The Libor interbank lending rate will get a complete overhaul including cuts to the number of rates it offers, a new administrator and tough regulatory oversight, under reforms to be announced today. The Managing Director of the Financial Services Authority (FSA), Martin Wheatley, will announce the changes in an attempt to restore trust in Libor after a widespread scandal engulfing the financial sector. Although unable to dismantle the rate completely, the changes will see certain aspects change radically, such as moving to sponsorship by a fully independent and regulated administrator, rather than current sponsorship by the British Bankers’ Association. (Financial Times*; BBC)
Indonesia arrests Chevron staff in corruption inquiry
Four Indonesian employees of Chevron Pacific Indonesia (CPI), a subsidiary of the US oil and gas giant Chevron, have been arrested in connection with an investigation into alleged corruption at an environmental remediation project in Sumatra. The Indonesian attorney general’s office detained the employees, including the project’s environmental manager, as part of a months-long investigation into a Chevron project at a site in Sumatra to treat oil-contaminated soil with micro-organisms. Chevron has responded by voicing its concern for the arrests, stating that “no state funds have been used”. (Reuters; Financial Times*)
Employees
Illegal mine strikes spread in South Africa as Amplats threatens sanctions
An illegal strike spread through AngloGold Ashanti's South African operations on Wednesday, while on Thursday Anglo American Platinum (Amplats) said it could start firing unlawful strikers at its mines in the country; the news comes after weeks of labour unrest. A recent wave of wildcat strikes have hit a number of internationally owned mines, despite the end of an illegal six-week stoppage at platinum producer Lonmin in which 46 people were killed and platinum prices was pushed higher. Amplats, the world’s top platinum producer, said attendance at its four South African mines remained below 20 percent and it would not rule out the prospect of dismissals in response to the unrest.(Financial Times*; Reuters)
Environment
Ford and Schneider to offer electric car chargers across Europe
Ford Motor Co. and Schneider Electric , a specialist in energy management, joined forces this week to announce plans to offer installation of Schneider Electric’s EVLINK electric vehicle charging stations at homes and businesses. Chargers will be available in every country where Ford’s all-electric and plug-in electric cars are on sale. In addition, the two companies will offer owners of the new Ford Focus Electric the opportunity to purchase their electricity from green energy partners, providing certified renewable energy. (Business Green; Electric Light and Power)
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