Israel's first F-35 jets land as Trump blasts costs

Kensington (United States), May 20: The world cut its daily carbon dioxide emissions by 17% at the peak of the pandemic shutdown last month, a new study found.

But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be “a drop in the ocean" when it comes to climate change, scientists said.

In their study of carbon dioxide emissions during the coronavirus pandemic, an international team of scientists calculated that pollution levels are heading back up — and for the year will end up between 4% and 7% lower than 2019 levels.

That's still the biggest annual drop in carbon emissions since World War II.

It'll be 7% if the strictest lockdown rules remain all year long across much of the globe, 4% if they are lifted soon.

For a week in April, the United States cut its carbon dioxide levels by about one-third.

China, the world's biggest emitter of heat-trapping gases, sliced its carbon pollution by nearly a quarter in February, according to a study Tuesday in the journal Nature Climate Change. India and Europe cut emissions by 26% and 27% respectively.

The biggest global drop was from April 4 through 9 when the world was spewing 18.7 million tons (17 million metric tons) of carbon pollution a day less than it was doing on New Year's Day.

Such low global emission levels haven't been recorded since 2006. But if the world returns to its slowly increasing pollution levels next year, the temporary reduction amounts to ''a drop in the ocean," said study lead author Corinne LeQuere, a climate scientist at the University of East Anglia.

“It's like you have a bath filled with water and you're turning off the tap for 10 seconds," she said.

By April 30, the world carbon pollution levels had grown by 3.3 million tons (3 million metric tons) a day from its low point earlier in the month. Carbon dioxide stays in the air for about a century.

Outside experts praised the study as the most comprehensive yet, saying it shows how much effort is needed to prevent dangerous levels of further global warming.

“That underscores a simple truth: Individual behavior alone ... won't get us there,” Pennsylvania State University climate scientist Michael Mann, who wasn't part of the study, said in an email.

“We need fundamental structural change.”

If the world could keep up annual emission cuts like this without a pandemic for a couple decades, there's a decent chance Earth can avoid warming another 1.8 degrees (1 degree Celsius) of warming from now, study authors said. But getting the type of yearly cuts to reach that international goal is unlikely, they said.

If next year returns to 2019 pollution levels, it means the world has only bought about a year's delay in hitting the extra 1.8 degrees (1 degree Celsius) of warming that leaders are trying to avoid, LeQuere said. That level could still occur anywhere from 2050 to 2070, the authors said.

The study was carried out by Global Carbon Project, a consortium of international scientists that produces the authoritative annual estimate of carbon dioxide emissions. They looked at 450 databases showing daily energy use and introduced a measurement scale for pandemic-related societal “confinement” in its estimates.

Nearly half the emission reductions came from less transportation pollution, mostly involving cars and trucks, the authors said. By contrast, the study found that drastic reductions in air travel only accounted for 10% of the overall pollution drop.

In the US, the biggest pollution declines were seen in California and Washington with plunges of more than 40%.

New York, Apr 21: Oil prices plunged below zero on Monday as demand for energy collapses amid the coronavirus pandemic and traders don't want to get stuck owning crude with nowhere to store it.

Stocks were also slipping on Wall Street in afternoon trading, with the S&P 500 down 0.9%, but the market's most dramatic action was by far in oil, where benchmark U.S. crude for May delivery plummeted to negative $3.70 per barrel, as of 2:15 pm. Eastern time.

Much of the drop into negative territory was chalked up to technical reasons — the May delivery contract is close to expiring so it was seeing less trading volume, which can exacerbate swings. But prices for deliveries even further into the future, which were seeing larger trading volumes, also plunged.

Demand for oil has collapsed so much due to the coronavirus pandemic that facilities for storing crude are nearly full.

Tanks could hit their limits within three weeks, according to Chris Midgley, head of analytics at S&P Global Platts.

Benchmark U.S. crude oil for June delivery, which shows a more ”normal” price, fell 14.8% to $21.32 per barrel, as factories and automobiles around the world remain idled. Big oil producers have announced cutbacks in production in hopes of better balancing supplies with demand, but many analysts say it's not enough.

“Basically, bears are out for blood,” analyst Naeem Aslam of Avatrade said in a report. “The steep fall in the price is because of the lack of sufficient demand and lack of storage place given the fact that the production cut has failed to address the supply glut.”

Halliburton swung between gains and sharp losses, even though it reported stronger results for the first three months of 2020 than analysts expected. The oilfield engineering company said that the pandemic has created so much turmoil in the industry that it “cannot reasonably estimate” how long the hit will last. It expects a further decline in revenue and profitability for the rest of 2020, particularly in North America.

Brent crude, the international standard, was down $1.78 to $26.30 per barrel. .

In the stock market, the mild drops ate into some of the big gains made since late March, driven lately by investors looking ahead to parts of the economy possibly reopening as infections level off in hard-hit areas.

Pessimists have called the rally overdone, pointing to the severe economic pain sweeping the world and continued uncertainty about how long it will last.

The Dow Jones Industrial Average was down 364 points, or 1.5%, to 23,887. The Nasdaq was down 0.1%..

More gains from companies that are winners in the new stay-at-home economy helped limit the market's losses Amazon rose 1.4%, and Netflix jumped 3.8% as people shut in at home buy staples and look to fill their time. Clorox likewise rose toward a new record and was up 1% as households and businesses that remain open look to stay clean.

In Tokyo the Nikkei 225 fell 1.1% after Japan reported that its exports fell nearly 12% in March from a year earlier as the pandemic hammered demand in its two biggest markets, the U.S. and China.

The Hang Seng index in Hong Kong lost 0.2%, and South Korea's Kospi fell 0.8%.

European markets were modestly higher The German DAX was up 0.5%, the French CAC 40 was up 0.7% and the FTSE 100 in London gained 0.7%.

In a sign of continued caution in the market, Treasury yields remained extremely low. The yield on the 10-year Treasury slipped to 0.64% from 0.65% late Friday. It started the year near 1.90%. Bond yields drop when their prices rise, and investors tend to buy Treasurys when they're worried about the economy.

Stocks have been on a generally upward swing recently, and the S&P 500 just closed out its first back-to-back weekly gain since the market began selling off in February. Promises of massive aid for the economy and markets by the Federal Reserve and U.S. government ignited the rally, which sent the S&P 500 up as much as 28.5% since a low on March 23.

More recently, countries around the world have tentatively eased up on business-shutdown restrictions put in place to slow the spread of the virus.

But health experts warn the pandemic is far from over and new flareups could ignite if governments rush to allow ”normal” life to return prematurely.

The S&P 500 remains about 15% below its record high in February as millions more U.S. workers file for unemployment every week amid the shutdowns.

Many analysts also warn that a significant part of the recent recovery in stocks is due to the expectation among some investors that the economy will rebound sharply once economic quarantines are lifted. They're essentially predicting that a line chart of the economy will ultimately resemble the letter “V,” with a wild ride down but then a quick pivot to a vigorous recovery.

That may be to optimistic. “We caution that a U-shaped recovery is also quite likely,” where the economy bottoms out and stays at that low level for a while before recovering, strategists at Barclays warned in a recent report.

Without strong testing programs for COVID-19, businesses likely won't feel comfortable bringing back their full workforces for a while.

”With risk assets now overbought, the chance for a correction has increased,” Morgan Stanley strategists wrote in a report.

Washington, Jan 12: The US State Department has described the recent visit of envoys of 15 countries to Jammu and Kashmir as an "important step" but expressed concern over the continued detention of political leaders and restrictions on internet in the region.

Alice Wells, the Acting Assistant Secretary of State for South Asia, tweeted on Saturday that she was "closely following" the visit of the envoys to Kashmir, describing it an "important step".

Wells, who will be visiting India this week, added: "We remain concerned by detention of political leaders and residents and Internet restrictions. We look forward to a return to normalcy."

The group of diplomats made a two-day visit to the Union Territory on Thursday and Friday to see the conditions thereafter Jammu and Kashmir's special constitutional status was removed last August.

While some US politicians and media have criticised the action by Prime Minister Narendra Modi's government, the US has officially appeared to support the abrogation of the Constitution's Article 370 on the special status.

Last October, Wells told the House of Representatives Subcommittee on Asia and the Pacific that the State Department supported the objectives behind it, while not directly mentioning the abrogation.

"The Indian government has argued that its decision on Article 370 was driven by a desire to increase economic development, reduce corruption, and uniformly apply all national laws in Jammu and Kashmir, particularly in regard to women and minorities.

"While we support these objectives, the Department remains concerned about the situation in the Kashmir Valley, where daily life for the nearly eight million residents has been severely impacted since August 5," she had said.

Washington has banked on India's democratic institutions - the judiciary and public debates - being able to steer the country.

Bearing this out, the Supreme Court last week ordered the government to review its decision to shut down the internet in Kashmir, which it declared was a fundamental right, thus taking a step to address Wells's concern.