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Mexico is about to experience its ‘highest temperatures ever recorded’ as death toll climbs

May 27, 2024

Mexico is about to experience its ‘highest temperatures ever recorded’ as death toll climbs

The extreme heat smothering much of Mexico has killed dozens of people across multiple states

A red sun rises against a red sky
The sun rises amid high temperatures in Mexico City on Thursday. Extreme heat in Mexico, Central America and parts of the U.S. South has left millions of people in sweltering temperatures, strained energy grids and resulted in iconic howler monkeys in Mexico dropping dead from trees. (Marco Ugarte/The Associated Press)

The extreme heat smothering much of Mexico has already killed dozens of people, but the hottest temperatures are yet to come, officials say.

“In the next 10 to 15 days, the country will experience the highest temperatures ever recorded,” researchers from the National Autonomous University of Mexico (UNAM) said in a statement earlier this week. They called the heat wave “unprecedented.”

According to the Weather Channel, by early next week, temperatures in Veracruz are expected to soar to 37 C, Tabasco will be 40 C and Mexicali will reach temperatures of 40.5 C.

Temperatures in the capital, Mexico City, could reach a record 35 C in the next two weeks, said Jorge Zavala, director of UNAM’s Institute of Atmospheric Sciences and Climate Change.

Most of the metropolitan area’s 21 million residents — accustomed to more temperate weather — lack air conditioning. Earlier this month, the capital was one of at least 10 cities in Mexico that registered their hottest day on record.

A boy walks alongside the ocean
A boy dives into the sea on a hot spring day in Veracruz, Mexico, on Tuesday, amid a nationwide drought and heat waves that have sent temperatures soaring across much of the country. (Yahir Ceballos/Reuters)

Mexico has been reeling from a high-pressure weather phenomenon known as a “heat dome,” which has trapped hot air over much of the country, creating record-breaking temperatures that have surpassed 45 C in some places.

…click on the above link to read the rest of the article…

Lie-Bor: Pitchforkers Rejoice

May 22, 2018

Lie-Bor: Pitchforkers Rejoice

There’s a bit of a hullabaloo going on at the moment about LIBOR. And in truth, it is a pretty big deal.

Yes, even bigger than whether or not Stormy Daniels got jiggetty with an old guy wearing a wig. And get this… even bigger than Kanye’s man-love for the same guy.

What is LIBOR?

Let’s start here.

Whether you know it or not, LIBOR has for decades played an integral part in the cost of your beer. That’s because it has provided a means to determine the cost of debt in everything — from student loans and mortgages to complex derivatives. 

What happens is this…

A daily survey is taken from 15 of the largest banks in the world.

In this little test each bank submits a quote estimating how much it would be charged by the other banks to borrow money across a range of durations without any collateral being put up.

All the rates are then tossed into a baking dish, baked, and the pie that comes out is an average rate known as LIBOR.

It stretches across 7 different maturities and 5 currencies, and, together with Euribor, it is the primary benchmark for short-term rates across this ball of dirt we call home.

Thomson Reuters publishes it midday and pretty much the entire financial community involved in debt markets of any kind (and plenty who’re only tangentially connected) furrow their brows and sip their long blacks while scanning these very rates in order to more intelligently make critical business decisions, which ultimately affect the cost of your beer.

And so, as you can see, it is very important.

How big?

$350 Trillion!

…click on the above link to read the rest of the article…

TransCanada formally seeks NAFTA damages in Keystone XL rejection

June 26, 2016

TransCanada formally seeks NAFTA damages in Keystone XL rejection

Keystone XL was designed to link existing pipeline networks in Canada and the U.S.

(Evelyne Asselin/CBC)

TransCanada Corp. is formally requesting arbitration over U.S. President Barack Obama’s rejection of the Keystone XL pipeline, seeking $15 billion US in damages, the company said in legal papers dated Friday.

TransCanada submitted a notice for an arbitration claim in January and had then tried to negotiate with the U.S. government to “reach an amicable settlement,” the company said in files posted on the pipeline’s website.

“Unfortunately, the parties were unable to settle the dispute.”

TransCanada said it then filed its formal arbitration request under North American Free Trade Agreement provisions, seeking to recover what it says are costs and damages.

The Keystone XL was designed to link existing pipeline networks in Canada and the United States to bring crude from Alberta and North Dakota to refineries in Illinois and, eventually, the Gulf of Mexico coast.

Obama rejected the cross-border crude oil pipeline last November, seven years after it was first proposed, saying it would not make a meaningful long-term contribution to the U.S. economy.

TransCanada is suing the United States in federal court in a separate legal action, seeking to reverse the pipeline’s rejection.

NAFTA, whose arbitration provisions allow companies to challenge governments before international panels, has been a target of recent anti-free-trade sentiments in the United States.

The heads of NAFTA members, Canada, the United States and Mexico, are expected to meet in Ottawa for a North American leaders’ Summit on June 29.

Canada was supposed to host the meeting early last year but cancelled it amid tension between then Prime Minister Stephen Harper and Obama over the Keystone XL pipeline.

TransCanada and the U.S. Department of Energy did not immediately respond to requests for comment.

 

New law proposed to shift bank failure risk from taxpayers

March 23, 2016

New law proposed to shift bank failure risk from taxpayers

Ottawa proposes ‘bail-in’ regime to force creditors to prop up failing banks

The Liberal government says it will create legislation that shifts some of the risk in a bank failure to creditors. (Canadian Press)

The Liberal government says it will create legislation that shifts some of the risk in a bank failure to creditors. (Canadian Press)

Canada will introduce legislation to implement a “bail-in” regime for systemically important banks that would shift some of the responsibility for propping up failing institutions to creditors.

The proposed plan outlined in the federal budget released on Tuesday would allow authorities to convert eligible long-term debt of a failing lender into common shares in order to recapitalize the bank, allowing it to remain operating.

The plan is in line with international efforts to address the potential risks to the financial system from institutions that are deemed too big to fail, the budget document said.

The issue was at the heart of the 2008 global credit crisis, with various governments having to bail out systemically important institutions.

Canada, which escaped the crisis relatively unscathed, did not have to rescue any of its banks though they got billions in support during the crisis and the recession that followed. The government said it will introduce framework legislation for the plan, along with enhancements to Canada’s bank resolution toolkit.

When the Harper government floated the idea of a bail-in regime in 2014, Moody’s cut its ratings on Canadian banks.

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