Tag Archives: Reach

Climate-saving deal to reduce emissions within reach in Paris

Posted December ten, 2015 07:36:56

An elusive universal pact to save mankind from disastrous worldwide warming is inside attain, the French host of UN talks said as he released a new blueprint just 48 hours before the deadline for a deal.

Foreign minister Laurent Fabius cautioned the toughest issues nonetheless required to be resolved as he appealed for compromise among the ministers and other negotiators from 195 nations gathered in the northern outskirts of Paris.

But, soon after releasing a streamlined draft of the accord that eliminated hundreds of smaller sized points of dispute, Mr Fabius voiced self-assurance an accord could be signed by Friday to rein in greenhouse gases that warm the planet.

“I am convinced we can reach a deal but to do so we must unite our forces and set our compass on the want for compromise,” Mr Fabius told the delegates.

The UN talks have been billed as the final chance to avert the worst consequences of global warming: deadly drought, floods and storms, and rising seas that will engulf islands and densely populated coastlines.

A lot more than two decades of international diplomacy have failed to make such an accord, which would call for a transformation of the world’s energy method away from its reliance on extremely polluting coal, oil and gas.

Deep divisions — mainly amongst rich and poor nations — over how to pay for the costly shift to renewable types of power, such as solar and wind, have bedevilled the UN climate method.

Even though the most significant arguments are yet to be resolved in Paris, negotiators and lengthy-time observers agreed following the release of the draft that a deal could be reached.

“Our sense is that virtually every thing we require for an ambitious, equitable agreement is nonetheless in play,” said Jennifer Morgan, international director of the climate system at the World Resources Institute.

“But there is clearly an immense quantity of work to be accomplished in the coming hours.”

Nevertheless some campaigning groups said they had been concerned that world powers, in their rush for an agreement, may settle for a weak accord that does not do sufficient to curb greenhouse gases.

“It really is a mix of the good, the undesirable and the ugly, but we’ve got three days to force the worst stuff out and get a decent deal. It really is crunch time now,” Greenpeace climate policy expert Kaisa Kosonen.

Taking effect in 2020, the Paris agreement would seek to reduce greenhouse gas emissions deeply sufficient to curb worldwide warming to less than 2 degrees Celsius over pre-Industrial Revolution levels.

In a victory for dozens of nations most vulnerable to rising sea levels and fierce storms, a much more ambitious cap of 1.5C was also kept as an alternative in the draft accord released on Wednesday.

“We have in no way been this close to a climate change agreement,” Thoriq Ibrahim, Maldives environment minister and chair of the Alliance of Tiny Island States, said in response to the newest draft.

“It is now up to us ministers to show the leadership required to make tough choices that put the interests of folks and the planet ahead of short-sighted politics.”

Funding for climate adjust initiatives stay a challenge

A single of the greatest prospective deal-busters remains cash.

Wealthy nations promised six years ago in Copenhagen to muster $ US100 billion a year from 2020 to help developing nations make the costly shift to clean power, and to cope with the effect of global warming.

But how the pledged funds will be raised nonetheless remains unclear — and building countries are pushing for a promise that the amount will be ramped up in future.

Meanwhile, rich nations are insisting that establishing giants work harder to tackle their greenhouse gases, noting that much of the world’s emissions come from their rapidly-expanding economies.

Most nations submitted to the UN ahead of Paris their voluntary plans to curb greenhouse gas emissions from 2020, which was extensively hailed as an crucial platform for accomplishment.

Energy revolution possibleVideo: Power revolution attainable (The Globe)

But scientists say that, even if the cuts were fulfilled, they would nonetheless put Earth on track for warming of at least two.7C.

United Nations Environment Plan executive director Achim Steiner mentioned the Paris climate talks could fuel an power revolution which could unfold inside months.

“What will come out of Paris will unquestionably be a signal to a low carbon economy. I consider we will see an power revolution beginning to unfold actually within months of Paris getting come to an agreement,” he stated.

1 of the remaining battle fronts in Paris is a debate more than when and how usually to assessment these national plans, so that they could be “scaled up” with pledges for deeper emissions cuts.

Some establishing nations insist they should not be pressured into deeper cuts, insisting that duty rests with rich nations that have burnt the most fossil fuels given that the Industrial Revolution.

In a dramatic and timely example of the world’s fate if rampant coal burning goes unchecked, choking smog has descended on the Chinese capital of Beijing and surrounding cities this week.

A red alert, ordering factories to close and recommending children remain at property, was raised in Beijing for the 1st time on Monday, followed by 27 other cities on Tuesday.

China is the world’s most significant emitter of greenhouse gases, primarily because of its reliance on coal to give low cost power for its 1.three billion individuals as they go via a exceptional financial transformation.


Topics: atmosphere, government-and-politics, climate, climate-change, france

Agen Sabung Ayam

SA bushfire insurance coverage claims reach $75 million

Updated November 30, 2015 16:21:50

Insurance coverage losses from the deadly Pinery bushfire which ravaged larges swathes of South Australia’s Mid North last week have reached $ 75 million.

The Insurance Council of Australia has declared the bushfire a catastrophe right after it burnt much more than 85,000 hectares of land, destroyed 87 houses, killed two people, tens of thousands of livestock and razed much more than 300 farm sheds and outbuildings.

It stated the number of claims had reached 525.

“Total insured losses have hit $ 75 million and are expected to rise considerably in coming days as assessors continue investigating claims from policy holders,” it mentioned.

Country Fire Service (CFS) crews who stay on the fire ground are responding to grass and tree fires at many locations as strong winds spark flare-ups and reduce road visibility with dust.

Fire bombers and ground crews are also working to include a fire burning close to Bagnalls Road south of Lucindale in the state’s South-East, while on the Eyre Peninsula, a fire break is getting constructed about a burning haystack at Darke Peake, south-west of Kimba.

Reports of spontaneous combustion in grain storage bins

Farmers impacted by the Pinery bushfire are becoming warned to verify their storage bins just before moving grain, right after many reported circumstances of spontaneous combustion.

The CFS issued a warning saying grain nevertheless hot from the fire’s radiant heat could catch on fire when exposed to the air.

Grain Producers SA chairman Darren Arney stated even if it had not burnt, the heat may possibly have produced the grain unusable as seed or feed.

“We have a register underway exactly where farmers in other areas of the state are prepared to either offer seed for donation or to have seed accessible for purchase so these farmers can get hold of good quality seed to plant their crops,” he mentioned.

Subjects: bushfire, fires, disasters-and-accidents, neighborhood-and-society, hamley-bridge-5401, freeling-5372, lucindale-5272, darke-peak-5642

Initial posted November 30, 2015 16:20:47

Agen Sabung Ayam

Pfizer and Allergan Reach $150 Billion Merger Deal


Pfizer’s corporate headquarters in New York City. Credit Andrew Kelly/Reuters

Pfizer has clinched a blockbuster merger with a fellow drug maker, one worth far more than $ 150 billion, that can very best be described in superlatives.

When it is announced — most likely on Monday, people briefed on the matter said — the deal to acquire Allergan, the maker of Botox, would be one of the most significant ever takeovers in the well being care sector. And it would be the biggest acquisition yet in a banner year for mergers.

Possibly most essential, it would be the most significant transaction aimed at helping an American organization shed its United States corporate citizenship in an work to reduce its tax bill, in this case by billions of dollars. And it could grow to be a flash point as the presidential race heats up.

A deal would come as the Obama administration is trying to crack down on these sorts of deals, known on Wall Street and in Washington as corporate inversions. Last week, the Treasury Department and the Internal Revenue Service announced new rules meant to additional clamp down on the advantages of such mergers. The government has already lost billions of dollars in corporate tax revenue from inversions, especially over the last couple of years.

New guidelines introduced earlier this year deterred some organizations determined to pursue inversions, such as AbbVie, a drug maker that called off its planned $ 54 billion takeover of an Irish counterpart, Shire. Nevertheless, Treasury officials mentioned as recently as final week that only Congress can halt inversions.

Pfizer and Allergan are taking actions to sidestep the present rules altogether. Though Pfizer is considerably bigger, with a market place value of $ 199 billion to Allergan’s $ 123 billion, it is Allergan that would technically be the buyer, according to the men and women briefed on the matter.

Simply because Allergan currently has its headquarters in Dublin — even even though the bulk of its operations are based in Parsippany, N.J. — the planned transaction could stay away from the Treasury guidelines, which apply to American organizations that purchase foreign companies.

But in most respects, Pfizer would lead the combined business, which would surpass Johnson &amp Johnson as the greatest drug maker by revenue, with far more than $ 60 billion in sales. Its item portfolio would run from Viagra, Celebrex and pneumonia drugs to Botox and the cosmetic therapy Juvéderm. Analysts do not anticipate the merger to have a lot effect on the prices of the companies’ drugs.

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Associated Tax Inversion Coverage

Pfizer’s chief executive, Ian Study, would hold on to that function at the combined business, these people stated. His counterpart at Allergan, Brent Saunders, is anticipated to take a top deputy role and a board seat.

The boards of both Pfizer and Allergan voted on Sunday to approve the transaction, one of the folks briefed on the matter stated. News of the votes was reported earlier by The Wall Street Journal.

Representatives for Pfizer, Allergan and the Treasury Department declined to comment.

Adopting Allergan’s home base of Ireland would yield substantial savings for Pfizer, a single of the oldest drug makers in the United States. Its history runs from generating painkillers for the duration of the Civil War to penicillin in World War II. Pfizer’s tax rate final year was roughly 26.five percent and is anticipated to be about 25 % this year.

Its prospective merger companion, by contrast, reported a tax price of just 4.eight % for 2014, although its price this year is about 15 percent.

President Obama final year declared that such moves were “unpatriotic.” But Mr. Read has lengthy argued that an inversion is an essential step in maintaining the business competitive with foreign rivals based in decrease-tax countries. Beneath the present guidelines, Pfizer must spend American corporate taxes on the billions of dollars in earnings from international operations if it ever tries to bring the income back to the United States. (The company kept $ 74 billion in earnings offshore last year to keep away from that bill.)

He had already attempted when to shift Pfizer’s home abroad, pursuing a $ 119 billion takeover bid for AstraZeneca of Britain. That campaign faltered amid fervent opposition from AstraZeneca and raised the hackles of lawmakers in the United States and Britain.

But Mr. Study, an accountant by training, has pressed ahead with his dream of a corporate inversion. Otherwise, he told The Wall Street Journal final month, Pfizer is fighting “with a single hand tied behind our back.”

It was unclear regardless of whether the Obama administration would announce extra rules that would stymie the merger.

Continue reading the primary story

Record Year of Deal-Generating

Giant impending offers announced this year contain:

Under the terms of the proposed deal, Allergan shareholders would receive 11.three Pfizer shares for every of their holdings, the folks briefed on the matter mentioned. That is worth about $ 363.63 a share, or 16 percent higher than Allergan’s closing price on Friday.

The transaction would also incorporate a cash component, even though a single of the individuals described it as much less than 10 % of the deal’s overall value.

Pfizer shareholders would nevertheless personal the majority of the combined organization.

At far more than $ 150 billion, the takeover would be the greatest in what has been a stellar year for deal-producing, 1 that has astonished even veteran Wall Street financiers. Some $ four trillion in transactions had been announced as of Nov. 19, and this year is on pace to shatter the previous record of roughly $ 4.three trillion set in 2007.

Already, giant bargains announced this year include the impending $ 104 billion union of the beer giants Anheuser-Busch InBev and SABMiller the proposed sale of Time Warner Cable to Charter Communications for $ 55 billion and the pending sale of the data storage provider EMC to Dell for more than $ 60 billion.

Corporate chieftains have turned to mergers at a fast clip more than the final three years, hoping to spur development in their own companies that they have been hard-pressed to attain on their own.

Pfizer itself has undertaken a number of enormous takeovers, including its $ 68 billion takeover of Wyeth nearly seven years ago. This year, it purchased Hospira, a manufacturer of generic treatments, for about $ 17 billion.

And Allergan itself is the solution of several mergers, including those of Forest Laboratories and Watson Pharmaceuticals. Its Irish headquarters is the solution of a $ 5 billion merger of two predecessor firms, Actavis and Warner Chilcott.

However in some techniques, a takeover of Allergan might at some point be followed by Pfizer splitting itself up — yet another trend that has taken hold on Wall Street in current years. The bigger drug maker has weighed no matter whether to split into two organizations: one particular dedicated to greater-growth, brand name treatments and 1 focused on slower-increasing mature drugs that face pressure from generic counterparts.

Mr. Saunders of Allergan would be in line to take more than one particular of these businesses if Pfizer eventually chose to break up, the men and women briefed on the matter stated.


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