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The agreement between International World Group and National Ocean Technology Center

Giancarlo Elia Valori

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International World Group (IWG), the new and already well- established company founded by Giancarlo Elia Valori has signed a very important Agreement with China’s National Ocean Technology Center (NOTC). This is the result of the great attention that President Xi Jinping  and  his  Minister  of  Energy  Resources,  Lu  Hao  – leading a vast and powerful Department that brings together six previous Ministries  –  have   always   paid   to   the environmental and green transformation of the entire Chinese economy.

This is the President  Xi Jinping’s policy line, which goes hand in hand with the project that acts as the nervous system of this policy line, namely the New Silk Road.

Abundant and clean energy, as well as expansion, in a win- win logic, to make the great expansion of the future Chinese economy  outside  its  natural  borders  possible  and economically rational.

So outlined, the Agreement between the IWG and the Chinese National Ocean Technology Center seems to be yet another important business news, which hits the headlines of the most important global business media.

Indeed, this agreement is much more than that.

The Rome-based IWG led by President Valori has long been operating as one of the most important companies in the transfer of renewable energy technologies.

In this case, the cutting-edge technologies concern the energy produced  by  the  waves  and  tides  of  the  Chinese  marine system.

It should be considered that currently 40% of the world’s population already lives within 100 kilometres from the sea and the great oceans.

If we study the issue with the mathematical model called Simulating Waves Nearshore (SWAN), we can see that for the South Pacific coasts this model predicts the possible existence of energy hotspots, every 5 kilometers from the shores and with depths of no more than 22 meters.

This means that every ocean, and especially the Pacific, has a stable overabundance of energy that can be extracted from waves, currents and tides.

The sea kinetic energy, inevitably cyclical and eternal for geographical  reasons  and  for  the  cycle  of  terrestrial  and cosmic motions, is divided into four main categories of “extraction”, if we can still use this word.

Electric  currents  are  extracted  with  energy  converters,  or with energy extractors from tides, but also with thermal converters, and finally with new technologies, which mainly use the differences in the salt gradient between sea and inland waters. In  general  terms,  with  all  these  technologies  over  7,550 Gigawatts can be extracted throughout the world by the end of 2050 without causing any environmental damage.

That is already a lot.

It is also a quantity already higher than the maximum peak of the current US energy consumption.

Interestingly, with sea renewable energy, we can save over 5 trillion tons of CO2 in the atmosphere.

In Ravenna, Italy, ENI has already started to operate the Inertial Sea Waves Converter (ISWEC), designed to extract at least 50 GW from the sea cyclic movements.

Again in Italy, a joint venture is underway between ENI, Cassa Depositi e Prestiti, TERNA and  Fincantieri for the construction of sea energy production systems, but on an industrial and mass level.

With the agreement reached between IWG and the Chinese NOCT we are going far beyond.

The Nanjing-based research company is at the forefront in optimising energy structures and in analysing the ecological and production aspects of the new sea energy extraction stations.

In Europe, and especially in Italy, we have already invented energy and marine technologies that could be very interesting for the Chinese people.

Italy, together with Scandinavia, is a European and global leader in this field of research and applications.

Moreover, in the EU, these technologies will already be economically profitable by the end of 2050, i.e. in the near future.

Great Britain, for example, has a tidal energy potential of at least 18 TWh, which is an excellent level, while currently in Italy 18.3% of energy consumption is already “green”, with a rather good share of renewables from the sea, i.e. 11%, but in 2020.

Chinese scientists think that China can extract as many as 8.2 GW, especially from the Zhoushan Islands and the Province of Zhejiang, without undermining the coastal environmental balance.

However, there are over fifty global projects currently operational for the world’s extraction of electricity from tidal energy.

In Europe, in principle, almost all countries are shifting towards the technology of horizontal axis turbines, which is the sea parallel of wind turbines.

There are also the “Point Absorbers”, which use the vertical wave motion and, as a class of advanced generators, we have the oscillating wave surge converters. Finally there are the attenuators, i.e. floating systems that operate with special pumps inside them.

There is also a small structure, developed by the University of Pisa, which consists of a device placed on the bottom of the sea and a mobile system that follows the wave cycle.

We have many fully submerged latest generation converters, or systems consisting of a moving mass that, connected to a generator, is installed inside a hull, to acquire the energy from pitching and rolling movements.

We also have at our disposal the technologies that operate through the hydrogen electrolysis, an Italian pilot-project that currently uses a 500 KW similar system, already anchored in the Strait of Messina.

In Italy the areas already covered by energy from the sea movement cycle – however, only partly – are already quite large.

They stretch from the cities in the Marches Region, now electrified with a 24% share of energy from marine motion, to the Umbria Region, which is landlocked, and the area in the Province of La Spezia.

The production cost of tidal energy is the lowest among similar costs in the field of renewable energy.

The equipment depreciation cost is often lower than the cost of wind or solar energy.

Normally, the generator is placed on a floating surface, which is connected by cables to the bottom of the sea.

There are five buoys connected to the cables, which contain electrical systems and advanced sensors to connect to as many as four turbines, which operate just below sea level. Low environmental invasiveness is a typical feature of all these technologies.

In addition to full renewability, this is what really matters.

We should also recall the actions taken by the China National Renewable Energy Center, together with the International Renewable Energy Agency (IRENA), for the 30-year programme  aimed  at  completely  eliminating  the  energy carbon production in the Zhangjiakou area.

In China, in 2018, there was a large investment to the tune of 79 RMB for just two demonstration systems of energy from the sea cycle.

There was also the reaction of an energy structure using desalination,  which  was  installed  on  the  Wanshan  Island, using the technology called Sharp Eagle, i.e. a semi- submersible system that can be anchored or submerged to produce tidal energy.

In the case of Wanshan, it is a 36-metre system with a width of 24 metres and a 16-metre high wave converter.

All this shows that it is a powerful structure of about 120 kW, but extremely manageable and with very little environmental impact.

It dates back to 2015, but it is completely autonomous for energy production and distribution.

With a view to improving sea energy production, the European universities and, above all, the one in Turin, with which we have long been cooperating, have identified three optimisation lines of action: a) turbines that work in both directions  of  the  currents  induced  by  tides;  b)  turbines installed under floats, but without exposing the machines to storms; c) turbines attached to cables, as it was designed for the devices and equipment in the Strait of Messina.

There are even completely new concepts in the design phase, such as the possibility of exploiting the energy from currents by means of rubber “eel-shaped structures”, which produce electricity from their wave motion, or systems which imitate, under  water,  the  sails  or  the  fish  fins,  thus  optimizing electricity production also in this case.

There are also mechanisms that exploit the energy from the waves hitting a concrete barrier, so as to pump air that moves a turbine and produces electricity.

Such  an  experiment,  already  in  operation  in  the  port  of

Civitavecchia, seems to be working very well.

Dimemo, a wave impact energy production system in the port of Naples, also works very well.

We also have new membranes of polymers that produce electricity bending upon the thrust of waves, or of tubes that are compressed at the bottom by the passage of sea motions.

A pendulum, designed by the University of Turin, has long been   operational,   which   moves   a   generator,   oscillating together with the waves.

We  also  need  to  recall  the “H24”  designed  by  the  Pisan mathematician Michele Grassi, which operates on depths between 6 and 12 meters.

The waves move a parallelepiped, which is connected to an alternator.

Already tested in front of Marina di Pisa in 2015, it was perfected by the company of Grassi himself.

There is also a problem with the energy absorption of transport networks, an issue in which we are particularly interested and in relation to which we can develop innovative and effective projects.

Hence, with this MoU we establish a first, but fundamental, relationship between China and International World Group, together with some remarkable sovereign funds, to improve energy production, the environment, health and the economy of the whole China. It is a great source of pride for us.

Advisory Board Co-chair Honoris Causa Professor Giancarlo Elia Valori is an eminent Italian economist and businessman. He holds prestigious academic distinctions and national orders. Mr. Valori has lectured on international affairs and economics at the world’s leading universities such as Peking University, the Hebrew University of Jerusalem and the Yeshiva University in New York. He currently chairs “International World Group”, he is also the honorary president of Huawei Italy, economic adviser to the Chinese giant HNA Group. In 1992 he was appointed Officier de la Légion d’Honneur de la République Francaise, with this motivation: “A man who can see across borders to understand the world” and in 2002 he received the title “Honorable” of the Académie des Sciences de l’Institut de France. “

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Negative effects for Russia of the US-China Phase-One-Deal

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After a 1.5-year trade dispute between the United States and China in which both have raised mutual import tariffs from 3.8 percent and 8.3 percent to 21 percent each, and as a result of which the US-Chinese merchandise trade has dropped by almost USD 90 billion, US President Donald Trump and Chinese Vice Premier Liu He on January 15, 2020 signed the first phase of a highly controversial and fiercely negotiated trade agreement. On February 14, 2020 this so called “Economic and Trade Agreement” (ETA) entered into force and marked a new phase in the protracted geopolitical rivalry between Washington and Beijing.In this highly asymmetrical contract, the Chinese commit to open their market and to buy significantly more goods from the United States than before, which is in line with Trump’s wish for a lower trade deficit. This means a doubling of merchandise imports from the United States, because within two years Beijing is expected to increase spending on selected US goods by around USD 200 billion (compared to the base year 2017).In return for the Chinese concessions, Trump has only committed to waiving new tariffs and to halving the most punitive tariffs for a subset of products from the current 15 to 7.5 percent. In the usual American manner, this has so far only been promised as an oral understanding.According to the latest calculations by the Kiel Institute for the World Economy (IfW Kiel), the purchase commitments can result in significant trade diversion effects and market share shifts for China’s trading partners. As a result, Brazil (-19 percent), the EU (-17 percent) – including above all Germany (-7 percent), and Russia (-10 percent) would have to expect the greatest export losses.Accordingly, Russian exports to China could be 10 percent lower by 2021, which is equivalent to a loss of USD 3.1 billion.

Russian energy exports hit hardest

US presidents have always tried to ensure American energy dominance. The “Nord-Stream 2” pipeline, which is to bring 55 billion cubic meters of Russian natural gas to the German and Western European markets annually, remains a thorn in Washington’s side, but the Phase-One-Deal gives the USA better access China’s energy market – the world’s most desirable.A recent study by the Institute of the German Economy (IW Köln) shows that due to the agreed energy imports, the US would move from eleventh place in 2017 (USD 6.8 billion) to first place (USD 41 billion) in 2021 in China’s supplier list of energy carriers. In absolute terms, Russian crude oil exports to China would be the most affected : by 2021 they could be 12 percent lower, corresponding to a loss of USD 2.5 billion.On a relative scale the artificial trade changes would also significantly affect other important Russian export sectors to China. Exports of soybeans could decrease by 25 percent or USD 10 million, of sunflower oil by 29 percent or USD 40 million, of coal by 10 percent or USD 180 million, of seafood by 9 percent or USD 100 million, of aircraft parts by as much as a third (USD 40 million).Furthermore, the agreement may jeopardize Moscow’s intention to become an important natural gas supplier for China. In December 2019, the “Power of Siberia” gas pipeline was put into operation, under which a supply contract of over 38 billion cubic meters per year was concluded with China for a period of 30 years. Additional quantities are expected to be sold through an LNG terminal in Vladivostok in the Asia-Pacific region. Accordingly, China is to become the second most important gas sales market to Russia after the EU. However, the trade diversions in the ETA agreement could result in China’s imports of liquefied natural gas from Russia dropping by 25 percent by 2021, representing a loss of USD 10 million.According to Dr. Sonja Beer, economist at IW Cologne, it is too early to say exactly which group of Russian energy exports to China will be affected most.“The problem is that the energy section of the agreement only says that China will buy liquefied natural gas, crude oil, coal, etc. from the United States, but does not indicate which of these product groups is to be given priority and to what extent. More precise calculations are therefore not yet possible. However, due to the high Chinese import tariffs for American LNG (25 percent), we can assume that China will concentrate more on buying crude oil in the USA. Especially since China announced earlier this month that it would halve the existing 5 percent tariff for crude oil. It is impossible to predict exactly how trade flows will change in this case, but this could adversely affect Russia and Saudi Arabia, the largest suppliers of crude oil to China”, Beer explains, adding: “If Chinese LNG tariffs are significantly reduced, Beijing could buy more gas from the United States. This, in turn, could adversely affect Australia and Qatar and the prospects of increasing the supply of Russian gas to the Chinese market”.

Phase-One-Deal violates WTO criteria

Dr. Gabriel Felbermayr, President of IfW Kiel, also criticize the new trade deal between China and the USA.“The deal leverages free market principles in favor of the USA and to the detriment of third parties. “Managed trade”, i.e. explicit agreements on trade volumes for certain product groups, also clearly violates the WTO guidelines and thus undermines the multilateral trading system”, argues Felbermayr.After the likely re-election of Donald Trump as President of the United States, protectionism and “managed trade” trends are expected to further intensify in the global economy, which is still dominated by the United States. In any case, such a “managed trade” agreement with China is not the first of its kind under Trump’s presidential administration. Already on September 25, 2019, the United States and Japan announced a trade agreement that hardly fulfills the criterion of “essentially complete trade” under Article XXIV of the GATT (WTO), since the scope of customs liberalization is very limited and asymmetrical in favor of the United States.

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Inflation and Economic Crisis in Pakistan

M.Abaid Manj

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Cooperation on International level to protect economy and financial markets is a good development, but in our country with sealed borders amid the killer virus fatalities, economy and financial market is in deep crisis. Prime Minister and his team are taking different measures ranging from domestic to international level, to win the war against the COVID-19 disease, but the fear and consternation forced investors to confine themselves to a limited investment in government and private sectors. Recently, government declared a state of emergency which again left adverse impacts on supply chain and flow of goods. Due to emergency, most companies and businesses are operating from home, but they are in deep financial crisis. All the Businesses across the country are badly affected including travel Industry. While crisis deepen, investors choose different way to save their investment.

The development of society depends on its needs. For this, there are some rules and regulations in every society that inculcate citizens to follow these rules and the way a country developed. From the borders of the country to the point of view, every person is tied to the chain of economics. The chains of this chain are so deep that every moment from the universe to the bedside they are interconnected. Every need of the world is related to money and the value of money depends on export and financial market’s fluctuation. For example, the value of dollar is converted into many rupees in Asia shows that where the currency stands against the dollar.

The source of inflation on a daily basis and the source of human identity, determines quality of life. The maturity of the foundation is seen revolving around the economic activities of individuals. There are many important points to influence individual forces and social decisions. But there are problems in the destinations when they are difficult to travel. Such destinations are always full of thorns. The jatts of the destination make the paths easy or difficult. It is possible for any community or regional head to rise only when its economic action is spoken of social values.

If the principles are made, Europe has adopted social and economic principles to further its agenda, and even we can say that they are following the streak what Islam suggested. If our state is talking about madina state, then it can be learned as a matter of fact, then the social patches can be straightforward, but the actions were considered to be very straightforward. It is known to be done. The life of the world is always a matter of humility, politicians are one of his inventions, and human being is not only a human being, but also the principle of compassion is also learned. The principle of humility is also one of those who make humans humble with humans. The principles of a human being become the destiny of an area.

The last several years of Pakistan’s economy were regarded as highly inflationary periods due to its political instability. Inflation has been the major obstacles in the way of development since years. The inflation adversely affected the country economic growth and financial sector development. Since the last six months, Pakistan received $8 billion in grants and loans from Saudi Arabia, the United Arab Emirates and China, but cannot be termed as the whole panacea for its financial and economic diseases. We need more help and more progress to stabilise our economy. International fuel prices have also cause inflation. The inflation hike is mainly due to the increasing prices of fuel and food, according to a PBS statement. The country GDP growth would remain close to 2.5% because of slowdown specifically in large scale manufacturing and agriculture sectors. According to macrotrends, the year 2018 average the inflation was 5.8%, which was quite low this year. If the average inflation of the budget 2016-17 was 4.1%, then the average inflation rate of 2017-18 was 2.9%. The rate of the year was 7.0%. According to the 2018- year of March 2019, inflation is 9.4% at the record level. According to the Pakistan bureau of statistics, the measurement of mingi is distributed to groups. In this group, cpi (consumer price index) includes nfne non-food and non-energy items. Oil, petrol, diesel, CNG, electricity and natural gas Inclusive. Their rates were recorded at 5.6% in July 2017-18 and 7.6% in 2018-19.But in the year 2017-18, the average rate was recorded 5.6% and the average rate of 2018-19 was 8.1% extra. After that, the effects of inflation were seen by dividing people into five groups in terms of income.

The first group was 8000-12000, which was 2.7% in 2017-18 and 4.9% in the year 2018-19. The second group is 8000-12000, which is 3.0% in the year 2018-19 in the year 2017-18. The third group was 12000-18000, which faced 3.1% in the year 2017-18 and 5.5% in the year 2018-19. What is the salary group? The fourth group is considered as a salary class, it has experienced an average rate of inflation in the year 2017-18 at 3.3% and 6.6% in the year 2018-19. In the end, more than 35,000 people included in the year 2017-18, who did not tolerate the rate of inflation from 4.4% in the year 2018-19 and 8.4% in the year 2018-19.

 If the annual average is taken out, 3.8% in the year 2017-18 and 7.0% in 2018-19. After that, if the wpi (wholesale price index) wholesale goods are spoken, the agricultural forestry and fish industry 7.4% in ores and minerals 14.31%, the clothing industry 13.79%, leather 33.07%, metal machinery 6.70%, and 21.15% in the transport goods were increased. The record was behind the inflation, the imf went to the previous government or the current government’s wrong policies. In the past sixty years, 6000 billion Pakistani rupees were one million twenty thousand, but in these two bells, one million sixty Thousands will be born. The current government has raised 11 thousand billion loans in different deal forms.

Every day in 2013, the PPP has taken 5 billion rupees every day, 2018 Muslim league-nawaz has spent 25 billion rupees every day. The poor people of Pakistan are considered to be the winners. From the people of the country, the thinking of government houses starts from home and ends in the end of the house. Because the nation in which the forgiveness of the dead is the prayer of the mpa of the area If you do not know what you’re looking for, then you will be able to get rid of it. If you do not know what you’re looking for, then you will be able to get rid of it. If you do not know what you’re looking for, then you will be able to get rid of it. The swords of doubts hang. Recognize the inner… economic and social values will be the dust of your feet…

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COVID-19 cruelly highlights inequalities and threatens to deepen them

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In many countries, income inequality has risen steeply since the 1980s, with adverse social and economic consequences. The COVID-19 pandemic now cruelly highlights those inequalities – from catching the virus, to staying alive, to coping with its dramatic economic consequences.

Some groups, such as migrant workers and workers in the informal economy, are particularly affected by the economic consequences of the virus. And women, who are over-represented in the public health sector, are particularly exposed.

High levels of poverty, informality and unprotected jobs also make it more difficult to contain the virus.

Policy responses must ensure that support reaches the workers and enterprises who need it most, including low-wage workers, small and medium enterprises, the self-employed and the many other vulnerable people. 

Everyone is at risk

While some workers can reduce their exposure to the risk of contagion by teleworking from home, or benefitting from preventive measures, many cannot because of pre-existing inequalities.

Across the world, 2 billion workers (61.2 per cent of the world’s employed population) are in informal employment. They are more likely to face higher exposure to health and safety risks without appropriate protection, such as masks or hand disinfectants. Many also live in cramped housing, sometimes without running water.

This not only exposes these workers to health risks, it also makes preventive measures for the wider population less effective.

Getting sick means becoming even poorer

Inequalities also play out cruelly in what happens to people when they catch the virus.

For some it means going on sick leave, accessing health services and continuing to receive a salary.

But for those at the bottom of the income chain it’s a catastrophic scenario. Many are not covered by health insurance and face a higher risk of mortality. They may not even have access to health services.

Even if they ultimately recover, the absence of income replacement benefits means that they can become even poorer. Every year, an estimated 100 million people fall into poverty as a result of catastrophic health expenses.

The “work or lose your income” dilemma

Governments and central banks have adopted large-scale measures to save jobs and enterprises, and provide workers with income support.

Unfortunately, not all workers or enterprises benefit from these measures.

For informal economy workers, reduced hours, due to the pandemic, means loss of income with no possibility of receiving unemployment benefits.

Informal micro and small enterprises that constitute 80 per cent of enterprises worldwide are generally out of reach of public policies.

Part-time workers, many of who are women, temporary workers, or workers under short-term contracts and in the digital gig economy are frequently not eligible for unemployment benefit or income support.

Many of them face the same “work or lose your income” dilemma as informal economy workers. To pay their food and other basic expenses they often continue to work until forced to stop by measures to limit contagion by the virus. This compounds the economic insecurity they already face.

We need equitable and inclusive policy responses

In adopting short-term responses to the crisis, urgent attention should be devoted to protecting low-income households.

This means income support measures broad enough to cover the most vulnerable workers and the enterprises that employ them.

Italy for example extended income support (80 per cent of the gross salary) to workers in enterprises with financial difficulties, to all economic sectors and to enterprises with less than 15 employees, which are normally not eligible. Lump-sum income compensation is also provided to the self-employed and external collaborators.

Spain is providing income support for the self-employed, members of cooperatives and workers whose employment has been temporarily suspended, even if they would not have normally received unemployment benefits.

In developing countries, informality and limited fiscal space add to the difficulties. However, income support could be extended through non-contributory social security schemes or existing cash transfer programs. Support could also be offered temporarily to informal enterprises.

ILO

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