Bank: City needs to cut dividends and bonuses

first_img Bank: City needs to cut dividends and bonuses whatsapp Share Tags: NULL DIVIDEND payments to shareholders should be restricted, the Bank of England announced today.And bonuses and pay rises must be resisted in the City, the Bank argued in its financial stability report.“Bank’s boards should apply restraint in distribution of profits to equity holders and staff,” it said.Alternative payments to staff, such as “contingent capital or subordinated debt” would increase banks’ ability to absorb shocks, the report suggests.The recommendations form part of the plan by the Bank of England to get banks to build up capital. Next year banks will have to pay back the bulk of £110bn made in loans to improve liquidity in the wake of the credit crunch.“Funding is likely to remain a key challenge for the banks,” the report warned. Over half the repayments due in 2010–2012 fall next year, it said.Loans under the Special Liquidity Scheme (SLS) were made under three-year fixed terms. With many expiring at the same time, and the Bank refusing to extend the scheme, some fear a “refinancing cliff” as banks scramble to replace the capital.Yet the Bank insists that discussions have been held to “ensure there were credible funding plans in place to reduce banks’ use of the scheme in a smooth fashion.” And banks are already “slightly ahead” of their voluntary repayment schedules, the Bank said.In its final report of the year, the Bank reiterated the negative economic effect of weak lending.Despite improved credit conditions in recent times, lending is still too low, it said. Smaller companies are finding it particularly hard to obtain credit, according to the report.And it warns that a fall in house prices still poses a risk to banks.“Household sector credit risk remains vulnerable to further house price falls,” the report says.It also highlighted risk of “overheating” from large capital flows to emerging markets.However, UK banks’ direct exposure to European sovereign debt is “relatively low,” the Bank said. Thursday 16 December 2010 9:16 pm center_img whatsapp KCS-content Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutelast_img read more

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PPB hit with Greek and German tax bills totalling €55m

first_img13th February 2019 | By contenteditor Paddy Power Betfair has pledged to appeal against legacy tax assessments in Greece and Germany, claiming that the sums being demanded are far greater than revenue generated in either market.Together, the tax bills add up to €55m. In Germany, the operator is facing a €40m bill, as determined by the Fiscal Court in the state of Hessen.This follows a failed appeal against a 2012 tax assessment, relating to the Betfair Exchange. The peer-to-peer betting site was active in the country until November 2012, before pulling out of the market as a result of the 5% turnover tax implemented in the State Treaty on Gambling. It originally argued that the tax should not apply to Betfair, as it was not technically an organiser of sports betting, though this was rejected. At the time it was estimated that pre-merger Betfair generated around 4% – in the region of £6m before costs – of its total revenue in Germany.Paddy Power Betfair said that the €40m sum being demanded by the Fiscal Court represents a multiple of revenue generated by the exchange during the assessment period.In a separate development, the operator has been issued with a Greek tax assessment for the 2012, 2013 and 2014 financial years, relating to PaddyPower.com’s Greek interim licence.This concluded that a total of €15m, including penalties and interest, is owed. However Paddy Power Betfair describes this sum as “substantially higher (by multiples) than the total cumulative revenues ever generated by PaddyPower.com in Greece”.“The group strongly disputes the basis of these assessments, and in line with the legal and tax advice we have received, is confident in our grounds to appeal,” it said. “We therefore intend to do so.”Pending the outcome of each appeal, it noted that it had paid the total Greek liability in January this year, and is awaiting clarity on when it must pay the German liability. PPB hit with Greek and German tax bills totalling €55m AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling Casino & games Email Address Paddy Power Betfair has pledged to appeal against legacy tax assessments in Greece and Germany, claiming that the sums being demanded are far greater than revenue generated in either market. Regions: Europe Central and Eastern Europe Southern Europe Germany Greece Subscribe to the iGaming newsletter Topics: Casino & games Finance Legal & compliance Sports bettinglast_img read more

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Taxes and discontinued operations lead Playtech to 2019 loss

first_img Playtech suffered a net loss in 2019 despite a strong performance by its Italian B2C business Snaitech.The technology supplier, in its results for the year to 31 December 2019, said revenue grew 23% to €1.51bn while adjusted EBITDA increased by 11% to €383.1m. However, the impact of discontinued operations and tax meant it reported a net loss of €19.6m.Playtech’s revenue was aided by growth of 15% within its core B2B division thanks to gains in both sports and live casino. Sport revenue was up 56%, aided by hardware sales, although overall B2B gambling revenue was down 2% to €553.9m.The group said that other important factors in B2B included market launches in Sweden and Switzerland, 50 new brands added to its software-as-a-service (SaaS) offering and an increased presence in the US.Revenue growth was boosted by the inclusion of a full year of Snaitech’s results, with Playtech having acquired the Italian B2C brand in June 2018. Snaitech saw strong growth in online stakes of 31%. Sun Bingo saw 19% revenue growth at constant currency to €40.0 m in 2019.The segment also benefitted from strong growth from the HPYBET retail business in Germany and Austria, which saw revenue grow 40% to €19.7m.B2C gambling revenue was up 56% to €900.5m, making this by far the company’s biggest segment.However, it was a less successful year for Playtech’s B2B and B2C Financials division, TradeTech Group, which saw a 27% drop in revenue to €67.9m. Playtech said this was due to “challenging market conditions” in 2019.Alan Jackson, chairman of Playtech, said: “Our core B2B gambling business reported strong growth in 2019. In addition we made further strategic progress by entering newly regulated markets, signing new customers, expanding existing relationships and continuing to innovate with new product launches. Together these are laying the foundations for our future growth.“In our B2C gambling business, Snaitech had a fantastic 2019 and continues to gain market share and reached the number one market share position for online betting and gaming in Italy in H2 2019.“As the business continues to transition and deliver a well-diversified higher quality revenue profile, I am pleased to report that the percentage of regulated revenue rose to 88% compared to 80% in 2018.”B2B gambling segment costs grew by 8% year-on-year in the main due to operational outgoings, which increased by 20% to €181.2m in 2019. The increase was mainly due to cost of hardware sold in sports and when excluding this cost, operational costs would have remained flat compared to 2018.Administrative costs decreased by 8% to €57.4m mainly due to a significant decrease in employee related costs through tighter internal cost control. In total B2B gambling EBITDA was down 15% to €214.8m.Snaitech operating costs for 2019 decreased by 9% to €667.3m. The fall in operating costs was largely due to the decrease in cost of services and the use of third party assets, which mainly comprised the reduction in distribution costs as a direct result of the reduction in revenues following the gaming taxation increase in Italy. Higher marketing costs related to the FIFA World Cup in 2018 were also not required in 2019.Retail sport B2C costs increased by 56% largely driven by an increase in the number of HPYBET shops in Germany, growth in marketing costs and also includes full year costs for that business, compared to last year.In total B2C costs were up 44% to €740.1m, with EBITDA in that segment up by 155% to €160.4m.Reported profit before tax from continuing operations was €13.2m, a 90% decrease year-on-year, and when including discontinued operations and tax, the group suffered a net loss of €19.6m. The group’s adjusted profit before tax from continuing operations fell despite adjusted EBITDA growth, largely due to increased depreciation, amortisation, interest costs and taxation following the Snaitech acquisition.Depreciation increased by 21% to €51.5m, mainly due to the acquisition of Snaitech which added a full year depreciation totaling €18.4m in 2019, compared to only seven months of depreciation in 2018. Adjusted finance costs increased by 31% to €53.0m, driven by a €14.3m rise in accrued interest relating to bond loans.The total adjusted tax charge in 2019 was €43.9m, up by 25.% year-on-year. The increase is mainly due to the profits being recognised in higher taxing territories – such as Italy – increasing Playtech’s effective tax rate.Playtech said it is in the process of undertaking a strategic review of its underperforming assets. The strategic review of the casual gaming business was completed in 2019. It is now a discontinued operation and is expected to be disposed of in the near future. An impairment loss of €23.7m related to casual gaming was recognised in 2019. The group said impairment of intangible assets of the Markets and Alpha CGUs amounting to €90.1m and the cost of closing the casual gaming business are the main reasons for the reported net loss in the year.Management is currently reviewing the strategic options for TradeTech and a €90.1m impairment loss has been recognised in 2019.Jackson, who is set to leave the company later this year, added: “2019 was another important year in the development of Playtech. Management has continued to focus on delivering a transformation of the business which started in 2017, designed to secure long term growth and unlock shareholder value.“Looking into 2020, in due course we will announce my successor as chairman. With the scale of its technology, breadth of its offering and diversification of model I am confident Playtech will be at the centre of the industry for years to come.”The groups’s share price was down 9.9% on Thursday morning at 276.54p. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Finance Subscribe to the iGaming newsletter 27th February 2020 | By contenteditor Playtech suffered a net loss in 2019 despite a strong performance by its Italian B2C business Snaitech. Taxes and discontinued operations lead Playtech to 2019 loss Topics: Financelast_img read more

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Rebels vs Bulls Highlights – Super Rugby Round 11

first_imgTuesday May 8, 2012 Rebels vs Bulls Highlights – Super Rugby Round 11 Highlights of the Rebels vs the Bulls from MelbourneADVERTISEMENT Posted By: rugbydump Share Send Thanks Sorry there has been an error Super Rugby 2012 Highlights Related Articles 465 WEEKS AGO Bulls vs Lions Highlights – Super Rugby Round… 465 WEEKS AGO Sharks vs Cheetahs – Super Rugby Round 18… 465 WEEKS AGO Stormers vs Rebels Highlights – Super Rugby… From the WebThis Video Will Soon Be Banned. Watch Before It’s DeletedSecrets RevealedGranny Stuns Doctors by Removing Her Wrinkles with This Inexpensive TipSmart Life ReportsIf You Have Ringing Ears Do This Immediately (Ends Tinnitus)Healthier LivingHere’s What That Tiny Hole Next to Your Iphone Camera Actually DoesNueey10 Types of Women You Should Never MarryNueeyShe Was the Most Beautiful Girl in the World. What She Looks Like Now is InsaneNueeyThe content you see here is paid for by the advertiser or content provider whose link you click on, and is recommended to you by Revcontent. As the leading platform for native advertising and content recommendation, Revcontent uses interest based targeting to select content that we think will be of particular interest to you. We encourage you to view your opt out options in Revcontent’s Privacy PolicyWant your content to appear on sites like this?Increase Your Engagement Now!Want to report this publisher’s content as misinformation?Submit a ReportGot it, thanks!Remove Content Link?Please choose a reason below:Fake NewsMisleadingNot InterestedOffensiveRepetitiveSubmitCancellast_img read more

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Protest denounces U.S. for Puerto Rico crisis

first_imgMore than 100 people gathered for a late afternoon, rush-hour rally outside Philadelphia City Hall on Sept. 29 to demand immediate humanitarian relief for storm-ravaged Puerto Rico.Initiated by Diaspora in Action, a loose collection of members of Philadelphia’s Puerto Rican community with strong ties to their island nation, the rally followed a week of organized events to collect material aid for Puerto Rico.While organizers sought to increase public awareness of the humanitarian crisis their friends and families are suffering under, several speakers also addressed the century-old impact of imperialist colonization that is behind the crisis. Many participants carried signs in English and Spanish calling for cancellation of the $123 billion dollars in debt currently faced by Puerto Rico (Forbes, June 1, 2017), and for reparations for the island.Speakers repeatedly challenged President Donald Trump’s excuses that as an island it was just “too difficult” to get support there. They pointed out that when the U.S. conducted military operations on Puerto Rico’s archipelago island of Vieques, they never had a problem getting ships there.Rally organizer Kimberly Torres challenged Trump: “You can drop bombs on Afghanistan but you can’t drop food supplies to Puerto Rico?” Calling for a million Puerto Ricans to march in Washington, D.C., she challenged the crowd to “get angry!”Former Philadelphia City Council member Angel Ortiz criticized the U.S. government for abandoning the people of Puerto Rico and trying to starve them out, as a part of the continuing land grab by Wall Street interests. He urged repeal of the Jones Act, passed in 1920, which mandates that only ships registered in the U.S. can carry goods by water between U.S. ports.Ortiz concluded, “The people of Puerto Rico are not going to pay the debt. The U.S. owes us for 118 years of colonialism and exploitation. Puerto Rico belongs to Puerto Ricans!”The growing anger over obvious racial disparity in the response to the impact of Hurricane Maria on Puerto Rico was expressed by several people. Diana Gonzalez recounted the legacy of U.S. colonialism and its continuing impact. “We didn’t ask the U.S. military to come to our island to rape our women or subject them by force to birth-control testing, and we sure didn’t ask for the debt you created.”Gonzalez urged people to continue sending donations, noting that “when more stuff keeps arriving it puts pressure on them to release it.”Johanna Janies, whose family lives in St. Croix, raised the lack of adequate response to the storm damage from two recent hurricanes on the U.S. Virgin Islands: “The U.S. bought our islands from the Dutch for military purposes 100 years ago. People from the U.S. always find time to come to our lands for vacations. They can’t just have us in the ‘good times’ and ignore us in the bad.”“The way they have left Puerto Rico and the U.S. Virgin Islands is unacceptable,” Janies stated. “We need a continuous fight!”FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare thislast_img read more

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Appeal court upholds Moldovan youth’s acquittal of murdering journalist in Moscow

first_img RSF at the Belarusian border: “The terrorist is the one who jails journalists and intimidates the public” to go further Organisation May 28, 2021 Find out more RSF_en News An appeal court in the Moldovan city of Balti issued a ruling on 2 April confirming the acquittal of Igor Velchev, a young Moldovan, on charges of murdering Russian journalist Ilya Zimin in Moscow. A reporter for Moscow-based NTV, Zimin was found dead in his apartment on 26 February 2006. The court rejected the appeal by prosecutors against Velchev’s acquittal by a court in the northern district of Ocnita on 25 December. He was tried in Moldova under a Commonwealth of Independent States provision for accused persons to be prosecuted in their country of origin.Velchev’s lawyer, Viktor Shilat, said the appeal court’s decision showed the professionalism of the Moldovan justice system. Velchev maintains that he is innocent and accuses the Russian authorities of trying to make him the scapegoat.Zimin’s family said they did not rule out the possibility of appealing to the supreme court of justice, Moldova’s highest court. There is a two-month deadline for submitting an appeal.Zimin’s colleagues voiced their discontent after Velchev’s acquittal in December and NTV representatives said they were considering taking the case to the European Court of Human Rights so that it could be examined in an “impartial manner.”Velchev was arrested in his home town of Kagul, in southern Moldova, on 23 June 2006, months after he had been identified by the Moscow authorities as the suspect in Zimin’s murder. Article 13 of the Moldovan criminal code forbids the extradition of Moldovan citizens accused of crimes in other countries. April 4, 2008 – Updated on January 20, 2016 Appeal court upholds Moldovan youth’s acquittal of murdering journalist in Moscow News News Help by sharing this information center_img Russian media boss drops the pretence and defends Belarus crackdown Follow the news on Belarus BelarusEurope – Central Asia BelarusEurope – Central Asia June 2, 2021 Find out more Receive email alerts News “We welcome opening of criminal investigation in Lithuania in response to our complaint against Lukashenko” RSF says May 27, 2021 Find out morelast_img read more

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New government plans to step up online censorship

first_img ThailandAsia – Pacific Covid-19 emergency laws spell disaster for press freedom May 12, 2021 Find out more Follow the news on Thailand RSF_en News August 21, 2020 Find out more Help by sharing this information December 31, 2008 – Updated on January 20, 2016 New government plans to step up online censorship ThailandAsia – Pacific Receive email alertscenter_img News to go further Organisation Thai premier, UN rapporteurs asked to prevent journalists being returned to Myanmar News Red alert for green journalism – 10 environmental reporters killed in five years Read in ThaiReporters Without Borders is more concerned than ever about the Internet’s future in Thailand after yesterday’s announcement that access to more than 2,300 websites was blocked in 2008, in most cases for lese-majeste (insulting the king), and the new information minister’s pledge to make it her priority to block such online content. “By trying to protect the king’s image, the government is actually doing it harm and in some cases the charge of lese-majeste has been entirely inappropriate and unjustified,” Reporters Without Borders said. “Australian author Harry Nicolaides was arrested exactly four months ago today and has been held in a Bangkok jail ever since on a lese-majeste charge for writing just two lines about a close relative of the king without even naming him. We reiterate our call for his release.” Three days being appointed as minister of information and communications technology, Ranongrak Suwanchawee said on 29 December that blocking websites with lese-majeste content would be the ministry’s main task. She also said that her predecessor in the post was “mistaken in believing that little could be done to control sites originating overseas.” Two days before that, members of the Democrat Party-led government called for the lese-majeste legislation to be made tougher, while the army’s commander in chief, Gen. Anupong Paojinda, told his officers to make sure there were no attacks on the king. Speaking to more than 800 battalion commanders, he urged each battalion to monitor one to two websites for negative content about the monarchy. Nicolaides, who is from Melbourne, was arrested on 31 August as he was about to board a flight back to Australia. He used to teach at Mae Fah Luang university in the northern city of Chiang Rai and wrote for magazines and websites. His four requests for provisional release have all been rejected. News June 12, 2020 Find out morelast_img read more

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Texas woman delivers baby girl by candlelight during tornado

first_imgiStock(DALLAS) — A Texas woman gave birth to a baby girl by candlelight Sunday evening as a tornado swept across the state.The Bump Birthing Center in Rowlett, a suburb of Dallas, posted a photo Monday of the unidentified woman in labor.The delivery apparently took place inside the facility’s laundry room.“Baby girl born in our laundry room with the tornado sirens going off, a tornado on the ground half a mile away, and no electricity…..by candle light!! Welcome to the world beauty!” the center posted on its Facebook page.The birthing center did not immediately respond to ABC News’ request for comment.At least one tornado touched down in the area amid stormy weather, tearing through structures, overturning cars and knocking out electricity for thousands.An EF-1 tornado struck Rowlett on Sunday night with maximum winds of 100 mph, according to the National Weather Service.More than 167,000 electric customers were without power as a result of the storms.Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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Fife College of Further and Higher Education

first_img Previous Article Next Article Fife College of Further and Higher EducationOn 30 Apr 2002 in Personnel Today Founded: First established in 1929 as Kirkcaldy Technical School at its current main location in St Brycedale Avenue, Kirkcaldy. It became the principal centre for advanced further education courses in Fife as Fife College in 1974 and, after broadening its course base (including adding a number of degrees courses), took its present name in 1993.HR-related and specific courses: CIPD Certificate in Training Practice, one-year, part-time, which leads to Associate membership of the CIPD; CIPD Professional Qualification Scheme, which leads to Licentiate Membership of the CIPD on completion of one of the modules and Graduate membership for those who complete the three-year programme; HND Human Resource Management, two years, full time; CIPD NVQ in Recruitment Consultancy (Level 3).College CV: The college is based in two main campuses in Kirkcaldy and there are 12 community access points offering learning opportunities for students who cannot come in to college. Part of its mission is to work in partnership with business and wider communities and it has excellent links with local organisations and government and is regularly engaged by Fife Council to raise the awareness of HR issues and employment legislation. It has been a CIPD-approved centre for 20 years and runs a programme of education for the TUC. It is currently actively involved in the European human resource project, ADAPT, which assists organisations and individuals in the transition stages of industrial and technological change. The college is committed to lifelong learning and offers an online learning environment, called WebCT, so that students can learn solely online or complement classroom study with a Web-based element.Star HR academics : Pamela Leitch, team leader of management and professional studies. William Breckenridge, who has just returned from a secondment to draft further education competency standards.Entry: There are no formal entry requirements for the Certificate in Training Practice, although those who take the course must become Affiliate Members of the CIPD. For the Professional Qualification Scheme, any of the following: a degree in a related subject; three Higher grade passes; a Certificate in Training Practice; an equivalent or higher award acceptable to the institute; or by age and experience (direct entry to the second year of the three-year course is possible depending on experience and qualifications). For the HND course, a combination of Highers, Standard Grades or modules, equivalent to two Highers and two Standard Grades or an appropriate introductory course or GSVQ qualification. Those with suitable experience, maturity, or other qualifications will be considered.Alumni: There is an active college association for all staff and students.www.fife.ac.uk Comments are closed. Related posts:No related photos.last_img read more

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Recent measurements of total ozone at British Antarctic Survey stations

first_imgThe deep minimum in total ozone, the ‘ozone hole’, which is now observed each year in early spring in Antarctica, appears to be confined to the cold core of the polar vortex. The breakdown of the vortex in 1986 followed an unusual course, and produced an atypical variation of total ozone at Halley Bay. Upper-air data show that the cold core in this year was subjected to large displacement and rapid deformations. Despite these dynamic perturbations, the ozone amount within the core seems to have been scarcely affected. This is consistent with the observed behaviour of other tracers at high latitudes. The observations are most readily explained by supposing that the core of the polar vortex is maintained as a material entity or isolated air mass, even when it suffers erosion of material from its edge (as happens throughout the period leading up to the final warming). It has recently been suggested, solely on dynamical grounds, that the process of erosion is essentially one sided; the eroded material is readily mixed into middle latitudes, but the main vortex is remarkably impervious to even small-scale incursions of the surrounding air. Formerly, the timing of the final warming was very variable from year to year. Since 1979, no early final warming has occurred. The effect on monthly mean temperatures has been described by some workers as a cooling of the lower stratosphere. W hat should be said is that temperature in the core of the vortex rises more slowly now than formerly. This is not unexpected, because the heating rate in the lower stratosphere is strongly dependent on ozone amount. It is suggested that this slower warming can, by its influence on the diabatic mass circulation, affect ozone amounts outside the vortex. The limited evidence available suggests that no significant depletion of ozone occurs in darkness. However, by the time that the Sun is high enough to permit frequent measurements of ozone the loss rate is high and remains so until the equinox. It then diminishes rapidly, and the minimum value of ozone is attained by mid-October, well before the final warming of the lower stratosphere. This suggests a greater degree of solar control than is evinced by other aspects of vortex behaviour. It is inferred that the depletion of ozone arises largely from chemical sinks, and some reactions likely to be important are discussed. Attention is drawn to the photochemically labile reservoirs HOCl and NO3. Competitive reactions between their photoproducts determine critically the persistence, or otherwise, of an HOx, catalytic cycle in early spring.last_img read more

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