Category Archives: Resource Based Economy

THE recently concluded first quarter (1Q22) reporting season did not entirely disappoint the market despite more misses than hits as the number of companies that fell short of expectations was higher than those that were above market consensus.

As expected, the 1Q22 period was boosted again by the buoyant commodity sector, allowing most companies in the chemical sector, plantation sector, and selected metal producers to report stellar results.

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The biggest drag to corporate Malaysias 1Q22 report card was the glovemakers as earnings plunged on the back of normalised average selling price and the higher cost structure post-pandemic.

Banking stocks were decent while the consumer sector was a mixed bag.

Despite the impact of a fully opened economy, the aviation and the gaming sector, led by Genting Bhd, remained under pressure and continued to post losses. AirAsia X was an outliner, reporting a huge net profit on the back of a write-back for previously made provision for its debt restructuring exercise.1Q nominal GDP expands

Economically, the Malaysian economy for the 1Q22 period was surprisingly strong as the economy expanded by 3.9% quarter-on-quarter (q-o-q) and 5.0% year-on-year (y-o-y), flatly beating market expectations of a 4% y-o-y growth.

Not surprisingly, Bank Negara maintained its gross domestic product (GDP) growth outlook for the year with growth projected at between 5.3% to 6.3% for 2022 despite taking a pre-emptive strike by raising the benchmark overnight policy rate (OPR) by 25 basis points (bps) to 2% from 1.75%.

In nominal terms, the Malaysian economy expanded by 13.9% y-o-y to reach RM422.5bil, although compared with the preceding quarter, the economy contracted by 0.6% q-o-q when measured in nominal terms.

On a y-o-y basis, strong nominal growth was seen in accommodation services, up 87% y-o-y; mining and quarrying, rising by 43.5% y-o-y; the agriculture sector grew by 28.3% y-o-y; while the transport sector experienced a 27.3% y-o-y growth.

With 1Q22 GDP data coming in above market forecast, 1Q22 net earnings momentum, excluding the volatile earnings of glovemakers, rose by 5.5% y-o-y, translating to about 1.1 times GDP growth.

Nevertheless, despite the relatively stronger earnings momentum, the ratio of companies earnings that surprised the market against those that were below expectations dropped as only 22% of companies reported earnings that were above expectations against 30% that were below consensus estimates.

This was weaker than the preceding quarters 4Q21 reporting season when 34% of companies reported results that were above expectations and 25% that were below expectations.

Hence, the earnings disappointment ratio jumped to 1.32 times, against the preceding quarters 0.76 times. The q-o-q trend is not unexpected as the 1Q22 period typically tends to have higher misses than hits. An analysis of the trend of hits and misses over the past three years shows that the 1Q22 performance was only weaker than last years 1Q21 performance as seen in Chart 1 and much stronger than the previous two 1Q periods in 2019 and 2020.

A better 2022?

As expected, post 1Q22 earnings season, there have been minor adjustments to earnings estimates for the year and in particular for resource-based companies mainly due to an upgrade in the forecast for the average crude palm oil price. The banking sector too may see better growth in 2022, mainly driven by economic momentum as well as expansion in net interest margin on the back of higher OPR by another 25bps later this year.

However, pricing pressure is also evident due to the rise in commodity prices which is eating into the profitability of listed companies.

While some can pass on the additional cost to consumers in the form of higher prices, others are seeing a contraction in earnings.

For 2022, from the earlier forecasted earnings contraction of 2.9% at the end of the 4Q21 quarterly reporting period, the revised estimate now shows earnings growth of 0.6%, a 3.7 percentage points improvement.

This is despite the one-off Cukai Makmur, which otherwise would lift earnings estimates by 10.9 percentage points to 11.5% for 2022.

Not many changes were made to earnings for 2023 as earnings are now estimated to grow by 12.6% from the 12.7% that was estimated in the preceding quarter.

Index wise, except for a 25 points upgrade to the FBM KLCIs fair value by one brokerage firm to 1,647 points, most broking firms have maintained their respective FBM KLCI target for this year, which range between 1,635 and 1,745 points, or an average of 1,680 points. This is some 11.3% higher than the 1,509.71 points on the FBM KLCI as at Thursdays close.

Interestingly, while most brokers have maintained their respective target values, it was derived at a lower price earnings ratio multiple of 14.5 times instead of 15.4 times previously, basically incorporating the risk that the market is up against in the second half of the year, which among others may include persistent inflation pressure, slowing growth, tighter liquidity, rising interest rates and the likelihood that the 15th General Election may be called as soon as August or September.

The fear of the three I

Invasion, inflation, and interest rates the three I sums up what to expect for the rest of 2022 as the Federal Reserve (Fed) has not only begun interest rate hikes but its quantitative tightening (QT) plan that will take away US$95bil (RM417bil) per month from the market over the next 12 months.

As for rate hikes, the market now expects the Fed fund rate to reach 2.75% to 3% this year from the current level of 0.75% to 1%, a full 200bsp hike to go, before rising by another 50bps in the first half of 2023 to 3.25% to 3.5%.

As it is, the Fed has already raised rates by 75bps this year as it remains behind the curve against elevated inflation prints but also against inflation expectations.

The Russian invasion of Ukraine recently reached 100 days since Vladimir Putin invaded various regions and is said to have now controlled about 20% of Ukrainian land. While the west has tried many ways to curtail the Russian move against Ukraine via sanctions, Moscow has so far not been perturbed by the moves but instead stepped up its efforts.

It has come with a price, although the ruble has rebounded to levels before the invasion, the Russian economy is suffering from the economic fallout that comes with its aggression.

The war has had an impact not only on Russia but the world over as the World Bank lowered its forecast to 2.9% early this week from 3.2% that it estimated in April.

The International Monetary Fund too will likely follow suit as it last lowered the global growth rate to 3.6% in April, taking into account the slowing economic momentum out of China as a result of recent Covid-19 lockdowns in major cities.

Timing the market re-entry

While the FBM KLCI is down 3.7% year-to-date, its performance when measured in dollar terms shows the market is now down 9.1% and remains an underperformer when measured against its Asean counterparts as seen in Chart 2.

All Asean markets are weaker year-to-date due to the dollar strength as the dollar itself is up 1.9% against the Singapore dollar; 2.1% against Indonesias rupiah; 3.8% against the Thai baht; and 3.9% against the Philippines peso. The ringgit has been the weakest among the regional currencies, falling 5.4% year-to-date.

As mentioned earlier, equity markets are now up against a relentless Fed that is persistent in its view that it needs to bring inflation down, with the hope of manoeuvring a soft-landing for the US economy.

But just like any policy measures, the Feds move will likely be driven by data and how core personal consumption expenditure and the labour market play out over the rest of the year, and if data shows that the economy is headed towards recession or a hard-landing, the Fed will, in all likelihood, engage the handbrakes and either pause or reverse the Fed fund rate hike path.

The Fed may even stop its QT move to support an ailing economy and hence that would be a signal of the market bottom as any measures that are seen to support the financial market, will be welcome.

Pankaj C. Kumar is a long-time investment analyst. The views expressed here are the writers own.

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Watch the Federal Reserve - The Star Online

The invasion of Ukraine shocked the world and challenged the liberal world order based on the Idealist approach which seems to be now at stake. International institutions were introduced and agreements were signed under the leadership of the United States to promote global cooperation, free trade, and peace. Undoubtedly, the peace was maintained for decades. However, now the world is again tilted towards authoritarianism and anarchy. Countries like Russia and China emerged as great powers in global power politics and the US dream of expanding global democracy is fading. It is very obvious that US dominance on the world is not now in the state as it was before. It is to be observed that how US designed the international order and maintained its influence as worlds great power.

After the First World War, the US tried to institutionalize the world by establishing the worlds first international organization, the League of Nations (LoN), to restore peace and prevent war. Unfortunately, the organization failed and a 6-year-long second world war happened. In 1945, the US, with the collaboration of the UK, issued a declaration that was signed by 51 countries, naming it the United Nations Organization (UNO). The charter of the UNO included the maintenance of peace and security, the development of friendly relations among states, promotion of social well-being, and enhancement of living standards and human rights. Furthermore, the US established different alliances, gradually and eventually when the world was divided into two blocks due to ideological differences between capitalism and communism. The Cold War era was a psychological clash between two blocs (1945-1990).

The end of WWII changed the international structure and moved from multi-polarity to bipolarity which resulted in Cold War. Both great powers competed for dominance in international politics during this period. In the era of the cold war both the US and the Soviet Union entered into various treaties and established numerous organizations in the sectors of the economy, trade, and security to maximize their power. Mutual security alliances were formed by great powers at that time, like the US-backed NATO (1949) and, in response, Russia formed Warsaw Pact (1955). The US expansion does not stop there, it took economic measures too.

Meanwhile, the trend of sanctions was introduced in the new world order, primarily by the US to trap countries and deter them through financial sanctions. The US approach apparently was to address and prevent the conflict that led to wars and establish a system based on cooperation, peace and harmony. For the time being, it was effective. As time passed, the United States used it as a soft weapon to influence developing and underdeveloped countries to fulfil its hegemonic designs. To keep perceived rival states at bay the US sanctioned different countries for various reasons through economic sanctions. Recently, Afghanistan has been sanctioned by seizing its 7 billion dollars in international reserves. The same is happening and will happen with Russia and its ally, Belarus. The US realized that the tactics of sanctions and embargoes were more dangerous than war.

The US tried hard to deter Russia with major diplomatic and financial sanctions in the current Ukraine crisis, however, Russia invaded Ukraine. If the US maintained its hegemony, as it always does, Russian economy may suffer badly due to the imposed sanctions on it. Some analysts describe the Ukrainian issue as geopolitics rather than a territorial dispute. According to them, the US is attempting to contain Russia through security alliances, and also trying to harm its economy. For example,along with other economic sanctions, the Nord Stream 2 project between Russia and Germany was explicitly targeted in the Ukraine crisis. They also believe that all the misery was created on purpose to entrap the Russian mega project of a pipeline that connects Germany directly through the Baltic Sea.

Russia, particularly in Europe, is one of the worlds top energy suppliers. The Russian economy has long been dominated by oil and gas exports. Additionally, Russias resource-based economy is exposed to global resource market instability and restrictions on the energy trade, inany worst-case scenario, are critical to Russias economy. Similarly, the expulsion of Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) is also a tool to contain Russia. According to the BBCs report, in March, seven Russian banks were expelled from SWIFT, and now three more banks are planned to be dismissed. Sberbank, the third largest banking sector in Russia is one of the three banks that are supposed to be excluded. During the Crimean crisis in 2014, Russia was threatened to be expelled from SWIFT. Consequently, it encouraged Moscow to establish a parallel international money transfer system, a System for Transfer of Financial Messages (SPFS). Russia is also trying to join the Chinese Cross-Border Interbank Payment System (CIPS) to tackle the transnational payment system crisis that would likely be emerged after the expulsion from SWIFT.

In a nutshell, history is repeating itself. The world is leading towards multipolarity again. The US, which was trying to maintain power among European and Asian countries, is facing the challenge of Chinas economic rise. During the course of recent history, the US and its allies were never on the same page regarding any situation as they are now. The US and its allies are strengthening their collective security and economic alliance. The US has tied knots with Australia, the UK, Japan, and many others, while Beijing gets closer to Moscow. The question is: will the US be successful in its strategies to contain and counter the major powers, as it did during the Cold War through its so-called liberal world order tactics? Or, will the Russia-China partnership win the power balance game as they are now expertized in the perceived US made rules of the international system? This and a lot worth waiting scenarios are supposed to be unfolded as no nation on Earth is afraid of American concerns as it used to be in the 1990s or early 2000s.

Pairman Bazai Research Assistant at Balochistan Think Tank Network, BUITEMS, Quetta

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Ukraine Crisis: A Triggering Factor In Shifting The International Structure OpEd - Eurasia Review

This years World Environment Day theme Only One Earth was also the slogan for the 1972 Stockholm Conference the worlds first conference on the environment. Fifty years down the line, as we face the climate emergency, the actions we take today will determine how our future generation will co-exist with nature. As we commemorate this day to emphasise the importance of conserving our planet, addressing climate challenges while keeping sustainability in mind is the key to a better future.Today, natural disasters are occurring more frequently, displacing millions of people and causing significant economic losses. In 2020 alone, India reportedly faced a staggering loss of $87 Billion due to natural disasters. Climate change is a reality that we are facing in our daily lives. For instance, March 2022 was Indias hottest March in the last 122 years.Therefore, today is a reminder for all of us to act on the climate emergency causing socio-economic disruptions globally. According to the International Monetary Fund (IMF), India is the world's fastest-growing major economy, and we must safeguard ourselves from future climate disruptions that can affect its growth prospects.This will only be possible through a strong climate action plan that will enable broader adoption of renewable energy, restore natural ecosystems, promote biodiversity and focus on water conservation and decarbonisation. Safeguarding our natural resourcesAs we experience a global shortage in raw materials, we need to rethink our approach toward using natural resources. Today, industrialisation and overpopulation are creating excessive demand for natural resources, threatening the balance of our ecosystem. The continued extraction of raw materials would disrupt the organic foundations of our ecosystems, which may undo the years of sustenance maintained between the planet and the life on it.An impactful alternative to the current linear method of consumption and production is a circular economy. A circular model can help contain the demand for newer materials and effectively utilise the available resources. This is where we design supply chains, products, manufacturing, and distribution for circularity and resource recovery, to reduce the amount of virgin raw materials in products and reclaim old products from the market to be refurbished and reused.Collective initiatives by organisations can help create a faster impact on restoring the planet, sharing ownership between every stakeholder of the planet. For instance, in cities like Chennai, which witness severe water scarcity, activities like waterbody restoration campaigns will offer long-term, sustainable solutions for better-nourished ecosystems. Multiple private, non-profit and academic organisations have come together to restore the 100-acre Sembakkam Lake in Chennai. Such efforts can holistically enhance the resilience of the ecosystem while recharging groundwater and restoring essential resources. A less carbon-intense economyToday, as businesses bounce back to pre-pandemic levels, supply chains are becoming stronger and more connected. There is energy and water consumption involved in various stages of the supply chain ecosystem, leading to increased carbon and water footprints across product lifecycles.To move towards an economic structure that is less carbon and water-intensive, we should implement policies that help businesses adopt green supply chain models, formulate material assessment strategies, and make a mandatory framework for sustainability finance to power their green initiatives. These should be included in the company policies related to materials purchasing, logistics and packaging.Technology can play a key role towards ushering in such a transition. For instance, a recent tech partnership to build a blockchain-based Circular System for Assessing Rare Earth Sustainability (CSyARES) is expected to help companies improve the transparency and sustainability of their supply chains when it comes to critical and rare earth materials. Preparing for the futureAs we strategize to build a sustainable future, it is essential to cultivate environment-friendly behaviours across various levels of society. Businesses need to understand the direct and indirect impact they are creating on the planet and need to shift to making their operations more sustainable.Customers need to be sensitized about the benefits of using products with longer lifecycles and how to responsibly handle them to reduce their footprint. There is no planet B, hence individuals, in their capacity, should start adopting sustainable living practices to make a difference.All stakeholders, public and private need to work together to help protect our only one Earth!George Rajkumar is the Country President at Grundfos India.Disclaimer: The opinions expressed are of the author/interviewee and do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.This column is part of June 2022s month-long awareness campaign on the theme Only One Earth: Sustaining People, Planet and Prosperity by Business Insider Indias Sustainability Insider.

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OPINION: We only have one Earth! Lets act together to safeguard resources, decarbonise economy, and transitio - Business Insider India

All through history, the development of technology has been a force that has propelled humanity forward. The invention of tools for cultivating, harvesting, and processing crops was instrumental in ushering in the agrarian age, and the formation of the first civilizations approximately 10,000 years ago. In more recent history, the discovery and application of scientific principles of mechanics and physics led to the invention of machines that advanced humanity into the industrial revolution of the 1700s and 1800s. The current computer/information technology age is yet one more leaf in the pages of humanitys history turned by technologys hands.

Although technology has been pivotal to humanitys survival and growth on the planet, the wrong application of our technological knowledge, exploitative behavior of humans as the supposed top boys of the food chain, and ecological egoism have disrupted the stable climate described by naturalist David Attenborough to have given birth to civilization. According to the World Health Organisation, between 2030 and 2050, it is projected that around 250,000 additional deaths per year will result from malnutrition, malaria, diarrhea, and heat stress as global temperature continues to rise. In the same vein, environmental experts warn that the climate crisis is triggering mass displacement of human settlement, especially in coastal areas, while extreme weather and environmental degradation are contributing to the wastage of nearly a third of food grown.

To arrest the present and looming climate disaster, the consensus among experts is that humanity must rethink technology and ensure that its application is sustainable. Previously, technology was viewed from narrow lenses with cost-benefit analysis solely based on economic and commercial frameworks. This resulted in unintended net negative social and environmental outcomes that widen inequalities, and lack of access and transferred negative spillovers of industrialization to poorer countries. Therefore, the role of technology must be understood to ensure sustainable and equitable development by equipping us with the right tools to make maximally beneficial choices.

The first argument for innovation and innovative technologies revolves around the problem of scarcity of resources and how it can be adequately addressed. It is common knowledge that human wants surpass the resources to fulfill them, and this lack has provoked competition and wastage, rather than cooperation and efficiency. Where there has been less conflict over resource ownership, concerns about resource depletion and their non-renewable nature have been paramount. By adopting technology and circular economy thinking, alternatives can be developed to ensure availability, while natural resources are preserved. A good example is the use of renewable energy sources like solar, wind, and biofuels to provide electricity and the positives such innovation holds in the quest to fast-track decarbonization and improve quality of life.

Another important argument is that sustainable technology will create more meaningful and inclusive work opportunities. In a 2019 article, Stears Business a Nigerian economic business publication established the nexus between crude-oil dominance and the diminishing of womens role in the economy in Nigeria. By creating the right technologies there would be a democratization of access to inclusive economic opportunities, and the availability of more jobs would open the labour market to women and marginalized groups. Based on the International Labour Organisation (ILO) projections, a greener economy could create 24 million new jobs globally by 2030 which would mean better per capita GDP and improvement in some of the key development indices.

Also, green technologies will result in cheaper production which would create competitive advantages for forward-thinking corporations and deliver direct benefits to consumers globally. In 2021, the World Economic Forum in an article, based on research by the University of Oxfords Institute of New Economic Thinking, noted that renewable energy prices have declined more rapidly than anticipated and they are becoming cheaper than fossil fuels. In the same breath, it was argued that a rapid transition to emissions-free green energy could save many trillions of dollars in energy costs and help combat climate change. The expectation of even cheaper solutions in the future is premised on a virtuous cycle that more deployment of green solutions would result in lower prices which, in turn, creates competitiveness in new markets, then boost demands and results in even lower prices.

While the arguments for technology in sustainable development are inexhaustive, a final case I would make is the effectiveness of technology in predicting, measuring, tracking, and correcting harmful effects of human production activities. It is through the integration of technology into the production processes that we can forecast and forestall climate disasters and tackle the root causes that often seem benign. The IBM Environmental Intelligence Suite unveiled in 2021 is an example of how Artificial Intelligence (AI) and Machine Learning (ML) can aid businesses in assessing the impact of their activities on the environment, improving regulatory environmental compliance, and reporting, and taking adequate steps to ensure their business operation is not unduly affected by adverse climate events.

With new research and better frameworks for assessing the impact of our activities, the UN argues that readily available technological solutions already exist for more than 70 percent of todays emissions. In my opinion, while there is the need to accelerate research and development into technologies of the future, efforts must be put in place to ensure that people utilize the available green technologies.

My view is that the difference between what can be achieved by integrating these nature-friendly solutions into our production activities and lifestyles, and the current reality of worrisome carbon footprints is the lack of political willpower and misplaced incentives that exist on a macro scale. This issue must be addressed and policies to drive a top-to-bottom implementation of the climate agenda is key. From a micro and individual person perspective, there is the need for greater awareness of what the stakes are when non-renewable resources are depleted and why we must take more responsibility for our future.

Idam is Managing Director and Chief Executive Officer of Zen Ideas & Solutions Limited.

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Role of technology in sustainable development | The Guardian Nigeria News - Nigeria and World News Opinion The Guardian Nigeria News Nigeria and...

Andrea Pien is a 35-year-old millionaire. A wealth manager once warned her to carefully steward her money, saying that inherited wealth was often squandered away in just a few generations. But my partner and I arent planning on having children, Pien said. What are we hoarding money for? Especially when the world is literally burning.

So in March 2020, Pien hired Phuong Luong, founder of financial planning firm Just Wealth, to help her redistribute some of her wealth back to society. That means taking some of it out of Wall Street and investing it in ventures that promote human well-being and economic fairness over profits.

Pien is one of a small but growing number of wealthy people seeking a more radical approach to investing. Some call it the seemingly contradictory term anti-capitalist investing; others refer to it as transformative investing. In general, proponents are going beyond merely disincentivizing unethical behavior in companies. Theyre trying to shift more of the balance of financial power into the hands of the working class, transforming an economic system that they believe has unjustly given just a few people control over a majority of the capital. Some investors want to spend down all of their wealth through anti-capitalist investing, while others still want to get a return on their investments but make sure these investments are into ventures they feel promote social justice.

Financial professionals in the space say theyve seen rising interest in this kind of investing strategy in recent years, and they attribute some of the interest to social justice becoming a bigger priority in the aftermath of the 2020 racial justice reckoning and a deeply unequal pandemic that killed so many Black and brown working-class people.

Another factor fueling this small shift: A lot of money is changing hands in the US right now. Over the next 25 years, American baby boomers will pass on some $68 trillion to their children. It will be the biggest wealth transfer in US history, but the money wont be handed out evenly. Even more wealth will get concentrated at the top.

Kate Barron-Alicante, a financial adviser and director of impact at wealth management firm Abacus Wealth Partners, who helps some clients with transformative investing, told Recode, What Im seeing are more people who are on the other side of that wealth transfer who want to do it differently, she said.

I sometimes joke that there are way more socialists who need a financial adviser than there are socialist financial advisers, said Zach Teutsch, a financial adviser and founder of Values Added Financial, a financial advisory firm for progressives. People are really yearning for this. They want an adviser who shares their disdain for a US economy thats dominated by obscenely wealthy multi-billionaires.

The yearning is there, but an important question to ask early on is how much of an impact anti-capitalist or transformative investing will have.

Attempts to invest ethically arent exactly new. The concept of socially responsible investing dates back centuries, and today there are a variety of approaches that fall under this umbrella. In recent years, theyve attracted increased skepticism about their efficacy and ethics. The positive impact socially responsible investing strategies claim to have is often hard to measure, and there isnt a single rigorous definition for what socially responsible means whats ethical to one person might be unforgivable to another.

Theres been a huge amount of interest, but also a huge amount of competition and marketing dollars spent by those larger investment firms that are basically looking to make a quick buck, said Sonia Kowal, president of Zevin Asset Management, an investment management firm that focuses on socially responsible investing. Theres a lot of impact washing going on.

Because its a relatively new idea, anti-capitalist investing doesnt yet have a clear-cut definition. Anti-capitalist investments and efforts fall across a spectrum, and not everyone would use the term anti-capitalist to refer to them. As Pien told Recode, I wouldnt go so far as to describe myself as anti-capitalist because I still participate in this economy. But I would like a world thats different from the current capitalist system that we have.

Making up part of this spectrum is transformative investing, whose goal is to transform the extractive economy meaning the system we have now, where finite resources are extracted and only a few people are rewarded with profits into a regenerative economy where capital is spread more equitably and controlled more democratically. Its a concept popularized by Resource Generation, a social justice organization whose members are wealthy young Americans who have made a commitment to redistributing all or most of their money.

Operating at the more radical end of the anti-capitalist investment spectrum is a firm like Chordata Capital, which offers an explicitly anti-capitalist approach to wealth management. Some of Chordatas clients dont want any return on their investments, and they might work on a plan to spend down their wealth over a period of 20 years.

Sometimes when we use that language, [anti-capitalist investing], people say its a paradox. I think that comes from a place of people believing that theres no real alternative to capitalism, said Kate Poole, who leads Chordata with co-founder Tiffany Brown.

Poole advises clients on making investments into worker cooperatives, which are businesses that are owned by workers whose profits are shared among them, or community-controlled loan funds, like the one run by the Boston Ujima Project, which gives working-class members a vote on which participating businesses in their community should get funding.

However, the financial services industry currently isnt built for transformative investing. The general principle of investing is to minimize risk and maximize profit by holding different kinds of assets instead of putting all your eggs in one basket. Its more difficult to maintain asset diversity when youre avoiding all publicly traded stocks. Financial advisers are also required by law to manage their clients investments through custodians, which are often large banks, that safekeep assets. Many of these firms dont custody investments outside of Wall Street, said Luong. That means investing into a small, community-based business requires investment advisers to do more research and paperwork than when youre investing in traditional investment vehicles that include many publicly traded companies.

It can also be a challenge to find worthy non-Wall Street options that align with transitioning to a regenerative, more equal economy. Kelly Cahill, a 34-year-old Resource Generation member, told Recode, I liked the idea of moving my money to community-based investments instead of the stock market, but ... where do I put it? While an increasing number of retirement funds which are the most common way that most Americans hold stocks are offering socially responsible investment options, unless you can hire a financial adviser, its unlikely youll have the knowledge and access to do community-based investing.

Cahill, who received a significant settlement due to an accident, initially followed common financial advice and put half of her money into the stock market. I ignored it for a year, she recalled. And then when I finally did look at it, I was just blown away by how much it grew in that time. She realized she didnt need all of it, so she joined Resource Generation and found a financial adviser who could help her redistribute a third of it into community-based investments.

Resource Generation offers a database of financial professionals and firms qualified to help people with transformative investing. For now, the list is still small, with fewer than 30 investment firms able to provide at least some off-Wall Street investment options and transformative investing support. But Nadav David, an organizer at Resource Generation who helped create the database, told Recode theres been an uptick in interest.

Within the last several years, Ive definitely seen much more conversation about actually fully divesting from Wall Street and from public markets, and more in communities, he said. Meanwhile, Resource Generations membership has grown. According to the organization, at the end of 2019, it had 702 members; by the end of 2021, it had 1,155.

Were interested in ending inheritance as we know it, and being the last generation of people to be able to accumulate wealth in this way, David said.

As transformative investing grows, even if it remains a niche part of the financial market, emphasizing how its different from other kinds of ethical investing will become even more important, especially if it wants to avoid the haziness that surrounds socially responsible investing. As of now, the latter is vastly more popular. In 2020, almost 36 percent of professionally managed assets globally were classified as socially responsible investments. Within this category, environmental, social, and corporate governance (ESG) integration was the most popular strategy a little over $25 trillion in assets used ESG integration in 2020. This includes factoring in a companys carbon footprint or how well it treats employees when calculating the risk or return on an investment, because such factors could impact the financial performance of the business. ESG doesnt necessarily prioritize social values over financial performance.

In comparison, only $352 billion went toward impact or community investing. Still, that $352 billion is a 42 percent increase since 2016. It speaks to the growing appetite for alternative investment strategies beyond the surface-level impact washing often associated with ESG investing.

While no one seems to be under the illusion that radical investing alone will solve the problem of wealth inequality, the emergence of this trend suggests that the next several decades may be transformative for the financial services industry. For a small number of wealthy young Americans coming into inheritances, it isnt enough to donate to a few charitable causes one of the loudest critiques of big philanthropy is that it lacks transparency and is undemocratic. Theyve recognized a need to move beyond feeling guilty about their own privilege and the profound inequality that exists in the world. Theyre attempting to alter the power imbalance in the relationship they have with others, and feel as though theyre part of a community thats not just connected by wealth.

Pien recalls her late fathers advice on how to manage money. He said, Listen, Andrea, I know you like to redistribute money, but know that you need to have at least $13 million to be absolutely secure, which I thought was absurd, she said. Part of why I want to participate in this movement of redistribution is that my dad worked really, really hard and was really isolated. He didnt have a lot of close friends.

I want the future to look like everyone having a little bit more than enough, Pien continued. Everyone being able to feel affirmed in their identities and feel connected to their communities around them not isolated.

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Is anti-capitalist investing the new socially responsible investing? - Vox.com

As we approach the second quarter of the 21st century, the American economy continues to evolve. Our free market is being reshaped in part by changing public expectations about the nature of work and the responsibilities of corporations. Technology is contributing to these changes, and the tech sector itself is addressing anew a facet that has long been important to the U.S. economy and American democracy the right of workers to organize.

Recent unionization campaigns across the country including in the tech sector have led us to conclude that inevitably these issues will touch on more businesses, potentially including our own. This has encouraged us to think proactively about the best approach for our employees, shareholders, customers, and other stakeholders.

Our employees will never need to organize to have a dialogue with Microsofts leaders.

But we also recognize the workplace is changing. Thats why we are sharing principles to guide our approach with labor organizations.

Today we are announcing a new set of principles around employee organizing and how we will engage with our employees, labor organizations, and other important stakeholders in critical conversations around work.

Two factors are guiding our thinking.

First, while relationships with labor organizations are not new to Microsoft, we know that we have a lot to learn. Many other industries have vastly more experience and knowledge than we do. In recent months weve talked with and worked hard to learn from prominent labor, business, and academic leaders. We have built on our companys own collaborative experiences with works councils and unions in other countries, something I learned about myself in the 1990s when I was responsible for our European corporate and legal affairs. But mostly, we recognize that we have far more learning ahead of us than behind us.

Second, we recognize that the right approach for Microsoft may be different from what will work best for others. Each industry and each company is unique. We approach these issues with a deep appreciation of the vital and innovative role our employees play in the development and adoption of new technologies. This depends on a shared company culture that is grounded in a growth mindset focused on listening, learning, and evolving our approaches together, especially on important issues in a rapidly changing world.

Reflecting these factors, we believe Microsofts stakeholders will be served best with an open and constructive approach based on the following four principles:

We believe in the importance of listening to our employees concerns. Our leaders have an open door policy, and we invest in listening systems and employee resource groups that constantly help us understand better both what is working and where we need to improve. But we recognize that there may be times when some employees in some countries may wish to form or join a union.

We recognize that employees have a legal right to choose whether to form or join a union. We respect this right and do not believe that our employees or the companys other stakeholders benefit by resisting lawful employee efforts to participate in protected activities, including forming or joining a union.

We are committed to creative and collaborative approaches with unions when employees wish to exercise their rights and Microsoft is presented with a specific unionization proposal. In many instances, employee unionization proposals may open an opportunity for Microsoft to work with an existing union on agreed upon processes for employees to exercise their rights through a private agreement. We are committed to collaborative approaches that will make it simpler, rather than more difficult, for our employees to make informed decisions and to exercise their legal right to choose whether to form or join a union.

Building on our global labor experiences, we are dedicated to maintaining a close relationship and shared partnership with all our employees, including those represented by a union. For several decades, Microsoft has collaborated closely with works councils across Europe, as well as several unions globally. We recognize that Microsofts continued leadership and success will require that we continue to learn and adapt to a changing environment for labor relations in the years ahead.

We acknowledge that this is a journey, and we will need to continue to learn and change as employee expectations and views change with the world around us. And we recognize that employers and employees will not always agree on all topics and that is okay.

Perhaps as much as anything, we bring a sense of optimism grounded in an appreciation that success in a competitive global economy requires that businesses and labor strive to work together well.

When I visit officials in Washington, D.C., I sometimes think back to the fact that President Theodore Roosevelt in 1903 created a single cabinet agency, the Department of Commerce and Labor. A decade later, this department was divided so two different federal agencies could each focus more squarely on their distinct needs. But then, as now, real progress for companies and the country alike has so often required dialogue, collaboration, and trust between business and labor.

None of us ever knows precisely what challenges the future will bring. But were willing to bet that a company that listens to and works well with its employees is likely to have a winning hand.

Tags: economy, employees, employment

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Microsoft adopts principles for employee organizing and engagement with labor organizations - Microsoft On the Issues - Microsoft

Union Minister Nitin Gadkari on Saturday stressed on the need to switch to alternative fuel like ethanol and said efforts are on to introduce ethanol in construction and agriculture equipment.

The Union road transport and highways minister said the country imports petroleum products worth Rs 10 lakh crore to meet the requirements in the energy and power sector, and in the next five years, the demand may go up to Rs 25 lakh crore, which will affect the economy.

Gadkari was speaking at the state-level Sugar Conference 2022 organised by Vasantdada Sugar Institute in Pune.

"Alternative fuel is the future. After electric scooters, cars and buses, soon we will have electric tractors and trucks. I am going to launch these soon," Gadkari said.

Diesel-based agriculture equipment should be made petrol based and flex engines can be converted to run on ethanol, he said, adding that efforts are on to introduce ethanol in construction equipment as well.

Highlighting the need to shift from sugar production to ethanol, the minister said, The rise in sugar demand across the globe is temporary. When the price of crude oil goes up to $140 per barrel, Brazil produces ethanol from sugarcane, increasing the demand for sugar from India. When the price of crude oil dips to $70 to $80 per barrel, Brazil starts producing sugar."

When crude oil becomes cheaper, sugar prices will also come down drastically, he said.

Gadkari also asked Maharashtra Deputy Chief Minister Ajit Pawar to set up ethanol pumps in Pune, to help farmers sell the fuel directly.

Chief Minister Uddhav Thackeray, who addressed the conference virtually, said sugar producers in the state were facing several problems.

"We have to follow Brazil for market research. They (Brazil) conduct surveys and accordingly choose a crop in a year. Times are changing and accordingly, we should adopt technology. The future will be ethanol," Thackeray said.

Sugarcane workers are important, and the Gopinath Ustod Kamgar Mahamandal has been formed to help resolve issues faced by them, he said.

The chief minister further said cultivators must consider adopting micro-irrigation for sugarcane crop, as water is a valuable resource and rainfall is unpredictable.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Efforts on to introduce ethanol in agri, construction equipment: Gadkari - Business Standard

The Stockholm Declaration began by highlighting the need for a common outlook and for common principles to inspire and guide the peoples of the world in the preservation and enhancement of the human environment. But 50 years later, finding a common outlook, principles and agenda for our common future remains elusive.

Today June 5 is the 50th anniversary of the opening of the first UN Conference on the Human Environment, held in 1972 in Stockholm.

The secretary general of the conference, Maurice Strong, was a Canadian who went on to become the founding executive director of the UN Environment Programme that was established as a result of the conference. In this and many other ways, the Stockholm conference helped launch the modern environmental movement.

This is also almost exactly 30 years since the opening of the Rio Earth Summit on June 3, 1992, which began to lay out an agenda for sustainable development. The Rio Summit was based on the work of the UN Commission on Environment and Development, whose 1987 report was released 35 years ago this year.

So in this and the next three columns, I will revisit these important conferences and reports, reflect on the success and mainly the failings in implementing the environmental and sustainable-development agenda they outlined, consider where this leaves us, and contemplate the future we face and what we need to do to meet the challenges it poses challenges that are far greater and more acute than they were 50 years ago.

One challenge that was not even on the agenda at Stockholm, surprisingly, was climate change. There was no reference to it or global warming anywhere in the declaration, and only two minor and oblique references to CO2 emissions among the 109 recommendations for action.

This may seem odd, but, climate change wasnt getting the attention it could have, and there was a lack of urgency in discussions throughout the 1960s, according to Alice Bell, co-director at the U.K. climate-change charity Possible, writing in the Guardian in July 2021. Indeed, it wasnt until around 1977-1978 that the issue began to be taken seriously.

However, there was specific reference in the Stockholm Declaration to dangerous levels of pollution in water, air, earth and living beings; major and undesirable disturbances to the ecological balance of the biosphere [and] destruction and depletion of irreplaceable resources.

If we look at just those three issues pollution, changes to the biosphere and resource depletion it is clear that things have gotten a lot worse since 1972.

For example, plastics pollution was not even mentioned in the conference report. Our World in Data, which is based at Oxford University, reports that global plastics production in 1972 was 44 million tonnes, but reached 381 million tonnes in 2015.

The Living Planet Index, which measures the abundance of vertebrate species, declined 68 per cent between 1970 and 2016, the World Wide Fund for Nature reports, while we did not fully meet any of the 20 Aichi targets on biodiversity, established in 2011, and only partially met six of them.

When it comes to resource depletion, 10 per cent of the worlds fish stocks were over-exploited in 1974, but by 2017, that had risen to 34 per cent, Our World in DataWiD reports.

The Stockholm Declaration began by highlighting the need for a common outlook and for common principles to inspire and guide the peoples of the world in the preservation and enhancement of the human environment.

But 50 years later, finding a common outlook, principles and agenda for our common future remains elusive. Indeed, in remarks to the UNs Economic and Social Council in March, following up on Our Common Agenda, UN Secretary General Antonio Guterres noted a fundamental lack of solidarity in todays world and in the mechanisms that are relevant for the global economy and the global financial system.

The participants at Stockholm were clear: Through ignorance or indifference we can do massive and irreversible harm to the earthly environment on which our life and well-being depend. Conversely, through fuller knowledge and wiser action, we can achieve for ourselves and our posterity a better life in an environment more in keeping with human needs and hopes.

Obviously, the conference participants expected we would choose the latter course. I think they would be bitterly disappointed that we have largely chosen the former, acting with indifference and well, not so much ignorance as ignore-ance deliberately ignoring the evidence where it conflicted with short-term benefit and profit. It wasnt supposed to be this way.

thancock@uvic.ca

Dr. Trevor Hancock is a retired professor and senior scholar at the University of Victorias School of Public Health and Social Policy

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Trevor Hancock: Fifty years after Stockholm, it wasn't supposed to be this way - Times Colonist

It has been 13 weeks since the Russian Federation invaded Ukraine, and the initial confusion and shock has since been driven out by clarity and understanding of the way forward. International support keeps us determined to liberate Ukrainian territory completely, as well as to demilitarize and denazify Russia. It will allow not only Ukraine but also the European countries to enjoy a secure environment in the future.

While the Ukrainian Armed Forces perform their duty on the battlefield, representatives of the Ukrainian accountancy and consulting market are contributing to the survival and development of the national economy. Local initiatives include supporting Ukrainian businesses with information on subsidized loans, government guarantees, wartime tax benefits, programs for displaced people, and advisory to national and regional authorities. Our sector is also involved in plans to develop Ukraines information technology sector, once the war is over.

The information technology sector is set to become a major driver of economic development of Ukraine, as, in Q1 of 2022, it provided export earnings of $2 billion, with an increase of 28% compared to the previous year, while employing more than 250,000 people. Accordingly, many of our counterparts are expanding their IT practices. For example, KPMG Ukraine has been actively hiring staff for ERP systems implementation (SAP, Microsoft Dynamics), software development (.NET, Java), and cybersecurity to support their projects in Western Europe. PwC Ukraine studies the options for Ukrainian businesses to switch from the dominating Russian accounting software 1C:Enterprise, offering alternative solutions. BDO Ukraine has introduced an extensive job list, inviting software developers (such as Cloud Engineers, Data Engineers, and Senior DevOps Engineers) to cooperate with BDO offices in other countries.

The digital economy is also playing a special role in the economic revival of Ukraine. In April, the President of Ukraine established the National Council for Reconstruction of Ukraine from the Consequences of War. Under the aegis of the Council, 23 different workgroups were created, comprising officials from ministries, the parliament, and the Office of the President, as well as independent experts. The groups were segregated into digitalization, loss assessment, infrastructure recovery, economic revival and development, and other areas.

Kreston Ukraine has joined the digitalization group and is now contributing to designing initiatives for the digital economy, public services and information infrastructure development. We plan to research digital transformation strategies at the state and corporate levels and analyze the implementation experience.

Previously, we researched electronics imports in the Russian Federation, including chips and circuits, to identify the main buyers, suppliers, manufacturers, product range and terms of supply, as requested by the Ministry of Digital Transformation. The information was necessary for assessing sanctions potential and preparing a campaign to block shipments of electronic components that could have military applications.

Despite the current hostilities, Ukraines reconstruction and development theme is one of the most relevant ones both domestically and in discussions with foreign partners. Obviously, the war will end eventually, and everyone should be prepared for this. At a government level, the so-called new Marshall Plan for reconstructing Ukraine already involves more than 40 nations in its discussion.

The new Marshall Plans funding may reach an estimated $1 trillion, with technology and modernization as one of its components. The recovery offers a unique opportunity to transform resource-based sectors of the Ukrainian economy into highly productive, smart and competitive ones. Even before the war, Ukraine was on a steady course towards digitalization, meeting significant milestones in access to technology and Internet infrastructure, use of technology by citizens, businesses and the state, and the impact of technology on the economy and quality of life. This will drive the unique investment potential of Ukraine for international private capital interested in tech-innovative businesses.

In the modern world, economic development is impossible without the use of information technology. McKinsey predicts that by 2025, information technology will represent 22% of GDP growth in China, and in the US up to 10%. For the countries of Central and Eastern Europe, digitalization will increase GDP by a total of EUR 200 billion. Huawei estimates that every $ 1 investment in IT infrastructure in 2020 will bring in $ 20 in 2025.

With this in mind, countries around the world are already seeking to increase the share of the digital economy in their GDP and are declaring their intentions in digital transformation strategies: using information technology to create a sustainable and innovative economic environment. Qualitative strategy is an instrument of systematic and effective state policy that contributes to increasing the competitiveness of the national economy and improving the quality of life.

Ukraine also needs to develop and implement the new digital transformation strategy that sets out relevant goals and visions to achieve them, which will help transform public IT policy, improve the quality of public services, and enhance Ukraines integration into the global digital economy.

Kreston Ukraine leads the research and foresight committee of the Ukrainian Venture Capital and Private Equity Association (UVCA). According to a recent review of venture capital transactions in 2021, investors injected a record $779.6M into Ukrainian startups, 46% more than in 2020. In Q1 of 2022, there have already been 11 venture deals totaling $11.5M and 8 exits totaling $135M. Despite the ongoing hostilities, we expect increased investing activity among Ukrainian tech companies, spurred by support programs from international partners.

With 538 service companies, Ukraine heads the list of the Eastern European countries in IT outsourcing. If you would like to get involved with international initiatives to support the development of Ukraines digital economy, please contact the author (atamas@kreston.ua).

By Sergey Atamas, managing partner, Kreston Ukraine

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The new digital economy of Ukraine: thinking in war time - Accountancy Today

Des Moines Register Staff| Des Moines Register

How to vote early in Iowa's June 7, 2022 primary election

Early voting for the June 7 primary begins on May 18. Heres how to get ready to vote.

Elisabeth Smith, Wochit

Six Democrats are running for an open seat to represent Des Moines residents at the Iowa Statehouse.

It's the largest competitive primary field this year in Iowa.

The candidates areAustin Baeth, a Des Moines physician; Jaylen Cavil,anorganizer with the Des Moines Black Liberation Movement; Chris Disbro, a doctor; Shannon Henson, a personal injury and insurance claims attorney; Gabriel De La Cerda, a Democratic activist and social worker; and Jack C. Porter, a retired state preservation consultant.

The winner is expected to claim the House seat because Republicans have not named a candidate.

Early voting for the June 7 primary is underway.Here's how you can vote in Iowa.

To help voters, the Des Moines Register sent surveys to every candidate in this competitive primary. The candidate responses have been lightly edited for length and clarity. Candidates appear in alphabetical order by last name.

More: How to vote early in Iowa's 2022 primary elections from registration to voting locations

Austin Baeth

Jaylen Cavil

Chris Disbro

More: Where the candidates running for Iowa House District 30 stand on education and taxes

Shannon Henson

Gabriel De La Cerda

Jack C. Porter

More: Where the Republican candidates running for Iowa's 3rd Congressional District stand on the issues

Baeth:Im a husband, father, primary care physician, and small-business owner. The son of teachers and a medical educator myself, I will prioritize restoring our public schools to be the best in the nation. I will add medical expertise to the Legislature, which has no doctors, to fix our health care system and protect reproductive rights. I will use my business experience to grow Iowas green economy to fight climate change and water pollution. With years of experience advocating for progressive legislation at the State Capitol, I will fight to address systemic inequities to ensure everyone finds opportunity in Iowa.

Cavil:I am the youngest and only Black candidate in this race, which means I have a much different lived experience that informs my perspectives on the issues. I am also the most progressive candidate in this race. Most importantly, I am the candidate in this race who has been in our community working alongside those who are most marginalized to address the issues Im running on. Every issue on my platform that I promise to fight for once elected is something I have already been fighting and organizing for. This is not new to me.

Disbro:I have a unique set of skills and experience that will make me the most effective representative. I have advocated for legislation creating new agricultural programs in the past, meaning I have the institutional knowledge and relationships on both sides of the aisle to hit the ground running Day 1. Im self-employed, which gives me the flexibility to engage on constituent issues and campaign to retake the Legislature for Democrats year-round. Saving our democracy is not a part-time job, and we need someone who can dedicate full-time year-round to getting our state back on track.

More: How the Iowa Democrats running for Secretary of State want to change elections

Henson:I am the only attorney in this race. I am trained to listen, analyze, negotiate, and advocate and these skills translate easily into the work I will do for this state at the Capitol. I am also the only woman in this race, and women are an underrepresented demographic at the Capitol. Only 30 of 100 seats in the Iowa House are currently held by women. With the recently leaked Supreme Court opinion, we know that marginalized communities including women are under attack. As both a woman and an attorney, this issue is personal to me, and its more important now than ever to elect champions for reproductive freedom.

De La Cerda:Im the only Latino in the race. But more importantly, I come from a strong labor background. I worked at Bridgestone/Firestone, and I am the only candidate in this race that I know of, who spent time on a factory floor. I am the only candidate with endorsements from labor, specifically AFL-CIO. I am a single father with a two-year degree. I dont want to win this seat to be the fundraising arm of the Democratic Party. I want this seat to advance the cause of workers in the Statehouse.

Porter:I am experienced with a strong desire to serve the residents, businesses, and organizations in House District 36. I have had the privilege to serve my county, state, county, city, and neighborhood. I have a strong base of knowledge and experience is public service. I am a fourth-generation Iowan and lived most of my life in Des Moines. I have worked hard to preserve our history, our structures and our unique cultural heritage. We helped to re-establish the Sherman Hill neighborhood and create the Robert W. Mickle Neighborhood Resource Center, which is an incubator for small nonprofits and businesses.

More: Democrat Mike Franken raised $1 million in last fundraising period more than Grassley and Finkenauer

Baeth:Despite the many differences between Democratic and Republican lawmakers, there are still ample opportunities for bipartisan policy. While working statewide to get more Democrats elected, I will simultaneously propose legislation that addresses the common goals of Iowans of all political stripes: great schools, affordable and accessible health care including mental health services, and a healthy economy that respects our environment. I will use my training as a doctor to model evidence-based problem solving, using data to guide policy decisions rather than extreme political ideology. It doesnt have to be a Democratic idea or a Republican idea, just an idea that works.

Cavil:My main priority and commitment is to represent the needs of House District 36 residents, and to fight every day on issues that will improve Iowans lives. Im not someone who will be bound by party loyalty or concerned with partisan games. If legislation is important and will help Iowans, especially marginalized communities, then I will work with whoever to ensure it gets passed. I vow to always put the people first.

Disbro:The same way I have for the last eight years advocating for industrial hemp by showing up, being open and accessible, and communicating honestly. My most recent legislation this year was sponsored by Republicans in the House and Senate, and it passed both chambers unanimously. Being effective means working with others, and I firmly believe I can continue to bridge the partisan divide. This is how you get things done as the minority party.

More: Where the Republican candidates for House District 43 stand on taxes and education

Henson:I think Democrats are going to take the Iowa House sooner than some think, but probably not by next year. Working across the aisle will be important, particularly when Democrats are in the minority, but I will always be a fierce advocate for Democratic priorities including supporting our public schools, defending reproductive freedom, strengthening workers rights, and promoting social and racial justice.

De La Cerda:Currently, Iowa is ranked 50th in GDP growth in the nation. I would work with the GOP to correct this, specifically when it comes to securing federal funding. Governor Reynolds refused federal funding for COVID, public schools, and unemployment a quarter-billion dollars. Both parties would have benefited from securing this funding to stave off the loss in GDP. There is certainly common ground to be found with Republicans on the hill with this issue. I also wish to work with the GOP to ensure that eminent domain rights are not being abused at the expense of property owners.

Porter:If elected, I pledge to work with anyone in the Iowa Legislature who believes we can and must find common ground to address all Iowans' concerns and needs to live a safe, productive, and rewarding life for themselves and their family. Whether an inner-city resident, small-town Main Street business owner, or a family or urban farmer, our common desire is to raise a family that is safe, healthy and financial stabile. Equitable treatment before the law and equity treatment are deep desires in all people. We must work together to achieve the best we can be for all Iowans.

More: Here's where the Republican US Senate candidates stand on President Joe Biden's agenda and elections

Baeth:The Governors Child Care Task Force made 15 recommendations to improve the accessibility of child care in Iowa, the majority of which have yet to be pursued by the Legislature. Iowa should facilitate public-private partnerships to incentivize employers to sponsor child care as an employment benefit. Most importantly, we need significant public investment to expand eligibility for the Child Care Assistance program to 185% of the federal poverty level and provide tax incentives to ease operational costs to child care centers and raise wages for caregivers. Public investment will pay dividends by easing Iowas workforce shortage and educating our next generation.

Cavil:I believe our state must pass legislation to ensure universal childcare by covering costs for families and making long-term investments into the child care industry in Iowa. I support increased staffing for child care facilities and other policies that would lessen the crisis for families and the child care industry.

Disbro:The immediate solution is to fund child care and pay caregivers givers a competitive wage. Legislative opportunities to expand child care options are straightforward, and its just a matter of making it a budget priority. Further, increased wages for caregivers will help the state retain skilled professionals. The bigger picture is about why its unaffordable. This stems from stagnating wages, increased working hours to survive despite increases in productivity, and exorbitant rents. When people are forced to work multiple jobs just to make ends meet, the stress on our child care system becomes untenable.

Henson:We have a crisis in this state when it comes to the issue of child care. Families are faced with both high cost and limited availability of child care options. We need to expand the child care assistance to help struggling families, make sure that we are taking advantage of federal funds that are available to assist Iowans, and encourage and incentivize employers to help their employees with child care.

More: Iowa's 3rd District GOP candidates say more oversight needed of US aid to Ukraine

De La Cerda:The recent child care bill is a Band-Aid. Addressing child care without addressing the wages and benefits of workers across the state is treating the symptom without addressing the sickness. Wages and salaries are stagnant in Iowa.This is why child care is out of reach for so many families.I want to see a combination of individual subsidies to families to assist with child care, and tax benefits to companies that subsidize child care for their workforce.

Porter:While serving as program director with the Iowa Commission on Volunteer Services, I witnessed the value AmeriCorps, VISTA, Senior Corps, and numerous volunteers created in service to before, during and after school programs. Their service helped organizations leverage paid staff to serve more youth and expand programming, which helped to offer more and better education and activities. Their service was in small townsand urban areas all over Iowa in large and smaller school districts. This model could be expanded to child care, early learning, before and after school programing but modified to be coordinated by counties rather than school districts.

Baeth:There are already numerous ways in which public education is overseen by parents, educators, and publicly elected school board officials; an assembly of non-experts beneath a golden dome isnt needed to call the shots. Parents already have the option to homeschool if they prefer more control over their students experience. A public school system not only serves a child and family but all of society and the economy that fuels it. Its in everyones interest to expertly educate students to maximize access to vocational opportunities while nurturing critical thinking skills that are sorely needed in our world today.

Cavil:Individual parents have a role to play in public education when it comes to supporting their children and having open communication with their childrens educators. When it comes to setting policies and curriculum, I believe that individual parents should have a minimal role and those decisions should be decided by experts and trained staff who have the mission to serve all public school kids in mind. I believe we must be teaching accurate history in our schools and that our public schools should be inclusive and safe environments for everyone.

Disbro:Parents who are engaged with their childs school work and who work in collaboration with teachers to ensure their child is taking full advantage of their educational opportunities are to be desired. Learning works best in collaboration with engaged parents. But it is a partnership. It is not a parent and servant relationship. A loud and aggressive minority should not be allowed to whitewash education because they dont want to work with teachers. More often than not, those exact parents are the ones who could benefit from learning right along with their child instead of trying to dictate their worldview to schools.

More: Here's where the candidates in Senate District 17 stand on education, climate change and taxes

Henson:The actions by the Republicans in the Iowa Legislature this session to ban books andput cameras in classrooms are completely unnecessary intrusions by the state into the local school boards decision-making process. Our teachers deserve respect and competitive pay, and our children deserve a robust educational experience, which must include our history even if its ugly.Suggesting that teachers are sinister and parents are in the dark about what their children are learning is simply untrue and its an attempt to undermine trust in our public schools and distract from the real issues facing our schools.

De La Cerda:It wasnt all Iowa lawmakers spending time debating this, it was only Republicans. They are using schools as a political cudgel to push an agenda at the expense of teachers and students. The system we have in place of school boards and PTA organizations gives parents a voice in their childs education. The current controversy is manufactured by the GOP to galvanize their base. Ultimately, I believe schools and teachers need a free hand to foster critical thinking in their students to become better learners, not to be indoctrinated into a regressive or outdated social system.

Porter:I volunteer as treasurer of the Fort Des Moines Museum and Education Center. I give tours of the exhibit which documents the service of Black men who were trained to become Army officers in World War I. One story is about Dr. Warmoth T. GibbsSr., who in the mid-1950s Civil Rights protests was president of North Carolina A&T State University. He was quoted as saying: We teach our students how to think, not what to think. His words seem to be very applicable to our current educational environment.

More: Where Iowa House District 31 candidates stand on taxes, child care and bipartisanship

Baeth:Iowa has not had a comprehensive climate plan since the Iowa Climate Change Advisory Council submitted its report in 2008. We should reconvene a new climate change advisory council to provide an updated action plan to account for current technology and most recent atmospheric projections. We need to restore the Iowa Solar Tax Credit, restore funding to our state university environmental research centers, legalize the direct-to-consumer sale of electric vehicles and invest in EV charging infrastructure, and implement state tax credits for investment and production of wind energy. Iowa should aim for net-zero carbon emissions by 2050.

Cavil:I support an immediate moratorium on new and existing factory farms which are wrecking our waterways and polluting our air. We also must force MidAmerican Energy to shut down all of their coal plants across our state and move to 100% renewable energy. I will oppose and resist any attempts to build carbon capture pipelines across our state, as these pipelines would be extremely harmful and are a false climate solution. We must prepare our state to respond to climate disasters that are already happening to ensure Iowa families are safe and supported before, during, and after catastrophes.

Disbro:We should be investing in solar and wind energy, working to move towards biofuels that operate independent of petroleum, investing in regenerative agricultural practices, and enforcing existing laws on water contamination. We should be expanding our statewide EV charging stations instead of requiring more gas mixtures. We should be building disaster relief systems for the increasingly powerful and unseasonable storms we can expect to continue. We must hold large corporations accountable for their emissions and make environmental protection laws mandatory instead of voluntary. We shouldnt waste state dollars on vanity projects with no actual impact like the current pipeline being discussed.

Henson:Iowa is uniquely positioned to help combat climate change. We need to push for more renewable energy such as wind and solar and we must continue to find and support regenerative agriculture, seeking real solutions to energy sources, and leading the way in reducing our dependence on fossil fuels.

More: Where the Democratic candidates for Iowa House District 43 stand on education, taxes and other issues

De La Cerda:We need to double down on the things we are already doing right. Further investments in wind energy and the development of solar energy need to be a priority. Ethanol is not a solution to climate change, but it can be a bridge. The current state tax credit for pickup trucks needs to be extended to EVs. Agri-business needs credits to build sequestration systems on-site to deal with bio-waste. Lastly, we need to provide generous tax credits and subsidies to the working class so that they have an actual choice between EVs or gasoline-powered cars.

Porter:We are in a climate crisis and just touting ethanol as an additive is not enough. I am not a scientist but believe we must look at thepollution as dire and adopt controls to turn this looming catastrophe around. In my opinion, solar- and wind-generated energy on an industrial scale is a viable option to reduce air pollution. We must work with big ag organizations to mandate buffer zones along our streams to attack water pollution and award family and urban farmers for using environmentally friendly farming practices to help reduce the pollution of our land.

Baeth:There is a severe lack of community-based housing options for Iowans with intellectual or physical disabilities, especially in our rural communities. The main constraint on the expansion of home and community-based servicesin Iowa is a persistent workforce shortage of direct care workers. Iowa should bolster its Medicaid spending, which is matched by federal dollars, to raise wages for direct care workers to recruit more into the field. Community capacity building should be given high priority to smoothly transition residents out of the Glenwood Resource Center.

Cavil:Iowa must meet the requirements of the Olmstead decision and fully fund community-based care which supports independent living, rather than institutions. The Legislature should pass statewide protections and mandates similar to the ADA in order to support Iowans with disabilities. Our state must de-privatize our broken Medicaid system and create a universal health care system to ensure every Iowan has free and equitable health care.

Disbro:This is a particular issue that I am passionate about. My oldest son has a severe traumatic brain injury with complicated medical needs. Iowa is fortunate to have many organizations dedicated to helping people with disabilities and their families have the best quality of life possible. Funding organizations and eliminating unnecessary bureaucratic red tape helps create opportunities for Iowans with disabilities. This includes appropriate housing, job training, accessible health care, and other support services. Pay increases for caregivers must also be a priority to recruit and retain talent.

More: Where the candidates for Iowa House District 28 stand on education, climate change and taxes

Henson:There is so much that we can do to make sure we are taking care of Iowans with disabilities, but a great first step would be repealing the privatization of Medicaid. Iowans with severe disabilities rely on Medicaid for services and help. Privatization of has been a disaster for this population and has only served to place additional barriers between them and required care.

De La Cerda:No section of the population has suffered more under the current experimentation with the privatization of Medicaid than people with disabilities. The help that disabled people rely on to afford care is being curtailed by this failed privatization, and this directly results in more disabled people losing their homes, and the ability to live a life of dignity in their communities. Until a true single-payer health care system is put into place nationally, we have to at least reverse our states disastrous Medicaid policy to help make sure that disabled people arent being forced into hunger and homelessness.

Porter:This question, inmy opinion, is the most difficult issue for me to attempt a coherent answer. I am aware of service organizations in Iowa such as Optimae LifeServices headquartered in Des Moines' East Village. This organization is led by a long-time family friend, William Dodds. I have observed how they work with people to help them learn and apply job skills while earning a wage for their work. This model seems to be one of perhaps many different approaches, which attempts to help with quality of life for all people. I sincerely wish I could provide a better solution.

More: How Iowa Gov. Kim Reynolds is stepping up her efforts to shape Republican Statehouse primaries

Baeth:I do not support eliminating state income tax nor implementing a flat tax. This is a philosophical question about fairness without a provable right or wrong answer. I personally believe that a progressive or fair share tax system (wealthier people pay a higher proportion of taxes) is most fair as it can counterbalance the forces that propel some people into wealth while tethering others to poverty. Alternatively, a system in which everyone is taxed at the same rate regardless of wealth unfairly burdens Iowans living paycheck to paycheck.

Cavil:No, I would not support the elimination of state income tax. I believe in a progressive tax system in which the wealthy pay their fair share in taxes in order to support social services. We must repeal and reverse the flat tax rate passed by the Legislature this session or we will see disastrous effects on our states economy. A flat tax rate or an eventual total elimination of income tax will cause Iowa to go bankrupt and will lead to even worse underfunding of our public education system and other social services. I support increasing the top marginal tax rate significantly.

Disbro:I do not support regressive tax policies that will only help the highest income earners in the state. If we want to talk about tax reform, then we should start with property taxes. Iowa has some of the highest property taxes in the nation per capita. Iowas property taxes are exorbitant, resulting in a greater tax burden on regular Iowans and shutting young people out of the housing market.

Henson:No. Eliminating the state income tax would serve to benefit the wealthy at the expense of working people.

De La Cerda:As a kid, I lived in Texas, a state with no income tax. Ive seen firsthand what happens when the burden of taxation is shifted from those who can pay their fair share, to those who cannot. When the current fair-tax system is put into place in Iowa, somebody making $70,000a year will save $450. Someone making $1 million will save $70,000. That isnt right, and only hurts working families who need to stretch every dollar. I want a progressive income tax system that is just, fair and ensures that the wealthy pay their fair share.

Porter:No, nor an increase in sales taxes or service fees. However, I would introduce an initiative that forgives property tax for seniors with a fixed income of less than $25,000 annually and freezes property tax at the current rate for seniors with a fixed income of less $50,000. In addition, small nonprofits should not be asked to pay payments in lieu of taxes, but large organizations such as hospitals should pay a PILOT. I also will work to create a law that requires properties owned by the federal and state governments to reimburse municipalities and counties for their cost to provide public services.

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Who are the candidates for the Iowa House District 36 seat? - Des Moines Register