The pharmaceutical giant, GlaxoSmithKline, has promised to release a vast amount of background information in the form of clinical study reports (CSRs). Campaigners, for the ‘Alltrials’ campaign, are pressing the whole pharmaceutical industry to be more forthcoming, in the interests of patient safety. GSK believes it is the first pharmaceutical research organisation, to make such a commitment. GSK has been a particularly visible target since its agreement last year to pay $3bn to settle charges in the US that it had provided misleading information about its products. (Financial Times*, Reuters, Independent)
BP faces new claims of $34bn over Gulf oil spill
BP is facing demands of more than $34bn from US states and local government over the 2010 Deepwater Horizon disaster, a figure that could lead to significant upward revisions of its bill for the spill in the Gulf of Mexico. Four states, including Florida and Alabama have presented claims to BP for alleged losses, including economic and property damage, as a result of the catastrophe. The newly claims could mean a bill of more than $90bn for BP if the maximum possible penalties and damages are awarded. (Financial Times*, Huffington Post, Bloomberg)
RBS Libor fines expected to total £400m
Royal Bank of Scotland (RBS) is expected to be fined a total of about £400m ($625m) by UK and US regulators today as a result of the Libor scandal. The head of RBS's investment banking arm since 2008, John Hourican, is also expected to step down although there is no suggestion that he was involved in the scandal. RBS is accused of colluding with other banks to rig Libor rates during the global financial crisis. Barclays and UBS have already received fines. (BBC, Reuters)
Environment
APP to stop cutting Indonesian rainforests
Asia Pulp and Paper Group, one of the largest paper producers in the world, announced it would stop clearing natural forests across its supply chains in Indonesia, accelerating a pledge to use only trees from plantations by 2015. APP, a unit of Sinar Mas Group, one of the largest conglomerates in Indonesia, said in its new ‘Forest Conservation Policy’ that it suspended all forest clearing as of February 1. Greenpeace applauded APP’s new commitment as a breakthrough in efforts to save Indonesian rainforests. Under the policy, brokered by global forestry non-profit the Forest Trust, APP will change the way it supplies its mills with fibre, ending its role in deforesting Indonesia’s remaining rainforests. (Environmental Leader, Guardian)
Policy & Research
European Parliament to debate Corporate Social Responsibility
Richard Howitt MEP is to use his platform as the European Parliament’s Spokesperson on Corporate Responsibility to call on businesses across the EU to act in a more responsible way. In a speech to the European Parliament today he will outline the importance of companies promoting society's interests and ensuring a route to sustainable and inclusive recovery. He will be joined by Antonio Tajani, the European Commissioner for Industry and Entrepreneurship and Raffaele Baldassarre. (European Parliament)
New roadmap for hydrogen vehicles in Britain
Over one and a half million hydrogen powered vehicles could be on UK roads by 2030 according to a joint study by the UK Government and the motor industry. The forecast is made in an interim report commissioned to evaluate the benefits of hydrogen fuel cell electric vehicles (FCEVs) and ensure the UK is well positioned for their commercial roll-out. Produced by the UKH2Mobility project – which brings together leading businesses from the automotive, energy, infrastructure and retail sectors with government – the study provides a roadmap for the introduction of vehicles and hydrogen refuelling infrastructure in the UK. (UK Government website, Hindustan Times)
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