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90 seconds at 9 am: Abundant low-cost energy transforming the world; Greeks approve austerity; Japan sliding into recession; NZ$ starts at 81.7 USc
Here's my summary of the key news overnight in 90 seconds at 9 am, with the world's media impressed with the latest IEA World Energy Outlook.
Two features of that report stand out: firstly, North America is at the forefront of a sweeping transformation in oil and gas production that will affect all regions of the world; and secondly, just how much thermal coal is being produced, especially in China.
The IEA also notes a similar transformative shift in global energy efficiency and that is supressing demand along with the recession in Europe. Energy is cheap these days, ignoring the taxes we impose on it. The shift from oil to gas is also impressive.
And in related news, the EU, which has been leading the effort to impose taxes on carbon emissions, has agreed to suspend its rules that require airlines flying to and from airports in the EU to pay for those carbon emissions.
This is a significant backdown in the face of Chinese and American pressure.
Staying in Europe, the Greek parliament has approved its austerity budget, a €17 bln austerity and overhaul package for the next four years.
This now puts the Troika on the spot to come up with the funds, and much more if they agree to a two year extension being talked about in negotiations.
In Japan, after a strong performance earlier this year, economic output dropped in the third quarter as the reconstruction boom that followed the natural disasters in 2011 slowed. Japan is tip-toeing into recession again.
Stocks are up in late trade. The NZ dollar starts today slightly up at 81.7 USc and is at 73.2 on the TWI.