Economy
Richest New Yorkers Will Devastate City If They Leave With $133 Billion
Before Covid-19 hit, New York City was home to many of the richest people in the world, an elite group of 30,000 families earning at least $1 million a year.
Gotham’s future will be decided by how many of these super-wealthy people remain after the pandemic is over.
Trump’s biggest corporate winners and losers (adam)
Big tech has been the biggest corporate winner of the Trump presidency, according to an Axios analysis of public-company corporate financials.
Why it matters: The tech giants have spent the past four years facing increased scrutiny from Washington, and Google has even been hit by an antitrust lawsuit. But Google parent Alphabet has seen its profits soar by $12 billion per year since Trump’s surprise election in November 2016.
Vitamin D to be delivered to millions of vulnerable people to help protect them from Covid (a_lord)
Free supplies of vitamin D will be delivered to more than two million clinically vulnerable people and care home residents over the winter amid growing optimism about the role of the supplement in cutting the risk of death from Covid-19.
Ministers are drawing up plans for four-month supplies of the vitamin to be delivered directly to care home residents in England and those deemed to be clinically extremely vulnerable. The move follows a similar move by the Scottish Government.
Tech entrepreneur flees California for Texas
“Texas is a lot like going to California 40 to 50 years ago,” Lonsdale said. “It’s very welcoming, it’s a dynamic economy, it’s affordable.”
Texas is one of seven states, including Florida and Nevada, without a personal income tax. Lonsdale also said that Texas beats California “in almost every method you can name, whether it’s education, pollution, homeless[ness].”
How Biden’s tax plan could impact high-tax states
The middle class will experience higher taxes and higher fees in high-tax states, even though President-elect Joe Biden has said he plans to only tax the rich, Chair of the Program in Business and Finance at The King’s College in New York City Brian Brenberg warned on Tuesday.
Biden’s tax plans have come under scrutiny over intentions to raise rates for wealthy Americans – but some experts, including Brenberg, say they could also contribute to an exodus from high-tax states.
Energy
The True Cost Of The Global Energy Transition (m_scott)
$15 trillion: this is the amount of money to be invested in new power capacity globally over the next three decades. Most of this—80 percent—will be poured into renewables. This certainly makes the energy transition far from cheap, but no one—at least no one reputable—ever said going green would be cheap. Yet the amount of investments to be directed towards expanding wind, solar, and associated systems will not be the only costs to be borne during the transition. There may well be steep environmental costs as well.
Top U.S. Gas Driller Weighs First Step Toward Net-Zero Emissions (jw)
The chief executive of the largest U.S. natural gas producer said the company is considering a path to net-zero greenhouse gas emissions, but only from its own operations for now.
EQT Corp. is seeking to cut so-called Scope 1 emissions by replacing equipment that runs on fossil fuels with electric-powered devices, while using real-time sensors and other technologies to cut drilling time and energy use, CEO Toby Rice said in an interview.
Why South America’s Offshore Oil Sector Is Exploding (m_scott)
Nearly a decade ago South America’s emerging offshore oil boom was viewed as a fad triggered by soaring oil prices which by 2011 had recovered from the Great Recession to be trading at over $100 a barrel. In early 2012, the international Brent price peaked at over $128 per barrel and stayed on average at over $100 a barrel until the late-August 2014 price crash. At those prices high cost oil projects, including offshore Brazil, became popular among global energy majors as they sought to take advantage to boost oil reserves, production and profits.
Gold & Silver
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