Representatives of 30 organisations are designing a global collaboration to bring 50 percent of fish and fisheries within sustainable management in 10 years. Economists at the World Bank estimate that the benefits of reform would add at least $20bn (£12.45bn) annually to the global economy, as well as securing fish stocks for the future. Many major retailers have sustainable seafood programmes but this initiative would push for a more regulated global collaboration. In recognition of the increased urgency of the problem, the Prince of Wales' International Sustainability Unit recently commissioned a set of 50 global case studies and found that the knowledge of sustainable management exists, it just needs action. The ‘50in10 collaboration’ seeks to do just that, by bringing industry, finance, philanthropic, public sector and NGO partners into the design process to achieve its goal. (Guardian)
Industrial pollution increased in 2011
Highly polluting industries such as power stations and industrial-scale farming caused more air pollution in 2011 than the previous year, despite a significant drop in overall emissions in England and Wales over the last decade. The news comes in the UK Environment Agency's new ‘Sustainable Business Report’ published on Thursday. Businesses regulated by the Environment Agency (EA) account for 55 percent of sulphur oxides (SOx), 24 percent of nitrogen oxides (NOx), and 16 percent of PM10 particulate pollution in the UK. SOx emissions increased by six percent from 2010 to 2011, despite having fallen by 73 per cent since 2000. The increase can mainly be attributed to the unusually cold winter, said the EA. For example, SOx emissions from the combustion sector were 11 per cent higher in 2011 as more coal plants were required to come online to heat homes. (Business Green)
Policy & Research
Firm accused of ‘hiding vital breast cancer data’
The company that makes the world's biggest-selling gene test for breast and ovarian cancers is refusing to share ground-breaking knowledge that could benefit patients, academics claim. Myriad Genetics is accused of deliberately withholding data that could help other scientists to understand cancer genetics, on the grounds that the information is commercially sensitive. It has a monopoly on the tests in the United States and is about to start more aggressive marketing in Europe. "We are very concerned that such important data is being withheld from those who need it," said Professor Martina Cornel, chair of the European Society of Human Genetics policy committee. The case raises further questions over transparency in the scientific community.(Independent)
Corporate Reputation
Barclays faces $100m US fine
Barclays bank faces a fine of potentially more than $100m to settle allegations of US energy market manipulation. The possible fine comes from the US Federal Energy Regulatory Commission over dishonest power trading in the western US from late 2006 to 2008. The bank, which this summer paid a £290m fine for manipulating Libor, is also being investigated by the US Department of Justice and the US Securities and Exchange Commission over whether it breached corruption laws. Liability under the US’ Foreign Corrupt Practices Act has in the past been as much as $800m – a fine paid by Siemens in 2008. (Financial Times*, Independent, Guardian)
Lloyds raises PPI bill by a further £1bn
Lloyds Banking Group has set aside a further £1bn to cover compensation for customers who were mis-sold payment protection insurance (PPI). It brings the bank's PPI bill to £5.275bn so far. The further provision means Lloyds has been pushed into a loss of £144m for the third quarter of the year. After Barclays' recent decision to set aside a further £700m for PPI compensation, the banking industry's bill now stands at just over £11bn. Lloyds described the further PPI provision as a disappointing "legacy issue". (BBC)
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