Monthly Archives: January 2021

Australia and India both stand to gain from the promise of expanding trade in lithium resources, Canberra's envoy here Barry O'Farrell on Thursday said, noting that lithium metal-based battery technologies will form the key component of the roll-out of electric and hybrid vehicles.

O'Farrell said in view of the need for Australia to diversify and strengthen its supply chains, and in recognition of India's drive toward self-sufficiency and the "truly remarkable" growth of its new economy sectors, the timing couldn't be better for lithium-related trade and investment.

Addressing a session of the Indo-Australian Chamber of Commerce on 'Lithium: Powering a New Australia-India Partnership', he said both countries stand to gain from the promise of expanding trade in lithium resources.

"Lithium metal-based battery technologies will form the key component of the push for the roll-out of EV and hybrid vehicle, and Australia and India both stand to gain from the promise of expanding trade in lithium resources," O'Farrell said.

Noting that Australia is a reliable and cost-competitive supplier of resource and energy commodities, he said the Australian government is fully committed to driving strong outcomes on lithium trade and investment, and on critical minerals more broadly.

"Australia's resource endowment and our mining capabilities and expertise well place us to support Prime Minister (Narendra) Modi's ambitions around development of India's new economy sectors," he said.

He said this trade in lithium has the backing of the highest levels of leadership.

Noting that COVID-19 has impacted both the Australian and the Indian economies adversely, O'Farrell said it also provides the impetus to develop more resilient and robust supply chains as well as to collaborate in new areas.

The Australian government is fully committed to driving strong outcomes on lithium trade and investment, and on critical minerals more broadly,he said.

(IMAGE CREDITS:Twitter/@AusHCIndia)

(Disclaimer: This story has not been edited by http://www.republicworld.com and is auto-generated from a syndicated feed.)

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Aus, India both stand to gain from expanding trade in lithium resources: Australian High Commissioner - Republic World

Written byMarine LogStaff

The Brandon Road Lock and Dam is a critical pinch point for keeping nvasive Asian carp species out of the Great Lakes. [Photo: USACE]

The governors of Illinois and Michigan have agreed to work jointly to protect the Great Lakes from invasive Asian carp species.

Michigan Gov. Gretchen Whitmer and Illinois Gov. JB Pritzker have announced an intergovernmental agreement between the Illinois Department of Natural Resources (IDNR) and the Michigan Department of Natural Resources (MDNR) that allows Illinois to use up to $8 million in funds appropriated in 2018 by the Michigan Legislature to support the pre-construction engineering and design (PED) phase of the Brandon Road Ecosystem Project.

Additionally, the state of Illinois also signed a separate PED agreement with the U.S. Army Corps of Engineers for the initial Brandon Road design. The state will serve as the non-federal sponsor, agreeing to help fund design of a portion of the project and to further advance full project design efforts to approximately 30% completion.

The Brandon Road Lock and Dam in the Chicago Area Waterway System near Joliet, Ill., is a critical pinch point for keeping bighead, silver and black carpthe invasive Asian carp species of greatest concernout of the Great Lakes.

The Brandon Road project would install layered technologies including an electric barrier, underwater sound, an air bubble curtain and a flushing lock in a newly engineered channel designed to prevent invasive carp movement while allowing barge passage.

Preventing invasive carp from entering the Great Lakes was a day one priority for my administration. We know its been a priority for a lot of others, but we needed to take action, and thats what todays action represents, said Whitmer. The Great Lakes support 1.3 million jobs, including over 350,000 jobs right here in Michigan. Thats why after decades of work, today Michigan, along with the state of Illinois and the U.S. Army Corps of Engineers, has taken a historic step towards protecting the Great Lakes from Asian carp. I am determined to continue to use every tool at my disposal to keep harmful invasive species from damaging the Great Lakes ecology and our economy.

The Great Lakes are a priceless natural resource that support the livelihoods of thousands of Illinoisans and attract visitors from across the globe. Protecting the lakes is a top priority for my administration, which is why I included funding for Asian Carp mitigation efforts in my bipartisan Rebuild Illinois capital plan, said Pritzker. I am pleased to announce this new partnership with the State of Michigan which, along with additional support from the federal government, will allow the construction of protective measures to begin at the Brandon Road Lock and Dam.

The intergovernmental agreement, finalized on December 24, supports the State of Illinois role as the non-federal sponsor of the PED phase of this United States Army Corps of Engineers project and outlines a collaboration process allowing MDNRs input in decision-making regarding the design work.

The PED, finalized by both the State of Illinois and the U.S. Army Corps of Engineers on December 29, stipulates that Illinois cover 35%, of the projected PED costs. With Michigans $8 million financial commitment through the intergovernmental agreement, IDNR will contribute the remaining $2.5 million to complete the project. The funding was made possible by Pritzkers Rebuild Illinois bipartisan capital plan.

Michigan and Illinois agree on the importance of keeping invasive carp out of the Great Lakes, and natural resources staff from both states have been working together to support the Army Corps actions to deter and remove invasive carp in the waterway, said MDNR Director Dan Eichinger. This agreement is the natural progression of our existing partnership as we take steps toward a more permanent solution to prevent this serious threat to the economy and ecology of the Great Lakes.

Long in planning, were pleased to finally put these agreements into action, allowing us to move the project to its next stepsplanning and designand, ultimately, construction, said IDNR Director Colleen Callahan. While the process is still in its early stages, were pleased to be a part of this partnership and look forward to sharing updates with other Great Lakes states and Canadian provinces throughout the design process.

It is predicted that the arrival of live bighead, silver or black carp in the Great Lakes could have drastic effects on the regions $7 billion fishery, $16 billion boating industry and other tourism-based industries, property owners, recreationalists and others dependent on the Great Lakes and its tributaries.

An electric dispersal barrier installed in the waterway near Romeoville, Illinois in 2002 to prevent invasive species from moving into and out of the Great Lakes has since been supplemented by two additional electric barriers in the same location. A fourth more powerful barrier at the Romeoville site is expected to be operational in 2021.

Once federal funding is secured through the U.S. Army Corps of Engineers Work Plan, the Corps anticipates a three to four-year timeframe for completing the initial Brandon Road design before negotiating a Project Partnership Agreement with the State of Illinois (supported by other Great Lakes states and provinces) for the initial construction effort and the remainder of project design to reduce the possibility of invasive carp migration into Lake Michigan.

As the Brandon Road project moves forward, current efforts will continue, including the electric barriers near Romeoville and expanded nonstructural measures, including focused commercial fishing, monitoring and prescribed netting to reduce the risk of spawning or of small fish movement through the existing lock and dam.

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Michigan and Illinois agree to advance invasive carp prevention project - Marine Log

ROCHESTER, N.Y., Jan. 8, 2021 /PRNewswire/ --The latest Paychex | IHS Markit Small Business Employment Watch benchmark report reveals the effect of increasing COVID-19 cases on small businesses in the U.S. The Jobs Index shows a slowing of 0.24 percent in December to 94.06, a decrease of 4.18 percent from the year prior. A decline in weekly hours worked and hourly earnings growth decelerating to 2.63 percent brought national weekly earnings growth to 2.42 percent.

"The winter season brought a surge in COVID-19 cases and with it a retreat in jobs growth," said James Diffley, chief regional economist at IHS Markit.

"The new pandemic stimulus package has come at the right time for business owners. COVID-19 cases continue to grow and many state and local restrictions remain in place, limiting business activity in some communities," said Martin Mucci, Paychex president and CEO. "The second round of Paycheck Protection Program loans, simplified forgiveness for new and existing PPP loans, and an extension and expansion of the Employee Retention Tax Credit are all significant measures to help businesses weather the months ahead."

In further detail, the December report showed:

The complete results for December, including interactive charts detailing all data at a national, regional, state, metro, and industry level, are available at http://www.paychex.com/watch. Highlights are available below.

Note: Data presented for the month of December was collected between November 13, 2020 and December 17, 2020.

National Jobs Index

National Wage Report

Regional Jobs Index

Regional Wage Report

State Jobs Index

Note: Analysis is provided for the 20 largest states based on U.S. population.

State Wage Report

Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Jobs Index

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Metropolitan Wage Report

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Industry Jobs Index

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

Industry Wage Report

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

For more information about the Paychex | IHS Markit Small Business Employment Watch, visit http://www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About the Paychex | IHS Markit Small Business Employment WatchThe Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.

About PaychexPaychex, Inc. (NASDAQ:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex served more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

About IHS Markit (www.ihsmarkit.com)IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world's leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners 2021 IHS Markit Ltd. All rights reserved.

Media ContactsLisa FlemingPaychex, Inc. +1 585-387-6402 [emailprotected] @PaychexNews

Kate SmithIHS Markit+1 781-301-9311 [emailprotected]

Colleen Bennis Mower +1 585-389-1865 [emailprotected]

SOURCE Paychex, Inc.

http://www.paychex.com

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Increase in COVID-19 Cases Spur Decline in Small Business Jobs and Wage Growth - PRNewswire

LAST week, this column highlighted five key elements that will dictate global markets and of course these global economic factors, which are universal, will also have an impact on the local economy in general and more specifically, the financial markets.

Index wise, the FBM KLCI, which closed the year 2020 at 1,627.21 pts or up 2.4%, the first annual rise of the benchmark index in since 2017, is now estimated to have a fair value of 1,756 pts this year, based on brokers estimates.

Effectively, consensus fair value for the 30-stock index is pencilling a near 8% rise on the index from last years close.

So, what will impact markets and economy this year other than those five global factors mentioned last week? Provided below, three key elements that can dictate the local markets direction in the year 2021, summarized in the form of three Es.

The first E is for the Economy

Budget 2021, which was tabled in early November last year, was given the green light by Parliament last month.

The key in the budget measures are in actual fact related to governments commitment to raise development expenditure to RM69bil as well as to provide the right stimulus to the economy as Malaysia opens up in a post pandemic world.

At the same time, in March, the government is expected to table the 12th Malaysia Plan (12MP), which will shape the nations direction over the next five years and up to 2025.

This is perhaps the mid-term plan of the Shared Prosperity Vision (SPV) 2030 that was announced in late 2019 as Malaysia readies itself for the future.

There were many inspirational targets that were set in SPV 2030 but much of these would require funding.

As it is, the government needs to ensure that it stays the course in meeting key benchmarks, especially those related to debt/GDP, budget deficit and debt service ratios that the rating agencies are closely monitoring.

Hence, its ability to remain the economic catalyst during the 12MP will not be easy.

Going back to Budget 2021, the projected revenue and expenditure for the year is ambitious based on the assumed GDP growth of between 6.5% and 7.5%.

Any shortfall in revenue or higher than expected expenditure could make the governments financial ratios worse off and this would have dire consequences on our ratings.

After Fitch had downgraded us BBB+ last year, further deterioration in our fundamentals will leave the door wide open for the other two rating agencies to follow suit.

Nevertheless, the governments development expenditure should drive infrastructure spending and along with that the construction and related sectors should indirectly benefit from increase in business activities.

The second E is for Elections

Barring unforeseen circumstance, especially in relation to Covid-19 and based on the assumption that the virus will be back under control, Malaysia is set to go to the polls this year, two years ahead of the five-year term since the last general election.

Timing of the 15th General Election (GE15) is difficult to pinpoint at this moment but the clue will definitely be how we are able to tackle the spread of Covid-19.

The current fragile political landscape has indeed cost us dearly, as the nation has been stuck in this limbo for a while now.

As a result of the slim majority presently held by the government, the endless politicking has been the order of the day since GE14.

The issue with the Malaysian political system is that we are now in a very fragmented situation where coalition politics will be main feature of the political landscape and not based on a single party rule.

Hence, jostling of numbers or popularly known as the numbers game will remain the key.

As it is, as we are just one week into the year, Umno is already calling for GE15 to be held by Q1 this year, provided Covid-19 is contained, and voicing out its intention to contest all the seats that belong to the party.

As Umno has made known that the party will remain in the government only up to the time snap polls are called, this indirectly suggest that the coming GE15 will be a crowded affair with multi-cornered fights, especially in Malay-majority seats.

Lawmakers, despite having vested interest, should approve a proposal to make party hopping illegal in the eyes of the law.

The uncertainty has created an impact on Malaysias political standing among investors as Malaysia has always been seen as a nation with strong political stability.

Businesses require government of the day that is stable, visionary and consistent in its policies and not one that is watching is back, lacking in direction or worse, flip-flopping on policy matters.

Having said that, GE15 will nevertheless be a distraction for the market and until and unless the dust settles with a clear winner, the market will be adopting a wait-and-see attitude.

Should GE15 be called, the market will likely go through a corrective phase first as investors re-assess their risk exposure and await the outcome on what will be labelled as the battle royal between at least two and up to four formidable sides or coalition of parties.

The third E is for Earnings

Other than the steep rebound in earnings post the Asian Financial Crisis of 1998, corporate Malaysia is now forecasted to deliver a mind-boggling 43.4% growth in earnings this year.

This comes after a 17.8% drop in earnings for the year 2020, based on current estimates. This is not only driven due to the base effect but also to a certain extent, much higher commodity prices.

Brent oil closed the year 2020 at US$51.80 per barrel, down 22%, while crude palm oil, based on the benchmark third month forward contract, closed last year at RM3,600/MT, or up more than 18% y-o-y.

While the annual price change of these two commodities can be said to be mixed, what is amazing is how much prices had recovered from the 2020 lows.

Brent closed the year 2020 higher by 135% from the years low of about US$20/barrel while CPO gained as much as 85% from the low of just RM1,946/MT.

With economic momentum back, barring unforeseen circumstances on the spread of Covid-19, higher commodity prices will see our resource based companies doing much better in 2021 compared with last year.

The oil & gas sector as well as planters are expected to see renewed interest among investors as higher commodity prices will lead to brighter outlook, higher earnings and of course, better dividends.

The local stock market will also be dictated by global geopolitical events, in particular the US-China relationship during Bidens presidency.

In addition, how the covid-19 and vaccine rollout will playout, the impact of potentially stronger Dollar, higher interest rates as inflation is expected to return this year, will be the key to any change in expectations for 2021.

Nevertheless, pent up consumer demand and the post-pandemic consumer behavioural patterns are some of the positive factors that will drive economic and earnings momentum, while outcome of the GE15 could potentially be a wild card.

Hence, performance of the stock market in 2021 is dependent on how these 3Es play out over the next 356 days.

Pankaj C. Kumar is a long-time investment analyst. Views expressed here are his own.

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2021 is about the 3Es - The Star Online