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Toronto Will Explore Suing Big Oil for Climate Costs
Toronto Will Explore Suing Big Oil for Climate Costs
Toronto could be the next major city to file a climate liability suit to recoup climate costs from the fossil fuel industry. Photo credit: City of Toronto
Toronto became the latest city to explore possible litigation to make fossil fuel companies pay for the costs of climate change, joining an accountability movement spurred by cities in North America.
The city council’s Infrastructure and Environment committee passed a motion on Thursday that had been filed by City Councillor Mike Layton in March. It directs the city to consider suing greenhouse gas emitters for billions of dollars in adaptation and repairs cost to confront the challenges of increasing extreme weather events, like the floods that swept the city in 2013, and other climate impacts.
“It had gotten to a point where it was kind of a white noise in the background, ‘Yes, we have to do something about climate change.’ It became so abstract. And then it all changed when I had kids and started realizing that we’re actually running out of time,” Layton said during a debate preceding the vote.
Layton said climate change will present the city with budget challenges in the years to come.
”We have to make sure that those that are profiting pay their fair share,” he said.
The motion asks the city staff to report back to the city council about the cost of making the city resilient to extreme weather events, which have grown more frequent and more damaging with rising global temperatures. The city can then seek compensation for those costs in litigation.
“For decades and decades, there has been an industry that has been made out of blurring the line between greenhouse gasses, fossil fuels and climate change—much like they tried to blur the line between cancer and smoking,” Layton said.
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The First Crack: Deutsche Bank Preannounces Massive Loss, May Cut Dividend
The First Crack: Deutsche Bank Preannounces Massive Loss, May Cut Dividend
Amid numerous rumors that Deutsche Bank is among the corporations exposed to the VW fiasco, and to be clear there is no news to confirm that, DB has just kitchen-sinked it in a pre-announcement:
- *DEUTSCHE BANK SEES 3Q NET LOSS EUR 6.2 BLN
- *DEUTSCHE BANK TO RECOMMEND DIVIDEND CUT OR POSSIBLE ELIMINATION
Deutsche Bank stock is crashing down around 6% after-hours on the news.
* * *
Full Press release: Deutsche Bank expects to incur charges that will materially impact third quarter 2015 results:
An impairment of all goodwill and certain intangibles in Corporate Banking & Securities (CB&S) and Private & Business Clients (PBC) of approximately EUR 5.8 billion. This is largely driven by the impact of expected higher regulatory capital requirements on the measurement of the value of these segments as well as current expectations regarding the disposal of Postbank.An impairment of the carrying value of Deutsche Bank’s 19.99% stake in Hua Xia Bank Co. Ltd. of approximately EUR 0.6 billion. This reflects an updated valuation triggered by a change of the intent of the holding as Deutsche Bank no longer considers this stake to be strategic.
Litigation provisions of approximately EUR 1.2 billion, the majority of which are not expected to be tax deductible. Final litigation provisions in the quarter may be affected by further events before we finalize and report third quarter results.
The impairment of goodwill and intangibles and of the Hua Xia investment will have no significant impact on Deutsche Bank’s regulatory capital ratios. Deutsche Bank currently expects to report a fully-loaded CRR/CRD4 Common Equity Tier 1 ratio for the third quarter of approximately 11%, which includes the impact of European Banking Authority Regulatory Technical Standards (\”Prudential Valuation\”) that were adopted in the quarter.
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