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1. Barclays: Expects the Bank of Korea to raise interest rates by 25 basis points. The central bank governor has clearly stated that the central banks policy objectives are unusually aligned in one direction: raising interest rates. 2. Reuters poll: Expects the Bank of Korea to raise interest rates by 25 basis points. 28 out of 31 economists predict the Bank of Korea will raise its benchmark interest rate to 3.00% by the end of the year. 3. HSBC: Expects the Bank of Korea to raise interest rates by 25 basis points, as the won continues to face depreciation pressure, core inflation remains strong, and the outlook for South Korean economic growth has improved. 4. Bank of America: Expects the Bank of Korea to raise interest rates by 25 basis points. The banks stance on the won may be more crucial than the rate hike itself, as policymakers may focus on the wons continued weakness. 5. Scotiabank: Expects the Bank of Korea to raise interest rates by 25 basis points. The governor has previously given strong hints, and South Korean inflation continues to exceed the target, with the wons depreciation exacerbating imported inflation. 6. Citibank: Expects the Bank of Korea to raise interest rates by 25 basis points, and its governor will hint at 25 basis point increases every quarter in the second half of the year; further rate hikes are expected in July and October this year, and January and April next year. 7. KB Financial Group: Expects the Bank of Korea to raise interest rates by 25 basis points. The central bank may raise rates twice this year, but the probability of another rate hike in October is higher than consecutive rate hikes in July and August. 8. NH Investment & Securities: Expects the Bank of Korea to raise interest rates by 25 basis points. The central bank may not provide a specific timetable for further rate hikes to avoid the side effects of forward guidance. 9. Hanwha Investment & Securities: Expects the Bank of Korea to raise interest rates by 25 basis points. This meeting may have an overall hawkish tone. Whether economic growth forecasts are revised upwards and the guidance on the future pace of rate hikes will be key points to watch. 10. Crédit Agricole: Expects the Bank of Korea to raise interest rates by 25 basis points. As the central bank will not update its economic forecasts and forward guidance until August, and oil prices have fallen, the central bank is more likely to raise rates again in October. International Energy Agency Executive Director Fatih Birol: Markets are nervous about the renewed escalation of the conflict with Iran.July 16 – The U.S. government imposed sanctions on several individuals and entities on Wednesday, alleging they belong to an international network assisting Iran in procuring weapons. The U.S. Treasury Department said in a statement that the sanctions target Iranian and Russian nationals, as well as multiple entities located in Iran, Russia, and Nigeria. The Treasury Department stated that Wednesdays sanctions "fully illustrate how Iran uses foreign airlines and transport companies, financial channels, and travel coordinators to conceal the Islamic Revolutionary Guard Corps role in illicit procurement and the global movement of supplies and personnel."A Reuters poll shows that more than half of Japanese companies believe the weak yen is bad for their profits.A Reuters poll shows that nearly one-third of Japanese companies say the Bank of Japan’s interest rate hikes to date have hurt capital investment.

Al Gore asserts that climate change action has reached a "tipping point"

Haiden Holmes

Sep 21, 2022 10:35

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Al Gore, a former vice president of the United States and co-founder of Generation Investment Management, stated in an interview with Reuters that the world has reached a "positive tipping point" in the fight against climate change as rising oil and gas prices prompt governments to decarbonize more rapidly.


His examples included the $430 billion Inflation Reduction Act, which is widely regarded as the largest climate package in U.S. history, and Australia's promise earlier this month to decrease carbon emissions by 43 percent by 2030 and to net zero by 2050.


Gore anticipated policy shifts on climate change from Brazil following an impending election and from China following the resumption of talks between President Joe Biden and Chinese Vice Premier Liu He at the November G20 summit in Indonesia.


The war in Ukraine, which Russia refers to as a "special military operation," has caused oil and gas prices to spike, he said, adding that he was concerned about the efforts of some nations to increase fossil fuel production in response.


Gore stated that there is no such thing as a clean fossil fuel, just as there is no such thing as a healthy cigarette. According to the authors, "we do not want to see investments in fossil fuel infrastructure that A will not alleviate the short-term crisis and B would guarantee decades of increasing emission levels."


He stated, "There is evidence nearly everywhere in the world" of the accelerating rate of change, and added that worsening weather events were also pushing the imperative to act.


Al Gore stated that heatwaves in China, floods in Pakistan, and drought in Europe are examples of how "Mother Nature has joined the climate discussion."


In both "An Inconvenient Truth" (2006) and "An Inconvenient Sequel" (2017), Al Gore, the former vice president of the United States, argues that the struggle against climate change is a moral one.


In 2007, he shared the Nobel Peace Prize for his efforts to address climate change while serving as the chairman of Generation Investment Management, a London-based firm that invests in sustainable public and private markets and conducts research.


He said that some governments are removing fossil fuel facilities with decades of remaining life due to the declining cost of renewable electricity, while others are considering banning the sale of fossil fuel-powered automobiles.


"When the technology provides three times as many jobs per invested dollar as investments in fossil fuels, a very good tipping point will be reached," he stated.


In its most recent annual sustainability trends report, published on Wednesday, Generation anticipated that annual investments in the clean economy would surpass $1 trillion over the next few years.


According to the research, while this is less than what is required to keep global warming at 1.5 degrees Celsius over the pre-industrial average, it is increasing "at a rapid rate."

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