Baltic Dry Index. 3053 +46 Brent Crude 66.50
Spot Gold 1774
Coronavirus Cases 02/04/20 World 1,000,000
Deaths 53,100
Coronavirus Cases 03/05/21 World 153,500,734
Deaths 3,216,418
“Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes a bubble on a whirlpool of speculation. When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill done.”
John Maynard Keynes.
Fed Chairman Powell and US Treasury Secretary Yellen can scream all day long from the rafters that this bout of inflation is temporary and can be safely ignored, but to this old dinosaur market follower involved in the markets since 1968, that doesn’t seem likely or prudent.
America alone has and is pushing six trillion, probably more, new Magic Money Tree dollars into the US economy, and doing it in less than two years.
Add in the rest of the world pumping in trillions in new Magic Money Tree Pounds, Yen, Yuan, Euros and a cornucopia of assorted local currency dollars, and I think Chairman Powell and Secretary Yellen are just talking up their book, or worse, speaking with forked tongue.
My guess is that this inflation is neither temporary nor benign. My guess from experience of the 1970s is that this monetary inflation is permanent and cancerous.
With much of the world’s markets closed for the May Day holiday our stock casinos are off to a sluggish start.
Asia off to slow start ahead of U.S. data deluge
May 3, 20212:44 AM BST
Asian share markets got off to a slow start on Monday as holidays in China and Japan crimped volumes and investors awaited a raft of data this week which should show the U.S. leading a global economic recovery.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was all but flat after taking a bit of a spill on Friday. Japan's Nikkei (.N225) was shut for a holiday, but Nikkei futures edged up 0.2%.
Wall Street extended its bull run with Nasdaq futures and S&P 500 futures both up 0.3%.
A busy week for U.S. economic data is expected to show resounding strength, particularly for the ISM manufacturing survey and April payrolls. Forecasts are that 978,000 jobs were created in the month as consumers spent their stimulus money and the economy opened up more.
Such gains could stir speculation of a tapering in asset purchases by the Federal Reserve, though Chair Jerome Powell has shown every sign of staying patient on policy.
"Payrolls should show another near 1 million jobs gain, but that would still leave them 7.5 million below pre-COVID levels," said Tapas Strickland, a director of economics at NAB.
"Chair Powell recently noted that it would take a string of months of job creation of about a million a month to achieve the substantial progress required to justify tapering QE."
Powell is due to speak later on Monday and will be followed by a raft of Fed officials this week. Dallas Fed President Robert Kaplan caused a stir on Friday by calling for beginning the conversation about tapering. read more
Powell's patience has helped limit selling pressure in Treasuries, yet 10-year yields still ended last week with a rise of 6 basis points to be last at 1.626% .
The rise offered some support to the U.S. dollar which has been pressured by the rapid expansion of the U.S. budget and trade deficits, a by-product of the economy's outperformance.
n commodity markets, gold held to a narrow range around $1,768 an ounce sidelined in part by investor interest in crypto currencies as an alternative hedge against inflation.
Ether hit a record high on Monday to trade within a whisker of $3,000, extending last week's rally in the wake of a report that the European Investment Bank (EIB) could launch a digital bond sale on the ethereum blockchain network. read more
Oil prices ran into profit-taking on Friday but still ended the month with gains of 6% to 8%.
https://www.reuters.com/world/china/global-markets-wrapup-1-pix-2021-05-03/
Inflation Haunts Stock Traders in Blockbuster Earnings Season
Nikos Chrysoloras and Abhishek Vishnoi Publishing date: May 02, 2021
(Bloomberg) — Overflowing cargo ships, snarled production lines, copper above $10,000 and a start to earnings season that’s smashing records.
As developed economies reopen and the newly vaccinated embrace their pre-Covid ways, the global rebound is proving vigorous but messy. For equity investors, the most pressing question is whether the return of inflation spoils returns and eats into corporate profits.
Accelerating prices — and fears the U.S. Federal Reserve will tighten policy to tame them — top the list of money-managers’ concerns, according to Bank of America Corp.’s monthly investor survey. Almost half of those polled by UBS AG predict inflation will quicken over the coming three years.
“All materials are going up,” said Nico Delvaux, chief executive officer of Assa Abloy AB, whose products range from automatic doors to biometric readers and e-passports. “Our previous guidance of fully compensating for raw material inflation is not the case anymore.”
----Fed officials anticipate that any surge in prices will prove temporary, but others point out that pent-up demand, rising materials costs and more federal spending could lead to sustained price pressures. In the euro-zone, the economy has tipped into a double-dip recession and an inflation measure excluding volatile items such as food and energy fell to 0.8% in April.
Against that backdrop, stock pickers are negotiating a patchwork of potential winners and losers.
Gold, Autos
Carmakers such as Honda Motor Co. and BMW AG have been forced to halt production due to chip shortages. Unilever PLC, Henkel AG & Co KGaA and Reckitt Benckiser Group PLC may come under pressure as they struggle to pass on higher prices to buyers of their consumer staples, Bernstein strategists say.
But for Evolution Mining Ltd., inflation is good news. The gold it produces is used to hedge against price growth, Bryan O’Hara, general manager for investor relations, said on an analyst call.
The prospect of higher fuel demand in the U.S., China and Europe is also a boon for oil majors: Total SE and Royal Dutch Shell Plc gained on Thursday after reporting better-than-forecast profits.
And it’s not just the oil giants. A record number of companies are besting consensus estimates in both the U.S. and Europe, JPMorgan Chase & Co. analysts said Friday.
But as the earnings beats are unveiled, inflation talk is everywhere.
The danger is that price growth becomes entrenched, ultimately halting the record run for equities. At the same time, stocks are seen as better placed to handle inflation, compared with other asset classes like bonds, which offer fixed returns.
“Massive fiscal stimulus and pent-up demand, as well as higher corporate taxes, rising wages and de-globalization, could shift medium-term inflationary dynamics upward,” Barclays strategists led by Emmanuel Cau wrote in a note to clients.
More
Finally, unicorn ranching. I don’t know what it means either, but my instinct suggests insiders and the banksters do and it’s probably connected to the coming end of the Great Nixonian Error of fiat money!
Crypto’s Shadow Currency Surges Past Deposits of Most U.S. Banks
Olga Kharif Sat, May 1, 2021, 12:15 PM
(Bloomberg) -- Tether, the crypto stablecoin backed one-for-one by fiat currencies, surpassed $50 billion in circulation, a sum that’s more than the insured deposits at all but 44 of the thousands of U.S. banks.
It’s a remarkable milestone for a token that enjoys wide use as a method of payment in the crypto ecosystem, even as the eponymous private company behind it has endured regulatory scrutiny for its opacity on where it holds the enormous sum of reserves that back the token.
Tether is set to release the first quarterly statement on its reserves to the New York Attorney General this month. The disclosure is part of a settlement of a long-running dispute with state regulators over whether it actually has the reserves, but it is unclear whether investors will get a glimpse at it.
Not that Tether investors seem to care either way. The token’s popularity has only grown amid the legal hubbub, as it became the most traded cryptocurrency in the world, exceeding even the volume of market leader Bitcoin. Traders and speculators use it as a conduit to conduct transactions on crypto-only exchanges such as Binance and to park assets to avoid the sector’s extreme price volatility.
“At those offshore exchanges Tether is the main collateral and margin type,” said Nic Carter, co-founder of researcher Coin Metrics. “Exchange volumes are way up and Binance volume is way up. For traders to get access to these crypto-only exchanges they often prefer a stablecoin like Tether. You can think of the supply of Tether as a transparent proxy for the balance sheet of both the crypto-only exchanges as well as the funds trading crypto on those exchanges.”
About 66% of Bitcoin is bought using Tether, according to data tracker CryptoCompare. And Tether’s use is likely to expand since Coinbase Global Inc., the largest U.S. crypto exchange, is planning to allow trading of the stablecoin on its Coinbase Pro platform.
The quarterly report will be released to New York in May, according to Stuart Hoegner, general counsel for the crypto exchange Bitfinex and Tether.
The companies, which are based primarily in the British Virgin Islands, settled without admitting or denying any wrongdoing.
When the settlement was announced, New York Attorney General Letitia James said “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency as fully backed by U.S. dollars at all times was a lie.”
The cryptosphere saw few ripples in the wake of the settlement, with the amount of Tether created continuing to surge after the announcement. Market participants anticipate a similar reaction no matter what that quarterly report reveals.
“The fact that Coinbase added it tells you everything you need to know,” said Kyle Samani, co-founder of Multicoin Capital.
https://news.yahoo.com/crypto-shadow-currency-surges-past-111500954.html
Charlie Munger calls bitcoin ‘disgusting and contrary to the interests of civilization’
- Berkshire Hathaway Vice Chairman Charlie Munger called bitcoin “disgusting and contrary to the interests of civilization.”
- “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air,” he said.
- The 97-year-old Munger has long criticized bitcoin for its extreme volatility and a lack of regulation.
Berkshire Hathaway Vice Chairman Charlie Munger’s disdain toward bitcoin has only intensified amid the digital asset’s record run this year.
“Of course I hate the bitcoin success,” the 97-year-old Munger said during a Q&A session at Berkshire’s annual shareholder meeting Saturday. “I don’t welcome a currency that’s so useful to kidnappers and extortionists and so forth, nor do I like just shuffling out of your extra billions of billions of dollars to somebody who just invented a new financial product out of thin air.”
“I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization,” said Munger, a legendary investor in his own right.
Warren Buffett, who avoided the initial question on bitcoin earlier, responded to Munger’s answer: “I’m alright on that one.”
The “Oracle of Omaha” said he didn’t want to comment directly on the digital token because he didn’t want to get grief from everyone who is long.
The world’s largest cryptocurrency enjoyed a head-turning rally this year, topping $60,000 apiece in April as involvement from Tesla to major Wall Street banks made bitcoin mainstream. Tesla recently made a $1.5 billion bet on bitcoin and now accepts the digital currency as a method of payment for its cars. Meanwhile, Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to bitcoin.
More
What we do know is that speculative episodes never come gently to an end. The wise, though for most the improbable, course is to assume the worst.
John Kenneth Galbraith.
Global Inflation Watch.
Given our Magic Money Tree central banksters and our spendthrift politicians, inflation now needs an entire section of its own.
From Apple to Domino’s Pizza, U.S. Companies Scramble to Meet Surge in Demand
Supply-chain snarls and labor shortages crimp some businesses looking to ride rebound in U.S. economy; ‘caught flat-footed’
Updated May 2, 2021 9:12 am ET
Consumers are splurging on cars and furniture—and facing extended waits for delivery. Restaurants and gyms are reopening—and struggling to find workers. Factories and home builders are trying to ramp up—but are short on semiconductors or raw materials.
Federal Reserve officials and most economists largely play down supply and cost problems as transitory, saying they aren’t widespread enough to threaten corporate profits or the broader U.S. economy for long, especially amid strong sales.
But problems are acute for some individual businesses and even entire industries. Executives from gadget giant Apple Inc. AAPL -1.51% to mattress seller Tempur Sealy International Inc. TPX -0.78% said last week that supply-chain issues could curb their growth in the short term. Others have responded by raising prices on everything from diapers to air conditioners.
The Covid-19 outbreak paralyzed both supply and demand last spring. This spring, vaccinations and government stimulus have created imbalances in many sectors.
“The very sudden stop to the economy, and then the very quick restart, has created a lot of havoc—a lot of businesses have gotten caught flat-footed,” said David Lefkowitz, head of Americas equities for UBS Global Wealth Management.
Gross domestic product, a measure of the economy’s health, grew at a 6.4% seasonally adjusted annual rate for the first three months of the year, the Commerce Department said Thursday. At the same time, Ford Motor Co. and other auto makers are halting some production because of semiconductor shortages, Caterpillar Inc. and other manufacturers are working to counter rising prices and short supplies of needed materials, and Domino’s Pizza Inc. and other chains are struggling to find enough workers.
I get it that the Fed doesn’t want to recognize inflation, but there is inflation,” Dover Corp. CEO Richard Tobin told investors on April 20. Raw-material prices increase the cost of components the industrial manufacturer buys, he said, and finding workers could raise the price of keeping factories running. “Clearly, at the assembly level, labor availability is becoming a problem, and that is beginning to start to move up labor costs over time,” he said.
Dover, which makes refrigerators for supermarkets and pumps for gas stations, isn’t the only company facing a tight market for American workers. Darden Restaurants Inc., which operates Olive Garden, LongHorn Steakhouse and other chains, is raising wages to attract restaurant workers. Amazon.com Inc. said last week it will dole out raises to more than 500,000 workers this spring instead of next fall as competition for workers picks up.
More
Warren Buffett says U.S. economy's unexpected strength benefits Berkshire
May 1, 2021 8:01 PM By Jonathan Stempel, John McCrank
(Reuters) - Warren Buffett said on Saturday that Berkshire Hathaway Inc is being lifted by a U.S. economy faring far better than he predicted early in the coronavirus pandemic, though investor euphoria is making it hard to deploy cash.
Speaking at Berkshire’s annual meeting, Buffett said the economy has been “resurrected in an extraordinarily effective way” by monetary stimulus from the Federal Reserve and fiscal stimulus from the U.S. Congress.
“It did the job,” Buffett said. “This economy, right now, 85% of it is running in super high gear.”
Buffett lamented how an influx of so-called special purpose acquisition companies and inexperienced investors hoping for quick riches have made markets feel like a casino, making it hard for Berkshire to deploy more of its $145.4 billion cash hoard.
But the 90-year-old retained his optimism for the future of the company he has run since 1965, including after he’s gone.
“We’ve seen some strange things happen in the world in the last year, 15 months,” Buffett said. “It has reinforced our desire to figure out everything possible to make sure that Berkshire is, 50 or 100 years from now, every bit the organization and then some that it is now.”
---- Many of Berkshire’s dozens of operating units, which include Geico car insurance and the BNSF railroad, have been rebounding as anxiety over COVID-19 lessens, more people get vaccinated, stimulus checks are spent, business restrictions are eased and confidence about the economy grows.
Gross domestic product grew at an annualized 6.4% rate from January to March, according to an advance government estimate. Some economists project the economy will grow in 2021 at the fastest clip in nearly four decades.
Buffett conceded that the recovery made his decision last year to exit stakes in the four major U.S. airlines -- American, Delta, Southwest and United -- appear ill-timed.
Munger, meanwhile, downplayed concern that Congress and the White House might raise the corporate tax rate to 25% or 28%, saying it wouldn’t be “the end of the world” for Berkshire.
---- But there were signs Berkshire has grown more cautious about the markets.
While Berkshire repurchased $6.6 billion of its own stock from January and March, the pace of buybacks slowed.
Berkshire also said it sold $3.9 billion more stocks than it bought, though it still owned $151 billion of stock in just two companies, Apple Inc and Bank of America Corp.
Buffett acknowledged that low interest rates made Berkshire’s $140 billion of insurance “float,” which it uses for investing and acquisitions, less valuable.
More
Pakistan inflation rate rises to 11.10% y/y in April - statistics bureau
May 1, 2021 8:59 AM By Reuters Staff
ISLAMABAD, May 1 (Reuters) - Pakistan’s annual consumer price inflation (CPI) rate rose to 11.10% y/y in April, the country’s statistics bureau said on Saturday, up from 9.05% in the previous month.
Prime Minister Imran Khan has made several changes to his economic team in the past last month, aiming to bring in policies to control inflation that has been on an upward trend.
An increase in prices of vegetables, fruits and meat caused the latest hike in inflation, the statistics bureau said. The price rises have been hitting the country’s poor, who are also struggling with the economic fallout from the pandemic.
As a rule, Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works.
John Stuart Mill.
Covid-19 Corner
This section will continue until it becomes unneeded.
Sixty healthy adults in Belgium and US first in the world to take new Pfizer Covid pill
Saturday 1 May 2021 7:15 pm
Pharmaceutcial giant Pfizer has kicked off a human trial for a Covid-19 pill that the company hopes to make available before the end of the year.
The trial, which is held at Pfizer labs in Belgium and the US, includes 60 clean-living adults aged 18-60 and will last for 145 days, according to various media reports. The final 28 days will reportedly used to get screening and dosing right.
The human trial consists of three phases, with more than 200 Pfizer researchers working full-time on the project.
During the first round, volunteers will be tested and monitored on how well the drug is tolerated, while the next phase will consist of adults taking multiple doses and the final phase evolves around the tolerance of the pill in combination with food intake. The final 28 days will reportedly used to get screening and dosing right.
According to Pfizer documents seen by various news outlets, volunteers did receive a warning that the drugs has so far only been tested on a limited number of animals.
“The safety of the study drug has been studied in animals. In these animal studies, no significant risks or safety events of concern were identified, and the study drug did not cause side-effects at any of the dose levels that will be used in clinical studies,” The Telegraph reported, citing Pfizer instructions.
The research is reportedly centred around a man-made anti-viral molecule – called PF 0732133 – which is a protease inhibitor, preventing the virus from reproducing in the nose, throat and lungs.
Protease inhibitors are a key element in the treatment of HIV patients, although the medication often does display long term side effects.
The ties to HIV will also be examined in the trials, with participants given doses of ritonavir, an antiviral drug used in the treatment of HIV that will help increase the amount of PF-07321332 in the participants’ blood.
The anti-viral pill was reportedly developed from scratch since the pandemic kicked off, according to Pfizer’s director of medicinal chemistry, David Owen.
He reportedly told a private event of the Division of Medicinal Chemistry last month that the first seven milligrams of the drug – the volume of a raindrop – were produced in July of last year while by late October, Pfizer had managed to create 100 grams of the drug, followed by a kilogram in November.
Study: Blood oxygenation helps patients with severe COVID-19
April 30, 2021 / 10:55 AM
April 30 (UPI) -- Blood oxygenation treatment helps patients hospitalized with severe COVID-19 recover, and without lingering side effects or complications, a study presented Friday during the American Association for Thoracic Surgery annual meeting found.
Nearly 70% of patients treated with the approach, called extracorporeal membrane oxygenation, or ECMO, were discharged from the hospital, and more than 90% were recovering at home three months later, the data showed.
In addition, just over 16% had returned to work and other daily activities three months after discharge.
These percentages were similar to those found with mechanical ventilation, which uses an oxygen machine to maintain breathing in patients with lung-related illnesses, including COVID-19, they said.
This suggests that blood oxygenation may be useful in treating patients with severe illness from the virus in the hospital intensive care unit, or ICU, with no additional risk for long-term health complications compared with standard ventilation, according to the researchers.
"ECMO support in patients with COVID-19 ... was not associated with worse survival or long-term outcomes compared to other ICU survivors," study co-author Dr. Jessica Y. Rove told UPI in an email.
This was true despite the fact that these patients had "a more complex critical illness course, longer average duration of mechanical ventilation and longer average length of stay," said Rove, an assistant professor of cardiothoracic surgery at the University of Colorado School of Medicine in Denver.
Survivors of critical illness, including those with COVID-19, are at high risk for long-term physical, psychological and cognitive complications, some of which are brought on by the invasive measures used to treat them, Rove and her colleagues said.
In ECMO, a machine pumps the patient's blood out of the body, infuses it with oxygen and then pumps it back into the body, according to the American Association for Thoracic Surgery.
The process allows the blood to maintain a healthy level of oxygen while allowing the heart and lungs to rest.
It may be an alternative for patients hospitalized with severe COVID-19 who do not respond well to conventional mechanical ventilation or when ventilators are unavailable, researchers said.
More
Researchers seek antiviral pill that would ease COVID-19 severity
April 30, 2021 / 10:53 AM
COVID-19 research efforts must now shift toward the development of a pill that can prevent serious illness in the recently infected, experts say.
"We need a pill that can keep people out of the hospital, and the time to develop that is right now," Dr. Rajesh Gandhi said during a Thursday media briefing by the Infectious Diseases Society of America. He is director of HIV Clinical Services and Education at Massachusetts General Hospital in Boston.
Such an antiviral drug would target the virus that causes COVID-19 during its most active phase in the human body, which is just prior to when people develop symptoms, Gandhi said.
"Based on all of our understanding from the last year, the virus is most active during that time," Gandhi said. "Just before people get sick, during those first few days up to a week, is when the virus is really replicating, making copies of itself.
"There, I think, is the need for a really effective antiviral," Gandhi continued. "What we need more than anything else right now is an oral drug, a pill that can prevent people with mild to moderate disease from getting more and more sick."
Efforts are underway to develop such a drug, and there are hopes that one might be available before the end of 2021, Gandhi said.
One experimental drug cited by Gandhi is being developed by Pfizer. A protease inhibitor like those used to treat HIV and hepatitis C, the new medication would curb production in the body of enzymes needed for the virus to multiply.
Others under development would target the coronavirus itself, disrupting the ability of the virus to replicate and spread, Gandhi said.
Few weapons for treatment
Despite revolutionary success in developing COVID-19 vaccines, there are few good treatment options to prevent people who've just contracted COVID-19 from progressing toward severe symptoms that require hospitalization.
Monoclonal antibodies remain the sole treatment shown to prevent a mild infection from becoming serious, Gandhi said.
More
https://www.upi.com/Health_News/2021/04/30/antiviral-pill-COVID-19-severity/2711619792313/
Next, some vaccine links kindly sent along from a LIR reader in Canada. The links come from a most informative update from Stanford Hospital in California.
World Health Organization - Landscape of COVID-19 candidate vaccines. https://www.who.int/publications/m/item/draft-landscape-of-covid-19-candidate-vaccines
NY Times Coronavirus Vaccine Tracker. https://www.nytimes.com/interactive/2020/science/coronavirus-vaccine-tracker.html
Stanford Website. https://racetoacure.stanford.edu/clinical-trials/132
Regulatory Focus COVID-19 vaccine tracker. https://www.raps.org/news-and-articles/news-articles/2020/3/covid-19-vaccine-tracker
Some other useful Covid links.
Johns Hopkins Coronavirus resource centre
https://coronavirus.jhu.edu/map.html
Rt Covid-19
Centers for Disease Control Coronavirus
https://www.cdc.gov/coronavirus/2019-ncov/index.html
The Spectator Covid-19 data tracker (UK)
https://data.spectator.co.uk/city/national
Technology Update.
With events happening fast in the development of solar power and graphene, I’ve added this section. Updates as they get reported.
Airports could generate enough solar energy to power a city
Australian airports are ideal hosts for large-scale solar installations
Date: April 26, 2021
Source: RMIT University
Summary: New research shows placing solar panels on the roofs of Australian airport buildings could be an efficient step towards net zero emissions.
A new study has found Australia's government-owned airports could produce enough electricity to power 136,000 homes, if they had large-scale rooftop solar systems installed.
Researchers at RMIT University compared electricity generated by residential solar panels in a regional Australian city to the potential green energy production of 21 leased federal airports.
They found if large-scale solar panels were installed at the airports, they would generate 10 times more electricity than the city's 17,000 residential panels, while offsetting 151.6 kilotons of greenhouse gasses annually.
Researcher Dr Chayn Sun said the analysis showed the value of focusing renewable energy efforts on large, centralised rooftop solar systems.
"We can't rely on small residential solar panels to get us to a zero-emission economy but installing large panels at locations like airports would get us a lot closer," she said.
"We hope our results will help guide energy policy, while informing future research in solar deployment for large buildings.
"There's so much potential to facilitate national economic development while contributing towards greenhouse gas emission reduction targets."
Sun, a geospatial scientist in RMIT's School of Science, said airports were ideal for solar panels but were not currently being used to their full potential -- many Australian airports are without adequate solar systems.
"Airports get good sun exposure because they're not shaded by tall buildings or trees, making them a perfect spot to harness the sun's energy," she said.
"Australia is facing an energy crisis, yet our solar energy resources -- such as airport rooftops -- are being wasted.
"Harnessing this power source would avoid 63 kilotons of coal being burned in Australia each year, an important step towards a zero-carbon future."
For the study, published in the Journal of Building Engineering, geospatial researchers estimated the solar electricity generated from 17,000 residential solar panels in Bendigo, Victoria, over one year.
Lead author Athenee Teofilo, a Master of Geospatial Science student, then mapped the buildings in every leased federal airport -- excluding unsuitable structures like dome and blister-type hangars -- and identified 2.61km2 of usable rooftop space.
Researchers determined the optimum tilt angle for the solar arrays for each airport, to maximise efficiency.
Perth Airport had most energy-generating potential; placing solar panels there could produce almost twice the solar output of Bendigo, equal to the combined production from Adelaide, Sydney, Moorabbin and Townsville airports.
Even Melbourne Airport alone would outperform Bendigo's annual solar electricity production by almost 12 gigawatt hours a year.
Airport buildings less suited to solar panels could still be useful for ground-mounted solar systems, the study found.
More
https://www.sciencedaily.com/releases/2021/04/210426140855.htm
It is one of the common pieces of Wall Street experience that when the public goes stock mad and the market leaders are filled with the arrogance of prolonged success, such little things as high money rates or decreases in earnings or unraised dividends have no instant effect on the market -- that is, on the state of mind of the speculating public. In the end, of course, all violations of the fundamental laws of economic and financial common sense are paid for; but every bull thinks he will unload before the break.
Edwin Lefevre.
Edwin Lefèvre
https://en.wikipedia.org/wiki/Edwin_Lef%C3%A8vre
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