Nigerian Government partners with Olam to address food price crisis
Analysts in Nigeria are predicting a crisis in food prices this year, as the price of imported rice goes beyond the reach of most Nigerians. In response to the anticipated crisis, the Nigerian Government is collaborating with Asian agribusiness, Olam Agro Technical Processing Company. Olam has invested resources in developing local capacity for production, by helping growers mechanise cultivation processes. It is also pushing the government to introduce duties to incentivise local sourcing and investment. (ThisDayLive)
Environment
Blue chip companies call for focus on natural capital
An influential group of business leaders is calling on the UK Government to urgently embrace policies designed to protect natural resources and ensure businesses can continue to benefit from the services provided by the natural world. The announcement comes just a day after it emerged that the UK Treasury has blocked plans for a government-wide review of resource security risks. The industry-led Ecosystems Market Task Force, which is chaired by Kingfisher chief executive Ian Cheshire and includes representatives from United Utilities, Unilever, and Jaguar Land Rover, will today publish a report on the opportunities presented to businesses by properly valuing so-called ecosystem services or natural capital. (Business Green)
Green building hub launches
Leaders from across the green building industry have come together to call on the sector to acknowledge that environmental issues are now "a core business concern" that will prove critical to its chances of recovery. The call comes in a collection of essays by chief executives of 15 major building industry organisations, including Balfour Beatty, Arup, E.ON, and the Crown Estate, which will be published by the UK Green Building Council (UK GBC). The UK's building stock accounts for around half the country's carbon emissions – highlighting both the scale of the challenge and the potential opportunity for the building industry. (Edie, Business Green)
Finance & Banking
Banks look at suing over bonus cap
The City of London’s big banks are considering suing the EU over rules to cap bonuses after receiving legal advice that the pay regulation could be struck down in court. Legal advice for one bank argues that the proposed ban on bonuses that exceed salary “contravenes European law” because of an EU treaty provision that prohibits regulating pay in member states. The drastic options being weighed up by bankers underline industry anxiety over a fixed ratio pegging bonuses to salary, which will be debated by EU finance ministers in Brussels on Tuesday. (Financial Times*)
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