Even as it weathers the worst economic downturn in decades, JPMorgan Chase on Thursday announced a $2.7 billion second-quarter profit from stellar trading and investment banking results.
The strong showing may put to rest some worries that the bank was allowed to pay back its $25 billion taxpayer investment too early, after it passed the Treasury Department’s stress test in May. But its quick resurgence in earnings, along with Goldman Sachs’s announcement of a $3.4 billion quarterly profit on Tuesday, is bound to raise fresh concerns about soaring pay levels and growing influence in Washington.
JPMorgan is emerging with renewed confidence, taking advantage of the financial crisis to vault ahead of longtime rivals in investment banking and grab market share in mortgages and retail banking. Jamie Dimon, the chief executive, has cemented his status as one of America’s most powerful and outspoken bankers. And after acquiring the retail bank Washington Mutual last fall, revenue from its new branches is starting to pad its earnings.
Even so, its consumer lending businesses have been battered by the recession. JPMorgan will set aside another $2 billion this quarter to cover future losses, bringing the total amount of money it has socked away to more than $30 billion. Credit card charge-offs have doubled from a year ago, to more than 10 percent of all loans, and will probably wipe out profits in both this year and next. Mortgage and home equity losses continued to climb, though there are some tentative signs that fewer borrowers are falling behind on the payments.
“We don’t know if it is going to sustain itself, but it could have good implications that we are getting nearer to the end,” said Michael J. Cavanagh, JPMorgan’s chief financial officer, during a conference call with analysts on Thursday. Still, he cautioned the economy remains weak and that job losses keep rising; it could be at least two more quarters before the bank stops adding to reserves.
“Nobody is through this until unemployment turns around,” said Moshe Orenbach, a Credit Suisse banking analyst. Bank of America, Citigroup, Wells Fargo face similar challenges when they report their results over the next week. So will scores of smaller, regional and community lenders.
But from its perch as one of the best-managed and most diversified banks, JPMorgan remains an important industry bellwether. JPMorgan said net income in the April-June period rose 36 percent from a year earlier, to $2.7 billion, or 28 cents a share. That compared to the $2.0 billion, or 53 cents a share, it posted a year ago during the early days of the crisis and was better than the 4 cents a share analysts surveyed by Reuters had expected. Revenue soared 39 percent from a year earlier to $25.6 billion.
But the second quarter results include many unusual items, including a $773 million accounting loss tied to an improvement in the bank’s credit spreads. It also took a $419 million after-tax charge after the Federal Deposit Insurance Corporation imposed a special assessment and a $1.1 billion charge on the money it received from the Trouble Asset Relief Program, or TARP. After passing the stress test with flying colors, the bank was deemed healthy enough to repay the taxpayer money in June. Few banks have undergone such a turnaround. Only a few years ago, JPMorgan had been struggling after years of poor management and a failure to digest a series of big acquisitions. But under Mr. Dimon, the bank cut costs and strengthened its balance sheet.
The payoff came last year. With the industry teetering on the verge of collapse, JPMorgan snapped up Bear Stearns in March and Washington Mutual last fall in two government-assisted transactions. Corporate clients say that its growing dominance has given it more leverage to charge for lending and other financial services.
It has also emboldened Mr. Dimon and his management team. After aggressively lobbying to repay the taxpayer money, Mr. Dimon has recently been driving a hard bargain over the repurchase of warrants the government received last fall. JPMorgan is now planning to let the Treasury Department auction off the warrants to private investors after the two sides failed to agree on a price.
Mr. Dimon is also gearing up for a series of battles in Washington. One is over tighter regulations for derivatives, a business where the bank generates lucrative fees as one of the industry’s largest players. Another is the establishment of a new consumer protection agency, which could threaten the profitability of the bank’s mortgage lending and credit card businesses if it introduces tougher regulations.
But in the second quarter, JPMorgan’s investment bank drove its stand-out earnings. Its bankers posted record revenues from helping other financial companies raise capital following the stress test results in May. Traders took advantage of big market swings and less competition to post big gains in fixed-income and equities.
The bank had record investment banking revenue of $7.3 billion. Globally, JPMorgan’s equity capital markets business led all contenders in the first half, rising from third place last year at the expense of Merrill Lynch and Citigroup, with $1.3 billion of revenue and a 14.5 percent share of the market, according to Dealogic data. Goldman Sachs rose to second place, with a 9.9 percent market share, from fourth place.
Chase’s consumer businesses have come under pressure as job losses mount. Over all, retail financial services posted a $15 million profit after setting aside more money as mortgage losses balloon, compared with a profit of $503 million in the period a year earlier.
Retail banking reported net income of $970 million, up from $674 million in the period a year earlier, while losses in the consumer lending businesses ballooned to $955 million, from a net loss of $171 million a year earlier, amid mounting unemployment. Card services, meanwhile, posted a $672 million loss, compared with a year-earlier profit of $250 million, as more cardholders default and revenue falls with the introduction of new rules designed to protect consumers. Mr. Dimon said on a conference call with journalists that the credit card business was unlikely to be profitable in 2009 or 2010.
Excluding the Washington Mutual portfolio, the net charge-off rate on credit cards, a measure of losses, surged to 8.97 percent in the second quarter, up from 6.86 percent in the first quarter.
The bank said in a presentation on its Web site that losses at Chase’s card services unit could reach 10 percent this year, while losses on Washington Mutual’s card portfolio would near 24 percent by the end of 2009.
Total loan-loss reserves rose to $29.1 billion, from $27.4 billion.
The bank said its tier-1 capital ratio, a measure of financial strength, stood at 9.7 percent.
nytimes
Thursday, July 16, 2009
U.S. June retail sales rise 0.6%, and inflation exceeds expectations
Higher gasoline prices helped boost June retail sales 0.6% compared with the previous month, the government said Tuesday, but economists worried that prices at the pump would dampen consumers' discretionary spending in the long run. Sales at gas stations rose 5% in June compared with May, the biggest increase of any category. The price of gas went from $2.50 a gallon to nearly $2.64 in June before moderating at the end of the month.
That's actually a bad thing," said Paul Ashworth, senior U.S. economist for Capital Economics. "It's not like consumers are getting any more for their money. It's just costing them more to fill up their vehicle." Wholesale inflation, meanwhile, came in twice the level analysts expected for June, according to a separate government report. The producer price index rose 1.8%, driven by higher fuel prices.
Even excluding volatile food and energy prices, the index rose 0.5%, compared to a 0.1% drop in May and a forecasted rise of 0.1%. The numbers are consistent with other data in recent months that suggest that the economy is not entering into a dangerous process of deflation, in which falling prices lead people to pull back on spending in a self-reinforcing cycle. Retail sales are vital to the nation's economic health, because consumer spending accounts for roughly 70% of the gross domestic product. June marked the second consecutive month of growth, but sales remain 9% below the same month last year. Auto sales had the second-biggest increase, at 2.3%. Electronics and appliance stores also made gains last month, up 0.9%, after struggling to persuade shoppers to buy such big-ticket items as flat-panel TVs. Sporting goods stores also rose 0.9%, and supermarkets inched up 0.2%. But department stores continued to struggle, with sales dropping 1.3%, the largest decline of any category. The report "suggests that real consumer spending continues to stabilize, but is not yet on a firm recovery path," said Patrick Newport, a U.S. economist for IHS Global Insight. Discounting the effect of autos, gas and restaurants, retail sales declined 0.2% in June from the previous month, according to an analysis by the National Retail Federation, a trade group.Its chief economist, Rosalind Wells, said consumers continue to be constrained by the rising unemployment rate and uncertainty about the prospects of recovery. "Although several economic indicators are starting to show signs of improvement, it is going to take a few more months -- maybe longer -- for people to feel comfortable spending again," she said. Industry experts said retailers must remain on guard. According to an analysis by Goldman Sachs and the International Council of Shopping Centers, a trade group, sales at the country's biggest chain stores fell 0.9% last week compared with the previous week. Cooler weather and sparse inventory dragged down the results. "Mother Nature was not kind," said Michael P. Niemira, chief economist for the shopping centers group. "July will likely be another tough month."
That's actually a bad thing," said Paul Ashworth, senior U.S. economist for Capital Economics. "It's not like consumers are getting any more for their money. It's just costing them more to fill up their vehicle." Wholesale inflation, meanwhile, came in twice the level analysts expected for June, according to a separate government report. The producer price index rose 1.8%, driven by higher fuel prices.
Even excluding volatile food and energy prices, the index rose 0.5%, compared to a 0.1% drop in May and a forecasted rise of 0.1%. The numbers are consistent with other data in recent months that suggest that the economy is not entering into a dangerous process of deflation, in which falling prices lead people to pull back on spending in a self-reinforcing cycle. Retail sales are vital to the nation's economic health, because consumer spending accounts for roughly 70% of the gross domestic product. June marked the second consecutive month of growth, but sales remain 9% below the same month last year. Auto sales had the second-biggest increase, at 2.3%. Electronics and appliance stores also made gains last month, up 0.9%, after struggling to persuade shoppers to buy such big-ticket items as flat-panel TVs. Sporting goods stores also rose 0.9%, and supermarkets inched up 0.2%. But department stores continued to struggle, with sales dropping 1.3%, the largest decline of any category. The report "suggests that real consumer spending continues to stabilize, but is not yet on a firm recovery path," said Patrick Newport, a U.S. economist for IHS Global Insight. Discounting the effect of autos, gas and restaurants, retail sales declined 0.2% in June from the previous month, according to an analysis by the National Retail Federation, a trade group.Its chief economist, Rosalind Wells, said consumers continue to be constrained by the rising unemployment rate and uncertainty about the prospects of recovery. "Although several economic indicators are starting to show signs of improvement, it is going to take a few more months -- maybe longer -- for people to feel comfortable spending again," she said. Industry experts said retailers must remain on guard. According to an analysis by Goldman Sachs and the International Council of Shopping Centers, a trade group, sales at the country's biggest chain stores fell 0.9% last week compared with the previous week. Cooler weather and sparse inventory dragged down the results. "Mother Nature was not kind," said Michael P. Niemira, chief economist for the shopping centers group. "July will likely be another tough month."
Reflective roof paint repels the heat
On bright days, the rooftop of the Anaheim Hilton is so blindingly white that it looks like a mirror positioned directly at the sun. That dazzling glare might just be the greenest thing to happen to the top of a building since solar panels.The white coating deflects nearly 85% of the heat that hits it, reducing the surface temperature by as much as 50 degrees. That means less energy is needed to cool the hotel's interior, cutting air-conditioning costs and carbon emissions.
This is no ordinary coat of paint. Designed by an 82-year-old former military scientist from the Inland Empire, the tinted topcoat is filled with tiny hollow glass balls that deflect heat, layered over a waterproof undercoat made of recycled rubber.The Hilton spent more than $150,000 on the project, which was completed in March. That's $300,000 less than the cost of a conventional repair to the old, leaky roof, said Jerome Annaloro, director of property operations at the hotel. If the reflective material cuts utility costs this summer the way management anticipates it will, Annaloro said, he will recommend white roofs for the entire Hilton chain."I was skeptical at first . . . but the product spoke for itself," he said. "It's a win-win."
Americans spend about $40 billion a year to cool buildings, according to U.S. government figures. So-called cool roofs are being touted as a simple, inexpensive way of lowering surface temperatures on the tops of structures by as much as 100 degrees, cutting operating costs and slowing climate change.Energy Secretary Steven Chu, a Nobel Prize winner in physics, recently called for all roofs to be painted white to promote saving energy. Some scientists suggest that covering dark tar roofs with light-colored coatings could help mitigate the "urban heat island" effect. Development has raised temperatures markedly in many cities, leading to more energy use and smog as well as greater numbers of deaths during heat waves, experts said.But it will take more than the Hilton to make a dent."To change an entire city and save energy all the way around, you need to get to a critical mass," said Scot Horst, senior vice president of the U.S. Green Building Council's Leadership in Energy and Environmental Design rating system. "One or two buildings doesn't make that big of a difference."Mass implementation of cool roofs in the 100 largest cities would offset 44 billion tons of carbon dioxide emissions, or the equivalent of taking 600 million cars off the road for 18 years, researchers at Lawrence Berkeley National Laboratory found last year. Some cities, including Chicago, already have ordinances that require light-colored roofs.Skeptics say white roofs aren't always the eco-friendly panacea they're sometimes made out to be. The reflective component is most effective in sun-saturated regions like the Southwest. And it could lead to higher heating bills in the winter because the sun's warmth can't permeate the roof.Still, the niche is booming. The Energy Department and U.S. Green Building Council are pushing cool roofs to consumers and developers. Entrepreneurs are developing a host of new products using metal, ceramic tile, reflective paints and coatings and even rooftop gardens to beat the heat. Among them is Ronald R. Savin of Rancho Mirage, a serial inventor and holder of nearly 20 patents, who developed the paint atop the Anaheim Hilton.An engineer and retired Air Force colonel who spent much of his military career creating coatings for spacecraft and airplanes, Savin started his own paint company in 1957 and later sold it to a British conglomerate. He slowed down a bit when he reached his 70s, spending more time collecting first-edition books and ornate clocks and less time tinkering.Then, three years ago, he saw a program on the History Channel about recycled rubber. Inspired, he returned to his lab and spent six months experimenting before making a breakthrough on a new paint.His Hyperglass top coat is designed like a Rice Krispies treat. Glass "microspheres," which are used to lighten airplane parts and bowling balls, are suspended in a paint that includes Teflon. The whiter the titanium dioxide tint, the more heat bounces off.Underneath, his Hyperflex primer serves as an insulation layer that also helps prevent water damage and erosion. And because it uses powdered recycled rubber, it helps address another thorny environmental issue: the millions of tires discarded annually in the U.S.The paint could spawn "such a violent change in the paint industry that they won't know what to do," Savin said.Hyperseal paints are free of harmful volatile organic compounds known as VOCs and are relatively cheap to produce, but the company's Palm Desert factory can make only 5 million gallons a year. Most large projects, such as bridges, require several hundred million gallons, Savin said. So he's looking to license his formula to other companies.He'll have plenty of competition. Big players including Sherwin-Williams Co. and Benjamin Moore & Co. are also debuting eco-friendly paints.Still, Savin's product is winning a following. In addition to the Hilton and the roofs of dozens of homes, the rubberized undercoat now covers a large swath of pavement outside a Palm Desert Wal-Mart.He also hopes to expand the use of the paint to other structures such as shipping cargo containers and dams to prevent rust.Rancho Mirage resident David Baron credits Hyperseal paint with helping him cut his $2,500-a-month summer electricity bill by more than half. Living without air conditioning in 110-degree heat just wasn't an option."I gave it a shot because I was looking for anything to help," said Baron, who spent $10,000 to cover the roof of his 5,600-square-foot house. "We're talking huge energy savings. This will pay for itself in a year or two."It's those kind of stories that keep the octogenarian Savin going. He claims to sometimes test new batches at 3 a.m. His house is beset with swipes of paint -- on the rusted gate, on labeled bricks by the pool. The mulch around an outdoor fountain consists of recycled rubber chunks.His laundry room is a makeshift lab, where paint spackles the washer and dryer and rubber blackens the sink. Even the parking lot at the 15,000-square-foot factory is checkered with paint."He ran out of room at his own house," said Loch Jones, Hyperseal Inc.'s director of marketing. "If you're a friend of the colonel's, watch your driveway."
This is no ordinary coat of paint. Designed by an 82-year-old former military scientist from the Inland Empire, the tinted topcoat is filled with tiny hollow glass balls that deflect heat, layered over a waterproof undercoat made of recycled rubber.The Hilton spent more than $150,000 on the project, which was completed in March. That's $300,000 less than the cost of a conventional repair to the old, leaky roof, said Jerome Annaloro, director of property operations at the hotel. If the reflective material cuts utility costs this summer the way management anticipates it will, Annaloro said, he will recommend white roofs for the entire Hilton chain."I was skeptical at first . . . but the product spoke for itself," he said. "It's a win-win."
Americans spend about $40 billion a year to cool buildings, according to U.S. government figures. So-called cool roofs are being touted as a simple, inexpensive way of lowering surface temperatures on the tops of structures by as much as 100 degrees, cutting operating costs and slowing climate change.Energy Secretary Steven Chu, a Nobel Prize winner in physics, recently called for all roofs to be painted white to promote saving energy. Some scientists suggest that covering dark tar roofs with light-colored coatings could help mitigate the "urban heat island" effect. Development has raised temperatures markedly in many cities, leading to more energy use and smog as well as greater numbers of deaths during heat waves, experts said.But it will take more than the Hilton to make a dent."To change an entire city and save energy all the way around, you need to get to a critical mass," said Scot Horst, senior vice president of the U.S. Green Building Council's Leadership in Energy and Environmental Design rating system. "One or two buildings doesn't make that big of a difference."Mass implementation of cool roofs in the 100 largest cities would offset 44 billion tons of carbon dioxide emissions, or the equivalent of taking 600 million cars off the road for 18 years, researchers at Lawrence Berkeley National Laboratory found last year. Some cities, including Chicago, already have ordinances that require light-colored roofs.Skeptics say white roofs aren't always the eco-friendly panacea they're sometimes made out to be. The reflective component is most effective in sun-saturated regions like the Southwest. And it could lead to higher heating bills in the winter because the sun's warmth can't permeate the roof.Still, the niche is booming. The Energy Department and U.S. Green Building Council are pushing cool roofs to consumers and developers. Entrepreneurs are developing a host of new products using metal, ceramic tile, reflective paints and coatings and even rooftop gardens to beat the heat. Among them is Ronald R. Savin of Rancho Mirage, a serial inventor and holder of nearly 20 patents, who developed the paint atop the Anaheim Hilton.An engineer and retired Air Force colonel who spent much of his military career creating coatings for spacecraft and airplanes, Savin started his own paint company in 1957 and later sold it to a British conglomerate. He slowed down a bit when he reached his 70s, spending more time collecting first-edition books and ornate clocks and less time tinkering.Then, three years ago, he saw a program on the History Channel about recycled rubber. Inspired, he returned to his lab and spent six months experimenting before making a breakthrough on a new paint.His Hyperglass top coat is designed like a Rice Krispies treat. Glass "microspheres," which are used to lighten airplane parts and bowling balls, are suspended in a paint that includes Teflon. The whiter the titanium dioxide tint, the more heat bounces off.Underneath, his Hyperflex primer serves as an insulation layer that also helps prevent water damage and erosion. And because it uses powdered recycled rubber, it helps address another thorny environmental issue: the millions of tires discarded annually in the U.S.The paint could spawn "such a violent change in the paint industry that they won't know what to do," Savin said.Hyperseal paints are free of harmful volatile organic compounds known as VOCs and are relatively cheap to produce, but the company's Palm Desert factory can make only 5 million gallons a year. Most large projects, such as bridges, require several hundred million gallons, Savin said. So he's looking to license his formula to other companies.He'll have plenty of competition. Big players including Sherwin-Williams Co. and Benjamin Moore & Co. are also debuting eco-friendly paints.Still, Savin's product is winning a following. In addition to the Hilton and the roofs of dozens of homes, the rubberized undercoat now covers a large swath of pavement outside a Palm Desert Wal-Mart.He also hopes to expand the use of the paint to other structures such as shipping cargo containers and dams to prevent rust.Rancho Mirage resident David Baron credits Hyperseal paint with helping him cut his $2,500-a-month summer electricity bill by more than half. Living without air conditioning in 110-degree heat just wasn't an option."I gave it a shot because I was looking for anything to help," said Baron, who spent $10,000 to cover the roof of his 5,600-square-foot house. "We're talking huge energy savings. This will pay for itself in a year or two."It's those kind of stories that keep the octogenarian Savin going. He claims to sometimes test new batches at 3 a.m. His house is beset with swipes of paint -- on the rusted gate, on labeled bricks by the pool. The mulch around an outdoor fountain consists of recycled rubber chunks.His laundry room is a makeshift lab, where paint spackles the washer and dryer and rubber blackens the sink. Even the parking lot at the 15,000-square-foot factory is checkered with paint."He ran out of room at his own house," said Loch Jones, Hyperseal Inc.'s director of marketing. "If you're a friend of the colonel's, watch your driveway."
EPA to develop rule to ensure hardrock miners will pay for environmental cleanup
The Environmental Protection Agency, complying with a court order, will develop a rule to guarantee companies that mine everything from copper to uranium will pay for needed environmental cleanup, not taxpayers.The announcement on Monday comes in the wake of a federal judge's order in February requiring the EPA to close loopholes that allow some companies to get out of paying for such costly cleanups when they file bankruptcy
The agency said it will develop similar financial responsibility requirements for other types of operations but started with hardrock mining because of the size of the operations, the amount of waste and the number of mining sites on its Superfund's national priorities list.The EPA did not release specifics on how it will establish financial assurance requirements but said it will propose the rule by spring 2011. An e-mail message asking the agency for more details was not answered.The National Mining Association trade group said the industry already is regulated by other state and federal laws establishing financial responsibility for cleanup.
"The U.S. Environmental Protection Agency ignored critical facts and used inappropriate data in singling out U.S. hardrock mining for financial assurance requirements under Superfund," association CEO Hal Quinn said in a statement.The EPA's announcement came a day before a Senate hearing on proposed changes to a 137-year-old hardrock mining law that would bolster environmental restrictions and implement royalties.Under the existing law, private companies haven't paid royalties to taxpayers for an estimated $245 billion worth of minerals extracted from public lands in more than a century. It also allows companies to buy public land for as little as $2.50 an acre.In 2008, the Sierra Club and other environmental groups sued the EPA, arguing it failed to establish financial responsibility mandates as required under the Superfund act.Among the cases they cited were 94 Superfund sites in 21 states operated by Asarco, which filed bankruptcy in 2005; the Smoky Canyon Mine in southeastern Idaho, and a molybdenum mine near Questa, N.M.Earthjustice Attorney Jan Hasselman, who handled the lawsuit, called the EPA's decision "an important first step."
The agency said it will develop similar financial responsibility requirements for other types of operations but started with hardrock mining because of the size of the operations, the amount of waste and the number of mining sites on its Superfund's national priorities list.The EPA did not release specifics on how it will establish financial assurance requirements but said it will propose the rule by spring 2011. An e-mail message asking the agency for more details was not answered.The National Mining Association trade group said the industry already is regulated by other state and federal laws establishing financial responsibility for cleanup.
"The U.S. Environmental Protection Agency ignored critical facts and used inappropriate data in singling out U.S. hardrock mining for financial assurance requirements under Superfund," association CEO Hal Quinn said in a statement.The EPA's announcement came a day before a Senate hearing on proposed changes to a 137-year-old hardrock mining law that would bolster environmental restrictions and implement royalties.Under the existing law, private companies haven't paid royalties to taxpayers for an estimated $245 billion worth of minerals extracted from public lands in more than a century. It also allows companies to buy public land for as little as $2.50 an acre.In 2008, the Sierra Club and other environmental groups sued the EPA, arguing it failed to establish financial responsibility mandates as required under the Superfund act.Among the cases they cited were 94 Superfund sites in 21 states operated by Asarco, which filed bankruptcy in 2005; the Smoky Canyon Mine in southeastern Idaho, and a molybdenum mine near Questa, N.M.Earthjustice Attorney Jan Hasselman, who handled the lawsuit, called the EPA's decision "an important first step."
Wednesday, July 15, 2009
India's obese population up by 70m
Seventy million Indians have been re-classified as overweight or obese, after a lowering of obesity thresholds by a diabetes research organisations based here.
This threshold has been lowered for India as South Asian people are more liable than their white counterparts to develop obesity-linked conditions like Type 2 (T-2) diabetes and heart disease. “We know that T-2 diabetes, which is linked to being overweight, is up to six times more common in South Asian people than the white population,” said Pav Kalsi, care adviser at Diabetes-UK. Standards used worldwide to tell when someone is overweight or obese are based on data from white people. These state that people with a body mass index
(BMI) of 25 or more are overweight and obese if it goes above 30. BMI is calculated using weight and height. In India those limits have been lowered to 23 for being overweight and 25 for being obese, to reflect the risks to the population. Indians also have lower thresholds for waist circumference measurements.
This threshold has been lowered for India as South Asian people are more liable than their white counterparts to develop obesity-linked conditions like Type 2 (T-2) diabetes and heart disease. “We know that T-2 diabetes, which is linked to being overweight, is up to six times more common in South Asian people than the white population,” said Pav Kalsi, care adviser at Diabetes-UK. Standards used worldwide to tell when someone is overweight or obese are based on data from white people. These state that people with a body mass index
(BMI) of 25 or more are overweight and obese if it goes above 30. BMI is calculated using weight and height. In India those limits have been lowered to 23 for being overweight and 25 for being obese, to reflect the risks to the population. Indians also have lower thresholds for waist circumference measurements.
Variation in monsoon not due to climate change: Ramesh
Climate model studies has shown no significant impact on change in the mean onset of monsoon in the country, government said.
The long-term mean onset date of monsoon in India is 1st June, with a standard deviation of about 8 days," Environment minister Jairam Ramesh informed Rajya Sabha. "However, year to year variations in the onset or the propagation are part of the natural variability and cannot be attributed to climate change," he said. He however, added that "the government is aware of the challenges posed by climate change and has taken steps in this regard," Ramesh said the National Action Plan on Climate Change (NAPCC) which was released on 30th June last year outlines steps that will enable the country to adapt to climate change and enhance the ecological sustainability of India's development path. Indian Institute of Tropical Meteorology (IITM) in Pune is a dedicated centre for climate change research set up to undertake focused research on the science aspects of climate change, the minister added.
The long-term mean onset date of monsoon in India is 1st June, with a standard deviation of about 8 days," Environment minister Jairam Ramesh informed Rajya Sabha. "However, year to year variations in the onset or the propagation are part of the natural variability and cannot be attributed to climate change," he said. He however, added that "the government is aware of the challenges posed by climate change and has taken steps in this regard," Ramesh said the National Action Plan on Climate Change (NAPCC) which was released on 30th June last year outlines steps that will enable the country to adapt to climate change and enhance the ecological sustainability of India's development path. Indian Institute of Tropical Meteorology (IITM) in Pune is a dedicated centre for climate change research set up to undertake focused research on the science aspects of climate change, the minister added.
Mystery mechanism drove global warming 55m years ago
A runaway spurt of global warming
55 million years ago turned Earth into a hothouse but how this happened remains worryingly unclear, scientists said.
Previous research into this period, called the Palaeocene-Eocene Thermal Maximum, or PETM, estimates the planet's surface temperature blasted upwards by between five and nine degrees Celsius in just a few thousand years. The Arctic Ocean warmed to 23 C, or about the temperature of a lukewarm bath. How PETM happened is unclear but climatologists are eager to find out, as this could shed light on aspects of global warming. What seems clear is that a huge amount of heat-trapping "greenhouse" gases -- natural, as opposed to man-made -- were disgorged in a very short time. The theorised sources include volcanic activity and the sudden release of methane hydrates in the ocean. Even though there are big differences between Earth's geology and ice cover then and now, the findings are relevant as they highlight the risk of hidden mechanisms that add dramatically to warming, says the paper. After the big warm-up, the planet eventually cooled around 100,000 years later, but not before there had been a mass extinction, paving the way to the biodiversity that is familiar to us today.
55 million years ago turned Earth into a hothouse but how this happened remains worryingly unclear, scientists said.
Previous research into this period, called the Palaeocene-Eocene Thermal Maximum, or PETM, estimates the planet's surface temperature blasted upwards by between five and nine degrees Celsius in just a few thousand years. The Arctic Ocean warmed to 23 C, or about the temperature of a lukewarm bath. How PETM happened is unclear but climatologists are eager to find out, as this could shed light on aspects of global warming. What seems clear is that a huge amount of heat-trapping "greenhouse" gases -- natural, as opposed to man-made -- were disgorged in a very short time. The theorised sources include volcanic activity and the sudden release of methane hydrates in the ocean. Even though there are big differences between Earth's geology and ice cover then and now, the findings are relevant as they highlight the risk of hidden mechanisms that add dramatically to warming, says the paper. After the big warm-up, the planet eventually cooled around 100,000 years later, but not before there had been a mass extinction, paving the way to the biodiversity that is familiar to us today.
Subscribe to:
Posts (Atom)