Chargers https://goodwillsavannahga.org/governor-hochul-announces-installation-of-over-100-evolve-ny-electric-vehicle-fast-chargers/ Fri, 23 Sep 2022 17:03:40 +0000 https://goodwillsavannahga.org/governor-hochul-announces-installation-of-over-100-evolve-ny-electric-vehicle-fast-chargers/

To close out Climate Week, Governor Kathy Hochul today announced that more than 100 high-speed chargers have been installed statewide as part of the New York Power Authority’s EVolve NY fast-charging network for electric vehicles. The latest DC fast chargers installed in downtown Riverhead and Commack in Suffolk County mark the first fast-charging hubs in the EVolve NY network on Long Island, where nearly 30% of the city’s electric vehicle owners live. New York State. An additional fast charging station in Bridgehampton will be completed in October.

“With more than 100 Evolve NY high-speed chargers across the state, New York has established itself as a leader in promoting clean transportation and reducing emissions from the transportation sector – the largest source of emissions from greenhouse gases in the country”, Governor Hochul said. “The final three chargers coming to Long Island, which has more electric vehicle drivers than anywhere else in the state, mark our progress in building the infrastructure needed to support our transition to electric vehicles in the fight against climate change.”

The New York Power Authority’s (NYPA) EVolve NY high-speed, open-access charging network has installed fast chargers in key locations along major travel corridors and in urban areas to enable more New Yorkers to drive electric vehicles more easily. Any battery-powered electric vehicle can recharge at an EVolve NY site in as little as 20 minutes. Electric vehicles offer a cleaner mode of transportation that helps offset gas-powered vehicle emissions and helps advance New York’s Climate Leadership and Community Protection Act (Climate Act) national goal to reduce carbon emissions 85% by 2050.

Three New Long Island Locations Expand Fast Charging Network

According to EvaluateNY, Long Island accounts for nearly 30% of electric vehicle ownership in New York City with 32,090 vehicles on the road, a higher percentage than any other region in the state. More than 26% of the state’s current 1,020 public and private DCFC fast-charging ports are located on Long Island. EVolve NY’s expansion on Long Island will provide even greater access to electric vehicle charging for Long Island residents.

EVolve NY chargers are now operational in a mall at 656 Commack Road in Commack and in a municipal parking lot at 209 East Ave. at Riverhead. Chargers at a Bridgehampton municipal land at 99 School Street are due to open at the end of October. A total of 140 EVolve NY Fast Chargers are expected to be available statewide by the end of the year.

The four DC Fast Chargers (DCFCs) located in both Riverhead and Commack can charge any brand or model of EV to 80% in as little as 20 minutes. The charging stations are equipped with fast charging connectors that allow all electric vehicles, including Tesla cars with adapters, to plug in. Riverhead and Commack fast-charging pads are powered by PSEG Long Island, on behalf of the Long Island Power Authority. Riverhead also has four public level 2 chargers, which can be used to recharge during a longer shutdown. Commack loaders are the Hamlet’s first fast or level 2 loaders.

The Riverhead Chargers facility – located downtown at 209 East Avenue – is an identified site through the Department of State’s Downtown Revitalization Initiative (DRI). The program relies on public and private investment to create vibrant downtown business districts. Riverhead is one of six cities deploying EVolve NY chargers in concert with the DRI program to make driving electric vehicles a more accessible option for more local residents and all New Yorkers, while supporting economic development in downtown areas of the state. The multi-agency program, dubbed DRIve EV Downtown, includes other DRI locations that have installed fast EV charging, including Amsterdam (Montgomery County), Geneva (Ontario County), Middletown (Orange County in Hudson Valley), Utica (Oneida County), and Oswego (Oswego County).

New York Power Authority Interim Chairman and CEO Justin E. Driscoll said: “As the first player in the electric vehicle charging space, NYPA is laying the foundation for a rapidly growing industry, installing high-speed chargers across the state in a rapid, state-of-the-art way. technology and at a lower cost. Exceeding 100 chargers strengthens the backbone of our statewide network and inspires even more investment in our original goal to help electrify travel along key corridors New York City Travel The use of electric vehicles is skyrocketing on Long Island, and NYPA is proud to help make driving electric vehicles easier.

New York Secretary of State Robert J. Rodriguez said: “This step represents the state’s leadership in creating a cleaner, greener New York City. Decarbonizing downtowns and investing in climate-friendly infrastructure are important parts of downtown revitalization. New Yorkers are coming back to more vibrant and reinvented downtowns and making them more resilient is a DOS priority.”

Long Island Power Authority Chief Executive Officer Thomas Falcone said: “Congratulations to NYPA on their milestone of 100 EV fast chargers, as well as the launch of the first three EVolve NY fast chargers on Long Island. As EV chargers become more readily available, public interest in the technology will only ‘ increase and will set us on the road to success in meeting New York’s clean energy goals. We look forward to continuing to work alongside our NYPA partners to do all we can to encourage adoption. electric vehicles in our region through education and incentives.

Riverhead Town Supervisor Yvette Aguilar said: “Charging stations, such as these EVolve fast chargers, help strengthen the overall infrastructure of downtown Riverhead, which is critical to the overall revitalization and resurgence of our downtown. As more and as more New Yorkers switch to electric vehicles, the availability of these chargers will undoubtedly become more widespread.”

Electrify America President and CEO Giovanni Palazzo said: “We are thrilled to celebrate the milestone of more than 100 New York Power Authority chargers in its EVolve NY charging network. Through our continued collaboration, Electrify America is helping NYPA advance electric vehicle mobility for all in New York State.

Michael Voltz, Director of Energy Efficiency and Renewable Energy at PSEG Long Island, said: “PSEG Long Island congratulates NYPA on this exciting milestone. We were pleased to work with NYPA to come up with a mutually agreed-upon design to connect the EV fast-charging station to the electrical grid to provide fast, reliable power to EV owners looking to to quickly charge their vehicles. Long Island has the highest percentage of electric vehicles per total car ownership of any region in New York State, and we’re excited to see new EV stations coming to our area. . »

Drive Electric Long Island President Marjaneh Issapour said: “Drive Electric Long Island commends NYPA for its Evolve NY Fast Charging Program aimed at making electric vehicle charging fast, affordable and convenient here on Long Island and throughout New York. Our goal is to accelerate and encourage the adoption of electric vehicles and additional charging infrastructure through advocacy, education and awareness. The Evolve NY Network makes this task much easier and meets the needs of Long Island’s electric vehicle drivers. Long Island with 30% of vehicles electric vehicles in New York State, our drivers definitely need more charging options. We are proud to celebrate the 100th EVolve station here in Riverhead and the addition of Commack and Bridgehampton to the network.”

New York State’s Progress on Clean Transportation
New York State’s goal is to have 850,000 zero-emission vehicles by 2025, and all new passenger vehicles to be zero-emissions by 2035. New York is making rapid progress toward these goals through a series of initiatives including EV Make Ready, EVolve NY, Drive Clean Rebate, New York Truck Voucher Incentive Program (NYTVIP), and Charge NY. These efforts contributed to a record increase in the number of electric vehicles sold in New York in 2021, bringing the total number of electric vehicles on the road in September 2022 to more than 114,000, and the number of charging stations in the state. to over 10,000, including level 2 and fast loaders.

New York State National Climate Plan
New York State’s premier climate program is the nation’s most aggressive climate and clean energy initiative, calling for an orderly and just transition to clean energy that creates jobs and continues to drive a healthy economy. green as New York State recovers from the COVID-19 pandemic. Enshrined in law by the Climate Leadership and Community Protection Act, New York is on track to achieve its mandated goal of a zero-emission electricity sector by 2040, including 70% power generation renewable energy by 2030, and achieve economy-wide carbon neutrality. It builds on New York’s unprecedented investments to expand clean energy, including more than $35 billion in 120 large-scale renewable energy and transmission projects across the state, $6.8 billion in dollars to reduce emissions from buildings, $1.8 billion to expand solar power, more than $1 billion for clean transportation initiatives, and more than $1.6 billion in NY Green Bank commitments . Together, these investments support nearly 158,000 jobs in New York’s clean energy sector in 2020, 2,100% growth in the distributed solar sector since 2011, and a commitment to develop 9,000 megawatts of offshore wind power from ‘by 2035. Under the Climate Act, New York will build on this progress and reduce greenhouse gas emissions by 85 percent below 1990 levels by 2050, while ensuring that that at least 35%, with a target of 40%, of the benefits of clean energy investments be directed to disadvantaged communities, and advancing progress towards the State 2025 energy efficiency goal of reducing consumption onsite energy savings of 185 trillion BTUs in end-use energy savings.

About the New York Electricity Authority
NYPA is the nation’s largest state-owned power organization, operating 16 generating facilities and more than 1,400 circuit miles of transmission lines. More than 80% of the electricity produced by NYPA is clean, renewable hydroelectricity. NYPA does not use tax money or state credit. It finances its operations through the sale of bonds and income drawn largely from the sale of electricity. For more information, visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr and LinkedIn.

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Austrade helps US export platform, Zonos set up stepping stone to Asia https://goodwillsavannahga.org/austrade-helps-us-export-platform-zonos-set-up-stepping-stone-to-asia/ Fri, 23 Sep 2022 01:02:00 +0000 https://goodwillsavannahga.org/austrade-helps-us-export-platform-zonos-set-up-stepping-stone-to-asia/

In 2021, Austrade’s US advisors guided Utah-based company Zonos through its first overseas expansion – to Queensland’s Gold Coast.

This support included working with all levels of government, including Trade and Investment Queensland (TIQ). It also included assistance with visa applications, through the new Global Talent Visa program.

“Austrade has far greater resources than many other national trade promotion agencies,” says Tyson Hackwood, APAC Managing Director, Zonos. “Austrade has been a one stop shop for Zonos’ move to Australia.”

Zonos: on a mission to create trust in global trade

Founded in 2009, Zonos has created a technology platform that simplifies trade for exporters. It helps exporters accurately calculate the landed cost of goods shipped to dozens of countries around the world. The technology also helps exporters manage regulatory clearances.

The service is extremely attractive to small exporters, especially if they use e-commerce platforms. Zonos has created APIs and plugins to integrate export and e-commerce systems. Zonos also supports merchants by helping them complete customs declarations and execute payments.

The company is based in St. George, Utah. And the combination of Zonos’ high-tech platform and personalized service makes the company unique.

“Our goal is to take the paperwork out of exporting,” says Hackwood. “Our service is used by thousands of traders to help them export around the world. And in 2021, we started getting a lot of interest from Australian businesses.

Zonos makes Australia a first step in global expansion

In 2019 Zonos began to gain significant recognition in Australia and across Asia. The demand for his services has increased.

“Our service is growing in popularity in countries like Japan, Thailand, Singapore and New Zealand,” says Hackwood. “Our goal was to provide a springboard for the company’s expansion in Asia. Having a base in the APAC time zone would be beneficial for businesses in the Asia region.

Australia’s time zone has made the country a prime candidate for Zonos’ expansion plans. The same goes for the availability of key skills in Australia.

“We wanted to build an overseas engineering base,” he adds. “We wanted to build regional product management and brand development capability.”

According to Hackwood, other factors that attracted Zonos to Australia included the booming retail and fashion industries.

“And of course there’s the lifestyle angle,” he adds. “Coming from Utah, lifestyle was a major factor. Before the big move, however, we needed help. This is where Austrade came in.

Austrade helps Zonos establish itself in Australia

Zonos has worked with Austrade and Trade and Investment Queensland (TIQ) to explore opportunities in Australia.

“Moving a business overseas requires a lot of research,” says Hackwood. “This includes finding a location that best suits the lifestyle and business needs of the business, complying with the country’s laws and regulations, and finding out how to register the business in a new country. .

“It can be overwhelming and it requires the involvement of many different parties. Finding different people and companies to help you can also be a huge headache. Austrade has helped in several ways.

This included helping Zonos understand taxes and responsibilities. It was also to help Zonos establish an operating entity registered in Australia.

“Never underestimate the benefit of having Austrade on hand to help you overcome the hurdles of setting up overseas,” says Hackwood.

Queensland emerges as a top spot for American tech

Zonos executives wanted a place where the company could replicate its St. George magic in Australia.

“Austrade provided us with all the data we needed to determine where to locate a new office,” says Hackwood. “TIQ and Austrade advisors in the US recommended Queensland’s fast-growing Gold Coast tech sector.

“The Gold Coast had exactly the mix of technological energy and relaxed lifestyle that we were looking for.”

Austrade then helped Zonos’ new country manager move his family from Utah to the Gold Coast. This involved figuring out the visas needed for her family to move to Australia. Austrade installed them in the new Global Talent Visa Programwhich was launched in 2021.

Ongoing support for relocating companies

Zonos’ new Gold Coast office is thriving. Austrade continued to provide support ashore. This includes introductions to businesses and local networks.

“Austrade doesn’t stop after you register your business in Australia. They provide ongoing support, which is important for those investing in establishing new national bases. It’s what happens 3, 6, 12 months later that counts – and the support for the first 12 months has been impressive.

Hackwood says the business outlook is “excellent” and the company continues to find growth opportunities in Australia.

Australia

/Public release. This material from the original organization/authors may be ad hoc in nature, edited for clarity, style and length. The views and opinions expressed are those of the author or authors.View Full here.

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OJK: Financial inclusion and literacy must go hand in hand https://goodwillsavannahga.org/ojk-financial-inclusion-and-literacy-must-go-hand-in-hand/ Thu, 22 Sep 2022 06:22:33 +0000 https://goodwillsavannahga.org/ojk-financial-inclusion-and-literacy-must-go-hand-in-hand/

TEMPO.CO, JakartaThe Indonesian Financial Services Authority (OJK) Commissioner Friderica Widyasari Dewi said achieving financial inclusion and literacy is fundamental and the two must go hand in hand.

“Having financial inclusion without understanding the product will lead to many misunderstandings which can lead to problems in the future,” Friderica said at the financial education event in Central Sulawesi which was streamed online on Thursday. September 22, 2022.

As commissioner of the OJK, Friderica admitted receiving complaints from the public on a daily basis. Among the reports came from women who dealt with online loans. She pointed out that not all online loan services are legal, so before using the products, one should check their status.

“If it’s legal, OJK can help. If it’s illegal, it’s a general crime and we’ll turn it over to the police,” Friderica explained.

She cited findings from the 2019 National Survey on Financial Literacy and Inclusion (SNLIK) that found that women’s financial literacy rate was lower than that of men, which was 36.13%, while the financial inclusion was 75.15%. The male financial literacy rate was 39.94% and inclusion was 77.24%.

“It’s our job to improve [women’s financial literacy and inclusion]“, said Friderica.

OJK therefore took the initiative to provide family financial education. OJK, she continued, also had a handbook on money management for brides-to-be. “Many households separate for economic reasons. We must not let this happen, so we must educate people.

RIRI RAHAYU

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UK employers urged to give workers early pay rise https://goodwillsavannahga.org/uk-employers-urged-to-give-workers-early-pay-rise/ Wed, 21 Sep 2022 23:02:36 +0000 https://goodwillsavannahga.org/uk-employers-urged-to-give-workers-early-pay-rise/

UK employers who pay the voluntary ‘living wage’ have been asked to give an early rise of more than 10% so their lowest-paid workers can keep pace with soaring prices.

The Living Wage Foundation, a charity that campaigns for fair pay, said on Thursday it was raising its national living wage rate from £9.90 to £10.90 an hour, the biggest increase in its 11 years of history.

Meanwhile, the London rate – which reflects the higher cost of living in the capital – will drop from £11.05 to £11.95 an hour.

The charity recalculates the rate each year based on what people need to live on, but brought this year’s change forward by two months due to the cost of living crisis.

Katherine Chapman, director of the foundation, said the existence of the voluntary rate was “more vital than ever” as millions faced a “choice of warmth or food this winter”. She added that the upgrade would give workers and their families “greater security and stability”.

The announcement comes a day before Kwasi Kwarteng, the Chancellor, is due to announce a National Insurance cut, which will disproportionately benefit the better-off.

The UK’s statutory minimum wage – the main adult rate of which is £9.50 – rose by 6.6% in April. But this increase, initially supposed to be generous, has already turned into a decline in real terms, with consumer price inflation rising to 9.9% in August.

Average wages have been rising rapidly in nominal terms, leading Bank of England policymakers to fear they are contributing to ever-higher inflation. But prices rose even faster, leaving households facing the biggest drop in living standards in at least 20 years.

Data released Wednesday by research group XpertHR showed that the median base salary offered by employers to staff in the three months to August remained stable at 4% – high by historical standards but well below peaks reached during previous periods of very high inflation.

The voluntary living wage increase will directly affect around 400,000 people working for just over 11,000 employers accredited by the charity. However, many others could be indirectly affected, since some large employers, including supermarkets, use the living wage as a benchmark, but do not commit to applying it throughout their supply chain.

Charles Cotton, CIPD’s adviser for human resources professionals, said Thursday’s increase was “significant” but that employers should still look for other ways to support workers’ financial well-being.

He said these included guaranteeing working hours and offering work-related sickness benefits or hardship loans, and added that bosses struggling to pay higher wages should focus on designing better jobs and tasks to increase productivity.

The number of living wage accredited employers has more than doubled in the past two years as the coronavirus pandemic has raised awareness of the contribution of low-wage workers and led to companies competing for staff.

“It’s easy to blame the pandemic or Brexit. . . but the industry is experiencing staff shortages which are partly self-inflicted,” said Christian Kaberg, chief executive of St Pancras Hotel Group, which operates six sites in central London and achieved accreditation in 2019.

He added: “As an industry and an employer, we need to start doing the right things – and one of them is paying people right.”

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