RBS ‘set for 4,000 job cuts amid boss bonus’
Up to 4,000 more jobs at state-owned Royal Bank of Scotland are set to be cut amid reports the head of the affected division is due to receive a £4 million bonus this year. It comes despite the Prime Minister saying he plans to stop bosses being rewarded for failure. The fresh job cuts are expected to be announced on Thursday in the investment banking arm. And they will come on top of 2,000 posts which the bank – 83% owned by the British taxpayer – said last summer would be lost.
Sky News http://news.sky.com/home/business/article/16145258
Swiss central bank chief resigns after uproar
The head of the Swiss central bank unexpectedly resigned Monday, saying that doubts about currency trades he and his wife made last year threatened to undermine his ability to focus on steering the bank through a global financial crisis. The departure of the bank chief, Philipp M. Hildebrand, cut short the public career of a major international advocate of stricter banking regulation. He quit as the Swiss National Bank fought to keep the country’s currency from becoming so strong that Swiss companies could not sell products abroad.
New York Times http://www.nytimes.com/2012/01/10/business/global/swiss-central-bank-chief-tenders-surprise-resignation.html?ref=global
Ministers give green light to 200mph rail route
The government has given the green light to a new £32 billion high-speed rail network and announced new stretches of tunnelling to placate opponents of the scheme. The decision ends months of speculation and delay. The transport secretary, Justine Greening, announced a series of tweaks to the route, intended to appease campaigners from the Tory heartlands. About 22.5 miles of the amended route is underground, an increase of 50% on the original plan.
The Guardian p4 http://www.guardian.co.uk/uk/2012/jan/10/hs2-rail-project-green-light?intcmp=239
Pollution levels in Hong Kong reach record high
Hong Kong’s future as a global business hub has been further questioned this week, after the news that Hong Kong suffered its worst ever air pollution levels in 2011. According to a report, the deterioration of air quality in the country has led to a growing number of businesses and their staff relocating from Hong Kong’s financial centre to neighbouring Singapore citing health concerns. Data taken from three monitoring stations in Hong Kong’s commercial districts showed that pollution levels were above the alarming 100 mark more than 20% of the time.
Climate Action Group http://www.climateactionprogramme.org/news/pollution_levels_in_hong_kong_reach_record_high/?utm_source=Feeds&utm_campaign=News&utm_medium=rss
Large-scale oil recovery operation up for an award
A project to safely remove and recycle 6.4 million litres of gas oil at Derwent Power Station has been nominated for an environmental award. Crown Oil undertook the complex operation without spilling a single drop of oil, despite over 200 tanker movements being required. The company claims its environmental services division is one of only a few companies in the UK with the resources to undertake oil recovery work on this scale.
Solar farm to provide electricity to 60,000 rural homes in India
India’s ever-growing population is another tiny step closer to energy security with the announcement of a solar PV farm to be built near Jodhpur in the state of Rajasthan. Global solar developer, Mahindra Solar One has been commissioned to build the facility, which features cutting-edge solar PV and tracking systems technology, capable of generating the highest output per MW of any solar plant in India says the company. Clean energy generated by the 5MW solar plant will go towards reaching goals s to secure India’s energy future by luring foreign investment into utility-scale solar thermal and PV projects.