Ben Bernanke and the Federal Reserve did not offer ailing markets the short-term salve they were looking for Tuesday with an announcement of additional asset purchases in a bid to stimulate US growth, but the central bank did signal that its accommodative interest rate policy will remain in place until at least mid-2013.
S&P's decision to lower the US credit rating was proceeded last week by a downgrade of US debt by a less-known Chinese rating agency, Dagong Global Credit Rating Co. It was Dagong's second such downgrade, moves Xinhua painted as prescient.
Rebates for Los Angeles solar panel installations are 32% lower under the newly relaunched Solar Initiative Program, which will start accepting applications next month.
Los Angels Times
The Ontario government has negotiated a 75-per-cent cut in its controversial subsidy to a Korean consortium that is building new wind and solar farms in the province.
Renewable Energy World
On Friday, representatives from the individual federal states approved the energy law, which was decided on by the German federal government over a week ago.
Investor concern among Italian and foreign photovoltaic operators is said to be running high after rumors emerged that the government would further cut incentives. Despite assurances to the contrary, GIFI says the industry is panicked.
Satcon Technology has released preliminary unaudited results for revenue and gross margin for the second quarter of 2011, which show that the company has revised its gross margin for the quarter downwards from 17-20% to within the 7-11% range. Revenue for the quarter, previously forecasted at between US$50 and US$60 million, now looks set to come in at between US$45 and US$47 million.
Leader of the UK's opposition party, Ed Miliband, has challenged the government's decision to slash the country's photovoltaic feed-in tariffs (FITs) for systems over 50 kilowatts in size.
The government also added that it is in the process of developing a policy to give preference to domestically-produced electronics goods in purchases by the government and government-linked projects.
Germany's solar industry is to be subjected to four subsidy cuts over the next 12 months, according to the revised draft of the country's Renewable Energy Act [EEG]. The final two of these reductions had not been included in the original amendment to the bill and their addition is a major blow to the country's solar industry.
Suntech Power Holdings Co. Ltd. and First Solar Inc., the world's top solar panel suppliers, warned Monday that potential cuts in European government subsidies for solar power could lead to both lower demand and prices for their products, a combination that could hit their bottom lines.
Wall Street Journal
The operator of Japan's crippled Fukushima Daiichi nuclear plant has asked the government for help compensating victims of the crisis.
Japan's parliament has passed a JPY4 trillion (US$49 billion) emergency budget for reconstruction following the 11 March earthquake and tsunami.
Chairman Ben Bernanke said he expected growth for 2011 to be between 3.1% and 3.3%, compared with the previous forecast of 3.4-3.9%. He also hinted the Fed would not pump more money into the economy after June.
Like the oil spike that roiled markets in recent weeks, Friday's quake offers yet another reminder of how vulnerable aging, slow-growing, debt-burdened economies are to a shock even in what is supposed to be a period of global economic expansion.
Chinese companies will be allowed to buy a stake of as much as 10% in Taiwanese technology companies, according to a proposal by the Ministry of Economic Affairs.
Germany's planned cuts to subsidies for photovoltaic solar energy installations could take effect as early as July, people familiar with the matter have said.
Two investment funds backed by the Chinese government are accelerating their purchases of stakes in major Japanese listed firms, with their total market value surging 10-fold to 1.5 trillion yen (US$18 billion) in less than two years, a recent study showed.
Theoretically, that makes sense: The more dollars in the economy, the less valuable the currency. But from what we've seen - at least so far - the critics are wrong. The greenback's gains have been surprisingly good recently.
The Semiconductor Research Corp. (SRC) has announced it is extending its university research partnership to serve the needs of technology ecosystem in Abu Dhabi. Under the agreement SRC member companies will conduct research sponsored by the Advanced Technology Investment Company (ATIC), the parent of Globalfoundries.
Another source familiar with the situation said the money would likely be used to expand capacity at the company's Beijing plant, specifically to quickly ramp-up production of chips using 65nm technology.