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  • Epsilon Capital Management Economy Reviews The huge fiscal and monetary stimulus dispensed in recent years has staved off the onset of chronic deflation. For now.

    The deficits created by this spending would be inflationary only if the measures occurred in a period of full employment and created excess demand. That isn't the case in the US, where the large budget shortfalls are a response to private-sector weakness that has depleted tax revenue.

    Indeed, even with persistent trillion-dollar deficits and huge monetary-easing programs, the slack we see in the economy reflects the huge size and scope of the offsetting deleveraging in the private sector that I noted in yesterday's column.

    Monetary Stimulus: The Federal Reserve and other central banks have been extremely aggressive. First, the Fed pushed the short-term rates they control to almost zero - with little effect. Then it turned to quantitative easing, the enormous purchases of government bonds and other securities that have been tried by the Bank of Japan for years without notable success. The Fed, with its dual mandate to promote full employment as well as price stability, is using a very blunt instrument to try to create jobs.

    The central bank can raise or lower short-term interest rates, and buy or sell securities. Those actions have little to do with creating more jobs. In contrast, fiscal policy can be surgically precise, aiding the jobless by extending and expanding unemployment benefits.

    Mortgage Rates The Fed...

  • German waste to energy technology manufacturer, Doosan Lentjes, a part of Doosan Power Systems, is to deliver key boiler technologies for a new waste to energy facility being built in Krakow, Poland. Doosan said that the plant will be based on its air-cooled reciprocating grate and boiler technology. As a key subcontractor to POSCO Engineering & Construction of South Korea, Doosan Lentjes is to supply a complete boiler system for the plant, which will consist of two lines capable of processing up to 220,000 tonnes of municipal solid waste per year. The company added that the new plant is currently the largest waste to energy plant under construction in Poland. According to Doosan the contract includes engineering, procurement and delivery of equipment as well as services for construction and commissioning. The plant, scheduled for completion by the end of 2015, will combine Doosan Lentjes’ reciprocating grate and steam generator technologies to produce electricity and district heat. Doosan added that it has installed similar technologies at several waste to energy plants worldwide, most recently at plants in Frankfurt, Germany and Harlingen, Netherlands. Once complete the plant is expected to generate around 8 MW of electricity and some 35 MW of heat.

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    Korean Firm Wins Polish Waste to Energy Contract A contract to build a 220,000 tonne per year waste to energy facility in Krakow, Poland has been awarded to Korean con...

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    Department of Economic Development's Consumer Confidence Index shows positive sentiment

    Consumers and business owners in Dubai have stepped into the final quarter of 2012 with renewed confidence and a brighter outlook on jobs and spending, according to the quarterly Consumer Confidence Index (CCI) published by the Department of Economic Development.

    Positive sentiment guiding consumer behaviour and planning was largely visible across Dubai during the July-September 2012 period. Overall consumer confidence recorded in Dubai during the third quarter was 129, well above the average of 100 and seven points higher than Q2 2012.

    CCI recorded in the third quarter of 2012 is the highest since the corresponding quarter of the previous year. A growing confidence on personal finances is among the highlights of the third quarter index. Nearly 77 per cent of the consumers sounded positive on their current financial situation and 86 per cent have a brighter outlook for the next 12 months.

    Consumer perceptions on Dubai’s economy has also shown remarkable improvement in Q3 2012 with 66 per cent people expressing positive sentiment on the current state of economy as against 55 per cent in the second quarter. Dubai’s economy is also set to improve in the next 12 months, according to 84 per cent of the respondents.

    Two-third of the consumers rated ...