Tag: market

U.K. Government Split Over Carbon Market After Brexit

(Bloomberg) —



a man wearing a suit and tie: Rishi Sunak


© Bloomberg
Rishi Sunak

U.K. Chancellor Rishi Sunak’s Treasury is locked in a battle with Alok Sharma’s Business Department over how to ensure polluters pay for their emissions after Brexit.

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The Treasury is pushing to replace the European Union’s cap-and-trade system with an economy-wide carbon tax, which would come into effect after Britain exits the bloc in January. The Department for Business, Energy and Industrial Strategy is drawing up a new emissions-trading system to start in January similar to the EU program that the U.K. currently participates in.

One person familiar with the debate predicted that an ETS was a likely option, and a hybrid is also being considered. A decision is expected soon. It is likely to be announced by Dec. 12, when Prime Minister Boris Johnson will co-host a United Nations meeting on climate action, where he is expected to reveal a new 2030 climate pledge and encourage other countries to set their own goals to bring net emissions to zero.

But with just a little over two months to go before the U.K. leaves the EU and no deal agreed, businesses and traders are becoming increasingly concerned over the lack of certainty for how they’ll be charged for their pollution and whether the U.K system will be linked to the EU’s ETS.

“We’re really running tight on time if they want to implement an ETS,” said Jahn Olsen, analyst for BloombergNEF. “A tax has a lot of obvious disadvantages.”

The U.K. is still negotiating to find a way that could tie a U.K. cap-and-trade system to the EU ETS — if it does opt for that system. But if no deal can be struck, BEIS officials say a standalone U.K. ETS would be just as effective. The EU ETS is the world’s biggest carbon market.

Some of the U.K.’s biggest emitters are lobbying against a carbon tax, saying it would put them at a competitive disadvantage to EU rivals. They’re more comfortable with an ETS, since they’ve had to deal with the EU system since 2005. Olsen said a standalone U.K. ETS would probably initially deliver a lower carbon price than a tax because there would be an oversupply of allowances at first since the economy is in recession and the number of certificates issued in the system would probably be set for more normal times.

An oversupplied ETS in the U.K. may mean companies could buy carbon allowances around 15 pounds ($19.60) a ton, Olsen said. That’s lower than the average of 24 euros ($28) a ton in the EU system over the past year.

“The proposed carbon emissions tax is much less flexible than an Emission Trading Scheme and will lead to an unnecessarily higher tax burden for British steel companies,” said Frank Aaskov, energy and climate change policy manager for the U.K. Steel industry group.

READ MORE: Why Pricing Carbon Is Still More Theory Than Reality

Under the terms of the Withdrawal Agreement, the U.K. will remain in the EU

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Third-Quarter 2020 Market Commentary: Despite Uncertainty Around U.S. Election And Hard Brexit, Hope Springs Eternal For COVID-19 Vaccine And Government Relief

Data Source: Bloomberg

Source: PxHere

3D Note: As part of our ongoing commentary concerning the coronavirus global contagion and its impact on human and global markets, we remind readers that the situation remains fluid as evidenced by volatile market reactions to most new developments, although the pace of these reactions seems to have slowed down from March/April. In addition to our bi-monthly articles and periodic podcasts, 3D has started publishing mid-month updates to our advisor partners as we navigate through the coronavirus pandemic. Please contact us if you would like to be added to the distribution list.

Market action during the third quarter was largely uneventful despite a moderate pickup in volatility and a “pause” in the global reflation trade. The first two months saw rallies in the global reflation trade, broadly represented by growth technology stocks, emerging markets, commodities/non-U.S. currencies, and corporate credit, only to see investors back away from this trade in September due to technical reasons (e.g. over-exposed long positioning in large-cap technology stocks via call option purchases and speculative non-commercial long positioning in EUR/USD) and diminishing prospects over a second U.S. pandemic relief spending program as well as rising prospects over Hard Brexit. The end of the quarter saw elevated (i.e. buy-the-dip) risk sentiment after having peaked in mid-August, prior to the early September sell-off (we wrote about this in peak in investor sentiment in mid-August titled “Market is Euphoric”).

The furious global technology growth rally that characterized the early quarter advance spilled over into the first week of September before the “trade” unwound itself following reports of a large options “whale” (later to be revealed Softbank – Japan’s publicly-traded venture capital fund) having bid up single stock call options on key technology stocks, forcing options market-makers to buy the underlying stocks in order to hedge their positions. We mentioned this activity in our August 2020 Market Commentary, prior to media reports confirming the options trading activity.

The final two weeks of September saw a reversal of the growth technology stock sell-off amidst reports of renewed call option buying by retail investors regardless of prospects for another U.S. spending program (U.S. Treasury yields and the dollar whipsawed between diminishing prospects versus renewed prospects). Markets are being tested in the first week of October as U.S. President Donald Trump tested positive for the coronavirus.

As of the writing of this commentary, prospects for a second pandemic relief plan diminished despite reports of active negotiations between the White House (Treasury Secretary Steve Mnuchin) and Congress (House Speaker Nancy Pelosi). The Republican-led U.S. Senate is still resisting a negotiated plan, but the spending gap between the White House plan and House plan has narrowed with remaining differences over the level of unemployment benefits and state/local aid. The House passed a $2.2 trillion version of the plan, but the prospects for Senate passage are dim as Republican leaders claim the House version is full of “poison pills.” An estimated $2 trillion aid package could serve as a shot in

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Athos Group Experiences Dramatic Growth and Expansion in Off-Duty Law Enforcement Market with Simple, Transparent Technology

National off-duty service provider expands footprint with strategic acquisition and best-in-class technology that connects communities with everyday heroes

Athos Group, the nation’s fastest-growing solution and service provider in the off-duty law enforcement security and services industry, experienced continued growth in 2020 with an increase of nearly 22.5 percent of customers from Q1 to Q2 along with a strategic acquisition and technology innovation. In 2006, Athos started with fewer than 100 law enforcement officer associates and two initial clients. Since 2010, Athos has grown more than 11,000% having now worked with over 15,000+ officers across the country, representing more than 1,400 law enforcement agencies (LEAs).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201006005248/en/

Off-duty or “extra-duty” staffing has existed for decades across law enforcement agencies nationwide. By providing opportunities for law enforcement officers (LEOs) to secure private assignments, businesses can increase security, while helping officers supplement their income. Until recently, facilitating and managing off-duty staffing has been a highly manual and time-consuming process. Athos Group’s expanded footprint in the rapidly-growing $11 billion off-duty market confirms that the company is addressing the industry’s most pressing need—simple, efficient and cost-effective staffing solutions. Athos is constantly introducing new innovations, features and services to meet the needs of all key stakeholders in the off-duty market, including LEAs, LEOs, businesses, communities and coordinators.

“The Athos Group and our family of law enforcement ‘extra-duty’ companies exist to serve peace officers and the communities they are sworn to protect. We help provide clarity, transparency, and accountability to each program—as defined by their licensing agencies and requested by members of their communities,” said Chris White, Athos Group’s founder and CEO. “Now more than ever, everyone in the off-duty market is looking for ways to increase community awareness, provide greater visibility and find opportunities to gain trust with those in their care. Athos makes it possible to achieve all those goals and then some.”

With Athos Group’s team of client service experts, paired with its unrivaled software management capabilities, LEAs, businesses and coordinators can easily track and staff jobs with very little lead time. The benefits of Athos Group’s solutions also make a substantial impact on cost-savings, allowing stakeholders to reduce the administrative overhead previously associated with off-duty staffing program management. Athos Group’s top priority is connecting communities with everyday heroes in a way that provides the highest benefit and maximum transparency. In doing so, it fosters goodwill between businesses, LEAs and officers.

One contributor to Athos Group’s unprecedented growth is the continued expansion of its legacy business, Summit Off Duty Services (ODS), which serves the off-duty law enforcement security industry through unmatched partner consulting, client engagement and customer support. Summit collaborates with its partners to ensure the success of each job, by providing access to off-duty officers across the nation—at the local, county and state level. Due to the new challenges spurred by the pandemic, businesses across the country and industries are facing operational and financial headwinds. As a result, the client-focused managed services

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Pope Says Free Market, ‘Trickle-Down’ Policies Fail Society | World News

VATICAN CITY (Reuters) – Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

In an encyclical on the theme of human fraternity, Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions”, or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, healthcare imbalances and the widening political polarisation in many countries.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.

Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians – “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” – was still valid.

Those with much must “administer it for the good of all” and rich nations are obliged to share wealth with poor ones. But he said he was “certainly not proposing an authoritarian and abstract universalism”.

Some ultra-traditionalist Catholics have

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Pope says free market, trickle-down policies have failed society – Newspaper

VATICAN CITY: Pope Francis said on Sunday that the Covid-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

In an encyclical on the theme of human fraternity, Pope Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions”, or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Pope Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, healthcare imbalances and the widening political polarisation in many countries.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Pope Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.

Pope Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians — “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” — was still valid.

Those with much must “administer it for the good of all” and rich nations are obliged to share wealth with poor ones. But he said he was “certainly not proposing an authoritarian and abstract universalism”.

Some ultra-traditionalist

Continue reading

Pope Francis says free market, ‘trickle-down’ policies fail society

Pope Francis waves after delivering the Angelus prayer from his window on the day of the release of his new encyclical, titled ‘Fratelli Tutti’ (Brothers All), at St. Peter’s Square at the Vatican, October 4, 2020.

REMO CASILLI/Reuters

Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

In an encyclical on the theme of human fraternity, Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

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In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions”, or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, health care imbalances and the widening political polarization in many countries.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.

Story continues below advertisement

‘EMPIRE OF MONEY’

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.

Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians – “that if one person lacks what is necessary to live with dignity, it is because another person

Continue reading

Pope says free market, ‘trickle-down’ policies fail society

VATICAN CITY (Reuters) – Pope Francis said on Sunday that the COVID-19 pandemic was the latest crisis to prove that market forces alone and “trickle-down” economic policies had failed to produce the social benefits their proponents claim.

Pope Francis delivers the Angelus prayer from his window on the day of the release of his new encyclical, titled “Fratelli Tutti” (Brothers All), at St. Peter’s Square at the Vatican, October 4, 2020. REUTERS/Remo Casilli

In an encyclical on the theme of human fraternity, Francis also said private property cannot be considered an absolute right in all cases where some lived extravagantly while others had nothing.

Called “Fratelli Tutti” (Brothers All), the encyclical’s title prompted criticism for not using inclusive language after it was announced last month.

In Italian, Fratelli means brothers but it is also used to mean brothers and sisters. The Vatican said it was taken from the “Admonitions”, or guidelines, written by St Francis of Assisi in the 13th century to his followers and could not be changed.

The pope says in the first line of the 86-page encyclical that St. Francis had “addressed his brothers and sisters” that way. In the document, he uses the term “men and women” 15 times and speaks several times about defending the rights and dignity of women.

Encyclicals are the most authoritative form of papal writing but they are not infallible.

The encyclical, which Francis signed in Assisi on Saturday, covers topics such as fraternity, immigration, the rich-poor gap, economic and social injustices, healthcare imbalances and the widening political polarisation in many countries.

The pope took direct aim at trickle-down economics, the theory favoured by conservatives that tax breaks and other incentives for big business and the wealthy eventually will benefit the rest of society through investment and job creation.

“There were those who would have had us believe that freedom of the market was sufficient to keep everything secure (after the pandemic hit),” he wrote.

Francis denounced “this dogma of neo-liberal faith” that resorts to “the magic theories of ‘spillover’ or ‘trickle’ … as the only solution to societal problems”. A good economic policy, he said, “makes it possible for jobs to be created and not cut”.

‘EMPIRE OF MONEY’

The 2007-2008 financial crisis was a missed opportunity for change, instead producing “increased freedom for the truly powerful, who always find a way to escape unscathed”. Society must confront “the destructive effects of the empire of money”.

Francis repeated past calls for redistribution of wealth to help the poorest and for fairer access to natural resources by all.

“The right to private property can only be considered a secondary natural right, derived from the principle of the universal destination of created goods,” he said.

A Vatican official said the pope was referring to those with massive wealth.

The pope wrote that the belief of early Christians – “that if one person lacks what is necessary to live with dignity, it is because another person is detaining it” – was still valid.

Continue reading