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July 2, 2011

Eurozone delays decision on new Greek bailout

Filed under: business, news — Tags: , , , — Gladiator @ 7:16 am

Eurozone finance ministers have canceled a crisis meeting planned for Sunday because they need more time _ as much as two more months _ to nail down the details of a second bailout for Greece, officials said Friday.

They will, however, hold a video conference on Saturday to sign off on a new loan installment that will keep Greece from bankruptcy over the summer.

Whereas the payout of the next loan installment from Greece’s first bailout was a near certainty after Athens voted through new austerity measures this week, talks were still ongoing over a second rescue package that would support Greece over the longer-term.

“It would have been too ambitious to get the deal (on a second package of rescue loans) done by Sunday,” said a eurozone official. Several key aspects of a new bailout, such as the contribution of banks and other investment funds, are still up in the air _ although eurozone leaders said last week that there will be new financing for the struggling country.

The ministers will continue their discussions on the new program at their next scheduled meeting on July 11, the official said quick payday loans. He was speaking on condition of anonymity because of the sensitivity of the talks on Greece.

A second eurozone official said that while the cornerstones of the new program have to be drawn up soon, it may not be finalized until the next Greek loan installment is due in September. The official was also speaking on condition of anonymity.

A spokesman for Jean-Claude Juncker, the prime minister of Luxembourg and chairman of the Eurogroup, said earlier that a video conference had been scheduled for Saturday evening, but didn’t provide a reason for the change in the plan. He said he didn’t know whether a statement would be released after the call.

The ministers have to sign of on a euro12 billion ($17 billion) loan installment of Greece’s existing bailout, without which the debt-ridden country would default in July. Greece this week fulfilled the preconditions for getting the money by passing unpopular austerity and privatization programs through parliament.

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May 28, 2011

China’s Industrial Profit Growth Slows After Central Bank Increases Rates - Bloomberg

Filed under: marketing, news — Tags: , , , — Gladiator @ 11:47 am

China’s industrial companies’ profit- growth slowed after the government raised interest rates and curbed lending to rein in inflation and limit asset bubble risks.

Profit rose 29.7 percent in the first four months to 1.49 trillion yuan ($230 billion) from a year earlier, the National Bureau of Statistics said on its website today. That compared with a 32 percent gain in the first quarter of this year.

Premier Wen Jiabao is seeking to sustain growth in the world’s second-biggest economy to create jobs and maintain social stability while curbing inflation that has exceeded his target every month this year. The central bank has raised interest rates twice this year and the government has intensified its crack-down on speculation in the property market by introducing purchase limits in some cities.

“Profit growth is expected to slow because their revenue will not grow as fast as before as the economy cools down due to the tightening,” Dariusz Kowalczyk, senior economist at Credit Agricole CIB in Hong Kong, said before today’s release. “Manufactures will be facing higher costs of power as they have to generate electricity themselves due to the power shortage.”

The Shanghai Composite Index, which tracks the bigger of China’s stock exchanges, dropped for a seventh day, falling 0.1 percent by the break at 11:30 a.m. local time. It has slid 4.4 percent this week.

Industrial companies’ sales increased 29.5 percent in the first four months of the year to 24 trillion yuan, according to the statistics bureau’s statement.

Profits rose 34 percent in the first two months of this year.

Consumer Prices

Consumer prices rose 5 high risk personal loans.3 percent in April, staying above 5 percent for the second straight month and exceeding the government’s target of 4 percent for 2011.

Industrial companies’ profit growth may decline even as profitability may improve because of the recent decline in commodity prices, Ping’an Securities Co. analyst, He Qingming, wrote in a May 23 report.

Aluminum Corp. of China Ltd., the nation’s largest producer of the metal, on April 21 reported a 47 percent drop in first- quarter profit on higher raw-material and fuel costs.

China’s Sinovel Wind Group Co., the largest wind-turbine maker in the world’s biggest wind energy market, on April 26 said profit growth slowed to 1 percent in the first quarter, compared with a 51 percent annual gain in 2010.

With inventory levels rebounding and input prices rising, industrial firms’ profit growth will be under pressure and is expected to grow about 23 percent for the whole year, CITIC Securities Co. said in an April 28 note to clients.

The monthly profit survey covers enterprises in all 31 provinces and municipalities, replacing the quarterly announcements made previously.

The statistics bureau this year changed the annual sales threshold for companies eligible for inclusion in the survey to 20 million yuan from 5 million yuan.

–Zheng Lifei. Editors: Ken McCallum, Lily Nonomiya

To contact Bloomberg News staff for this story: Zheng Lifei in Beijing at +86-10-6649-7560 or lzheng32@bloomberg.net

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May 18, 2011

New research firm aims to bolster area’s biotech industry

Filed under: business, news — Tags: , , , — Gladiator @ 6:12 pm

If St. Louis hopes to build up its biotech industry, it will need both cash and brainpower. Now the people who are trying to grow it here are using a little of the first to tap a lot of the second.

The BioGenerator, an arm of the Coalition for Plant and Life Sciences, said Tuesday that it is investing $50,000 from its Spark Fund into a new firm designed to help drug startups grow. SARmont will be a contract research organization (CRO) housed at BioGenerator’s Central West End facility. It will work with researchers and investors who are trying to bring new drugs to the market.

“Our sweet spot is in all of the work that needs to get done before a company starts clinical and manufacturing work,” said Chief Executive Randy Weiss. “Our core expertise is drug design.”

That expertise largely comes in the mind of Dr. John Talley, SARmont’s chief scientific officer and the lead inventor of several big commercial drugs, including $3 billion arthritis medicine Celebrex. SARmont will essentially be offering the skills and experience of Talley and his team to consult with others who are trying to do what he has done.

“That’s part of our special sauce. We’ve actually seen molecules go from the lab all the way to the pharmacy,” Talley said. “There aren’t that many folks who can say they’ve done that.”

SARmont is starting small

April 29, 2011

Asian markets sink on modest US economic growth

Filed under: money, news — Tags: , , , — Gladiator @ 6:59 am

Modest economic growth in the U.S. and mixed corporate earnings dampened stock market sentiment in Asia on Friday.

Hong Kong’s Hang Seng index was down 0.4 percent to 23,805.63, with yuan shares of Hui Xian Real Estate Investment Trust falling 3.6 percent in their trading debut. They are the first shares denominated in China’s currency to trade outside of mainland China.

South Korea’s Kospi index slipped 0.6 percent to 2,194.54, with technology shares dragging the index down.

Samsung Electronics lost 1.4 percent after the company announced its profit fell 30 percent in the first quarter on declines in memory chip prices and reduced profitability in liquid crystal displays and flat screen televisions. Rival Hynix Semiconductor Inc. slid 2.6 percent. LG Electronics lost 3.7 percent.

Australia’s S&P/ASX 200 was off 0.9 percentto 4,827.40, with mining shares among the big losers. The world’s biggest mining company, BHP Billiton Ltd., fell 1.1 percent. Shares in Rio Tinto Ltd. lost 1.5 percent.

Singapore’s FTSE Straits Times Index was lower, while benchmarks in Taiwan, Indonesia, and New Zealand rose. On the Chinese mainland, the Shanghai Composite Index was flat at 2,885.90.

Japan’s Nikkei 225 was closed for the start of Golden Week holiday.

On Wall Street, stocks closed at another 2011 high Thursday despite modest U.S. economic growth in the first quarter.

The U.S. economy grew a 1.8 percent annual rate between January and March. That’s the weakest rate since last spring and underscores concerns about the strength of the U.S. recovery. Higher oil prices cut into consumer spending and bad weather slowed down construction projects.

The S&P 500 rose 4.82 points, or 0.4 percent, to 1,360.48. The Dow Jones industrial average rose 72.35, or 0.6 percent, to 12,763.31. The Nasdaq composite gained 2.65, or 0.1 percent, to 2,872.53.

Corporate earnings were mixed. Procter & Gamble Co. rose nearly 1 percent after the maker of Tide detergent and Pampers diapers reported higher earnings but cut its forecast for the year due to rising costs for raw materials. Exxon Mobil Corp. _ the world’s largest publicly traded company _ fell 0.5 percent even after the oil giant reported its best quarterly earnings since 2008 _ perhaps due to high expectations.

More people applied for unemployment benefits for the first time last week. The increase, the second in three weeks, suggests that the job market remains sluggish.

Benchmark crude for June delivery was down 40 cents to $112.46 in electronic trading on the New York Mercantile Exchange. The contract settled at $112.86 per barrel on the Nymex on Thursday.

The euro was minimally higher at $1.4823 from $1.4821 late Thursday in New York. It had peaked at $1.4881 Thursday, its highest point in nearly 17 months before softening slightly. The dollar weakened to 81.54 yen from 81.57 yen.

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March 2, 2011

Stocks trade mixed on jobs report, higher oil

Filed under: loans, news — Tags: , , , — Gladiator @ 11:52 pm

Stocks bounced between small gains and losses Wednesday after the price of oil topped $102 a barrel as Libya edged closer to a civil war.

Rebel forces in the country repelled an attack on a key oil port by forces loyal to leader Moammar Gadhafi. Crude oil prices rose to $102.26 a barrel, continuing a weeklong surge that has pushed gas prices up 20 cents a gallon. Stocks fell Tuesday after Federal Reserve Chairman Ben Bernanke said that persistent high oil prices could threaten the pace of the economic recovery

“When you look at the stock market any given day it’s hard to isolate cause and effect, but today we don’t have that problem,” said Lawrence Creatura, a portfolio manager at Federated Investors. “Investors will have one eye on oil prices for quite some time.”

The market had started higher after a surprisingly strong report came out on private sector employment. Payroll processor ADP said private companies added 217,000 jobs last month, well above the 180,000 analysts had predicted no fax payday loans. That raised hopes that the government’s employment report coming up Friday could show a decline in the unemployment rate, which is currently 9 percent.

The Dow Jones industrial average fell 3 points, or less than 0.1 percent, to 12,055 in afternoon trading. The S&P 500 was flat at 1,306. The Nasdaq composite gained 10 points, or 0.4 percent, to 2,747.

Retail companies reported mixed earnings reports before the market opened. Staples Inc. fell 1 percent after reporting income that was slightly below what analysts were expecting. Costco Wholesale Corp. fell 1.3 percent after reporting earnings that met expectations.

Apple Inc. is expected to announce a new version of its iPad tablet computer later in the day. The company’s stock rose 0.3 percent, to $350.47.

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February 18, 2011

U.S. Consumer Prices, Jobless Claims Exceed Forecasts - Bloomberg

Filed under: Uncategorized, news — Tags: , , , — Gladiator @ 12:16 am

Rising global demand for food and fuel pushed up the U.S. cost of living more than forecast in January, a sign the risk of a damaging drop in prices is ebbing.

The consumer-price index advanced 0.4 percent for a second month, led by the biggest increase in food costs in more than two years, according to figures today from the Labor Department in Washington. Other reports showed manufacturing is bolstering the expansion, and consumer confidence is being buffeted by rising household expenses.

Americans are paying more for air travel and clothing as growing economies in Asia and Latin America boost demand for commodities like oil and cotton. Another report today showing more people than projected filed claims for jobless benefits last week indicates workers don’t have the power to seek bigger pay increases, evidence inflation is unlikely to flare.

“You’re seeing some pass-through of commodity costs in a few areas like airline fares, tires and clothing, but it’s still pretty muted,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts. “For an upward spiral in CPI, we need to see wage inflation start to accelerate, and that’s not in the cards.”

Treasury securities climbed as the increase in applications for unemployment benefits showed the labor market will take time to recover. The yield on the benchmark 10-year note, which moves inversely to prices, dropped to 3.56 percent at 12:38 p.m. in New York from 3.62 percent late yesterday.

Exceeds Forecast

Consumer prices were projected to rise 0.3 percent last month based on the median forecast of 79 economists surveyed by Bloomberg News. Estimates ranged from increases of 0.2 percent to 0.5 percent.

Over the past 12 months, costs climbed 1.6 percent.

Energy costs increased 2.1 percent in January from a month earlier and rose 7.3 percent for the prior 12 months, today’s report showed. Food prices rose 0.5 percent last month, the biggest gain since September 2008, and were up 1.8 percent for the 12-month period.

The so-called core rate, which excludes volatile food and fuel prices, rose 0.2 percent, the biggest gain since October 2009. These expenses increased 1 percent from January 2010, compared with a record-low 0.6 percent year-over-year gain as recently as October.

Core inflation was boosted by a 1 percent increase in the cost of clothing, the most since February 2009, and a 2.2 percent rise in airline fares.

Higher Fares

AMR Corp.’s American Airlines boosted round trip fares $20 on most of its domestic routes in December, a move later matched by Delta Air Lines Inc., according to Farecompare.com. The fare comparison web site also said United Continental Holdings Inc. added a $20 round-trip peak travel day surcharge to fares on future travel dates.

“You’re going to see more companies that attempt to pass through” higher costs, said Tom Porcelli, chief U.S. economist at RBC Capital Markets Corp. in New York, who correctly forecast the gain in core prices. “How successful they are depends on the economic backdrop. We’re looking at a slightly firmer inflation backdrop.”

Another Labor Department report showed applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg.

Fed View

Federal Reserve policy makers took a more optimistic view of the U.S. economy last month while maintaining their dissatisfaction with job growth as they pressed forward with an expansion of record monetary stimulus, minutes of last month’s policy meeting released yesterday showed.

Even with soaring commodity costs, the Fed remains concerned that consumer inflation is below its long-range annual target of 1.6 percent to 2 percent.

“Despite further increases in commodity prices, measures of underlying inflation remained subdued and longer-run inflation expectations were stable,” the minutes said.

The CPI report showed average hourly wages adjusted for inflation dropped in each of the past three months, and were up 0.2 percent since January 2010, the smallest year-over-year gain since a drop in the 12 months ended May.

“To the extent that we’re getting commodity prices passed through while wage inflation is really low, it squeezes real income for consumers,” said IHS Global Insight’s Gault.

Consumer confidence last week held near a two-month low, and more Americans turned pessimistic on the outlook for the economy as gasoline prices rose, another report showed today.

Flagging Confidence

The Bloomberg Consumer Comfort Index, formerly the ABC News US Weekly Consumer Comfort Index, was minus 43.4 in the period to Feb. 13 compared with minus 46 the prior week. Twenty-nine percent of those surveyed said the economy will worsen, the most since November and up from 23 percent in early January.

Also today, manufacturing in the Philadelphia region expanded in February at the fastest pace in seven years, underscoring factories’ contribution to the economic expansion.

The Fed Bank of Philadelphia’s general economic index rose to 35.9, the highest level since January 2004 and exceeding the median forecast of 21 in a Bloomberg News survey of economists. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware.

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February 9, 2011

Clayton stepping down as PSC chairman

Filed under: money, news — Tags: , , , — Gladiator @ 9:36 pm

Missouri Public Service Commission Chairman Robert Clayton is stepping down as head of the five-member panel that regulates investor-owned utilities in the state.

Clayton, who sent a letter to Gov. Jay Nixon asking that he be replaced, said he has completed what he set out to accomplish when he was appointed to the post in 2009, including key rulemakings necessary to implement renewable energy and energy efficiency measures.

He plans to remain a member of the commission.

 

Source

December 17, 2010

German Business Confidence Probably Stayed Close to Record High - Bloomberg

Filed under: Uncategorized, news — Tags: , , , — Gladiator @ 8:47 am

German business confidence probably held close to a record high in December as stronger domestic demand helped bolster the recovery in Europe’s largest economy.

The Ifo institute’s business climate index, based on a survey of 7,000 executives, probably fell to 109.0 from 109.3 in November, which was the highest since records for a reunified Germany began in 1991, the median of 36 forecasts in Bloomberg News survey shows. Ifo releases the report at 10 a.m. in Munich.

Germany’s economy is fueling the euro region’s recovery as declining unemployment encourages consumer demand, and companies boost investment, helping counter weaker exports. While countries from Ireland to Spain are struggling to restore growth and curb budget deficits, the German Bundesbank on Dec. 3 forecast a record pace of economic growth this year.

“This is a classic recovery story where it starts in the manufacturing sector, employment picks up and then it spreads to consumers,” said Jens Sondergaard, an economist at Nomura International Plc in London. “All the worries that this was just an export recovery are not there anymore.”

Ifo’s gauge of executives’ expectations probably declined to 106 from 106.3, the Bloomberg survey shows. An indicator of the current situation may increase to 112.5 from 112.3. That would be the highest since May 2007.

Record Expansion

Germany’s benchmark DAX stock index has gained more than 17 percent this year, making it the best performer among major European equity markets. Investor confidence improved in December, the ZEW Center for European Economic Research in Mannheim said on Dec. 14.

While weaker exports were among the main reasons behind a slowdown in the third quarter, consumer demand may help bolster an expansion in 2011, the Bundesbank said on Dec. 13. The economy will probably grow 3.6 percent this year, the fastest pace since data for a reunified Germany was first compiled in 1992, before cooling to 2 percent in 2011, it forecast.

By comparison, the European Commission last month projected the 16-member euro region to expand 1 payday advance lender.7 percent this year and 1.5 percent in 2011 as governments step up austerity measures.

In Germany, unemployment fell for a 17th straight month in November, keeping the jobless rate at 7.5 percent. That’s the lowest since April 1992. Manufacturing growth accelerated in December and industrial output increased in October.

A consumer sentiment index published by GfK AG rose to its highest level in three years, the Nuremburg-based market- research firm said on Nov. 23.

Crisis ‘Burden’

Axel Strotbek, chief financial officer of Volkswagen AG’s Audi luxury-car division, said on Dec. 14 that orders for the new A1 compact are “higher than expected.” Peter Bauer, chief executive officer at Infineon Technologies AG, Europe’s second- largest chipmaker, said last week the sales target for the current fiscal year may be “conservative.”

“For the past 10 years, the German economy has been running on one engine — exports,” said David Milleker, chief economist at Union Investment GmbH in Frankfurt. “Now it’s more like three — exports, consumption and investment.”

German companies may struggle to maintain their sales growth as governments from Spain to France lower budget deficits such as through spending cuts, undermining the region’s recovery. German factory orders from euro-area countries dropped 0.9 percent in October from the previous month.

European leaders are seeking ways to stop contagion and restore investor confidence after Ireland last month became the second euro-region country to ask for external aid.

“The euro crisis would become something of a burden for the German economy if every two months another country had to be rescued,” said Fabienne Riefer, an economist at Deutsche Postbank in Bonn, Germany. “It would also affect the mood of the public and eventually the real economy.”

Source

December 14, 2010

FedEx’s busiest day: The pre-game show for Santa

Filed under: marketing, news — Tags: , , , — Gladiator @ 2:56 am

Call it the pregame show for Santa and his elves.

Monday is expected to be the busiest day in FedEx history, with nearly 16 million packages moving on its conveyer belts, trucks and planes. That’s up 13 percent from 14.2 million on the busiest day last year, and double what the company handles on a normal day. That jump in shipments bodes well for the nation’s retailers, online stores and larger rival UPS, which has its single busiest day next week.

About half of the increase is from the company’s SmartPost partnership with the U.S. Postal Service. SmartPost moves lighter, cheaper packages through FedEx that are then delivered by a postal worker. A growing number of online and catalog purchases is driving growth in that unit and across the company.

Online holiday spending since Nov. 1 is up 12 percent over last year to nearly $22 billion, according to research company comScore. Last Monday and Wednesday ranked in the top five days for online spending ever, comScore said. Online orders are likely to spike again this Friday, which many merchants are promoting as “Free Shipping Day.”

Online spending increases come with modestly brighter prospects for holiday spending in general. Retail experts predict overall spending will increase by 2 to 4 percent over last year.

Severe weather, including a weekend blizzard in the Midwest, is not hindering deliveries significantly on FedEx’s busiest day, spokeswoman Deborah Willig said. There are scattered road closures and dangerous driving conditions in parts of the Midwest. Snow is still falling around the Great Lakes.

Although this week is the busiest for both UPS and FedEx, you still have time to send packages to be under the tree by Christmas. The last day for guaranteed FedEx ground service delivery is Friday. Procrastinators can choose more expensive options like FedEx two-day shipping until Tuesday, Dec payday loans lenders. 21, or overnight service through Dec. 23.

UPS expects its busiest day closer to Christmas, on Dec. 22 when it will move about 24 million packages. That’s 60 percent more than a normal day. The Atlanta-based company will accept packages for Christmas delivery through Dec. 23.

FedEx’s busiest day is the high water mark of a holiday season in which it expects to move 223.3 million shipments worldwide. That’s 86 packages delivered every second from Thanksgiving Day to Christmas Eve. UPS will deliver almost double that _ 430 million packages _ between the two holidays.

This week FedEx will move more than 63 million packages compared with 57.5 million last year. Wondering what’s in Santa’s sacks? FedEx says it’s mostly books from Internet retailers like Amazon.com, clothing purchases, personal electronics such as iPads and smart phones, as well as luxury goods.

High-tech imports from Asia, including iPhones and computers, have driven growth for both FedEx and UPS this year, as businesses invest in hardware upgrades and consumers stock up on the latest gadgets.

FedEx relies on its 285,000 employees working overtime to handle the holiday rush. UPS hired 50,000 part-time workers to help sort and deliver the packages to their destinations _ about the same number it hired last year.

Industry analysts and economists track FedEx and UPS shipping performance for signs of consumer spending trends and the health of the broader economy, because both shippers handle a wide variety of goods shipped between manufacturers and consumers.

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December 12, 2010

Nations struggle to make even modest climate deals

Filed under: economics, news — Tags: , , , — Gladiator @ 12:00 pm

Weary delegates from almost 200 nations struggled through night and day Friday to cobble together final decisions wrapping up the U.N. climate conference, small steps to revive the faltering, yearslong talks to guard the Earth against planetary warming.

No grand compact mandating deep cuts in global warming gases was in the cards. Instead, the two-week session focused on a proliferation of secondary issues _ a “Green Fund” to help poor nations, deforestation, technology sales and other matters.

The cross-cutting interests of rich and poor nations, tropical and temperate, oil producers, desperate islanders and comfortable continental powers, all combined once more to tie up the annual negotiating session of environment ministers down to its scheduled final hours.

“Everything is still being negotiated until we have the full package,” the European Union’s climate chief, Connie Hedegaard, told reporters. “The balance between the elements is what is at stake today.”

Coordinated by host Mexico, small groups of delegates, each led by two ministers, worked overnight and well into Friday behind closed doors at their meeting site, a sprawling beachside resort hotel.

Negotiators had made progress on one key issue: financial support for developing nations to obtain clean-energy technology to cut their own greenhouse gas emissions, and to adapt to potentially damaging climate change _ by shifting agricultural practices, for example, and building seawalls against the rise of warming seas.

In the “Copenhagen Accord” that emerged from last year’s climate summit in the Danish capital, richer nations promised $100 billion for such a Green Fund by 2020.

“There is a consensus that we set up a climate fund,” Bangladesh’s state minister for environment, Mohammed Hasan Mahmud, reported Friday. Details of oversight, such as its governing board’s balance between rich- and poor-nation representatives, were left to post-Cancun negotiations.

Mahmud lamented that once again a hoped-for overarching pact to slash global emissions was being deferred at least another year, to the 2011 conference in Durban, South Africa.

“I doubt if the Durban (conference) will deliver the desired level of results if the negotiations go the way we have been going through here,” he said.

Other issues facing intense last-minute negotiation at Cancun:

_Setting up a global structure to make it easier for developing nations to obtain patented technology for clean energy and climate adaptation.

_Pinning down more elements of a complex, controversial plan to compensate poorer nations for protecting their climate-friendly forests.

_Taking voluntary pledges of emissions controls made under the Copenhagen Accord by the U.S., China and other nations, and “anchoring” them in a Cancun document, giving them more formal U.N. status.

_Agreeing on methods for monitoring and verifying that developing nations are fulfilling those voluntary pledges.

In the 1992 U.N. climate treaty, the world’s nations promised to do their best to rein in carbon dioxide and other heat-trapping gases emitted by industry, transportation and agriculture. In the two decades since, the annual conferences’ only big advance came in 1997 in Kyoto, Japan, when parties agreed on modest mandatory reductions by richer nations.

But the U.S., alone in the industrial world, rejected the Kyoto Protocol, complaining it would hurt its economy and that such emerging economies as China and India should have taken on emissions obligations.

Since then China has replaced the U.S. as the world’s biggest emitter, but it has resisted calls that it assume legally binding commitments _ not to lower its emissions, but to restrain their growth.

Here at Cancun such issues came to a head, as Japan and Russia fought pressure to acknowledge in a final decision that they will commit to a second period of emissions reductions under Kyoto, whose current targets expire in 2012.

The Japanese complained that with the rise of China, India, Brazil and others, the 37 Kyoto industrial nations now account for only 27 percent of global greenhouse emissions. They want a new, legally binding pact obligating the U.S., China and other major emitters.

The upcoming takeover of the U.S. House of Representatives by the Republicans, many of whom dismiss strong scientific evidence of human-caused warming, rules out any carbon-capping legislation for at least two years, however.

While the decades-long talks stumble along, climate change moves ahead.

The atmosphere’s concentration of carbon dioxide now stands at about 390 parts per million, up from 280 ppm before the industrial age. Scientists project average global temperatures, which rose 0.7 degrees C (1.3 degrees Fahrenheit) in the 20th century, will jump by as much as 6.4 degrees C (11.5 degrees F) by 2100 if too little is done.

The U.N. Environment Program estimates the voluntary Copenhagen pledges, even if fulfilled, would go only 60 percent of the way toward keeping the temperature rise below a dangerous 2 degrees C (3.6 degrees F) above preindustrial levels.

Oceans are rising at twice the rate of the 20th century, researchers say, and Pacific islanders report they’re already losing shoreline and settlements to encroaching seas.

“It’s worrying to imagine what will happen 10 years from now at this rate,” said Bruno Sekoli of Lesotho, a spokesman for poorer nations.

“Climate change is a problem that has to be solved. There is no other way.”

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