GDP UPDATE HEADLINES
December 2013
AMERICAS
• United States
• Asia
• Australia
• Japan
• Mayanmar
EUROPE / AFRICA / MIDDLE EAST
• Austria
• Czech Republic
• Dubai
• France
• Latvia
• Saudi Arabia
• South Africa
• United Kingdom
AMERICAS - United States
(1.) The U.S. probably expanded faster in the third quarter than initially
estimated and weekly jobless claims likely rose a bit, according to economists
polled by MarketWatch. Gross domestic product for the July-to-September period
is forecast to be revised up to 3.2% from 2.8%, largely because inventories rose
even faster than the preliminary report showed. Jobless claims, meanwhile, are
predicted to increase to 325,000 in the week ended Nov. 30 from 316,000 in the
prior week.
(2.) Austrian school economist Mark Skousen has labored mightily for a quarter
of a century to persuade the Bureau of Economic Analysis (BEA) to publish a
better measure of economic activity in the United States, and beginning in
April, the BEA will start publishing the country’s Gross Output — the GO.
Said Skousen, “Starting [in] 1990, I have made the case that we needed a new
statistic beyond GDP that measures spending throughout the entire production
process, not just final output. GO is a move in that direction — a personal
triumph 25 years in the making.”
Ever since the establishment of the international monetary system at the Bretton
Woods Conference in 1944, the Gross Domestic Product (GDP) has informed and
driven monetary policy, often with unintended and unhappy consequences. By
misreading economic activity, interventionist politicians and economists have
implemented policies that have later turned out to be too little too late or,
more recently, way too much. The GO, on the other hand, measures intermediate
economic activity at all stages of production, from raw materials to the retail
outlet.
As Skousen explained, “While GDP is a good measure of national economic
performance, it has a major flaw: in limiting itself to final output, GDP
largely ignores or downplays the “make” economy — that is, the supply chain and
intermediate stages of production needed to produce all those finished goods and
services.
“This narrow focus of GDP has created much mischief in the media, government
policy and boardroom decision-making….
“Since consumer spending [under GDP analysis] represents 70% or more of GDP …
the media naively concludes that any slowdown in retail sales or government
stimulus is necessarily bad for the economy….
“In short, by focusing only on final output, GDP underestimates the money spent
and economic activity generated at earlier stages in the production process….
“Using GO as a more comprehensive measure of economic activity, spending by
consumers turns out to represent around 40% of total year sales, not 70% as
commonly reported.
“Spending by business … is substantially bigger, representing over 50% of
economic activity.”
This aligns better with common-sense economic theory as well, that production
precedes consumption, not the other way around. GO will also show that the real
size of the U.S. economy isn't $16.8 trillion as is commonly acknowledged, but
will come in at nearly twice that figure when it is released in April, according
to Skousen.
Even so, with the update in place, GO will still leave out enormous parts of the
economy, and will fail to measure the unmeasurables, such as quality of life,
speed of information via the Internet, and caring for children at home by
parents. It will fail to differentiate between “wasteful” spending — i.e.,
foreign wars and consequent loss of life and limb and destruction of property
and war matériel — and “productive” spending. It will fail to measure the
potential advantage of obtaining a college degree, or the disadvantage of taking
up smoking.
It will count legal fees, repairing of property damage, and medical expenses as
positives instead of negatives. It will allow for such silliness as counting the
value of a new home being built, as well as the cost of razing it following a
flood or a hurricane. It will count disasters as positives and imports of
superior goods from abroad (instead of buying inferior ones locally) as
negatives. It will continue to count borrowing as a good thing no matter how it
is spent or by whom: individuals or governments. (The remaining text is not
included in this sample.)
ASIA - Japan
Japan's economy expanded at a slower pace than initially estimated in the third
quarter of 2013, according to the government, sparking concern that the
government's "Abenomics" policy mix may fail to help the nascent recovery gain
momentum.
The world's third-biggest economy grew at an annualized rate of 1.1% in the
three months through September in inflation-adjusted terms, downgraded from
preliminary data against the backdrop of a downward revision to capital
spending.
The July-September growth in real gross domestic product, the total value of
goods and services produced at home, corresponded to a 0.3% gain from the
previous quarter, posting the fourth straight quarter of increase, the Cabinet
Office said.
The government said in the initial report, released Nov. 14, that the nation's
economy expanded an annualized real 1.9% in the July-September period, following
a revised 3.6% rise in the April-June period.
The latest figure suggested Japan's economy has been largely supported by public
investment, not private sector growth, strengthening the view that the planned
3-percentage-point sales tax hike next April to 8% may weigh on consumer
spending and investment, in turn dampening domestic demand. (The remaining text
is not included in this sample.)
EUROPE / AFRICA / MIDDLE EAST - Saudi Arabia
Saudi Arabia's gross domestic product grew 3.19% in the third quarter of 2013 in
current prices compared with a 2.7% rise in the previous three months, the
Central Department of Statistics reported.
The GDP value rose from SR675.19 billion in the third quarter of 2012 to SR696.7
billion. During the same period the GDP rose by 3.05% in real prices, the
department said.
In the public sector the GDP fell by 18.52% to SR102.6 billion in current
prices, compared to the same period in 2012. However, in real prices it showed a
growth of 2.43%.
The private sector, on the other hand, achieved a growth of 6.53% in current
prices in the third quarter of 2013 to reach SR244.08 billion compared to the
figure of previous year, SR229.13 billion.
The construction and building sector and downstream industries showed big growth
at the rate of 9.76% and 7.87% respectively. In stable prices, the sector’s
growth rose by 3.31%. (The remaining text is not included in this sample.)
A complete analysis of GDP and Monthly Updates for individual countries are
included as part of Air & Water Monitoring World Markets.
For more information on Air & Water Monitoring World Markets, click on: http://home.mcilvainecompany.com/index.php/markets/2-uncategorised/106-n031
World Municipal Wastewater Project News Headlines Provided Monthly
November 2013
This monthly update is devoted to wastewater infrastructure news around the
world, outside of the United States and Canada, and is included as part of the
McIlvaine Air & Water Monitoring World Markets.
ASIA
• Australia: Queensland STP Selects GE’s MBR Technology to Increase Capacity
• China: New Decree Requires Urban Storm Water and Sewage Treatment Planning
• India: 660 MW Power Plant Boiler will be Country's Largest to Run on Treated
Wastewater
• India: Ahmedabad to Sell Biogas Generated by Sewage Treatment Plant
• India: Xylem Awarded Contract for Biological Treatment System for New Jamnagar
WWTP
• India: Pilgrimage City Awards US$3.6 Million Contract for New WWTP
• India: Two-Year Old STPs Unable to Treat Sewage Due to Delay in Piping
Upgrades
EUROPE
• Belarus: Baltic Sea Organization Awards €5 Million Grant for Wastewater
Upgrades
• Netherlands: Israeli Technology “Mines” for Recyclable Biosolids Before they
Become Sludge
• Romania: EU and EBRD Approve Funding For €100 Million Water Project in
Botosani County
• UK: Europe’s First Nutrient Recovery Reactor Yields Phosphate Fertilizer and
Reduces Clogging
• UK: Award Winning Wastewater Treatment Works Opens in Peacehaven
MIDDLE EAST
• Israel: Water Technology Exports Tripled in Last 5 Years, Topping US$2 Billion
Annually
• Jordan: US$121 Million South Amman WWTP to Start Partial Operations in 2014
• Kuwait: Ministry Tenders US$18 Million Akila Sanitation Project; More Tenders
Expected
• Qatar: Government Aims for “Near Zero” Liquid Discharge by 2016
NORTH AND SOUTH AMERICA
• Brazil: Casan Prepares US$86 Million Wastewater Plan in Santa Catarina
For more information on Air & Water Monitoring World Markets, click on: http://home.mcilvainecompany.com/index.php/markets/2-uncategorised/106-n031
OIL & GAS SALES LEADS HEADLINES
DECEMBER 6, 2013
(Listed by most current date)
• Rosneft and ExxonMobil Award Contracts for Russian Far East LNG Project
(Contract Dated: 12/6/2013)
• CCS, SDARI and Wartsila Collaborate to Develop LNG Vessel ( Dated: 12/6/2013)
• QGC Awards Jacobs Contract for CSG to LNG Concept Study, Pre-FEED (Contract
Dated: 12/6/2013)
• Chevron Drilling Planned Carbon Dioxide Injection Wells for Gorgon-Jansz LNG
Project (Project Dated: 12/6/2013)
• CNOOC Applies to Canada’s NEB for LNG Export License (Article Dated:
12/5/2013)
• Putin Approves Amendments to LNG Export Laws to Boost Russia's Global LNG
Market Share (Article Dated: 12/5/2013)
• Russian Energy Minister Says No Call to Break Gazprom's Monopoly on Pipeline
Gas Exports (Article Dated: 12/5/2013)
• Japan’s Top Shippers to Order Ninety New LNG Tankers Worth $17.6 Bln by 2020
(Order Dated: 12/5/2013)
• Brazil's OGX Maranhao Changes Name to Parnaiba Gas Natural (Sale Dated:
12/5/2013)
• Australia's Origin Energy Agrees to Sell Gas to BG Group in 2014 and 2015
(Project Dated: 12/5/2013)
• Tanzania May Build New LNG Export Facility by 2020 (Plans Dated: 12/5/2013)
• France's Total Looks for Stake in Gazprom's Baltic LNG Project (Project Dated:
12/5/2013)
• Asia LNG Buyers Meet to Discuss Joint Procurement Deal (Article Dated:
12/5/2013)
• Honeywell UOP To Form Black & Veatch LNG Alliance for Off-Road and
Transportation Fuel (Alliance Dated: 12/4/2013)
• Cyprus, Total Sign MoU for LNG Terminal (Project Dated: 12/4/2013)
• EmiratesLNG to Build 9 mtpa LNG Terminal at Fujairah (Plans Dated: 12/4/2013)
• Inter Pipeline to Provide Diluent Transportation for Athabasca Oil
Hangingstone Project (Project Dated: 12/2/2013)
• Warren Buffett Increases Oil Sands Stake with $3.45 Bln ExxonMobil Investment
(Investment Dated: 12/2/2013)
• New Generation of Projects Shows Oil Sands Industry Resolve to Expand (Article
Dated: 12/2/2013)
• New Technologies Drive Down Costs, Shrink Carbon Footprint of Oil Sands
Projects (Article Dated: 12/2/2013)
• Alberta’s MacKay River Commercial Project to Recycle Produced Water with New
Technology (Project Dated: 12/2/2013)
• Total Seeking to Upsize Flagship Joslyn Oil Sands Mine in Alberta (Article
Dated: 12/2/2013)
• Canada’s NEB Projects Oil Production Bonanza (Analysis Dated: 12/2/2013)
• Suncor Sees 14 Percent Oil Sands Growth and 2014 Capital Spending Boost to
$7.8 Bln (Article Dated: 11/29/2013)
• Feds Announce $2.6 Mln ExxonMobil Fine for March’s Massive Arkansas Tar Sands
Spill (Article Dated: 11/29/2013)
• AIMCo to Invest $100 Mln in Efficient Oilsands Technology (Investment Dated:
11/29/2013)
• Fort Hills and the Carmon Creek Oil-Sands Projects Get Industry Go Ahead, Part
2 (Project Dated: 11/27/2013)
• Environmental Keystone Foes Expand Fight against Oil Sands by Trying to Block
Rail Export (Article Dated: 11/27/2013)
• Fort Hills and the Carmon Creek Oil-Sands Projects Get Industry Go Ahead, Part
1 (Project Dated: 11/27/2013)
• Toxic Man-made Lakes from Tar-Sand Projects Planned for Alberta (Article
Dated: 11/27/2013)
• IEA Report Says Tar Sands Export Pipelines Needed for Canada's Oil to Boom
(Report Dated: 11/27/2013)
• The Tar Sands Don’t Have to Pollute the Water. So Why Do They? (Analysis
Dated: 11/26/2013)
• Habanero's Oil Sand Acreage to be Cancelled by the Government (Article Dated:
11/26/2013)
• Enbridge to Develop Wood Extension Pipeline for Fort Hills & Suncor (Project
Dated: 11/26/2013)
• Deep Well Oil & Gas SAGD Well Pair Successfully Completed ( Dated: 11/26/2013)
• First it was Detroit, now ‘PetKoch’ Piling Up in Chicago (Article Dated:
11/26/2013)
• Enbridge to Develop Pipeline up to $1.4 Bln for Athabasca Region Oil Sands
Needs (Project Dated: 11/26/2013)
• Total Plans Production from Alberta Fort Hills Oil Sands Project (Project
Dated: 11/26/2013)
• Saudi Kayan Drops Plans to Build Jubail Petchem Plant (Project Cancelled
Dated: 11/22/2013)
• KBR to Perform Ammonia Plant Revamp Study in Algeria (Study Dated: 11/21/2013)
• JG and Meralco in Talks over Philippines Petrochem Business (Article Dated:
11/21/2013)
• Nova LLDPE Expansion on Pace for Late-2015 Startup (Project Dated: 11/21/2013)
• LyondellBasell Says Expansion, Debottlenecking Projects Remain on Target
(Project Dated: 11/21/2013)
• Saudi Arabia’s Sabic Wants to Invest in U.S. Petrochemicals (Investment Dated:
11/21/2013)
• Philippines Petrochem Market to Grow with Economy and Domestic Consumption
(Article Dated: 11/21/2013)
• Russia's Sibur, Gazprom Sign JV Deal on Petchem Complex in Belogors (Agreement
Dated: 11/20/2013)
• Hungary MOL's Petrochemicals Unit to Build New Plant for $160.4 Mln (Project
Dated: 11/20/2013)
• Technip Wins Contract for Sasol's Lake Charles Ethane Cracker in Louisiana
(Contract Dated: 11/20/2013)
• Dow to Sell Polypropylene Catalyst Business to W.R. Grace for $500 Mln
(Divesture Dated: 11/20/2013)
• Technip and Zachry Partnership Awarded Chevron Phillips Chemical’s Gulf Coast
Project (Project Dated: 11/20/2013)
• Unipetrol RPA Selects INEOS Technologies’ Innovene S HDPE Process for
Polyethylene Project (Project Dated: 11/20/2013)
• Mexichem Announces Joint Venture with Oxychem for Ethylene Plant (Project
Dated: 11/20/2013)
• Russian Petrochemical Company Sanors Shows Interest in Vietnam's Binh Dinh
Mega Project (Project Dated: 11/20/2013)
• MRC Global Awarded Gulf Coast Petrochemicals Project Framework Agreement By
Chevron Phillips Chemical (Contract Dated: 11/20/2013)
• Taiwan, China Petrochemical Businesses Look Towards Cooperation (Article
Dated: 11/20/2013)
• Mexico’s Petrochemical Production Expected to be up by 25 Percent with Energy
Reform (Article Dated: 11/19/2013)
• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its
TECNA Subsidiary/Part 3 (Contract Dated: 11/19/2013)
• Foster Wheeler Wins Contract for Saudi Arabia Jazan Project (Project Dated:
11/19/2013)
• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its
TECNA Subsidiary, Part 4 (Contract Dated: 11/19/2013)
• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its
TECNA Subsidiary/Part 2 (Contract Dated: 11/18/2013)
• Isolux Corsán Awarded New Contracts in Latin America for $600 Mln through its
TECNA Subsidiary/Part 1 (Contract Dated: 11/18/2013)
These sales leads are part of Oil, Gas, Shale and Refining Markets and Projects
and are issued bi-weekly. As a subscriber to Air & Water Monitoring World
Markets, you receive a 30 percent discount for this service.
For more information on Oil, Gas, Shale and Refining Markets and Projects click
on: http://home.mcilvainecompany.com/index.php/markets/28-energy/471-n049
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World Power Generation Projects
This includes only projects where there was an update during the month. There
are thousands of projects in the database
Revision Date: December 1, 2013
Project Title First Entry Date Location Startup date
Kelar power plant-BHP Billiton 8/1/2013 Chile 2016
Genesee 4,5 gas turbine power plant-Capital Power 5/1/2013 Canada 2020
Temple combined cycle expansion-Panda Power 4/1/2013 TX 2015
Mauban expansion-Electricity Gen. Public Co. of Thailand/Meralco 1/1/2013
Philippines 2017
Holland Board of Public Works combined cycle power plant 12/1/2012 MI 2016
Leichhardt power plant--APA Group/AGL Energy 11/1/2012 Australia 2015
Temple combined cycle-Panda Power Funds 4/1/2011 TX 2015
Saldanha Industrial Zone Power Plant 3/1/2011 South Africa Unknown
Diamantina 1 combined cycle-APA Group/AGL Energy 1/1/2011 Australia 2014
Nyagan combined cycle power plant-GRES 8/1/2009 Russia 2014
Long Phu 1 supercritical power plant-PetroVietnam 8/1/2008 Vietnam 2016
Sherman combined cycle power plant-Panda 3/1/2008 TX 2014
Barh I (1-3) supercritical-National Thermal Power Corp. India 2014
Marion-Guadalupe combined cycle project Texas Independent Energy TX 2000
New power generation projects are tracked in two publications. Fossil and
Nuclear Power Generation includes both market forecasts and project data. World
Power Generation Projects has just the project data.
For more information on World Power Generation Projects, click on: http://home.mcilvainecompany.com/index.php/databases/28-energy/486-40ai
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Bob McIlvaine
President
847-784-0012 ext 112
rmcilvaine@mcilvainecompany.com
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Ph: 847-784-0012 | Fax; 847-784-0061