STOCK MARKET WATCH -- Monday, 15 December 2014

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10. AT UN CLIMATE TALKS, A CRACK IN RICH-POOR BARRIER

http://hosted.ap.org/dynamic/stories/L/LT_PERU_CLIMATE_TALKS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-12-14-17-08-28

LIMA, Peru (AP) -- A last-minute deal that salvaged U.N. climate talks from collapse early Sunday sends a signal the rich-poor divide that long held up progress can be overcome with a year to go before a landmark pact is supposed to be adopted in Paris.

Still, it remains to be seen whether governments can come up with a new formula for how countries in different stages of development should contribute in a way that keeps global warming from reaching dangerous levels.

"This issue will be contentious and it will need to be worked through all the way to Paris," U.S. climate envoy Todd Stern said after the marathon talks in Lima finished, more than 30 hours behind schedule.

The U.N. talks were still far away from reaching any agreement on reducing emissions of carbon dioxide and other greenhouse gases to a level that scientists say would keep global warming in check. But the Paris agreement would be the first to call on all countries to control their emissions.