Share to Twitter Share to Linkedin The Oklahoma mogul spoke to Forbes about how he's protecting his investments ahead of the “near certainty” of a recession. With the S&P 500 entering a bear market last week , many of America’s billionaires are convinced that a recession is in the offing . George Kaiser , one of the wealthiest people in Oklahoma with an estimated $9.5 billion fortune, is one of them. Kaiser, 79, told Forbes that a “recession seems a near certainty” and that he expects the economy to tip into a downturn in the first two quarters of 2023, with a prolonged dip in the stock market. The timing of the market bottoming out—the point at which the stock market hits a low and begins rising again—is still far off, according to Kaiser. “Historic analogies would suggest a 35% total drop from the peak, but that history is largely irrelevant since so many of the factors are unique,” he said. Kaiser, who has appeared on the Forbes … [Read more...] about Oil And Banking Billionaire George Kaiser Says Market Bottom Is Still Far Off
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We need to shield climate target from energy shock
Economy: Threatened worldwide | Climate change is curbing growth and incomes and threatens trillions of dollars' worth of damage. Estimates cited in the report say high warming of 4C could drag down global GDP between 10 and 23 percent this century, compared to a world without warming. With no action, climate change could push between 35 and 132 million more people into extreme poverty by 2030. GDP per capita was 13.6 percent lower for African countries in 2010 than it would have been without global warming since 1991. Sub-Saharan Africa could lose a further 12 percent of GDP by 2050 and 80 percent by 2100 with high emissions. (Representative Image) As nations across the globe seek comfort in coal to mitigate the raging energy crisis, clouds are gathering over the GHG (greenhouse gas) emission targets set by different countries to cut the global carbon footprint within a stipulated time frame. Stoked by the Covid pandemic and fuelled by the Russia-Ukraine military conflict, there … [Read more...] about We need to shield climate target from energy shock