FT : This year on course to be warmest on record

This year on course to be warmest on record


A young Indian man walks across Upper Lake, Asia's largest artificial lake, west of Madhya Pradesh state capital Bhopal on May 27, 2009. Built by Raja Bhoj during his tenure as a king of Malwa (1005-1055), the lake once served around 40 percent of the surrounding area's residents with nearly 30 million gallons per day but now lies completely dried up due to a lack of rains for the past three years. AFP PHOTO/STR©AFP
This year is on track to be the hottest on record, the UN’s weather agency has reported, and leading scientists say humans are likely to be responsible.
After a year of heatwaves from Australia to Argentina, provisional data from the UN’s World Meteorological Organization show that unless November and December are exceptionally chilly, 2014 will be the warmest year on record. This would mean 14 of the 15 warmest years will have been since the turn of the century.

The data came as British government scientists said that humans are likely to be responsible for the exceptional temperatures.
“We would not be breaking these records without human influence on the climate,” said Peter Stott, the UK Met Office’s head of climate attribution, an emerging field of research enabling the rapid detection of a link between weather extremes and climate change.
“We can say this because we have now got the ability to attribute climate change to specific weather extremes,” he said.
To determine such a link, scientists use climate models to see how likely an abnormal event would be without the human greenhouse gas emissions driving global warming.
Mr Stott said it was “remarkable” to see a record year of heat occur in the absence of an El Niño, a warming water pattern in the eastern Pacific that has boosted temperatures in the recent past.
But he added it was still too early to know whether 2014 signalled an end to the so-called pause in the rate of global warming during the past decade.
The UK is on course for one of its warmest years on record, the Met Office said, as well as its fourth wettest since 1910. Human influences had made breaking the current UK temperature record about 10 times more likely, Mr Stott said.
In depth

The WMO said the record-breaking heat and torrential rains around the world during 2014 were consistent with a changing climate.
“There is no standstill in global warming,” said Michel Jarraud, WMO secretary-general. “What is particularly unusual and alarming this year are the high temperatures of vast areas of the ocean surface, including in the northern hemisphere.”
The news came as thousands of delegates to this year’s UN climate negotiations in Lima arrived for the last big round of talks before a global climate-change deal is due to be sealed in Paris at the end of next year.
It is still far from clear if the Paris agreement will slow greenhouse gas emissions enough to prevent global temperatures rising more than 2C from pre-industrial times, a threshold scientists say it could be dangerous to breach.
The WMO said the average global land and sea surface temperature between January and October was about 0.57C higher than the average recorded between 1961 and 1990.
Global ocean heat content
It was also 0.09C above the average for the past 10 years.
Heatwaves were recorded around the world this year in South Africa, Australia, Brazil and Argentina. At the same time, Australia, the US and Russia endured unusual cold periods, while devastating floods or unusually heavy rains afflicted parts of Europe, Japan and India.
In September, southern parts of the Balkan Peninsula received more than 250 per cent of their monthly average rainfall, a pattern seen in many other regions around the world. Twelve significant Atlantic storms hit the UK last winter.
Global sea surface temperatures were also the highest on record, the WMO said, at about 0.45C above the 1961-1990 average.
Scientists say about 93 per cent of the excess energy trapped in the atmosphere by greenhouse gases produced by burning fossil fuels and other human actions ends up in the oceans.

RTR - EXCLUSIVE-J&J hires Goldman to explore sale of Splenda - sources

NEW YORK/LONDON, Dec 3 (Reuters) - Johnson & Johnson JNJ.N, the U.S.-based healthcare company, has hired Goldman Sachs GS.N to explore a sale of its artificial sweetener brand Splenda, sources familiar with the matter told Reuters.
The process is still at an early stage, with prospective buyers currently signing non disclosure agreements, one of the sources said, speaking on condition of anonymity because the matter is private.
J&J declined to comment. Goldman Sachs was not immediately available.

(Les Echos) Davantage taxée, la grande distribution riposte

Les acteurs de la grande distribution, ulcérés par l'augmentation de 50% de la taxe sur les surfaces commerciales votée mardi par l'Assemblée nationale, ont suspendu l'accord sur les contrats de génération et l'annulé toutes les négociations sociales en cours.


Le gouvernement vient de se faire de nouveaux ennemis, du côté de la grande distribution cette fois. Tard mardi soir, l'Assemblée nationale a voté, avec l'aval du gouvernement, des amendements de certains députés PS, des écologistes et des radicaux de gauche qui augmentent la Tascom (la taxe sur les surfaces commerciales pour la grande distribution, Ndlr). Motif ? Corriger certains "effets d'aubaine" du crédit d'impôt compétitivité emploi (le CICE, voir encadré). Cette majoration de la Tascom de 50% pour les établissements dont la surface de vente excède 2.500 m³, applicable aux impositions dues au titre de l'année 2015, pourrait rapporter 200 millions d'euros au budget de l'Etat.

Les enseignes n'ont pas tardé à réagir. Dans un communiqué mercredi, la Fédération du commerce et de la distribution (FCD) estime que cette hausse "n'a aucune justification" et quelle vise simplement à "annuler les baisses de charges décidées depuis deux ans".

"Nous n’acceptons pas d’être à nouveau ponctionnés, alors que le commerce est déjà le secteur économique le plus imposé en France, avec plus de 80 taxes. La création de ce nouvel impôt va se traduire par la suppression de 8.000 emplois au moins", avait prévenu la FDC dès le 30 novembre. En représailles, elle annonce ce mercredi la suspension de la mise en oeuvre de l'accord sur les contrats de génération - il prévoyait 30.000 embauches de jeunes sur trois ans, et annule toutes les négociations sociales en cours, notamment celles sur les contreparties du pacte de responsabilité. Elle en appelle également au président de la République pour qu'il "fasse respecter les engagements de stabilité fiscale (...) et annule ces décisions irresponsables qui vont faire reculer l'activité et l'emploi en France".


La Tascom devrait rapporter 200 millions en 2015

La Tascom, qui touche les surfaces commerciales alimentaires et non alimentaires supérieures à 2.500 m2, vise principalement les hypermarchés. Le texte voté hier stipule que les autorisations administratives d'ouvertures accordent un quasi-monopole local aux distributeurs et que ces derniers ont bénéficié du CICE alors même qu'ils ne sont pas en concurrence avec des entreprises étrangères.


"Il est normal que les grandes surfaces visées soient plus imposées que les autres commerces, du fait de leur position de marché, de leur pouvoir de négociation par rapport aux fournisseurs et de l'importance de protéger les petites commerces de centre-ville", a déclaré hier devant les députés Christian Eckert, le secrétaire d'Etat au Budget.

La Tascom s'élève aujourd'hui à 34,12 euros par mètre carré et par an. Elle coûterait, selon les estimations de CM-CIC Securities, environ 100 millions d'euros à Leclerc, très exposé aux très grandes surfaces, 70 millions à Carrefour et 30 millions à Casino. La hausse de cette taxe devrait rapporter à l'Etat 200 millions d'euros en 2015.

(Les Echos) French Retailers : After New Law, they organised thir response

The players in the retail, embittered by the 50% increase in the tax on retail space passed Tuesday by the National Assembly suspended the agreement on contract generation and canceled all ongoing labor negotiations .dropoff window

The government has to make new enemies, near supermarkets this time. Late Tuesday, the National Assembly voted with the government's approval of certain amendments PS deputies, environmentalists and leftist radicals that increase Tascom (tax on commercial space for retail, Editor's note) .dropoff window Reason? Correct some "windfall" tax credit of competitive employment (CICE, see box). This increase of 50% Tascom establishments the sales area exceeds 2,500 m³, applicable to taxes due for the year 2015 could yield 200 million euros to the state budget.
Signs were quick to react. In a statement Wednesday, the Federation of Commerce and Distribution (FCD) believes that this increase "no justification" and what is simply to "cancel cuts imposed loads for two years."
"We do not accept to be punctured again, while the trade is already the most taxed economic sector in France, with more than 80 taxes. The creation of this new tax will result in the elimination of 8,000 jobs less, "warned the FDC from 30 November. In retaliation, she announced Wednesday the suspension of the implementation of the agreement on contract generation - it provided 30,000 young hires over three years and cancels all social negotiations, including those on the counterparties pact responsibility. It also calls on the President of the Republic to "do respect the commitments fiscal stability (...) and cancel these irresponsible decisions that will reverse the activity and employment in France."
Supermarkets estimated 35,000 jobs threatened
Main beneficiary of CICE behind the Post Office, Retail believes that this device has "fostered the creation of 14,000 new jobs in 2013". According FCD, recent measures taken or announced (integration of breaks in reduced charges, Bill consumption , increased Tascom, restrictions on the opening evening shops, etc.) will result by the removal of 35,000 jobs in the sector in the short term.
The Tascom should bring 200 million in 2015
The Tascom, which affects food and non-food retail space in excess of 2,500 m2, is primarily hypermarkets. The text states that voted yesterday administrative authorizations openings give a local virtual monopoly distributors and that they have benefited from the CICE even though they do not compete with foreign companies.

"It is normal for large areas covered are more taxed than other shops, due to their market position, their bargaining power over suppliers and the importance of protecting small businesses in the city center" said yesterday before MPs Christian Eckert, the Secretary of State for the Budget.
The Tascom now amounts to 34.12 euros per square meter per year. It would cost an estimated CM-CIC Securities, about 100 million euros to Leclerc, highly exposed to very large areas, 70 million to 30 million to Carrefour and Casino. The increase in this tax should report to the State of EUR 200 million in 2015.

>>> Under Armour: Mgmt meetings affirm robust global opportunity; target raised

Under Armour: Mgmt meetings affirm robust global opportunity; target raised to $93 from $80, maintain Buy -- Canaccord Genuity

Canaccord Genuity raises their UA tgt to $93 from $80, noting there remains a significant domestic white space opportunity available in sporting goods and other distribution channels such that the NA wholesale business should also contribute to growth. Firm believes the struggles Adidas (ADDYY) is having makes it a share donor that should translate into increased sq. ft. allocation to UA.Given UA's broad-based sales momentum, firm believes their $10 bln sales target by 2019 is attainable.

RTRE- Ireland may sell stake in AIB in late 2015

(Reuters) - Ireland may consider selling a stake in state-owned lender Allied Irish Banks in late 2015 or 2016, FinanceMinister Michael Noonan said on Wednesday.
Noonan last week said that he expected the state would fully recover the 21 billion euros ($26 billion) injected into Allied Irish Bank following an economic crash in 2008.
"There is a possibility that somewhere towards the back end of 2015 or in the course of 2016, but we don't have an agreed timeline," Noonan told parliament when asked about the timing of a possible sale. "We are not rushing into it."

(TEL) Chris Hohn's Hedge Fund Boosts Profits But Pares Back Donations to Ex-wife

Chris Hohn's Hedge Fund Boosts Profits But Pares Back Donations to Ex-wife's Charity
2014-12-03 14:20:38.998 GMT


Marion Dakers
Dec. 3 (Telegraph) -- The Children's Investment Fund made a
smaller contribution to the charity led by its founder's former
spouse
The hedge fund run by Chris Hohn has pared back its
contributions to his former wife’s charity, despite profits more
than doubling.
The move has emerged a week after after Mr Hohn’s wife,
Jamie Cooper-Hohn, was awarded £337m in a divorce settlement
ending TCI's obligation to send profits to the charity
The Children’s Investment (TCI) Fund was set up in 2003 with
the intention of pouring the proceeds into the Children’s
Investment Fund Foundation (CIFF), a charity chaired by Mrs
Cooper-Hohn.
TCI has reported a pre-tax profit of £68.7m for the year to
the end of February, up from £31.5m in the prior year according
to recently-filed accounts. Its parent company, TCI Fund
Holdings, posted operating profits of £72.m, up from £44.6m a
year ago.
The company set aside £44.9m of the proceeds to be shared
among 19 members, rising from almost £41m in the year before. In
addition, staff took away £13.7m in remuneration, up from £10.5m
last year.
CIFF UK Trading, a subsidiary of Mrs Cooper-Hohn’s charity,
received £4.9m through this allocation, down from £14.3m in the
year to February 2013.
Mr Hohn, who together with his estranged wife has donated
more than a £1bn to good causes over the years, remains on the
board of the charity. CIFF granted $122m (£77.9m) in the year to
August, up 40pc on the previous year, for projects including HIV
treatment schemes and cervical cancer vaccinations.
Sources close to the charity have previously pointed out
that the organisation is now big enough to run without regular
funding from TCI.
The TCI board said in recently-filed accounts that its
members “are satisfied with the results for the year. However,
current market conditions will continue to have a material impact
on the income stream of the partnership over the following twelve
months”.
During the year, TCI became Royal Mail’s biggest shareholder
during the postal firm’s stock market debut, building up a 5.8pc
stake in October 2013 before reducing its holding to 4.48pc in
January.
TCI’s flagship £4.8bn Master Fund generated a return of 47pc
in 2013.
TCI could not be reached for a comment.

-0- Dec/03/2014 14:20 GMT