Cambridge study warns investors of ‘unhedgeable’ climate risk

first_imgLack of action on climate change could see portfolios lose close to 50% of their value, according to research conducted by the University of Cambridge.It warns that investors will be unable to hedge against certain climate risks but concedes that it is difficult for investors to distinguish between the types of risk they can counteract and those that can only be addressed by an overhaul of the economy.The University of Cambridge Institute for Sustainability Leadership projects future global growth based around three scenarios: 1) a global agreement to limit temperature increases to 2° C; 2) the economy continues with the current level of mitigation; and 3) there are no further efforts to mitigate climate change.It finds a notable impact in the short term when global-temperature increases are limited to 2° C and governments opt for no mitigation. “The No Mitigation scenario,” the report says, “causes a global recession for the first three quarters of the analysis period, while the Two Degrees scenario does not cause a global recession but does cut economic growth in half when compared with baseline.”It adds, however, that the No Mitigation scenario sees an indefinite continuation of loss of output, while limiting the global-temperature increases in line with the recommendations of the Intergovernmental Panel on Climate Change sees the economy underperform compared with current activity for up to 12 years but eventually grow “much faster” than the baseline scenario.Transferring its calculations to four model portfolios – based around a high exposure to fixed income, a conservative portfolio, a balanced portfolio and an aggressive portfolio with high equity exposure – the Institute finds that the aggressive portfolio fared worst when No Mitigation took place, recording a loss of 45% and registering a “permanent loss, with returns not being restored to the baseline projection levels”.The report argues that, unlike other claims, the modelling shows a demonstrable, immediate impact rather than a hypothetical future discount on current values.It also finds that, while the largest loss for the aggressive portfolio – comprising 60% equities and 35% fixed income, largely mimicking the holdings of the Norwegian Government Pension Fund Global – was suffered in the 2° C scenario, this was down to the volatility suffered by equities, and the portfolio overall recovered relatively quickly.Cautious investors, investing only 12% in equities and 84% in fixed income, were most shielded from the impact of climate change, the report adds.“Regardless of the sentiment scenario studied, the high fixed income portfolio will be least at risk of any financial market disruption,” it says. “However, this portfolio also experiences low performance and small overall gains.”Where no climate change mitigation occurs, the University’s report recommends a shift away from developed market real estate, while emerging market oil and gas could help cut the loss potential almost in half, by 47%.It suggests capital should instead be deployed towards transport projects in developed markets and emerging market pharmaceuticals.Jake Reynolds, director for sustainable economy at the Institute, argued that the calculations showed no investor was protected from the impact of climate change.“However,” he said, “it is surprisingly difficult to distinguish between risks that can be addressed by an individual investor through smart hedging strategies and ones that are systemic and require much deeper transformations in the economy to deal with.”Read more about the upcoming climate conference in Paris and the pipeline for renewable infrastructure in the current issue of IPE,WebsitesWe are not responsible for the content of external sitesLink to University of Cambridge’s ‘Unhedgeable risk’ reportlast_img read more

This amazing home reno took just two months: Find out how they did it

first_imgThe bathroom at 26 Cowper St, Bulimba, before the renovation. The front of the house at 26 Cowper St, Bulimba, after the renovation.But the framework from the original kitchen was retained and the cupboard panels resurfaced with 2 pac, which saved on costs.The fifth bedroom in the house was converted to the kitchen’s butler’s pantry and study.Two of the four bedrooms are upstairs, including the master suite, which has been reconfigured to accommodate an ensuite, walk-in robe and balcony. The kitchen in the home at 26 Cowper St, Bulimba, before the renovation. One of the bathrooms in the house at 26 Cowper St, Bulimba, after the renovation.More from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoMr Madhoji undertook the renovation with the help of his daughter, Shoma, who helps run the family business.“I liked the house beforehand, but we knew if we renovated it, we would potentially get a higher sale price,” she said.Every room in the house was completely gutted and rebuilt.“Pretty much everything, besides the timber floor and railings, is new,” Miss Madhoji said. “I was more involved in the later stages, picking finishings and fittings.”The brand new kitchen is one example of where the quality of the finishes shines through, from the marble island bench to the Bosch appliances and concealed butler’s pantry. REAL ESTATE: The kitchen in the house at 26 Cowper St, Bulimba, after the renovation.Fast forward to 2018 and it was time to sell, but Mr Madhoji realised the current home he had built back in 2005 simply would not do.Prices have risen substantially in the suburb, which has a median house price of $1.3 million — and so have buyers’ standards.“We had initially decided to do a partial renovation, but then we decided the bathrooms and kitchen were too dated, so we did a full demolition,” Mr Madhoji said.“Most buyers expect the house to be done properly — they don’t have the time.” The toilet at 26 Cowper St, Bulimba, before the renovation. One of the bathrooms at 26 Cowper St, Bulimba, after the renovation.Time is something Mr Madhoji is very good at managing, with the entire renovation taking just two months.“I had a very good team,”he said.“I brought in subcontractors of my own and the builder had some of his subcontractors.Mr Madhoji said the key was to schedule tradespeople well in advance and draw up plans for the renovation “so everyone’s on the same page”.“The biggest problem is tradies aren’t always available when you need them,” he said.“I booked in a painter two months before the renters vacated.” Shoma Madhoji at the home she and her father renovated in Bulimba. Picture: Peter Wallis.ARUN Madhoji has built close to 100 homes all over Australia, but he believes his latest project is by far his biggest and best yet.The experienced property flipper bought what he believed was the worst house in the best street 13 years ago.He had been looking for his next project in the leafy, up-market suburb of Bulimba when he spotted 26 Cowper Street. Mr Madhoji subdivided the block and built two houses — one he has since sold and the other, a replica Queenslander, which he rented out. One of the bedrooms at 26 Cowper St, Bulimba, after the renovation.just to modernise it and get that edge over other propertiesalways bought as an investment propertycenter_img The backyard at 26 Cowper St, Bulimba, before the renovation. The backyard of the property at 26 Cowper St, Bulimba, after the renovation. The living room at 26 Cowper St, Bulimba, before the renovation. One of the bedrooms at 26 Cowper St, Bulimba, before the renovation. The back of the house at 26 Cowper St, Bulimba, after the renovation.All three bathrooms were demolished and reconfigured, and new light fittings and ceiling fans installed in every room.A key feature of the house is the covered deck, which overlooks the fully-landscaped backyard featuring a Balinese-style garden.The 404 sqm block means there’s room to put in a pool if the new owners desire. The front of the house at 26 Cowper St, Bulimba, before the renovation. The living room at 26 Cowper St, Bulimba, after the renovation.Mr Madhoji estimates the total spend came to about $180,000.“I decided to spend a bit more money than I usually would because houses in this area are selling for a good price,” Mr Madhoji said.“(The house is) in a good location, the house across the road sold for almost $1.5 million and it has a lot of trees — I’m a tree lover.”There’s no doubt the property in is in a great location, close to Oxford Street’s shopping and dining precinct. And the best thing for its potential new owners is that all the hard work has been done for them.The property is for sale through James McKinlay of Place — Woolloongabba.RENO FACT CHECK:Time taken: 2 monthsTotal spend: $180,000Approximate end valuation: $1.5m-pluslast_img read more

AFCON 2013: Yiadom picks up injury in training

first_imgGhana striker Richmond Boakye-Yiadom was unable to complete Tuesday evening’s training session after sustaining an injury.The 19-year-old picked up the injury while going in for a tackle with an unnoticed teammate.The on loan Juventus striker at Italian Serie-B club Sassuolo limped off the pitch with the unspecified injury.The Black Stars medical team will assess his condition later in the evening and if necessary, will take him to the hospital tomorrow morning for further examination.The injury to Boakye-Yiadom compounds the fitness situation in the Ghana camp ahead of the 2013 Africa Cup of Nations which commences this weekend.Ghana is already sweating on the fitness of defender Isaac Vorsah and midfielder Anthony Annan who are battling minor injuries. Coach Akwasi Appiah will be hoping to have all his players fit for Ghana’s opening game against DR Congo on Sunday.The team is expected to travel to South Africa on Wednesday – four clear days towards their opening Group B encounter.The Black Stars who will be based in Port Elizabeth will also face Mali and Niger at the group stage.last_img read more

Heisler: Your NBA favorites have 2019 New Year’s resolutions to share

first_imgOur NBA favorites have resolutions for 2019, even if those in Lakerdom are working on a happier New Year in 2020.Anthony Davis – Me, leave New Orleans? Never, or not until summer, whichever comes first.Of course, I’ll consult my principal adviser, who’s right here …LeBron James – Right. I’ve bought the mansion next door in Brentwood so you can have a place to stay while waiting to be traded, after you inform the Pelicans to do it or get nothing when you walk in 2020. Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers, Clippers schedules set for first round of NBA playoffs Walton – But you said I was Laker Family and this season was about being patient. Wait a minute, I’ve got your quotes right here:“I think the one thing that we have to, and the fans have to, be patient about is the chemistry on the court, because we’re putting together basically all these guys who will be new to each other, right?”Magic – Hey, times change. I owe it to Lakers fans to proceed according to my vision.Rich Paul, Klutch Sports agency – OK, here’s the next thing we want. Tyson’s been great but here at Klutch, we, er, I, think that we, er, you, still need more veterans.Magic – Wait a moment, I’m still writing it down.Paul – Carmelo Anthony’s out there and he’s not only one of LeBron’s best friends, but he can help us, er, you.Magic – Just so I understand: You want me to pick up Melo, after the Rockets shelved him with no one else interested in him, even with his minimum salary?Paul – That’s Fake News. We picked that phrase up following politics. Comes in handy a lot.We have our own vision at Klutch. We won’t rest until LB’s playing alongside the entire All-Star roster and his best friends.Chris Paul – I hope Melo helps you more than he helped us after I told the front office he still had it.James – What went wrong?CP3 – I don’t know. I pull a hamstring every time I think about it.Steve Ballmer – We have our own vision, in Clipper Nation! We’re going to sign two free agents whose names I can’t utter but sound like Kaui Lennard and Devin Kurant and move into our own building in Inglewood.Why would anyone want to be in downtown Los Angeles? No one goes there anymore.Jerry West – I keep telling you, the way it works around here, you go from Inglewood to downtown, not the other way around.Ballmer – But we’re downtown now and people barely know we’re alive!Donald T. Sterling – Thanks for the $2 billion, sucker!Ballmer – No problem, little guy. Took me about eight minutes to make it back in the market with my 339 million shares of Microsoft stock going up $65. That was $22 billion worth since I bought your team in 2014.With my personal fortune of almost $40 billion, I could have paid $2 billion per team and bought the entire Western Conference!Oops! Off $15 since our Oct. 1 high. There went $5 billion. … Oh well, easy come, easy go.Kawhi Leonard – Sorry, I can’t participate in tampering since I don’t talk about my plans … or anything, including the weather. Speak to my uncle, who’s in charge of my life.Ballmer – But he never talks, either.Kawhi – Exactly.Kevin Durant – There’s a place for me, somewhere a place for me.Steph Curry – Don’t leave, KD! We just won two titles together. Hasn’t it been fun?Durant – It was great fun, but it was just one of those things.Russell Westbrook – Don’t you know any songs from the last 50 years? And didn’t you just leave me in the lurch because you wanted to win a title and didn’t care how it looked?Durant – Word. And your point is?Draymond Green – Let that @$%$#! go, Steph. He was never really one of us.Curry – Thanks, Dray! Loyalty is so great. I know I can count on you to stay with me, even if your deal runs out in 2020.Related Articles Green – No comment. However, I’m totally committed to the Warriors, until then.Kyrie Irving – It’s way hard being an NBA star. You have to watch every word you say, like when Steph said we didn’t really land on the moon … or when I challenged everyone on Twitter to prove the Earth was round. Shouldn’t everyone be discussing world peace or something?Curry – Yo, Kyrie! I was kidding. I believe in science. Think of it this way, if the Earth was flat, as you propose, wouldn’t everyone on the other side just fall off?Knicks owner James Dolan – Is KD serious about the possibility of coming here? I’m going to reconsider my offer to sell the team!Knicks fans – No! No! Anything but that!Silver – And this is the most prosperous time in our history. Imagine what the other leagues are going through. Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed center_img Lakers practice early hoping to answer all questions How athletes protesting the national anthem has evolved over 17 years AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersDavis – Wait a moment, I’m still writing it down.Pelicans GM Dell Demps – The Lakers are doing it again! Tampering! Tampering! Tampering!Sign up for Home Turf and get exclusive stories every SoCal sports fan must read, sent daily. Subscribe here.Commissioner Adam Silver – No, no! LeBron’s just talking about real estate. Everyone out there does that.Luke Walton – I can’t comment but I’m excited about coaching whatever awesome combination we put together next season.Magic Johnson – Not so fast. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

State Prisons Temporarily Closed to New Inmates

first_imgFlorida prisons have temporarily stopped accepting new inmates, the Department of Corrections confirmed Wednesday. The move is aimed at preventing the spread of coronavirus in state correctional facilities, although it shifts the responsibility of housing offenders to local officials.The policy went into effect Monday.In a statement issued Wednesday, department officials said they are restricting the intake of inmates and “new commitments from counties” until March 30. They emphasized the timeline could change following further consultation with public health officials about the virus, officially known as COVID-19.The decision to halt the flow of inmates into the state’s prison system, which houses around 96,000 offenders, comes one week after Department of Corrections officials cancelled visitation privileges until April 5. However, prisoners’ lawyers are still allowed to have face-to-face visits.State prison officials reassured the public on Tuesday that the department is “fully prepared to handle any potential cases of COVID-19 within the state operated correctional institutions in Florida.”last_img read more

Brashear edges Allderdice, USO wins first game

first_imgBIG GAME —Jaylen Coleman of USO rushed for 174 yards and one touchdown in the 25-0 win over Oliver. (Courier Photo/William McBride) by Malik Vincent For New Pittsburgh Courier Allderdice’s trickery on a fake field goal attempt ended their chance of a win with tragic results Sept. 16 at Cupples Stadium.Brashear’s Jamil Smith stepped in front of and caught a lateral on the play that he returned 13 yards for a score with 1:08 left in the game. The 13-10 final margin gave them a 2-0 start in league play. “We knew we were starting off with a tough three games to begin this season,” Brashear Coach Rick Murphy said. “But we still have a lot to do before we can really consider ourselves contenders in the city.”Jesse Irwin opened the scoring for Allderdice (1-1, 1-2), who got off to a fast start, on a 27-yard field goal in the first quarter. They would quickly add to that on a 55-yard interception return by Cornelius Raye. At that point, the Dragons had a 10-0 advantage.Braden Hoffer, Allderdice’s quarterback, was hit at the end of the first quarter and was taken off the field on a stretcher, after suffering a concussion. After that, the Dragons were forced to rely on junior running back Patrick Ferguson to pace the offense. He carried the ball 24 times for 77 yards.It was all Brashear in the second half, who scored on a 15-yard connection from quarterback Adam Lynch to Smith. He finished 8 of 13 passes for 96 yards and two interceptions.“You’ve got to give him credit for being a good athlete,” Murphy said. “(Lynch) is a smart kid who is making good decisions. He’s running around, trying to make things happen with some of the inexperience that we have on our defensive line.”University Prep, Sci-Tech, Obama 25, Oliver 0In the first win in program history, USO shut out a traditionally defensive-minded Oliver team that surrendered 170 yards on 10 carries, including a touchdown run from 65 yards away, by senior Jaylen Coleman during the Sept. 16 afternoon game at Cupples.Coleman dedicated his performance to a friend that he made while he was a student at Gateway over the summer, Darrell Turner.Turner was murdered during the “Team Swag” 7-on-7 tournament summer tour in Raleigh, N.C., during a visit to Duke University. The team was travelling to help the students get looks from Division-I coaches at these visits.“Every time I would get tired or fatigued, I just thought about Darrell,” Coleman said. “He was so heavy on my mind. And I kept thinking to myself throughout the game, ‘do it for Darrell’.”Coleman was also involved in 15 tackles on defense.Miles Catlin opened the scoring for USO with a 44-yard touchdown run. Kevaun Frenzley and Abner Roberts added touchdowns of 13 and 61 yards, respectively.Other games:There were two nonconference games played by City teams on Sept. 17.Langley blew out Homer Center, 45-15. Quarterback Jaquan Green threw 7 touchdowns for the Mustangs. Receiver Marc Wilson was involved in four of them for 94 yards.The defending champions Perry lost big to Fort Hill, Md., 50-13.(Follow our continuing coverage of the city league and add your comments to our website at (Malik Vincent can be reached at [email protected])last_img read more