JPMorgan investigated over trading charges
US authorities are interviewing witnesses in both the United States and Europe to determine if three former London-based traders and others who worked with them at JPMorgan tried to hide some of the mounting $6 billion (£3.8 billion) trading losses during the first quarter of 2012. The bank had found evidence the traders may have used improper valuations to hide the losses. The US Securities and Exchange Commission is also investigating along with US criminal authorities. (Reuters)
Low-carbon infrastructure investment driving green economy 'success story'
A new report from the Green Alliance think tank draws on a raft of UK government figures to summarise the current state of the British green economy, confirming that the sector was worth £122 billion in 2011 and has been consistently growing at between 4% and 5% since the financial crisis of 2008. The report highlights that low-carbon industries are now among the UK's largest employers, accounting for almost 10% of economic activity. "The biggest projects in the pipeline are in offshore wind, while there are also significant projects in public transport, nuclear, renewables and the fibre optic roll out," said report author Alastair Harper. (Business Green)
Chile hails groundbreaking deep geothermal well
Plans to build the first fully operational deep geothermal well in South America have taken a major step forward after developer GeoGlobal Energy (GGE) finished a test drilling programme in Chile. The company confirmed this week that it has successfully completed an exploratory drilling program on the northwestern flank of the Tolhuaca mountain in southern Chile. The successful completion of the plant would mark a major step forward for the Chilean government's stated plan to develop its geothermal energy reserves. (Business Green)
Shell to start work on Arctic wells
Whilst Russian company Gazprom this week announced that it was pulling the plug on its plans for Arctic drilling, Royal Dutch Shell, has been given preliminary permission to begin drilling in the Alaskan Arctic. The company hopes to complete two exploration wells in the region before the threat of encroaching sea ice makes operations impossible. Environmental campaigners, who have highlighted the risk of a spill comparable to the 2010 Deepwater Horizon disaster in the Gulf of Mexico, raised concerns about the decision to allow work before the containment system was ready. (Financial Times*)