Governor says first RGGI auction date is set for Sept. 25CO2 allowance auctions will help drive innovation, produce cleaner energyMONTPELIER – Governor Jim Douglas has announced that Vermont and the Regional Greenhouse Gas Initiative have released preliminary guidelines for the nation’s first-ever carbon credit auction on Sept. 25.The guidelines outline requirements and preparations bidders must follow to be ready to purchase their share of nearly 12.5 million carbon emission allowances at the first auction.”The stage is set for Vermont and nine other states to take unprecedented action and lead the nation on a path of economic and environmental security through reduced use of fossil fuels like oil,” Douglas said. “This is an important milestone as Vermonters struggle under the burden of the federal government’s failure to lead on fundamental energy and environmental issues.”The Sept. 25 auction is expected to include allowances from Vermont, Connecticut, Maine, Massachusetts, Maryland and Rhode Island. Other RGGI states will offer allowances for sale in future auctions as they complete their necessary rule-making procedures.RGGI is the first program in the country to cap and then reduce CO2 emissions from power plants. Participating states have agreed to stabilize CO2 emissions from 2009 to 2014, and then gradually reduce emissions beginning in 2015. Emissions from the power sector for RGGI states totals about 7 percent of the U.S. power sector emissions, according to the U.S. Energy Information Agency.The market-based mandatory program will cost-effectively reduce the pollution that is causing global warming while investing in efficient technology, Douglas said. “The result for Vermonters is the potential for new green jobs and cleaner energy.”The materials released today, online at www.rggi.org(link is external), provide a preview of auction applications and procedures for bidders participating in the first of two early auctions to be held this year.###
Hermes Investment Management chief economist Neil Williams said the move meant Draghi was addressing the symptoms of the crisis rather than its cause.“Tackling the causes of the euro-zone crisis needs years of work and more than just QE – which, as we know from the US and UK, is a blunt instrument more likely to generate asset-price than ‘feel-good’ demand, inflation,” he said.He said the challenge now was to make sure deflation did not take root in the currency union, like in Japan.“QE has been running [in Japan] for 16 years with little inflation impulse,” he said.“The ECB’s ‘tap’ may be finally on, but, as Japan found out, QE acts like a drug – the more you use it, the more you need it. Euro-zone QE could thus be with us for many years to come.” Nick Gartside, fixed income CIO at JP Morgan Asset Management, said there would be positive implications for European high yield and peripherals, along with riskier assets.“Draghi left unsaid what this inevitably does to the currency,” he said.“You’re looking at the euro likely approaching parity with the US dollar, certainly by the end of the year. Ultimately, that will bring inflation into the region, but longer term the question is whether that will be the right kind of inflation.”CIO at Deutche Asset and Wealth Management, Johannes Müller, said the most lasting effect would be a weaker currency, boosting corporate profits and thus positive for equity markets“Falling bond yields have been driven primarily by declining rates of inflation and inflation expectations, as well as speculation about ECB policy,” he said. “As we do not expect inflation trends to reverse any time soon, returns from bond markets should continue to trade friendly in the short term.”Paras Anand, head of European equities at Fidelity, said the announcement had a negligible “awe” factor.“I wonder whether the ECB’s willingness to expand its balance sheet to stimulate growth had more impact as a latent lever as opposed to one that has been deployed,” he said.Anand was critical of the risk-sharing measure put in place over the bond purchases, which sees a complicated split of risk among national central banks and euro-zone members as a whole.Some 8% of losses stemming from defaults on national government bonds will be shared equally across member states, with 92% absorbed by the central banks purchasing the bonds.Anand said links across the euro-zone were quietly rebuilding from an economic and political perspective.“What we have seen, encouragingly, has been a form of pragmatism – a deferral to informal understanding and an attention to the spirit of collaboration across the single market rather than a constant recourse to the rule book,” Anand said. “I fear the current programme with its focus on ultimate recourse and legal obligations under various negative scenarios is pulling us in the opposite direction.” Asset managers have welcomed further attempts by the European Central Bank (ECB) to stave off deflation and kick-start the economy but warned against unfounded optimism about the measure.Yesterday, ECB president Mario Draghi announced a nearly €1.1trn quantitative easing measure, adding to previous purchases of asset-backed securities and its targeted longer-term refinancing operations.The ECB said the measure was required to ensure the single currency’s inflation would run “below but closer to 2%”. Asset purchasing will be conducted by the national central banks but coordinated from Frankfurt.
RIPLEY COUNTY, Ind. –A Versailles man was arrested after a 2-hour long pursuit through Ripley, Dearborn, and Franklin Counties Thursday night.The Ripley County Sheriff’s Department says that a reserve deputy attempted to stop Jesse Gabbard, 23, in Sunman for his car being too loud.Instead of stopping, he fled in excess of 80 miles per hour.Officers used stop sticks to stop Gabbard’s about 30 minutes into the pursuit, but police say he still refused to stop and led police on a slower pursuit (25 – 45 MPH) for around 90 minutes.Gabbard’s car eventually stopped south of Osgood on US 421 when it ran out of gas.Gabbard was arrested on the charge of Resisting Law Enforcement.It took the fleeing vehicle running out of gas to end a two-hour police chase in Ripley County Thursday night.
Madison, IN—Daily closures are scheduled next week on a section of S.R. 62 in eastern Jefferson County.The road will close to all through traffic from 8 a.m. to 4 p.m. on Monday, October 21, and Tuesday, October 22, between Barbersville Road and Barbersville Creek Road, weather permitting. The road will be open to local traffic only. Access to all homes within the closure will be maintained.INDOT maintenance crews will complete washout and shoulder repairs, as well as tree removal in the area.The official detour for thru traffic will follow U.S. 421 to S.R. 129.
Press Association The message from Coutinho’s own mother was read out prior to Liverpool’s defeat of City at Anfield in April, a game in which the Brazilian himself went on to score a superb winner. The 22-year-old told CNN Sport: “I was so anxious for it to be my turn, for the manager to read the letter from my mum. “I waited and waited for it. The manager had spoken to the mothers of every player in the team, he’d been reading a message before every game for months and finally my turn had come. “At first, I didn’t know that the manager would be reading a letter from her, then he mentioned her name and I was really overwhelmed. It said she loved me, is proud of me, is always with me and missing me. “There was more, but those are just the words I needed to hear. It filled me up. The other players were also really moved because every week, regardless of whose mother it was with the message, we were all inspired and emotional. “We were getting really strong, powerful words and it pushed us so much.” That victory – coupled with City’s failure to beat Sunderland in their game in hand three days later – put Liverpool in control of the title race and on course for a first league crown since 1990. But the Reds were unable to press home that advantage, losing to Chelsea and then drawing at Crystal Palace to hand the initiative back to City. Liverpool forward Philippe Coutinho has revealed how the Reds’ title push last year was inspired partly by the players’ mothers. Coutinho says manager Brendan Rodgers struck on an unusual motivational tactic of reading letters from mums as his side charged towards Barclays Premier League glory. Liverpool ultimately fell just short, losing out to Manchester City by two points, but Coutinho has spoken of how the messages had a profound effect in the dressing room.