Category Archives: Resource Based Economy

Oil and gas revenues addedmore than $1.7 billion to New Mexico coffers in the first four months of the year more than in any other four-month period in state history.

A lot more.

Records compiled by the New Mexico Tax and Revenue Department show that year-on-year, revenues from January through April more than doubled from $782 million in 2021 itself a record year. (Records lag by two months to allow producers time to report their production numbers.) This money gusher comes from increasing production in New Mexicos portion of the Permian Basin currently themost productive oilfieldon the planet and skyrocketing oil and gas prices brought on by the Russian invasion of Ukraine.

This story is by Capital & Main and is republished with permission.

State Sen. George Muoz (D-Gallup), vice chair of the powerful Legislative Finance Committee, says that committee economists peg the states likely take from oil and gas at $5.2 billion for the fiscal year roughly a billion more than last years oil and gas revenue. That tally may rise if world oil prices remain high.

Mountains of money are generally a good thing for anyone, but the unplanned windfall does come with complications. The first is thekindof money brought in by oil and gas production. Roughly speaking, state government views revenues in two ways: as one-time or recurring income. Recurring money remains fairly steady year after year. For example, people will generally remain employed and use their earnings to buy things, making income and sales taxes a reliable source of steady, recurring revenue for the state.However, record-breaking fossil fuel revenue is treated as one-time money: It cant be counted on to repeat, so it cant be used to create new programs, add permanent jobs or increase pay for state employees across the board. One-time money can build police stations and water treatment plants and schools, but it cant pay the people to fill them. And that makes budgeting difficult. When you have that one-time money surpassing recurring money, it becomes a little topsy-turvy, Muoz says. And he says that his committees economists are predicting that that is exactly what is about to happen.

The second problem stems from the first: This is oil money, and oil money has a roller-coaster history and a murky, finite future.

I have ridden the roller coaster, Muoz says. I came in in [2009] where we had to cut a billion dollars out of the budget because fossil fuel production had tanked during the Great Recession. Its not something he wants to do again.

Kelly ODonnell, a New Mexico economist who keeps tabs on the oil and gas industry, agrees that this isnt the states first boom year but that history rarely serves as a guide. New Mexico has had a tendency towards selective amnesia about these things, she says. We are always surprised when the bad times show up. Yet they always do.

To progress economically, over time, we are going to have to get out of this boom-bust resource cycle, she says. When it goes down next time, it may not come back up, and we have to be prepared for that reality.

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New Mexico sits atop half ofthe Delaware Basin, the most lucrative portion of the greater Permian Basin, and the states fossil fuel production continues to grow. New Mexico was the first state to return to and then exceed pre-pandemic oil production levels earlier this year after they cratered in early 2020 as the planet closed down in the face of COVID-19. Nationally, only Texas and the offshore fields in the Gulf of Mexicoproduce more oil.

The Tax and Revenue Departments figures do not account for all oil and gas revenues collected by the state they dont include revenue from federal mineral leases, for example but they do reflect how much is coming in. The total is calculated during the states fiscal year, which runs from July 1 to June 30 of the following year.

And while oil and gas revenues tallied by Tax and Revenue for the full 2022 fiscal year wont be known for another two months due to the reporting lag, they are already nearly double all of last years take: $3.6 billion this year compared to nearly $2 billion last fiscal year.

A large chunk of the oil and gas tax bonanza will go to long-term economic and social investment, primarily theEarly Childhood Trust Fund. Set up in 2020, the fund invests in the health and education of the states toddlers, with an eye on their and the states future development. If we invest in our people, if we have the workforce ready to attract employers, if we have the schools ready to attract employers over the long term that will improve our situation, says State Rep. Matthew McQueen (D-Galisteo), chair of the House Energy, Environment and Natural Resources committee.McQueen also argues that the windfall should be used to cap abandoned oil and gas wells. We should do that while the money is flowing, he says. When its not flowing, the state can get left holding the bag. And he says that maybe even a higher priority is hiring more oil and gasfield inspectorsat the Oil Conservation Division and Environment Department to find leaks and prosecute offenders. The reason you cap abandoned wells is because of the methane leaks, right? Theyre tied together, he says. But hiring inspectors for more than a year requires long-term funding, not a one-time windfall.

Funding additional oversight programs and positions is unfortunately not ultimately up to the executive, says Nora Meyers Sackett, press secretary to Gov. Michelle Lujan Grisham. Last year the administration proposed funding for additional regulatory staff at both [the Oil Conservation Division and Environment Department] that were not funded by the Legislature, which does affect the states ability to monitor and enforce pollution regulations.

Sen. Muoz says hes eyeing funding increases for capital projects that were approved last year. All those projects are underfunded, he says, because of recent sharp inflation which is also driven by increasing energy prices. One-time money could cover those increases.

But his ongoing concern is paying state employees a wage that can compete with private-sector jobs. Were going to have to raise those payments in order to recruit engineers, lawyers, those degreed staff to get them back to state work, he says. But once again, that would require recurring money, not one-time oil and gas payouts.

Its like you only get one apple off the tree, Muoz says. And everyone will try to get a bite during New Mexicos notoriouslyshort legislative session. Last years session was 30 days. And though the upcoming session will be twice as long, it still may not be enough time to thoughtfully deal with the complications of this sudden cash infusion. The bigger the budget gets, he says, the harder it becomes to manage.

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I think that theresource cursereally explains a lot of New Mexicos difficulties, ODonnell says. Before going into the private sector and becoming a research professor of economics at the University of New Mexico, she held a number of leadership roles under former Gov. Bill Richardson, including director of state tax policy, deputy cabinet secretary for economic development and superintendent of the New Mexico Regulation and Licensing Department.

The resource curse theory explains why developing countries often underperform when their revenues are based on extractive resources usually fossil fuels. The developing economy relies heavily on the one money stream, both because it is lucrative and because of fears of upsetting the apple cart. Thus, it locks itself into an economic cycle tied to natural resources.

Its becoming increasingly clear to New Mexicans, in the wake of the most recent fires, that climate change is here, and that it has the potential to destroy the state and, really, to destroy the economy, ODonnell says. Putting all of our eggs in the oil and gas basket, to mix a metaphor terribly, becomes increasingly problematic.

A productive industry can and should also be a responsible one, says Meyers Sackett at the governors office. We remain committed to holding those who do not comply with our methane and ozone rules accountable. There is no situation where we will accept anything less than compliance, but there is every opportunity for the industry to exceed our requirements.

I dont care how high oil and gas gets this year, says Lucas Herndon, energy and policy director of ProgressNow New Mexico. I dont care if it stays high this year. I dont even care if it stays high next year. What I can guarantee is that sometime in the next two to five years, oil and gas will crash again.

He says that oil and gas is not a sustainable method for funding the state government. It never has been and it never will be It always goes back down.

Related

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New Mexico's oil and gas revenues are breaking records and complicating budgets - New Mexico Political Report

The college graduates of 2022 are entering a labor market where jobs are plentiful. Job openings are near an all-time high (11.3 million), and employers plan to hire 32 percent more new college graduates from the Class of 2022 than they hired from the previous class, according to a new report from the National Association of Colleges and Employers (NACE).

That means these in-demand candidates can be more selective, and while they are maintaining some previous job-seeker behaviors observed in older members of Generation Z and late Millennials, this group has been particularly impacted by the COVID-19 pandemic and has different workplace expectations than their predecessors.

Recruiting technology provider iCIMS published its seventh annual report on college graduates' job-seeking characteristics, based on surveys of 500 HR and recruiting professionals and 1,000 recent college graduates, to understand the career expectations and aspirations of the latest entrants to the workforce.

"Entry-level candidates have had anything but a traditional college and job search experience," said Laura Coccaro, chief people officer at iCIMS. "As the workforce abruptly went virtual, so did college studentsrecent grads received up to half of their schooling remotely and likely had canceled or postponed internships. Hiring teams should look for ways to modernize processes, be empathetic and have realistic expectations if they want to successfully hire this generation of talent."

Christine Cruzvergara, chief education strategy officer at Handshake, a San Francisco-based platform connecting college students and new grads with employers, noted that this year's graduates have "had to face a heightened and complex number of obstacles in the last two years. Between cultural and racial reckonings, layered on top of a global pandemic and ambiguous economy, this new generation of workers is looking for a sense of stability."

Kalani Leifer, former teacher and founder and CEO of COOP Careers in New York City, helps unemployed and underemployed recent college graduates advance in their careers. Leifer remembers the cohort of new grads from the last big economic upheavalthe Great Recession of 2008-2010beginning their first professional job search with a sense of powerlessness.

But the prospects of the Class of 2022 look very different, as the labor market made a quick recovery after the pandemic shut down the economy in 2020. "When the pandemic hit, hiring stopped and it was scary," he said. "Now I'm seeing graduates well-positioned to take advantage of the hot labor market. Gen Z is feeling powerful, but with a sense of fragility and vulnerability built in because of how quickly things can change."

Changed Expectations

The Class of 2022, and Generation Z in general, continue to expect more from employers than previous generations, said Christy Spilka, vice president and global head of talent acquisition at iCIMS. "That's aided by the access to information at their fingertips," she said.

Leifer said he admires this age group for their entrepreneurial spirit, tendency to take risks and not compromising the vision they have for their lives.

"Gen Z doesn't consider work as the end-all, be-all. They want to enjoy life outside of work," said David Freeman, university relations manager at DISH Network, based in the Denver area. "We try to find out what their personal interests are and see if we can match those skill sets with what we need. That approach piques their interest more than the traditional recruitment pitch."

Freeman added that this group shows up to job interviews with a sense of assertiveness about what they want and the willingness to talk about things like mental health, flexibility and diversity.

"They really want to know everything, they want details and they appreciate that peek behind the curtain," he said. "Previous generations were happy to just get the job, but this generation wants to know what the day-to-day will look like and what the actual projects are that they will be working on. They ask about the culture. They want to know about their career growth plan. They want to know about wellness benefits and employee resource groups. They want to know what the company does to give back to the community."

The skill sets of Generation Z are fundamentally different, said Rebecca Croucher, senior vice president and head of North America marketing at ManpowerGroup. "They are digital natives and know how to communicate through digital forums," she said. "Graduating seniors are very comfortable with video meetings and have different ways of looking at things from a digital or process automation perspective."

Croucher said this generation is also very resourceful and seeks out the fastest way of doing something. "We gave our interns projects that we thought would take a week or two, and they did them in a few hours," she said. "They don't want to be bored; they have a need to be constantly engaged."

Salary Gap

The iCIMS research shows that there are some expectation gaps between what Generation Z job seekers want and what awaits them. The most consistent difference concerns starting salary. The Class of 2022 expect an average salary of more than $70,000, while employers expect to pay entry-level candidates just under $53,000.

"That misperception may come from the tug of war between companies going after the same talent and promising higher starting pay," Freeman said. "Talking about salary has gotten more common, and this generation is more willing to negotiate salary, which is pushing more companies to re-evaluate salary structures going forward," he said.

Spilka said that the trend toward more pay transparency, where organizations post their compensation in job ads, will help with the misalignment in starting pay expectations. "It benefits employers to know what this group is looking for in starting pay in order to have the conversation during the interview process," she said.

Flexibility Matters

Flexibility is key to how 2022 college graduates say they want to work. But employers report these entry-level job seekers have an unrealistic expectation of workplace flexibility, according to the iCIMS study. Nearly 70 percent of recent grads would like their job to accommodate remote work, although 90 percent wouldn't mind going into the office on occasion.

"This group wants some in-person experience, but there is more emphasis on flexibility to work from anywhere," Spilka said. "They certainly don't want to be told they have to be in the office every day."

The new workforce entrants may be disappointed with reality, as NACE reported that 42 percent of their entry-level positions will be fully in person, 40 percent will be a hybrid arrangementa blend of in-person and remoteand just 18 percent will be fully remote.

"Gen Z does still hold value for in-person connections, particularly for new grads; however, they want the flexibility to create a hybrid work schedule where they can both work remotely and connect with co-workers in person," Cruzvergara said. "When surveyed, we found that many Gen Z candidates enjoyed greater control, better focus and improved quality of life that often come with a hybrid work environment."

Flexibility for Generation Z goes beyond what days they come into the office. "Some in this group would be OK working three or four days a week instead of the traditional 40-hour workweek," Croucher said. "And that's going to be hard to find in a professional role."

She added that those working fully remotely will also miss out on a lot. "They will lose out on all that can be gained from being around your colleagues in person. They will miss the camaraderie. It's different than online learningworking remotely is eight to nine hours in front of your computer at home, by yourself."

Leifer agreed that the trend toward fully remote work is worrisome. "Work shouldn't be lonely," he said. "You need peers to motivate you and hold you accountable, but you also need their help to build a network, especially early in a career."

Values Alignment

The latest crop of college grads say they work to live instead of live to work. Nearly half (49 percent) said a full-time job is "just a job" and they prioritize their personal passions. Half of respondents (48 percent) said they don't need to work a nine-to-five workday to be successful in their career, and 66 percent expect their employer to support their mental health and well-being.

"I don't know if this generation is struggling more with mental health than previous generations, or that they are more willing to talk about it," Leifer said. "It's no longer as much of a stigma."

Croucher added that Generation Z is starting out with the mindset of focusing on themselves, something that was typically just aspirational for previous generations. "They are very aware of their needs and taking care of themselves," she said. "There are many hard workers in this generation, but they realize that just grinding it out is not sustainable."

Cruzvergara said that if employers are not building a mental health program into the existing benefits package, there's a strong chance they will miss out on attracting early-career talent.

The iCIMS research also found Generation Z looks for personal alignment with a company's mission and core values when applying for a job.

"They are a generation that not only cares deeply about the world around themincluding climate change, equal pay and diversitybut is frequently challenging and encouraging corporations to have robust social responsibility programs," Cruzvergara said.

Willing to Stay (with the Right Incentives)

While younger workers have developed a reputation for job hopping, the overwhelming majority (91 percent) of the Class of 2022 surveyed by iCIMS say they care about how long they stay with an employer, and nearly 70 percent see themselves staying with an employer long-term.

"Some companies are catering to Gen Z by offering coaching and different levels of achievement on three-year career paths," Croucher said. "That's extremely attractive to new graduates."

Spilka said that the pandemic affected all job seekers, but stability is something the Class of 2022 is especially interested in when looking for a first job. "They have already experienced a lot of ups and downs during the pandemic and want to make sure their employer will be a good, stable fit," she said.

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The Class of 2022 Is Ready to Workon Their Terms - SHRM

VANCOUVER, BC / ACCESSWIRE / July 6, 2022 / Faraday Copper Corp. ("Faraday" or the "Company") (CSE:FDY) is pleased to announce an updated Mineral Resource Estimate ("MRE") for the Copper Creek project, located in Arizona, U.S. ("Copper Creek"). The MRE was prepared by SRK Consulting (U.S.) Inc. ("SRK") in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards and National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Paul Harbidge, President and CEO, commented "The delivery of the first combined open pit and underground resource for Copper Creek marks another key milestone in the advancement of the project. With over 355 million tonnes of Measured and Indicated Mineral Resources, the project has the potential to provide a U.S. domestic supply of copper for decades, supporting the decarbonization of the global economy."

"The geological model, completed earlier this year, provided the foundation to accurately segregate and estimate the updated resources. The deposit remains open along strike and at depth. With the recent completion of the 6,000 metre Phase I drilling program, which was not included in this MRE, there exists the potential for an increase to the resources as part of the technical work for the upcoming Copper Creek Preliminary Economic Assessment, expected to be issued in Q2 2023."

Mineral Resource Estimate Highlights

1 See Notes to Table 1 (Mineral Resources Estimate) in this news release for the calculation of copper equivalency.

Mineral Resource Estimate

This MRE for Copper Creek is based on data with a cut-off date of April 30, 2022 and excludes the majority of drill results currently pending from the Phase 1 drill program. This MRE is reported with an effective date of July 6, 2022, in Table 1.

Table 1: Combined Open Pit and Underground Mineral Resource Estimate, Copper Creek Project

Tonnes (Mt)

Grade

Contained Metal

Cu

Mo

Ag

CuEq

Cu

Mo

Ag

CuEq

(%)

(%)

(g/t)

(%)

(Mlbs)

(Mlbs)

(Moz)

(Mlbs)

38.9

0.68

0.010

1.8

0.72

584.2

8.7

2.2

614.6

45.7

0.44

0.007

0.9

0.46

446.4

7.2

1.3

467.8

84.6

0.55

0.009

1.3

0.58

1,030.6

16.0

3.6

1,082.5

29.3

0.35

0.004

0.8

0.36

224.6

2.9

0.8

233.0

26.1

0.50

0.012

1.5

0.54

288.7

7.0

1.3

312.7

244.4

0.48

0.007

1.2

0.51

2,587.8

39.9

9.7

2,731.1

270.5

0.48

0.008

1.3

0.51

2,876.5

46.9

11.0

3,043.8

45.6

0.41

0.009

0.9

0.44

410.3

9.2

1.3

440.5

65.1

Link:

Faraday Copper Announces Updated Mineral Resource Estimate for the Copper Creek Project in Arizona; Measured and Indicated Mineral Resources Exceed...

WRAL TechWires weekly Jobs Report compiles the latest information from the regions top job boards, offering a breakdown of how many jobs are posted, which companies are hiring, and what positions are most in-demand. Heres more from WRAL TechWire on the latest changes in the labor markets in our local economy. Below, weve gathered the latest upcoming job fairs, student-centric resources, and a list of Twitter accounts that track local job openings. Heres whats new since the last WRAL TechWire Jobs Report.

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RESEARCH TRIANGLE PARK By many measures, the job market in the Triangle appears to have slowed, in some cases, by as much as an approximately 10% dip in job openings since a month ago, the latest data analyzed by WRAL TechWire shows. But is this a seasonal blip to be expected or a sign that the local economy may be slowing as the Federal Reserve raises interest rates and the venture capital market may be changing?

It may be too soon to tell, though there are some early signs that the balance of power at tech companies may be tipping back toward employers. And todays WRAL TechWire Jobs Report takes a look whats happening right now in our local economy, with regard to job openings and postings. See below.

(Note: The month-over-month totals are compared to our June 13 report, and the year-to-date totals compare to our Jan. 3 report. Weve made some changes in methodology as of July 2022 in how were tracking jobs posted to Indeed. The Adzuna Raleigh listings are now also only showing job postings with a stated location in Raleigh, which may contribute to the decline in this weeks report compared to prior reports and prior month totals.)

Every week, we track the total number of Triangle-area positions posted on major job websites. Here is the latest data, as of 12 PM on Monday, July 11.

*Note: The year-to-date data for Johnston County tracks from Jan. 31, 2022, when we began to track job postings in the county for the WRAL TechWire Jobs Report. **Editors Note:Weve updated the methodology for which we track job openings on LinkedIn based anywhere in Johnston County, as of July 2022. https://wraltechwire.com/2022/07/08/the-strong-us-jobs-report-may-mean-more-interest-rate-hikes-coming-unc-professor-says/

Aside from the boards above, job seekers can also find local startup jobs at SimplyHired (220 startup jobs near Research Triangle Park), LinkedIn (8,783 job openings that include startup in the Triangle region), Indeed (288 startup jobs in/near RTP) and AngelList (job openings in Raleigh, Durham and across North Carolina). And the Durham-based job site InHerSight also lists jobs at local startups among other job postings (159 this week within 25 miles of Raleigh, N.C.).

Heres a look at local and regional job sites, listed in alphabetical order, below.

AMA Triangle, the fifth-largest chapter in American Marketing Associations nationwide network, aims to be a go-to resource for all things marketing in the Triangle. The organization provides professional training, free career webinars and a job board offering free resume placement for marketing professionals.

As of Monday, the AMA Triangle job board shows 104 roles within 25 miles of Raleigh and another 81 roles, some of which could be overlapping, within 25 miles of Durham.

Durham-based startup hub American Underground (Editors Note: American Underground is owned by Capitol Broadcasting Company, the parent company of WRAL TechWire)regularly posts job openings on its job board. Job seekers can filter their search by company, location and job function. As of Monday, the site shows 156 jobs at 56 companies, with four jobs posted in the last week:

Last year, WRAL TechWire and the North Carolina Biotechnology Center launched a Bio Jobs Hub platform focused on biopharma manufacturing one of North Carolinas largest industries, employing over 26,000 people.

Typical biopharma jobs include process technicians, maintenance and/or instrumentation technicians, quality assurance and quality control associates, process development scientists and process engineers. This industry also offers competitive entry-level salaries, from $42,000 to $60,000. https://wraltechwire.com/2022/06/22/from-afghanistan-to-sanford-a-former-state-department-exec-finds-his-passion-in-biotech/ Scientists, skilled laborers and recent graduates can use the Bio Jobs Hub resource to find career and training opportunities in their area. Users can search by location, job category/activity and region.

Many biopharma companies are hiring in the Triangle, including large employers like Biogen in Research Triangle Park, bioMrieux in Durham, GSK in Zebulon, Merck & Co. in Durham, Novo Nordisk in Durham and Clayton, and Pfizer in Sanford.

Leadership Triangles job board is packed with local jobs. The site lists 1,063 jobs in either Raleigh or Durham with 1,602 openings overall at 30 companies as of Monday at noon.

Heres whats been posted in the last week:

The North Carolina Biotechnology Centers extensive jobs board lists open jobs and internships from local life science companies and research organizations. The organization recently updated the user interface with a fresh design. Job seekers can filter their search results by position title, job function and location. NCBiotech also touts jobs through its Bio Jobs Hub program.

The site lists 220 openings as of Monday at noon. Here is whats new over the last week:

Note: This list does not include openings posted by recruiting/staffing firms.

The North Carolina Technology Association (NC TECH) has an interactive job board that you can use to find your next career opportunity. Users can search by keyword, location, category, type (full-time or part-time) and experience level. Ten jobs were posted in the last week.

Raleigh Founded, a startup incubator and coworking space, has its own job board. Job seekers can filter results by company, company size, industry and job function. The site currently lists 145 positions at 30 companies as of Sunday afternoon.

Leadership Triangle, Raleigh Founded and American Underground teamed up to create the Triangle Region Job Board, which synthesizes all of the openings posted on the organizations job boards.

As of Monday afternoon, the site shows 3,162 jobs at 101 companies.

Work in the Triangle, a Wake County Economic Development program, regularly shares new openings through its Twitter feed, @WorkTriangleNC. The program launched a job board on its website earlier this year, with 10,109 active openings as of Monday afternoon. Of those, 8,145 are technology jobs, 1,133 are advanced manufacturing positions, 319 are in cleantech and 512 are in life sciences.

Every Tuesday, Work in the Triangles #TriangleTuesdays hashtag lists hot jobs in the area. Scroll through the #TriangleTuesdays hashtag on Twitter today for more details on the latest openings. https://wraltechwire.com/2022/07/07/balance-of-power-workplace-dynamics-shifting-for-tech-workers-employers-again/

Job openings abound at the Triangles leading technology employers. Heres how many are available as of Sunday afternoon:

Heres our latest roundup of upcoming job fairs and other resources to help people looking for employment. BioNetwork Virtual Career Fair: Aug. 3, 36 p.m. (online) The North Carolina BioNetwork will host an online career fair for process technicians seeking jobs at biotechnology, pharmaceutical or chemical manufacturing companies. More information here. NC State Engineering Career Fair: Sept. 2021 (in-person and virtual) In this hybrid career fair, NC State engineering students can meet with employers seeking talent across a range of industries. This is a two-day event: The first day will be held in person, while the second will take place virtually via Career Fair Plus. More details here. https://wraltechwire.com/event/nc-state-engineering-career-fair/

If youre a student looking for an internship or entry-level position at a local company or organization, your university has resources to help you get started. Quick links below:

For Johnston County job seekers: The recently launched JoCo Careers website helps job seekers find companies hiring in Johnston County. (More TechWire coverage here.) https://wraltechwire.com/2022/01/10/johnston-county-launches-new-jobs-platform-to-connect-workers-to-local-jobs/

Here are some locally run Twitter accounts that regularly share job openings in the Triangle:

Originally posted here:

Inside the Triangle's latest job opening data: What boards are showing and who's hiring - WRAL TechWire

Robert Kitchin/Stuff

Reserve Bank governor Adrian Orr faces a difficult balancing act reining back inflation in the face of evaporating business and consumer confidence, economists have been pointing out.

The Reserve Bank has raised the official cash rate by 50 basis points to 2.5%, sticking closely to the accelerated track that it mapped out in May to get on top of inflation.

It made a nod to the rising concerns that the economy could be headed for a significant downturn, saying there were emerging medium-term downside risks to economic activity.

But the overall tone of the Reserve Banks commentary appeared little changed from its hawkish monetary policy statement in May.

ASB said the Reserve Bank had not shifted its tone much in its written comments, barring the odd shift in wording.

READ MORE:* Reserve Bank's threat to raise OCR to 4%: Should borrowers call its bluff?* Official cash rate set to increase, but what does that mean for interest rates?* Bankers watching for any sign of recession nerves from Reserve Bank on Wednesday

While it acknowledged the downside risks facing the growth outlook, it is continuing to roll out the tough-talking language about cooling demand and getting inflation under control, ASB said in a research note.

ANZ also said there had been no discernible change to the Reserve Banks language or tone.

The Reserve Bank said there was a near-term upside risk to consumer price inflation, suggesting inflation could rise higher than it had been forecasting.

It introduced its statement by saying it was resolute in its commitment to ensure consumer price inflation returns to within the 1% to 3% target range and that it remained appropriate to continue to tighten monetary conditions at pace.

The increase is the third time this year that the central bank has raised the OCR by a 0.5% increment, with its current forecasts projecting that the rate is likely to peak at 4% during the second half of next year.

The double hike takes the interest rate to the highest it has been since January 2016 and was universally expected by bank economists.

STUFF

What does the official cash rate mean?

They signalled ahead of the 2pm statement that they would be closely watching the Reserve Banks commentary for any subtle change in tone about the likelihood of a recession.

Concerns have grown in recent weeks that the Reserve Bank could end up overcooking its fight against inflation if it does not soften its trajectory of raising the OCR to 4% next year, though banks were not necessarily expecting the Reserve Bank to publicly acknowledge that risk yet.

A coincidence meant Wednesdays monetary policy review came a few days ahead of inflation data from Stats NZ on Monday that will show whether annual inflation continued to rise in the three months to the end of June or could be coming down from the 31-year high of 6.9% recorded in the March quarter.

Capital Economics economist Marcel Thieliant said the reference the Reserve Bank made to emerging medium-term downside risks to the economy reinforced its view that the OCR was not likely to peak above 3.5%.

The New Zealand dollar dipped by about a fifth of a US cent to trade just under US61.1c within 30 minutes of the announcement, suggesting traders may initially have attached some significance to that observation from the Reserve Bank.

But it later regained almost all of that ground.

ANZ noted that the two-year swap rate also edged down 5bp.

But it put that down to relief that the Reserve Bank simply held the line and didn't ratchet up their hawkish rhetoric.

The Reserve Bank said in its commentary that the pace of global economic growth was slowing.

The broad-based tightening in global monetary and financial conditions is acting to reduce spending growth.

Asset prices have also declined due to higher interest rates and a weaker earnings outlook, it said.

But it said that domestic spending in New Zealand remained supported by high employment levels, resilient household balance sheets in aggregate, continued fiscal support, and strong terms of trade.

A reduction in Covid-related restrictions was enabling increased demand, it also said.

Labour and resource scarcity are also contributing to upward price pressures which are currently exacerbated by seasonal illness, a resurgence in Covid cases and a net outflow of labour abroad.

In these circumstances, spending and investment demand continues to outstrip supply capacity, with a broad range of indicators highlighting pervasive inflation pressures.

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Reserve Bank keeps blinkers on inflation, raising OCR to 2.5% - Stuff

The ruling Liberal Democratic Party was victorious in Japans Upper House election held on Sunday, but it was the killing of former prime minister Abe Shinzo during a campaign speech two days before that will shape the immediate future for the country. Prime Minister Fumio Kishida described Abes shooting as a cowardly and barbaric act, and indeed, the cost is not only to Japans democracy but the Indo-Pacific region.

Leaders and experts have praised Abes extraordinary accomplishments as prime minister, especially his incubating role in the Quad, having first held office in 200607, and again for an almost eight-year stretch between 2012 and 2020. Tomohiko Taniguchi, Abes long-serving foreign policy adviser and speechwriter, described the former prime minister as a leader who understood that Japan had to enhance its economy, reinvest in the USJapan alliance, and expand its diplomatic ties by reaching out to Australia and India as a means to withstand growing Chinese power in the years to come.

Abes passing may consolidate his faction of supporters in the LDP but also create a vacuum in the wider politics of the party.

While Abe stood aside as prime minister in September 2020, he continued to be a parliamentarian as well as a policy entrepreneur. Abe advocated for an increase to Japans defence budget to almost 10 trillion yen within five years, or two per cent of GDP. He also argued that American strategic ambiguity regarding the defence of Taiwan was untenable. During this election campaign, Abe continued topushstrongly more than anyone in the LDP for an amendment to Japans constitution, related tothe Article 9 provisions to never maintainland, sea, and air forces, as well as other war potential. As if throwing a stone into a pond, Abes enthusiasm to touch upon taboos or sensitive security issues created ripples, which stimulated controversial political discussionamong the public.

Abes passing may consolidate his faction of supporters in the LDP but also create a vacuum in the wider politics of the party. Abe led the largest conservative faction, Seiwa-kai, which holds 94 members, outnumbering other factions including that of the current Prime Minister, Kchi-kai, with 45 MPs. Seiwa-kai includes key political figures in the Kishida administration, such as the Chief Cabinet Secretary Matsuno Hirokazu, Defence Minister Kishi Nobuo, and Economy, Trade and Industry Minister Hagiuda Kichi. It also includes LDP executives Chairperson Fukuda Tatsuo and Secretary-General Seko Hiroshige.

Although the faction has power based on its numbers, it was Abes leadership to assemble those MPs and ensure they found a place in the Kishida administration. It will be a challenge for the faction to maintain its influence without Abes astute guiding hand.

Abes open and receptive personality may have been his most valuable diplomatic resource. How much did his rapid establishment of an intimate personal relationship with President Donald Trump and the stabilisation of the USJapan alliance curb Chinas attempt to change the status quo? Or moderate Trumps alliance scepticism, for that matter?Abe wascriticised for deepening relations with Russia, and his receptiveness did not extend to Seoul during the Moon administration.And as many analysts havepointed out, Abes decision to visit Yasukuni Shrine in the face of concerns expressed across the region about its position as a symbol of Japans wartime militarismblurred his effort to promote the countrysrole as a defender of the liberal and rules-based order in the Indo-Pacific.

That said, Abe leaves an enduring legacy.Japans increased diplomatic activism would have been unthinkable without Abes leadership, through initiatives such as the Free and Open Indo-Pacific or the striking ofa Strategic Partnership Agreement with theEuropean Union as well as resurrecting the Trans-Pacific Partnership agreement under the Comprehensive and Progressive Agreement for Trans Pacific Partnership. As American observer Michael Green has argued, Abe also made significant domestic reforms to Japans security institutions that are now embedded in the system. The centralised authority of policymaking for the Prime Ministers Office enables future prime ministers to implement a whole-of-government approach. Abe sought to enhance the alliance with the United States and pass peace and security legislation that activated a limited form of the right of collective self-defence.

Abes approach to diplomacy also won nationwide support. The largest opposition party, the Constitutional Democratic Party of Japan (CDP), has declared it will seek to establish a free and open Indo-Pacific conference as a framework to discuss rulemaking for freedom of navigation and airspace in the region, which is essentially an endorsement of Abes foreign policy from 2012 to 2020. The CDP has also supported an increase in defence budgets.

It is too early to speculate about the impact of Abes death on public attitudes towards the policies he sought to advocate.

Abe long agitated for constitutional reform although was not able to garner support for a formal amendment during his time in office. But public sentiment has shifted gradually. According to NHK polling, support for a constitutional amendment has increased from 29 per cent in 2018 to 35 per cent in 2022, whereas opposition has dropped from 27 per cent to 19 per cent although in general, uncertainty still prevails about the fate of Article 9. The CDP has gone from rejecting any amendments to a position where it has pledged to actively discuss and consider revisions.

It is too early to speculate about the impact of Abes death on public attitudes towards the policies he sought to advocate. Emotionally, the Japanese people may not change their views because of this tragedy. What Abe left was one pathway to bring Japan back. Making him a political martyr will only thwart democratic discussions. While it is exceptionally sad that the Japanese people have been robbed of Abes experience and wisdom in these debates in future, it is the duty of the living to guide Japans future based on his legacy.

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Abe's drive to bring back Japan | The Interpreter - The Interpreter

University of Central Florida hospitality researchers have co-authored an international report that identifies ways to ensure sustainable coastal and marine tourism around the globe.

These include a renewed focus on stimulating new high-quality economic opportunities for local communities, restoring the natural environment and revitalizing cultural heritage and communities, the report states.

The work is being presented this week at the United Nations Ocean Conference in Lisbon, Portugal, which world leaders are attending.

The future of tourism post-pandemic is an issue of global importance, especially for those living in areas such as Florida that are tourist dependent, says report co-author, Alan Fyall, associate dean and Visit Orlando Endowed Chair of Tourism Marketing with UCFs Rosen College of Hospitality Management.

This report brings together a number of leading international experts to provide a future agenda for a more sustainable, regenerative, and resilient industry capable of transforming coastal and marine tourism long into the future, he says. The high-level presence of world leaders on the Ocean Panel, including President (Joe) Biden, highlights its significance and relevance to all ocean-based economies.

Coastal and marine tourism constitutes approximately 50% of all global tourism, equal to $4.6 trillion or 5.2% of global gross domestic product and is a vital component of the economy of small islands and coastal communities, the report states.

UCF researchers contributions to the report included a look at the future of tourism by identifying six trends that will impact the industry, as well as the risks and opportunities they present.

These trends are:

UCF co-authors also included Assistant Professor Sergio Alvarez; Professor Robertico Croes, Associate Professor Jorge Ridderstaat and postdoctoral researcher Maksim Godovykh, all with Rosen College of Hospitality Management. Godovykh has expertise in economics, behavioral economics and management.

UCF Rosen College is ranked No. 1 in the nation for its research output and No. 2 in the world, Fyall says. With our collaboration with colleagues in the UCF Coastal Cluster, we have a highly experienced and well-respected team that has both academic and practitioner experience, which is a crucial combination for a report of this nature.

Alvarez says it was a great honor to have participated in the report, which was commissioned by the Ocean Panel and overseen by the global nonprofit, the World Resources Institute.

When I was in high school, my interest in environmental issues was nourished by reading books and reports by the World Resources Institute, Alvarez says.So, it is a very special feeling to be a contributor to one of their reports, especially when the target audience is presidents and prime ministers from some of the leading coastal and ocean nations.

Croes says the team was high-energy and passionate about improving sustainable practices in the world.

We were efficacious in delivering a concise and insightful document about coastal and marine tourism, he says.

Fyall received his doctorate in destination management from Bournemouth University in England and joined UCF in 2012. He is a member of UCFs National Center for Integrated Coastal Research and has published widely in the areas of tourism and destination marketing and management. His current research interests relate to tourism sustainability and resilience with a specific focus on the impacts of tourism on resident communities of tourist destinations.

Alvarez received his doctorate in food and resource economics from the University of Florida and joined UCF in 2018. He is a member of UCFs National Center for Integrated Coastal Research and Sustainable Coastal Systems faculty research cluster. He has published articles on a range of topics, including the economics of marine resources, the costs and management of biological invasions, and the value of ecosystem services such as clean water and outdoor recreation. His current research includes estimating economic losses and impacts of Florida red tide. Between 2013 and 2018, Alvarez served as the chief economist at the Florida Department of Agriculture and Consumer Services.

Croes received his doctorate in applied economics from the University of Twente in the Netherlands and joined UCF in 2002. He has authored four books, issued more than 100 published works, contributed to more than twenty books, and released more than 30 industry reports. In his previous career, Croes was the minister of economic affairs and tourism, and finance in Aruba.

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UCF Hospitality Researchers Expertise Is Tapped for Global Sustainable Tourism Report - UCF

TRANSFORMING GLOBAL GOVERNANCE FOR SOCIAL JUSTICE:FEMINIST ECONOMICS AND THE FIGHT FOR HUMAN RIGHTSInternational Association for Feminist Economics Annual Conference29 June-1 July, Graduate Institute, GenevaUN High Commissioner for Human RightsMichelle Bachelet

I am pleased to join you today in this important and timely exchange.

Despite much talk about the indivisibility of human rights, many still see the agenda of civil and political rights as disassociated from the work on economic, social and cultural rights.

In 2018, when I began my mandate as UN High Commissioner for Human Rights, it was my objective and my vision to end that artificial divide.

In order to do so, we needed to better understand and explain the links between three key areas:

Concretely, this involved a need to better understand the role of economics in human rights promotion and protection, and vice-versa and also how to translate this into actions by authorities. As a result, for more than two years my Office has been expanding and deepening its country level work and partnerships in how human rights can inform economic policy at the macro and micro levels.

This focus and the call for what we in my Office term - a human rights enhancing economy is even more crucial today.

The socio-economic consequences of the pandemic, growing poverty and inequalities, debt distress, inflation, climate change, pushbacks against human rights (particularly against womens rights), raging conflict, including but certainly not only - the war in Ukraine, make it clear that we are at a critical juncture.

The global economy is facing fragmentation and divergence, alongside calls for reform of an international financial system that many say is no longer fit for purpose.

According to the UN Global Crisis Response Group on Food, Energy and Finance, chaired by fellow panellist Rebeca Grynspan, 60 per cent of workers have lower real incomes than before the pandemic and 60 per cent of the poorest countries are in debt distress or at high risk of it.

With little fiscal space, these countries are navigating currency devaluations as the prices of commodities increase. Without reform of the debt architecture, many governments will have to make the difficult decision of either paying for health, social protection or other rights or servicing the debt.

Worldwide, more people are experiencing existential, famine-like conditions, facing the grim dilemma of hard choices of survival especially between food, medicine and education.

And the multiplier effects of hunger on health and education outcomes are well documented.

As we know all too well, vulnerable and marginalized groups in general, such as racial and ethnic minorities, indigenous people or informal workers, bear the brunt of these realities. Women and girls belonging to such groups are disproportionately affected.

Colleagues,

Your analyses of the current economic moment, with its complexities, opportunities and challenges, are essential to help inform transformative economic solutions.

Feminist economists have long questioned gender-blind economic policies and helped design solutions to increase equality and tackle discrimination.

You have also pointed out the limits of the mainstream economic model, which is producing untenable social costs, fuelling instability and amplifying mistrust towards institutions.

You are convinced as am I - that greater collaboration between human rights specialists and feminist economists is key to building economies that work for everyone through investments in human rights.

Human rights provide an essential framework for designing and implementing macro- and micro-economic policies that are more fair, just and equitable.

As such, we need to design budgets that work for everyone, including those who have the least and have been left furthest behind, and rectify gender inequality.

As such, a governments budget is one of the most important economic policy tools to facilitate the fulfilment of human rights.

And yet, in most countries, budget documents do not sufficiently reflect human rights standards and obligations in their financial content. According to the International Covenant on Economic, Social and Cultural Rights, Member States are bound to ensure that everyone is able to enjoy the core content of economic, social and cultural rights even in times of crisis.

However, social spending often fails to reflect the evidence-based needs of populations. Many of you have written about the detrimental role of austerity measures in cuts to social spending. Low- and middle-income countries invest an average of one third of their government expenditure in education, health and social protection, while their debt payments tend to crowd out such spending.

If national budgets integrate States human rights obligations and allocate sufficient resources to cover at least minimum essential levels of economic and social rights for all, they can be a powerful lever for equality and SDG progress.

National spending in social sectors that focuses on accessibility, affordability, and quality of services as well as non-discrimination, including based on gender, strengthens livelihoods and erodes inequality. Increasing such spending keeps more children in school and protects and raises the health and overall standard of living of the population. This is societys most effective tool to build resilience.

And transparency is critical. When I was President of Chile, I promoted public participation in the local budget process. Free, active and meaningful participation - requires fiscal transparency and enables accountability and builds social cohesion all human rights principles.

When rights holders are given the opportunity to follow the money, the level of corruption goes down and trust in government goes up.

Colleagues, friends,

How do we build and expand our evidence base in relation to economic, social and cultural rights, especially for marginalised groups, to advocate for all human rights for all?

How can we fairly recognize and account for all economic contributions made, including those in the informal economy and by unpaid care work? In this regard, I recall that the human right to development entitles everyone to contribute to, participate in, and enjoy development, and the fair distribution of its benefits.

How can we better prove that investments in social spending have multiplier effects for prosperity and trust?

As part of my Offices growing work in this field, together with other UN agencies, and with National Human Rights Institutions and civil society, we are helping governments establish evidence-based, human rights centered and gender-responsive social protection systems; prioritise healthcare budgets; and ensure participation by women and men in communities in implementing social protection and water and sanitation measures.

For example, my Office worked with Southern African Development Community on its Model Law on Public Finance Management. We provided guidance on human rights-based social sector investment, and made recommendations on domestic resource mobilization options, including progressive taxation. This law can, we hope, serve as a benchmark for national Parliaments to reinforce their domestic legal framework on public financial management.

In Nepal, my Office is also helping cost the minimum essential levels of the right to reproductive health care for the most marginalised women workers, including domestic and sex workers. Sex workers are willing to pay three to four times more by going to distant private clinics rather than local public hospitals. The economic cost of stigma and criminalisation of certain forms of livelihood options is debilitating.

At the global level, my Office is supporting the discussion at the Human Rights Council on the transformation of care and support systems based on human rights, to make them more gender responsive and inclusive.

We need strong partnerships for these efforts to yield positive results, in the long term. For instance, work could focus on developing evidence-based, context specific, analysed by sector, of the cost of not investing in economic and social rights.

Economic growth alone isn't a tide that lifts all boats.

Your contributions to the limits of current development performance metrics are fundamental, whether in the area of care work, the informal sector or the environment, and will continue to be so.

The UN Secretary General is challenging the UN System to suggest additional metrics to measure the development performance of countries. He has also called on us to transform how we view and value nature.

What we measure shapes what we collectively strive to pursue and what we pursue determines what we measure.

Our systems need to shift emphasis from measuring economic production to measuring peoples well-being, including the enjoyment of economic and social rights.

The current moment challenges us to create new models and tools for a human rights-enhancing economy. You are in a unique position to guide future generations of economists to contribute to a more equal and just world, and thereby transform global governance towards human rights and social justice.

I am convinced that by joining forces, anchored in our shared principles, we can meet this challenge.

Thank you.

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Feminist Economics and the Fight for Human Rights - OHCHR

Today, U.S. Commerce Secretary Gina M. Raimondo announced funding opportunities from NOAA's $2.96 billion in Bipartisan Infrastructure Law funds to address the climate crisis and strengthen coastal resilience and infrastructure. Over the next five years, NOAAs targeted investments in the areas of habitat restoration, coastal resilience, and climate data and services will advance ongoing federal efforts toward building climate resilience.

The climate crisis is affecting every community in the U.S. and impacting our nations economy, said U.S. Secretary of Commerce Gina Raimondo. The funding from NOAA will be used to support transformational projects that will help communities, especially underserved communities, build up local climate resilience and climate-ready infrastructure.

This funding provides NOAA and its partners with a historic opportunity to invest in the climate smart infrastructure of the future, said NOAA Administrator Rick Spinrad, Ph.D. Together, well help ensure our coasts are climate-ready, our fisheries and protected resources are resilient, and our climate and data products reflect the needs of decision makers.

NOAA will select high-impact projects that will incentivize investments in communities, states, and regions that can drive additional funding to complementary projects. Funded projects will support three major initiatives:

The investments will be scalable, leverage partnerships, and be responsive to the need for better climate information. NOAA will ensure the impact of this funding is equitable, coordinated, and results in projects that benefit Tribal Nations and underserved and underrepresented communities.

Todays announcement highlights Notice of Funding Opportunities for the coming year focused on habitat restoration, coastal resilience, and marine debris as part of the Climate Ready Coasts initiative including:

The announcement today builds on a series of steps that the Administration has taken over the month of June National Ocean Month to conserve and restore the health and productivity of the nations oceans and coasts for the benefit of all Americans.

These funding opportunities are designed to help coastal communities invest in and optimize green infrastructure and nature-based solutions to increase resilience to climate change and extreme weather events. The White House Coastal Resilience Interagency Working Group (IWG), co-chaired by NOAA and the Center for Environmental Equality (CEQ), developed a resource guide to build climate resilience in the coast, Compendium of Federal Nature-Based Resources for Coastal Communities, State, Tribes and Territories offsite link.

Signed into law in November 2021, President Bidens Bipartisan Infrastructure Law is a once-in-a-generation investment in our nations infrastructure, competitiveness, and communities. The significant increase in resources for NOAA will benefit the business community across a range of sectors including agriculture, seafood, energy and transportation, especially when it comes to products and services that help prepare for extreme weather and adapt to climate-driven events.

In addition, by supporting locally-led efforts to restore and conserve coastal habitat, these investments help advance the Biden-Harris administrations America the Beautiful initiative, which aims to conserve, connect and restore 30 percent of lands and waters in the U.S. by 2030.

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Biden Administration announces historic coastal and climate resilience funding - National Oceanic and Atmospheric Administration

Green ammonia plays a prominent role in the 20 million tonne renewable hydrogen target of the European Commissions REPowerEU plan. Now its time for the EU to put its money where its mouth is, writes Joel Moser.

Joel Moser is the CEO of First Ammonia, a leader in the production of green ammonia. He also serves as an Adjunct Professor at Columbia Universitys School of International and Public Affairs.

When Russia first invaded parts of Ukraine in 2014, it should have been a turning point in the way the EU viewed its significant dependency on Russian fossil fuels. Unfortunately, since then the EU has only increased its relative share of Russian natural gas.

Russian gas made up more than 40% of all of Europes gas consumption in 2021 providing Vladimir Putins huge leverage over the EU.

Fortunately, there is now finally a clear sense of urgency that, with Russias second invasion, the EU must do something. And if it is done well, it can deliver a huge win-win: Lessening its dependence upon fossil fuels, generally, and accelerating its green transition.

The ammonia sector can play a central role in this transition: The EUs ammonia sector uses about 10 billion cubic meters (BCM) of natural gas annually, mostly as a feedstock to make fertilizers. And of course, Europe cant just stop using fertilizers because they are essential to help guarantee food security for the EU and the world.

But what if instead of continuing ammonias reliance of natural gas, we could substitute that Russian fossil fuel with homemade renewable energy? And what if that same renewable energy-based resource, specifically green ammonia made from water and renewable power, can also serve as a fuel for transportation and power generation?

That is the power of green ammonia.

Green Ammonia could help Europe directly meet almost 30% of the 35 BCM savings the EU hopes to achieve in industry by 2030 in its newly presented REPowerEU plan.

Thats why it was great to see that during the REPowerEU presentation, Commission Vice-President Frans Timmermans praised the benefits that ammonia can bring as a renewable hydrogen carrier.

For example, ammonia has the highest volumetric energy density out of all the hydrogen-based technologies much more than hydrogen gas, liquified hydrogen or methanol which makes it relatively cheap and easy to transport renewables over large distances.

Green ammonia is also relatively easy and cheap to deploy, because Europe can make use of existing infrastructure. There are around 270 ammonia sea terminals in place worldwide, of which about 30 in the EU.

These terminals can be directly used for green ammonia in the fertilizers sector without technical limitations, and with some extensions also to the other use cases of green ammonia, such as long-term energy storage and fuels in the maritime sector and power generation.

Therefore, the REPowerEU plan aims to domestically produce several million tonnes of renewable hydrogen based on ammonia. It also wants to import from outside the EU no less than 4 million tonnes of renewable hydrogen-based ammonia in the coming years.

But of course, this high import target would mean Europe risks jumping from one dependency into another. And that might not chime with its broader agenda of strategic autonomy, where the EU wants to become more self-sufficient when it comes to critical raw materials and other means.

While the EU should certainly look for secure ways to source green ammonia from foreign sources, it should also look deeper within. And it has a big capacity to do so.

For example, First Ammonia applied for funding under the Innovation Fund of the EU Emissions Trading System (EU ETS). We did so for our plan to build a 300-megawatt plant in Brunsbttel, Germany, that will produce green ammonia with a first-of-a-kind, industrial-scale solid oxide electrolyser (SOEC).

This innovative system, which produces green ammonia in-line with the production of grren hydrogen, is significantly more efficient than current production technology and is designed as a modular unit that can easily scale.

Efficient use of renewable power is significant as Europe only has a limited capacity to generate renewables and a big number of end uses. Our technology would also allow us to stop our ammonia production for about 10 hours per day, during the peak demand hours so we do not put pressure on the grid.

Indeed, our off-peak use of renewable power actually promotes the development of additional renewable power by adding net revenue to the market for green power, reducing demand curtailments and stabilizing the renewable grid.

Europe is at a crossroads now. It has a dual objective of reaching its ambitious 2030 climate targets, while quickly reducing its dependency on Russias fossil fuels.

These seemingly competing objectives can be achieved by prioritising the financial support to green ammonia projects, allowing Europe to shift its ammonia sector away from natural gas and making green ammonia the workhorse of the EUs future hydrogen economy.

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Why green ammonia will be the workhorse of EU's future hydrogen economy - EURACTIV