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On August 19th, Kenji Koshimizu, co-head of Mizuhos global markets division, stated that the Bank of Japan (BOJ) may raise interest rates again as early as September, potentially increasing the frequency of policy adjustments from approximately once every six months to once every three months. Koshimizu noted that the weak yen and inflationary pressures are pushing the BOJ to accelerate its actions, and he does not rule out two rate hikes before the end of the year, bringing the policy rate to 1.5%. The market currently anticipates a 78% probability of a rate hike by the BOJ on September 18th. He stated that Mizuho will continue its conservative Japanese government bond investment strategy, focusing only on inflation-linked bonds and short-term government bonds. Although the 10-year JGB yield has risen to a 30-year high, it remains below Japans nominal economic growth rate of approximately 4%. Koshimizu believes that global structural changes and investment growth may further push up Japans neutral interest rate, while inflation risks remain skewed to the upside. Regarding the yen, he stated that the joint intervention by the US and Japan reflects both sides desire to prevent further yen depreciation, but the yens weakness is partly due to Japans loose monetary policy. He anticipates that the Japanese economy is undergoing a significant transformation in decades, and while the Japanese stock market remains attractive, financial market volatility may intensify.According to relevant documents, Brazilian energy company Cosan has formally notified the New York Stock Exchange of its intention to delist its American Depositary Receipts (ADS).August 19th - Bond traders are once again adjusting their strategies. After a series of data suggested that the Federal Reserve is unlikely to raise interest rates for the remainder of the year, options market bets are attempting to hedge against the risk of the Fed turning to rate cuts in 2027. This dovish bet contradicts recent movements in the U.S. Treasury market: long-term bond yields have risen to multi-year highs because a Fed wait-and-see approach would allow inflation to remain above target for a longer period. Options traders, whose policy path is closely tied to the Feds, are turning their attention to signs of a weakening U.S. economy, believing this could trigger a market reversal. This move emerged after data released last week showed that inflation and consumer demand slowed in July, cooling market expectations for a rate hike at the Feds September meeting. Options market participants subsequently began adjusting their positions, reducing the magnitude of rate hikes priced in for the coming months in the swap market. Some options are even considering hedging against a potential rate cut by the middle of next year. "The fear of rate hikes has eased," said Jeff Shul, head of interest rates at Constitution Capital, noting that recent positions betting on this outcome are being liquidated.Reserve Bank of New Zealand Governor Brehman: The Reserve Bank of New Zealand is advancing various initiatives to promote competition in the banking sector.On August 19, French Foreign Minister Jean-Michel Barrow announced on social media that France would expel two Iranian diplomats in response to the detention and interrogation of two French diplomats by Iranian security services. Barrow had posted on social media on July 20 that Iranian security services had detained and interrogated two French embassy staff members for several hours the previous evening, violating their diplomatic immunity. Barrow also said he had told the Iranian Foreign Minister that this action was "extremely serious and unacceptable" and "will have consequences." The Iranian Foreign Ministry issued a statement on August 18, local time, saying that given the two French diplomats violation of the Vienna Convention on Diplomatic Relations, Iran had decided to declare them persona non grata and prohibit them from entering Iran.

Canada Introduces Carbon Offset Certificates to Combat Emissions

Haiden Holmes

Jun 09, 2022 11:19

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Canada began a credit system for greenhouse gas offsets on Wednesday, a significant component of its goal to reduce carbon emissions, beginning with a set of rules outlining how projects might create tradable credits by absorbing landfill gas.


The government reported that guidelines for four additional areas, including agriculture and forest management, are in development. This summer, it will also begin creating rules for carbon capture technology, on which Canada's highly polluting oil industry is relying to reduce emissions.


The Liberal government of Prime Minister Justin Trudeau has vowed to reduce climate-warming emissions by 40-45 percent below 2005 levels by 2030. 7 percent of Canada's total carbon output comes from greenhouse gas emissions from trash, including landfills.


The greenhouse gas offset credit system is designed to enable a domestic carbon offset trading market, and the government has stated that it will generate new economic opportunities for businesses and municipalities that reduce emissions.


Participants may register projects and earn one tradable offset credit for each tonne of emissions reduced or removed from the environment, provided their initiatives adhere to the federal offset regulations that specify which activities qualify.


The credits can subsequently be sold to others, such as big industrial polluters obligated to limit carbon pollution or businesses voluntarily offsetting their emissions.


"Beginning with landfills, we are implementing a market-based framework to encourage firms and municipalities to invest in pollution-reducing technology and innovations," stated Environment Minister Steven Guilbeault.


The government anticipates that the price of carbon credits would closely mirror Canada's carbon pricing, which is presently set at C$50 per tonne and will increase to C$170 per tonne by 2030.


However, environmental groups cautioned that enabling polluters to purchase offset certificates rather than reducing their own emissions could jeopardize climate goals.


Greenpeace Canada spokesman Shane Moffatt stated, "Offsetting does not prevent carbon from entering the atmosphere and warming our planet; it merely keeps it off the books of large polluters who are accountable."


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