This column highlights the top economic stories of the week.

While Detroit has benefited from Cash for Clunkers, foreign automakers have gained even more. Some critics of the program warned that because it let consumers buy domestic or foreign cars, Clunkers could end up spending more American tax dollars to help foreign companies than American ones. More on this story here.

With irresponsible banking practices taking the blame for bringing about the global economic crisis, there has been a surge of interest in Islamic finance.Now, a slew of academic courses are springing up to meet the demand of those wanting to break into an expanding market. According to ratings agency Moody’s, the global Islamic finance sector is worth $700 billion and has the potential to be worth $4 trillion. More on this story here.

n an effort to curb solid waste pollution, China banned the import of scrap polysilicon at the beginning of August, an effort supported by its current environmental laws according to its Environmental Protection Ministry. Scrap polysilicon is a low-grade form of silicon not pure enough to use in microchips. However, it can be used as a component of solar wafers, which contain a variety of types of silicon, including up to 30% scrap polysilicon. More on this story here.

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This column highlights the top economic stories of the week.

Reports of the demise of the U.S. dollar may be premature. But when some of the world’s most powerful investors are warning of the currency’s decline, investors take notice. More on this story here.

There are many cynics out there that critique and question the future of sustainable products and businesses. It’s easy to side with them, mostly because it’s difficult to understand what comprises a “sustainable” product which in turn creates a domino chain of skepticism about achievability. The industry is in self-defining mode and most of us lack the degrees in chemistry, biology, natural sciences or any other course of study that might support our inclination to trust what marketers tell us is “safe” and what is not. More on this story here.

Mumbai, India’s commercial capital, has grown quickly in recent decades - at the expense of its estuaries, environmentalist advocates say. More on this story here.

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This column highlights the top economic stories of the week.

Having children is the surest way to send your carbon footprint soaring, according to a new study from statisticians at Oregon State University.

The study found that having a child has an impact that far outweighs that of other energy-saving behaviors. More on this story here.

A quarter-century ago, in the wake of America’s first energy crisis, a young scientist named Amory Lovins came to the Rocky Mountains and built himself a radical house based on a radical idea. The country could save both energy and money, he believed, by combining common sense and unconventional technology. More on this story here.

According to this week’s Economist, Britain will soon start to run out of electricity. How long will it be until its lights go out?  More on this story here.

A week ago a leading Indian daily published findings from a government report which assessed the feasibility of providing $17 billion in solar subsidies over the next 30 years. 

The report notes that India will be able to afford the complete expenses of the program which will make India one of the largest producers of solar energy, if not the largest. More on this story here.

The front pages in the UK this week are a-spread with the news of record profits at Barclays Bank, with accompanying bonuses for top bankers. This echoes last week’s story at Goldman Sachs. Given the recent bailouts and government support, the Economist is right to note that ‘such largesse looks cheeky at best’!

Although the two crises have little in common, this obstinate reminder of how little has changed in the financial sector prompts me to deeper pessimism in the environmental crisis. More on this story here.

This column highlights the top economic stories of the week.

One way in which today’s corporation is becoming enlightened to the fact that green manufacturing CAN equal more profitable manufacturing is through a new concept called “lean manufacturing“.   In the 1980’s, JIT, or just-in-time techniques became all the rage in management circles as they shaved costs from production by eliminating the need for high levels of inventories by focusing on using just what was needed, when it was needed. More on this story here.

Economists are examining the argument for imposing special taxes on goods and services whose prices do not reflect the true social cost of their consumption, are now considering a tax on junk food. But while it might seem obvious and logical, some argue that a tax on junk food might even increase obesity, especially among the physically active. More on this story here.

Does Cause Marketing thwart social change? In the “The Hidden Costs of Cause Marketing” in the Summer issue of theStanford Social Innovation Review, Angela M. Eikenberry argues that cause marketing is “consumption philanthropy,” connecting shopping with a social good, whereas high-levels of consumption in the developed world could be hurting philanthropists’ efforts to save rain forests, fisheries, etc. And it may be counterproductive in increasing empathy for people in need and a sense of responsibility to help. More on this story here.

China’s economy grew nearly 8% in the second quarter of 2009, the government said, in a stunning turnaround for the Asian powerhouse that offered some hope for the rest of the world. Analysts said the rebound in China would offer a boost of confidence for the global economy as it struggles out of the worst economic crisis since the Great Depression of the 1930s. To fight the downturn, the government had begun implementing an internal infrastructure stimulus package that invest heavily in renewable energy.  More on this story here.

Hollywood has unleashed a new wave of disaster films that focus on what will happen after the apocalypse. But even when they tackle serious issues, most of the new disaster movies and TV shows take pains to avoid moralizing, which can be toxic at the box office. Issue-oriented films, such as “In the Valley of Elah,” starring Tommy Lee Jones, and Tom Cruise’s “Lions For Lambs,” have tended to fare poorly with audiences. More on this story here.

Much like California, Guangdong province in Southern China, is the incubator of a large, innovative and dynamic economy far from Beijing and Shanghai, China’s centres of political and financial power. With an official population of 95.4m, it leads the country in economic output and exports, though the latter have fallen about 20 per cent from pre-crisis levels. The Chinese Communist party’s leader, Wang Yang, uses this as an opportunity to carve a cleaner and greener Guangdong. More on this story here.

This column highlights the top economic stories of the week.

Many Japanese, want what amounts to a revolution in a politically risk-averse nation: the ousting of the Liberal Democratic Party, which has governed Japan for more than a half-century. More on this story here.

The world’s largest retailer, Wal-Mart Stores is on a mission to determine the social and environmental impact of every item it puts on its shelves. And it has recruited scholars, suppliers, and environmental groups to help it create an electronic indexing system to do that. More on this story here.

Europe is gearing up for a major swine flu outbreak in the Fall. New calculations from the U.K.’s Department of Health suggest that, in the worst-case scenario, 63,000 people in the country could die after contracting the H1N1 flu virus in the first wave of the pandemic. More on this story here.

Economic downturns have historically been times in which there are more startup businesses than usual.  This particular recession is a great time to start a green business.  One easy place to start, for someone without a great deal of startup capital or knowledge base, would be to start a mobile food vendor business.  More on this story here.

Nabucco and other new gas pipelines may make Europe’s energy more secure, but market liberalisation matters too. More on this story here.

The opening session of Intersolar North America was packed and full of energy. The solar trade show almost tripled its exhibition space and more than doubled the number of exhibitors from last year, when the first North America Intersolar show was also hosted in San Francisco. More on this story here.

Move over Sydney Opera House, the city’s major drama company is all set to go green.

Two months ago, the Sydney Theatre Company (STC) embarked on a major program to transform The Wharf, its much-loved home on Sydney Harbour, into a unique demonstration of how buildings, even heritage-listed ones, can be made more sustainable. A whopping $1.2m (Australian dollars) was committed through the Australian government’s Green Precincts Fund, to assist the Company’s Greening The Wharf project.

A few days ago, the company announced that it will install a large capacity photo voltaic array as a key initiative of the program. The installation of the 2,000 solar panels will be erected on the roof of The Wharf of the Sydney Harbour-based company, along with energy saving measures, and will reduce STC’s power drawn from the grid by up to 70 per cent. It is the first renewable energy project of its kind by any major theater company.

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This column highlights the top economic stories of the week.

Hopes for an accelerated recovery during the second half of 2009 were diminished this week as most of the economic headlines turned negative after several months of encouraging signs. Job losses exceeded economists’ expectations, with the nation’s unemployment rate now standing at a new 26-year high. More on this story here.

Obama Administration Readies $3 Billion for Renewable Energy. The $3 billion in grants are designed to temporarily replace the production tax credit that has been a critical factor in the growth of renewable energy capacity in U.S. More on this story here.

Just months after the swine flu pandemic panicked the world, varying strains of the Ebola virus have been discovered in pigs, and they may be jumping between swine and humans effortlessly. More on this story here.

San Francisco’s Mayor Gavin Newsom passed into law an ordinance that requires all residential and commercial building owners sign up for recycling and composting services.  More on this story here.

There has been some controversy this week over whether global warming is an actual phenomenon or whether it is simply propaganda pushed by the liberal media. On Wednesday, Fox hosted Alan Carlin, a “legendary” EPA official and co-author of an internal document disproving global warming. The document was subsequently “suppressed,” by the EPA. More on this story here.

Have you heard of the “agritainment industry?” According to the Economist, it has taken off with a bang. The UK’s Department for Environment, Food and Rural Affairs (DEFRA) says that a tenth of farms have diversified into a variety of sports and recreation activities to supplement their earnings. A growing “agritainment” sector includes bed-and-breakfast accommodation, wedding venues and shooting ranges (both real and paintball). 

Women entrepreneurs, don’t miss the Keiretsu Forum’s 4th Annual Summer Solstice panel discussion tonight about “How Women Investors and Entrepreneurs Will Revive the California Economy.”

The event will bring together the Bay Area’s most talented minds to:

•          Foster a collaborative atmosphere between women and the angel community
•          Confront the critical issues facing women entrepreneurs and investors today
•          Drive the recovery of the California economy
•          Build businesses and invest in thought out ventures
•          Explore compelling investment opportunities

In addition to a networking reception, attendees will hear brief presentations and a panel discussion regarding the larger role women investors and entrepreneurs need to play in the California economy. More than ever, the angel community is eager to attract women investors. Women investors are considered a largely untapped market that is critical to “financial and mentoring support for new companies.”

REGISTRATION


Please register at http://summersolstice.eventbrite.com $25 by June 26, $40 thereafter.

PANELISTS AND KEYNOTE SPEAKERS

The Summer Solstice will feature a unique panel of business women who will discuss a myriad of issues confronting the entrepreneurial community today. The panel itself will be comprised of notable members and entrepreneurs from the Keiretsu Forum and Women’s Initiative.

Agenda

5:30-6:30pm     Registration, Networking, and Booth Exhibitors

6:45-6:50pm      Welcome and Opening Remarks

6:50-7:10pm     Key Note Speaker

7:10-7:20pm     Panelist introductions

7:20-8:00pm     Panel Discussion

About the Keynote Speakers

Amanda Wallis is the Managing Director, Market Executive for the Northern California and Nevada Regions of U.S. Trust, Bank of America Private Wealth Management.  Wallis is a member of Bank of America’s San Francisco Leadership Team, comprised of the company’s top executives in the market. The team manages the bank’s ongoing relationships with local community leaders and organizations and makes decisions about how to use Bank of America’s resources to support the San Francisco community.

With more than 30 years of financial services experience, Wallis joined U.S. Trust from American Express in London where she served as executive director, and Europe, Middle East, Africa Region Head of the American Express Private Bank. In that role she led a region with seven international locations.  Prior to her role at American Express, Wallis spent over 10 years at the legacy Private Bank of Bank of America. During this period Wallis served in several leadership roles in San Francisco and London.

Wallis earned her undergraduate degree from Smith College and completed the executive program in Leadership and Managing Change at Stanford Business School. In 2007 she was named one of the “20 Most Influential Women in European Wealth Management” by Global Investor Magazine.

Rashmi Sinha is co-founder and CEO for SlideShare, the world’s largest community for sharing presentations and documents. SlideShare is growing rapidly (more than 18 million monthly uniques) letting everyone from marketers, conference speakers and academicians share presentations and connect with others. Rashmi has a PhD in Cognitive Psychology from Brown University and did research on search engines and recommender systems at UC Berkeley. She is a frequent speaker at conferences such as Web 2.0 Expo and Future of Web Apps. She writes a blog at rashmisinha.com about running a startup.

This column highlights the top economic stories of the week.

General Electric CEO Jeff Immelt is on a mission to improve U.S. exports. That’s because General Electric doesn’t just sell light bulbs and refrigerators to the American public. The company is a global giant in energy, transportation and financial services. More on this story here.

With a full House vote expected this week on the American Clean Energy and Security Act (or Waxman-Markey), all eyes turn to the nation’s energy policy. President Obama is committed to an energy plan that will generate millions of new jobs, break our dependence on foreign oil, reduce the threat of dangerous carbon pollution and restore America’s role as a global leader in the clean energy industry. More on this story here.

Online business and social networks, in contrast to the old kind, are open to all and easy to join. A year ago it took LinkedIn over a month to win 1m new members; it now takes about 15 days and the site has 42m members around the world. More on this story here.

It appears that companies are realizing that zero emission electric vehicles should not just be for the “rich”. In May, Nissan announced that it would begin electric cars in the U.S. to be available in 2010. This week, they announced they would mass produce a zero-emissions electric car by 2012 that would be affordable. However, during a Nissan shareholder’s call Chief Executive Carlos Ghosn refused to speculate on the sticker price. More on this story here.

At one point, it seems as though virtually everyone has sat in front of washing machine and watched the soaked clothes tumble through the suds. That tradition may be a thing of the past if a new “virtually waterless” laundry machine finds its way to the mainstream. More on this story here.

The Economist tells us that the number of people with net assets of at least $1m (excluding their homes) fell by 14.9% in 2008, according to an annual report from Capgemini and Merrill Lynch. The total wealth of these 8.6m “high net-worth individuals” stood at $32.8 trillion. Over half of the super-rich live in America, Japan and Germany, but China passed Britain to take fourth place for the first time.

Applied SunFab Solar Module Production Line

Well it certainly looks like the sun is paving the way for our new energy economy.

According to the Worldwatch institute, an environmental research organization based in Washington D.C., global solar photovoltaic (PV) power installations jumped from 9,000 megawatts in 2007 to nearly 15,000 MW in 2008, an increase of almost 66 percent. This is due primarily to government incentive programs in the world’s top PV markets, Spain and Germany.

Worldwatch provides a snapshot of solar power market trends globally:

• Global PV cell production nearly doubled in 2008, reaching 6,940 MW. The Chinese PV industry led silicon-based cell production, primarily to meet soaring demand in Spain and Germany.
• Europe remains the leading market for PVs, accounting for over 80 percent of world demand in 2008. Top markets Spain and Germany added 2,600 MW and 1,500 MW respectively. The United States came in a distant third, adding approximately 348 MW.
• Spain’s market growth increased a whopping 364 percent in 2008, causing it to overtake industry leader Germany as the number one solar PV market.

So what are Spain and Germany doing that the U.S. is not?

According to Dr. Charles Gay, the President of Applied Solar, a leading supplier of solar manufacturing equipment, Germany and Spain have set more immediate goals than the U.S. for increased use of renewable energy. They have also provided greater government investments to jump start the market.

Read more of this story »

Shell has announced that a new service station in Ottawa, Ontario will quietly begin selling cellulosic ethanol blended into regular gasoline. The biofuel is made locally from wheat straw, and is the first time cellulosic ethanol has been made publicly available. More on this story here.

In 2009 it is expected that 1 billion cell phones will be sold worldwide.  Asia Pacific will increase its uptake from 1 in 4 to 1 in 3.  The New York Times recently reported that India adds more cellphone connections than any place in the world with 15.6 million added in March alone. More how cell phones are becoming a platform for social innovation in emerging markets here.

Global governments are piling up their debt. Economists at the IMF, say that by 2010 the gross public debt of the ten richest countries attending the summits of the G20 club of big economies will reach 106% of GDP, up from 78% in 2007. That translates into more than $9 trillion of extra debt in three years.

Almost as an answer to this, global financial leaders are starting to examine how they’ll unwind their emergency spending packages and bank rescues.  More on this story here.

The leaders of the BRIC countires: Brazil, Russia, India and China, will gather for their first official summit in Yekaterinburg, Russia, on Tuesday June 16th. China and India both show promise of growth despite the global downturn, and although Brazil is in recession many expect it to recover soon. Russia has been more significantly affected than the other three.  The universal question is will they come up with an alternative to the US dollar? Let’s see what comes of their discussions.

This column highlights the top economic stories of the week.

While the Obamas and the Sarkozys have been celebrating the anniversary of D-Day in Normandy, this past weekend, Chrysler has its own D-Day to deal with. Indiana pension funds and consumer groups asked the U.S. Supreme Court on Sunday to stop the sale of bankrupt automaker Chrysler LLC to a group led by Italian carmaker Fiat,  while they challenge the deal. More on this story here…

Clean energy investment is down thanks to the economy but China appears to be unleashing a low carbon dragon, given its commitment to renewable energy development, it is grappling with massive international pressure to curb greenhouse gases.

Meanwhile, when it comes to trade, green search is on the rise, says Alibaba, China’s biggest online trading platform. Billionaire, George Soros, says that China’s economy will grow faster than people expect and so will its global economic influence.

The sustainability industry is maturing. Much as the “high tech” industry and the “.com” markets peaked with brilliant shiny, forward-thinking technology-based concepts in the 90’s,  the sustainable movement is showing signs that the love-fest of warmth and do-gooder intent is now shifting into the drudgery of the hard work phase. More on this story here.

The disappearance of honeybees does not bode well for the economic stability of commercial crops that rely on honey bees for pollination, and the $15 billion alone they add to the value of American crops each year. More on this story here.

Visit the Inspired Economist for more news as the next week unfolds.

Welcome to the Carnival of the Green! This is the 182nd edition of Treehugger’s weekly roundup of eco links from around the blogosphere.

Welcome to Green Building Elements where home owners and LEED accredited professional alike can learn about advances in green and renewable building materials, current projects in sustainable architecture and progressive urban planning, and local guidelines for creating green structures in different regions of the U.S.

Here’s what greenies worldwide submitted for this round:

• Admiral India brings to life Maitri Bagh,a zoo and a park established by the Bhilai Steel Plant in Maitri Bagh, Bhilai: Part 1 .
• Monkey Profit shares gives us tips on how to rake in the cash with Making Money On Twitter.
• The Knoxville Home Expert has contributed two great posts.  We are taken into the garden with Go Green with Sustainable Landscaping Techniques and Composting 101: What is Composting and Why Should Everyone Do it?
• Guffly gives us the view on eco fashion with Men’s Organic Cotton Polo Shirt.
• In Let Them Eat Plastic: SMART Art — Trash Into Treasure, Beth Terry of Fake Plastic Fish tells us about a competition held by environmentalist David de Rothschild, for works of art constructed from materials that would have otherwise found their way into our waste stream.  Pieces like Kathleen’s plastic bottle wave tell a sad story of consumption as well as the transformative power of the human imagination.
  
• Mikkal Travvis shares tips on staying healthy with How to Survive a Flu Pandemic.
• Energy Saving gadgets gives us green home wisdom with Make Your Home Energy Efficent with The Leak Detector.
• The Green Thinking Blog brings us the movie trailer of a new independent film called FRESH that features “farmers, thinkers, and business people” in the U.S. who are making positive changes in our industrialized food system. Some of the main characters include urban and sustainable farmers and supermarket owners.

Many thanks to last week’s host, The Green Phone Booth. And since Carnival of the Green, always promises to bring fresh, new content, make sure you check out Ooffoo next week for the June 8th edition!

For more information about how to participate in Carnival of the Green, please visit http://www.treehugger.com/files/2006/11/treehugger_to_b.php

Happy Monday to you all!

This column highlights the top economic stories of the week.

There is no gold left in California. Governor Arnold Schwarzenegger is threatening to layoff fire, police, and teachers. All of this is certain to further  increase unemployment and foreclosure rates. Schwarzenegger is now considering releasing nonviolent prisoners, shortening the school year, legalizing and taxing marijuana. Fred provides a unique perspective on the sorry state of California.

The Economist says that in America and Europe, new rules relating to the banking sector overhaul are facing stiff resistance , mostly from regulators themselves.

Tim Geithner plans to unveil a comprehensive regulatory overhaul by mid-June. The European Commission on the other hand, unveiled a blueprint for reform of financial supervision. It will create two new institutions aim to correct a fundamental flaw in European bank regulation and supervision; namely, that although banks are free to operate across borders, they are supervised only by their home countries.

And as GM, the nation’s largest automaker and for decades an icon of American manufacturing, teeters on the brink of bankruptcy and a de facto government takeover, President Obama prepares to address the nation at 11:30 a.m. ET on Monday to explain the rationale for the filing and his hopes that this is the best route for a turnaround. It’s the end of America’s great auto era.

Meanwhile on the renewable energy front, a new study from Greenpeace, the European Solar Thermal Agency, and the International Energy Agency’s SolarPACES Group has shown that concentrated solar power (CSP) could generate a quarter of the world’s energy needs by 2050–and create thousands of new jobs and prevent millions of tons of CO2 from being released. But, while basic renewable energy research is being conducted at numerous institutions around the world and much of this technology remains trapped in labs for want of commercialization know-how and funding. 

So, while the worl economy continues to paint a dark picture, Bill Maher throws shares humor by highlighting his “new rules” for America covering everything from the disappearance of bees, greed and health care, to climate change, war profiteering and Ronald Reagan. Enjoy!

Autodesk joins forces with the Clinton Foundation to build sustainable cities

Autodesk will provide the technology, initially based on Autodesk MapGuide Enterprise, that will act as the model-based visualization environment used to view, evaluate and compare the results of analysis and monitoring in the C40 city. Autodesk MapGuide Enterprise software is a powerful mapping solution for delivering information more quickly, easily, and cost-effectively via the web.

Green Building Elements had a chance to speak with Brett Smith of Autodesk and Olivia Ross of the Clinton Foundation.  Here is what they had to say.

GBE: How does the software track emissions?

Brett Smith (Autodesk): The Project 2° Emissions Tracker is designed to measure as many municipal and corporate activities as possible. Users enter data on emission producing activities such as fuel and electricity consumption, vehicle traffic, waste production, industrial processes and air and sea vessel fuel use. The software then converts the data into greenhouse gases, including tons of CO2 equivalent, taking into consideration the source and type of activity.

Read more of this story »

This column highlights the top economic stories of the week.

For a while it looked like Google might actually bailout the newspaper industry by buying a stake in newspapers that have been struggling with debt and declining ad revenues.  However, it appears that this plan ha been called off.

Meanwhile, the Treasury department has committed $ 7.5 billion in aid to GMAC, the auto lender that will use the aid to support financing to GM and Chrysler. But the questions remains as to whether this boost can actually translate to sales.

Speaking of automobiles, China is taking steps to clean up it reputation as the world’s biggest polluter by banning high emissions vehicles from entering Beijing’s inner city.

The other big news this week is that the much talked about Waxman-Markey climate change bill sets ambitious targets for curbing greenhouse gas emissions through a cap-and-trade system. Energy Secretary Steven Chu, told Bloomberg TV that the legislation is a “good compromise.”  But some critics say the proposal could actually encourage pollution. More about this here…

And Bloomberg put a positive spin on the economy this week, reporting that orders for durable goods and home sales probably rose in April as the recession has begun to weaken.

“Evidence that the 16-month recession is coming to an end continues to build,” said David Resler, chief economist at Nomura Securities International Inc. in New York. “Home sales and building activity seem to be stabilizing and manufacturing surveys point to smaller production cuts and smaller job losses.”

Has the government’s forceful intervention in the capital markets worked? Or have we simply heard this story before?

This column highlights the top economic stories of the week.

Last weekend, the biggest players in the health care industry announced that they would put together a cost-cutting plan to present to the Obama Administration.  The expectation is that the measures will save a family of four $500 a year in the first year, and  $2,500 a year by the fifth year.

Federal Reserve Chairman Bernanke said that the response to the governments bank stress tests, (carried out to see how the nation’s major banks could handle worsening economy), have been encouraging. The tests have apparently helped banks to access private capital. Treasury Secretary Timothy Geithner announced that smaller banks — that hold less than $500 million in assets — can apply for the same TARP funds that have been made available for the largest ones in the nation.

After repeated outbreaks of food based sicknesses such as salmonella and e-coli, food companies have now put the onus of food safety on consumers.

China might be championed as the empire of carbon, but when it comes to  developing renewable energy businesses, it seems to be surging way ahead.

The latest industry to get a federal bailout is life insurance.  The sector has been struggling for sometime but many have questioned where the line should be drawn when it comes to industries and companies being bailed out.

GE’s hybrid locomotive battery

GE partners with New York state to create a $ 100 million manufacturing facility for a new sodium based battery technology in the Capital region.

Who imagined that ordinary table salt could be the secret to storing energy?

GE is once again bringing the notion of a technology based economy home, this time with ordinary kitchen ingredients like table salt. Today, the company announced a plan to locate a new, sodium battery manufacturing facility in Upstate New York’s Capital Region.

The sodium battery was developed in GE’s Global Research Center. Made of ordinary table salt and nickel, the sophisticated technology already has about 30 patents blocking the intellectual property in its space.

GE has already invested more than $150 million to develop advanced battery technologies, including this high energy density, sodium-based chemistry battery that is designed to store huge densities of energy in a relatively small space. The first application will be GE’s hybrid locomotive, which will be commercialized in 2010.  The investment in sodium battery technology complements GE’s investment in A123, a leading supplier of lithium batteries for plug-in electric passenger cars.

A public-private partnership in New York State

New York Governor David Paterson, is intent on making his state, the capital of the global clean energy economy. He and Dennis Mullen, President of the Upstate Empire State Development Corporation, have shown strong support for GE’s sodium battery project from the outset.

Read more of this story »

This column highlights the top economic stories of the week.

Just as Swine flu looked like it was on the mend, the USA announced the death of two Texas residents and one in Washington state. The disease has been linked to poorly managed factory farms in Mexico.

The results of the bank stress tests were release this week. Nine banks got a clean bill of health, but ten were told to increase their capital. Bank of America, one of the biggest banks in America has to raise #34 billion in capital.

The overall view is that banks are doing well and the government hopes that additional funding can be raised in the private markets. However, if funding cannot be raised, then the government will consider transforming some of the TARP money invested in banks into common stock. If that’s the case, it will be a riskier investment for the taxpayer, as nobody has the proverbial crystal ball that can predict the economic outlook in the days and weeks to come.

The World Bank found through a study that it would be impossible for India to reduce its greenhouse gas emissions without adversely affecting its fight to eliminate poverty.

NPR tells us that congress is taking on the credit card industry. The Senate is to take up legislation that, if passed, would make it illegal for credit card companies to impose sudden interest rate increases.

The U.S. unemployment rate in April hit 8.9%, its highest in a quarter century. But the pace of job losses has slowed. Is this evidence that the economy is no longer deteriorating as quickly as it was earlier this year?

Everybody is pinning their hopes on the economic recovery as the green seeds planted begin to bear shoots and leaves. But as we said earlier, it is hard to make a prediction when there is no crystal ball….

Follow us on twitter: twitter.com/inspiredeconomy

Economist, James Galbraith, on bank stress tests

The results of bank stress tests released this week, do not bear good news. The bottom line is that at  total of $75 billion needs to be raised from 10 major banks to prop them up for losses that could come from a deepening recession.

Here is a Top 4 summary of who needs what in the next six months:

• Bank of America (BAC) will have to raise $33.9 billion;
• Wells Fargo (WFC), $13.7 billion;
• GMAC (GJM), $11.5 billion; and
• Citigroup (C), $5.5 billion

The question people are asking is whether this is the worst news yet? Or whether it is news that the worst is over?

There is no easy answer. The truth is that if unemployment continues to rise, housing prices continue to fall and the economy continues to shrink, then much more money might be needed as problem bank loans could be on the rise.

Read more of this story »