20-May-2011

coal_energy

National Bank of Canada was recognized as the number 1 bank in North America, and 3rd in the world, based on financial strength according to Bloomberg.

China’s Electricity Shortage

+ Coal prices are soaring, power prices are fixed!

+ Power plants promise to produce power at full capacity but don’t because of financial losses. 75% of plants are powered by coal.

+ Energy is dominated by state price controls. “Planned economy methods are being used to regulate a market economy.”

+ Hydroelectric production has been under pressure due to the drought but that should be lessened soon because the rainy season begins at the end of May.

+ Shortages are experienced every summer but this year is expected to be the most severe since 2004.

Tidbits

+ French finance minister, Christine Legarde is leading the race to replace Dominique Strauss-Kahn as head of the IMF.

+ Japan fell back into recession in Q2, partially due to natural disasters.

+ Who will represent Libya at the OPEC meeting June 8th?