RTR - Shifts in rainfall, not warming pause, slow sea level rise

(Reuters) - Heavy rains from the Amazon to Australia have curbed sea level rise so far this century by shifting water from the oceans to land, according to a study that rejects theories that the slowdown is tied to a pause in global warming.

Sea level rise has been one of the clearest signs of climate change - water expands as it warms and parts of Greenland and Antarctica are thawing, along with glaciers from the Himalayas to the Alps.

But in a puzzle to climate scientists, the rate slowed to 2.4 millimeters (0.09 inch) a year from 2003 to 2011 from 3.4 mm from 1994-2002, heartening skeptics who doubt that deep cuts are needed in mankind's rising greenhouse gas emissions.

Writing in the journal Nature Climate Change on Sunday, experts said the rate from 2003-2011 would have been 3.3 mm a year when excluding natural shifts led by an unusually high number of La Nina weather events that cool the surface of the Pacific Ocean and cause more rain over land.

"There is no slowing in the rate of sea level rise" after accounting for the natural variations, lead author Anny Cazenave of the Laboratory for Studies in Geophysics and Spatial Oceanography in Toulouse, France, told Reuters.

In La Nina years, more rain fell away from oceans, including over the Amazon, the Congo basin and Australia, she said. It is unclear if climate change itself affects the frequency of La Ninas.

Rainfall over land only temporarily brakes sea level rise.

"Eventually water that falls as rain on land comes back into the sea," said Anders Levermann, a professor at the Potsdam Institute for Climate Impact Research, who was not involved in the study. "Some of it goes into ground water but most of it will drain into rivers, or evaporate."

HIATUS IN WARMING

The apparent slowing of sea level rise coincided with what the U.N. panel of climate experts calls a hiatus in global warming at the Earth's surface, when temperatures have risen less sharply despite record emissions of greenhouse gases.

"The slowdown in sea level rise ... is due to natural variability in the climate and is not indicative of a slowdown in the effects of global warming," Nature Climate Change said.

Many scientists suspect that the "missing heat" from a build-up greenhouse gases in the atmosphere is going into the deep oceans as part of natural variations in the climate.

But, because water expands as it warms, that theory had been hard to reconcile with the apparent slowdown in sea level rise.

Sea levels have risen almost 20 cms since 1900. The U.N. panel of climate experts expects an acceleration, with gains of between 26 and 82 cms over 100 years to the late 21st century.

Melting an ice cube with sides 7 kms (4.3 miles) long is roughly the equivalent of adding a millimeter of water to the world's oceans.

Last year, another study said that unusually heavy downpours over Australia in 2010 and 2011 had curbed sea level rise, before a rebound reaching a rate of about 1 centimeter a year globally, partly as water flowed back into the sea.

"It has tailed off in the past 12 months or so" to above 3 mm a year, said John Fasullo of the U.S. National Center for Atmospheric Research who was lead author of the Australia study.

>>> BlackBerry sale to Lenovo killed after firm no from Ottawa

BlackBerry sale to Lenovo killed after firm no from Ottawa
Received part of tax refund early in deal one analyst says "may have saved the company"

BlackBerry tried to sell itself to Chinese computer giant Lenovo last year. But CBC News has learned the company got a firm no when it approached the federal government to find out if the bid would be approved.
At the time, the company was told that either Chinese or Russian investment would be met with stiff opposition. So it abandoned the sale.
But it turned out there was something Ottawa could do to help the beleaguered company. BlackBerry received an early Christmas present from the federal government, courtesy of a remission order – a $696 million US ($767 million Cdn) early payment of part of its tax refund.
The infusion was a boon to the company, which at the time was burning through its cash reserves and attracting investors who were betting big money it would fail.
Another rough year for BlackBerry
Last year was one of crisis for the company, which saw the launch of its much-anticipated Z10 and Q10 phones. But that launch was a flop, forcing the company to take huge writedowns on unsold products and report losses that saw it burn through its previously flush cash reserves.
"It was snowballing pretty out of control," says Peter Misek, a BlackBerry analyst and managing director with Jefferies. "Within the company, within Waterloo, there was devastation and there was glee amongst short sellers.
"It was kind of sad because thousands of people stood to lose their jobs."
In August of last year, the company put itself up for sale. It was at that time Lenovo, among others, started kicking the tires, inquiring about a potential sale. When BlackBerry asked the federal government whether the deal would be approved, Ottawa said no and the possible sale was quickly and quietly killed
By Sept. 20, when the company announced it would lay off 40 per cent of its staff, its cash reserves had plunged to $2.6 billion US, $500 million lower than they were just three months earlier.
At that rate, the company would have been out of money in about a year, as the market was rapidly losing confidence and consumers seemed hesitant to buy new phones from a company seemingly on the way out.
Cash reserves rebounded
By the end of the year, however, BlackBerry's cash reserves had rebounded, and were sitting at $3.2 billion US.
That was in large part due to the backing of one investor – Prem Watsa of Fairfax Financial, who organized a $1-billion US financing effort and brought turnaround expert John Chen on as the company's new CEO.
But another huge chunk of cash – $696 million US – came from an early payment of its spring tax refund by both the federal and Ontario governments last November, in what's called a remission order.
According to BlackBerry's publicly available management discussion and analysis filing, during the third quarter the company "took steps to accelerate the receipt of a portion of the tax refund to which it is entitled".
It arranged with both levels of government to receive the majority of its tax refund ahead of time, and receive the remainder, which BlackBerry estimates at $170 million US ($187 million Cdn), later this year.
According to Misek, that extra payment had a massive impact, saying "it might have saved the company – we might look back in a year or two, whatever BlackBerry becomes, and say that was the day they saved the company".

>>> US Close Dow -0,16% S&P -0,49% Nasdaq -1,18%

Closing Market Summary: Biotechnology Leads Stocks Lower

The stock market kicked off the new trading week on a cautious note with the Nasdaq leading the retreat. The tech-heavy index lost 1.2% while the S&P 500 fell 0.5% with eight sectors ending in the red. For its part, the Dow Jones Industrial Average (-0.2%) held up relatively well.

Equity indices began the session in the green, but quickly slumped into the red as biotechnology continued its recent woes while other momentum names displayed broad weakness. Late-afternoon buying lifted the key averages off their lows, but the Nasdaq could only reclaim a portion of its loss.

The iShares Nasdaq Biotechnology ETF (IBB 239.23, -6.78) settled lower by 2.8% after testing its 100-day moving average (235.61) for the first time since early November. Today's loss widened the ETF's March decline to 9.5%, but the high-flying industry group remains up 5.4% so far in 2014.

The underperformance of biotechnology pressured the health care sector (-1.4%), which spent the entire session behind the other nine groups. Health care was not the only influential sector weighing on the broader market as the consumer discretionary space (-1.0%) lagged throughout the session while technology (-0.4%) did not overtake the broader market until the late afternoon.

Momentum names did their part in keeping the two sectors on the defensive. Amazon.com (AMZN 351.85, -8.77) and Netflix (NFLX 378.90, -27.09) pressured the discretionary space, posting respective losses of 2.4% and 6.7%, while Facebook (FB 64.10, -3.14), Google (GOOG 1157.93, -25.11), andLinkedIn (LNKD 188.14, -8.58) contributed to the early weakness in technology.

Speaking of technology, the sector led the market lower in the morning, but was able to finish the day ahead of the S&P 500 thanks to the relative strength of top-weighted names. Apple (AAPL 539.19, +6.32), IBM (IBM 188.25, +1.58), and Microsoft (MSFT 40.50, +0.34) gained between 0.9% and 1.2% with Apple's strength coming amid reports indicating the company is working on a content distribution agreement with Comcast (CMCSA 50.30, +0.30). In all likelihood, the news exacerbated today's loss in the shares of Netflix.

Even though heavily-weighted sectors lagged, the broader market was prevented from registering additional losses by the relative strength among consumer staples (-0.1%), energy (-0.1%), and financials (-0.2%). Elsewhere, telecom services (+0.3%) and utilities (+0.2%) posted modest gains, but the pair carries little sway over the broader market since it accounts for just 5.5% of the S&P 500.

Treasuries posted modest gains after climbing off their overnight lows. The benchmark 10-yr yield slipped two basis points to 2.73% after hovering near 2.78% ahead of the opening bell.

Participation was in line with average as roughly 714 million shares changed hands at the NYSE.

There was no notable economic data reported today, but some news of note came out of the G7 meeting at The Hague where the G7 nations issued a joint statement, saying they are suspending their participation in the G8 until "Russia changes course."

Tomorrow, the Case-Shiller 20-city Index (consensus 13.3%) for January and the January FHFA Housing Price Index will be released at 9:00 ET while March Consumer Confidence (consensus 78.2) and New Home Sales for February (consensus 445K) will be reported at 10:00 ET.
  • Russell 2000 +1.7% YTD
  • Nasdaq Composite +1.2% YTD
  • S&P 500 +0.5% YTD
  • Dow Jones Industrial Average -1.8% YTD

FT : A Ukraine war would spell disaster for Russia (G.Rachman)

A Ukraine war would spell disaster for Russia

The economic blowback from more military action would threaten the Kremlin leadership

As US President Barack Obama and the leaders of the EU huddle together this week, they will strive to look united and resolved. The reality, as Vladimir Putin knows, is that they are divided and uncertain. The Russian president has moved with a speed and ruthlessness that has left western leaders floundering. Russia swallowed Crimea, in less than a week, with scarcely a shot fired. It has now massed troops on Ukraine’s eastern border – and all that the west has so far offered the Ukrainian military is a supply of US army ready-meals.
But the notion that Mr Putin has notched up a brilliant victory is misleading. In reality, he has gambled dangerously – and he is likely to lose his bet on the use of force. The annexation of Crimea is risky enough. But an invasion of eastern Ukraine would spell disaster for Russia.

Mr Putin’s decision to grab Crimea was a desperate response to a Ukrainian revolution that the Kremlin could neither stop nor control. Rather than go down in history as a weakling who was watching ice dancing in Sochi as Russia “lost” Ukraine, Mr Putin decided to move on Crimea. It worked. Within days, he was enjoying standing ovations in Moscow and soaring opinion poll ratings.
But by grabbing Crimea, Russia has ensured that it will eventually lose Ukraine. If Ukraine is allowed to proceed with elections in May, an anti-Moscow majority is all but assured since the Russian speakers of Crimea will no longer be voting, and the remaining electorate is likely to be radicalised by the Russian threat. The interim Ukrainian government has just signed an accord with the EU – the very development that Russia was striving to prevent in the first place. Despite the carefully engineered display of pro-Russian euphoria in Crimea, the territory’s disgruntled minorities – particularly the Tatars – may well resist incorporation into Russia.
A military move into eastern Ukraine would greatly increase the dangers of a political, military and economic blowback sufficiently powerful to threaten the leadership in the Kremlin. Western military analysts have no doubt that, in the first instance, the Russian army would swiftly overwhelm Ukrainian forces. But recent history suggests that, when the world’s leading powers resort to military intervention against a hostile local population, they almost always suffer a long-term strategic defeat. The swift conventional military victory feels great at the time – but is followed by long-term agony.
Mr Putin, who has lamented that the collapse of the Soviet Union was the greatest “geopolitical disaster of the 20th century”, should know that “disaster” was greatly accelerated by the draining effects of the Soviet war in Afghanistan. Even the mighty US – with the largest economy and the most advanced military machine in the world – was unable to win in either Iraq or Afghanistan.
The cautious, professorial leader in the White House has apparently learnt the lessons of these failed wars far better than his swaggering bare-chested rival in the Kremlin. Of course, the Russian (and American) public get a certain retro thrill from a macho leader who is willing to send in the tanks. But, in time, they end up lamenting his folly.
Why is it that military force has become so much less effective in achieving political goals? Jeremy Shapiro of the Brookings Institution, who until recently worked for the policy-planning staff at the US state department, suggests that changes in military and social technology have made it much harder for invading armies to secure a lasting victory.
Unless the population of the area that has been invaded is tiny – or almost entirely welcoming – an insurgency is likely to develop. Modern-day insurgents usually have weaponry, such as roadside bombs or rocket-propelled grenades, that can inflict steady casualties on an occupying army.
They now also have social media and mobile communications technology that make it much easier to get organised. If the insurgency also has powerful external supporters – as in Afghanistan, Syria and Iraq – it can be almost impossible to subdue.
The Russians have one “advantage” that they could deploy in trying to suppress an insurgency in Ukraine: the willingness to act with extreme brutality that was displayed during the Chechen wars. But the population of Chechnya is only a little more than 1m and the territory lies within the borders of the Russian state. Deploying “Grozny tactics” after an invasion of a sovereign nation of 45m people, on the borders of the EU, would be an entirely different matter.
For that reason, Mr Putin may prefer – for now – to use his military to nibble away at smaller targets, such as Moldova. His tactics in Ukraine could initially be restricted to economic pressure, using the leverage of Russian energy, as well as political destabilisation and bribery. Yet trying to turn its large, western neighbour into a basket case is also not a great long-term option for Russia. Even if Mr Putin is not yet set on an invasion of eastern Ukraine, economic and political warfare could unleash a series of events that would eventually lead to armed conflict.
If Russian troops do go into Ukraine, you can expect initial triumphalism in Moscow – and hand-wringing in the west. But a “show of strength” in Ukraine would ultimately gravely weaken the Russian state.

>>> Phones 4u sponsor approached Dixons to hijack Carphone Warehouse merger

Phones 4u sponsor approached Dixons to hijack Carphone Warehouse merger 

Phones 4u sponsor BC Partners has approached Dixons in an attempt to derail its planned tie-up with Carphone Warehouse, Sky News reported.

The article cited people close to the situation who said the private equity firm contacted senior Dixons executives over a potential alliance shortly after Dixons-Carphone Warehouse merger talks surfaced in late February.

According to the sources, the chance of throwing a spanner in the works of the electronics retailing merger are slim. They did not know whether talks between BC Partners and Dixons were still ongoing, the report noted.

Phones 4u has a joint venture with Dixons under which it operates stores in the group's Currys and PC World branches that expires within the next 12 months.

BC Partners declined to comment, the report added.

This news service is owned by BC Partners.


Source Sky News

>>> China Petroleum & and Chemical Corp Said to have made a significant breakthr

China Petroleum & and Chemical Corp Said to have made a significant breakthrough in the exploration and development of shale gas reserves in Chongqing - China Daily
- Would allow the company enter into large-scale commercial development of shale energy earlier than expected. 
- Company said to expect an annual output of 10 billion cubic meters of gas by 2017, equivalent to 10 million metric tons of oil. 
- Fuling shale gas field's estimated reserves seen at 2.1T cbm. 
- Chairman Fu: "The successful application of these developments in Fuling gave us confidence to extend them to other projects around the nation... Given China's abundant shale gas resources, we believe this will significantly support and accelerate the implementation of the country's strategy, increasing the supply of green energy and optimizing the energy consumption structure. It will also deliver benefits to energy conservation, emission reductions and air pollution control."

Icahn Says Call for IPO of 20% of PayPal Due to ‘Pragmatism’

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Icahn Says Call for IPO of 20% of PayPal Due to ‘Pragmatism’ 2014-03-24 16:57:46.166 GMT

By Beth Mellor March 24 (Bloomberg) -- Carl Icahn says on CNBC that move to call for EBay to conduct IPO of 20% of PayPal is due to “pragmatism.” * NOTE: Icahn had previously called for EBAY/PayPal split * Reiterates that EBAY CEO John Donahoe has not done a good job * NOTE: March 19, EBAY said doesn’t believe partial spinoff of PayPal will make it more competitive or accelerate growth

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the reporter on this story: Beth Mellor in New York at +1-212-617-3078 or bmellor@bloomberg.net To contact the editors responsible for this story: Joanna Ossinger at +1-212-617-7789 or jossinger@bloomberg.net Beth Mellor

SFR Unions Want Bidders to Sign Accord Guaranteeing Jobs: AFP

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SFR Unions Want Bidders to Sign Accord Guaranteeing Jobs: AFP 2014-03-24 17:45:42.320 GMT

By Steve Rhinds March 24 (Bloomberg) -- SFR labor unions Unsa, CFE-CGC, CGT and CFDT asked “potential buyers” Numericable and Bouyges to sign an accord with employee representatives including guarantees on jobs at the telecommunications co., Agence France- Presse reports, citing a statement from the unions. * NOTE: Bouygues Boosts SFR Cash Bid to $18.1 Billion to Top Drahi’s {NSN N2S1HS6TTDSM <go>}

Link to AFP story (in French):{NSN N2YBMK3H0JK0 <GO>}

Link to Company News:{ATC NA <Equity> CN <GO>} Link to Company News:{NUM FP <Equity> CN <GO>} Link to Company News:{VIV FP <Equity> CN <GO>} Link to Company News:{EN FP <Equity> CN <GO>}

For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}

To contact the editor responsible for this story: Steve Rhinds at +33-1-5365-5072 or srhinds@bloomberg.net

Vivendi Said to Seek Improved Bid for SFR From Drahi’s Altice

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Vivendi Said to Seek Improved Bid for SFR From Drahi’s Altice 2014-03-24 18:16:52.521 GMT

By John Simpson March 24 (Bloomberg) -- Vivendi seeking improved offer for phone unit SFR from Patrick Drahi’s cable holding co. Altice after Bouygues unexpectedly boosted its bid last week, people familiar tell Bloomberg’s Aaron Kirchfeld, Marie Mawad and Matthew Campbell. * While Vivendi prefers Altice’s proposal because of a greater likelihood of antitrust approval and quicker exit from the enlarged entity, co. would like Altice to narrow gap with Bouygues’s bid, the people said * Altice discussing such a move, though no final decision has been made, said one of the people See full story

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

--With assistance from Helene Fouquet in Paris.

To contact the reporter on this story: John Simpson in Toronto at +1-416-203-5726 or jsimpson12@bloomberg.net To contact the editors responsible for this story: Andrea Snyder at +1-202-624-1831 or asnyder5@bloomberg.net Catherine Larkin

*ICAHN SEES MAJOR SELL DOWN OF MARKET COMING

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BN 03/24 16:45 *ICAHN SEES MAJOR SELL DOWN OF MARKET COMING BN 03/24 16:42 *ICAHN SAYS HE HAS NO PERSONAL ANIMOSITY WITH ACKMAN BN 03/24 16:41 *ICAHN SAYS ACKMAN DIDN'T SCORE BIG VICTORY WITH FTC PROBE BN 03/24 16:40 *ICAHN SAYS HE'S UP ABOUT $300 MILLION ON HERBALIFE INVESTMENT BN 03/24 16:38 *ICAHN TELLS CNBC HERBALIFE IS NOT A PONZI SCHEME BN 03/24 16:38 *ICAHN SAYS HERBALIFE VERY UNDERVALUED IN LONG RUN: CNBC BN 03/24 16:37 *ICAHN SAYS SEN MARKEY REQUEST REASON FOR HERBALIFE PROBE BY FTC BFW 03/24 16:37 *ICAHN ON CNBC SAYS DESIRE FOR NEW HERBALIFE BOARD SEATS MUTUAL BN 03/24 16:36 *ICAHN SPEKING IN CNBC INTERVIEW BN 03/24 16:36 *ICAHN SAYS DESIRE FOR NEW HERBALIFE BOARD SEATS MUTUAL

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*ICAHN SEES MAJOR SELL DOWN OF MARKET COMING 2014-03-24 16:46:41.603 GMT

--ANDREW CINKO

-0- Mar/24/2014 16:46 GMT