The UK supermarket Asda, a subsidiary of the US retailer Walmart, has launched its own honours degree in retail. The Executive People Director at Asda, Hayley Tatum, said “the current economic climate, coupled with the spiralling costs of higher education, means that many of our colleagues have missed out on university degrees…we hope that we can open more doors for our colleagues, developing their skills for the future.” The degree will be taught in partnership with Middlesex University. The Director of Employment and Skills at the Confederation of British Industry (CBI), Neil Carberry, said “this is exactly the kind of approach other industries need to follow. It sends a clear message that major employers should work with universities to give staff top-level skills for their whole career, not just their current job.” (The Times*)
Reporting
Halcyon Agri publishes the first sustainability report in the rubber processing industry
Halcyon Agri, a Singapore listed rubber processor and exporter, with processing plants in Indonesia, has published its first sustainability report, which is also the first sustainability report produced by the natural rubber processing industry. Globally, the natural rubber industry accounts for $33 billion per year and is the second largest agribusiness after palm oil. The cultivation of rubber has been criticised by environmental groups for contributing to the environmental degradation of rural areas in Asia, owing to unsustainable land clearing methods. Robert Meyer, the chief executive of Halcyon, said “we need to take into account that our international customers are increasingly demanding responsibly managed supply chains. That provides additional pressure on us as a supplier, but it also reinforces our commitment to do things right by the environment and society, to be more productive and sustainable in our operations.” (Eco Business)
Environment
Centrica chief criticises UK energy plan
The UK’s largest energy retailer, Centrica, has criticised the Energy Company Obligation (Eco), one of the UK Government’s flagship energy policies, claiming it is “complicated” and “expensive to administer.” The policy, which is designed to make UK homes more energy efficient, requires energy suppliers to pay more for energy efficient home improvements. The chief executive of Centrica, Sam Laidlaw, said that the cost of carbon abatement under the scheme is £100-£120 per tonne, compared with £25-£30 per tonne under the previous Cert scheme. However the UK Department of Energy and Climate Change (DECC) said it had “no hard evidence to suggest we should change our estimate.” DECC added that comparing the cost of Eco with the Cert scheme was “simply nonsensical” as “the schemes are completely different in design.” Centrica’s call for an overhaul of the policy follows recent scrutiny over energy suppliers’ rising charges to consumers. (Financial Times*)
Fracking and drought leaves Texan town without water
Decades of overuse, three years of drought and the oil industry’s large demand for water for fracking is depleting reservoirs and underground aquifers in the southwest of Texas in the US. An estimated 15 million people are living under some form of water rationing in Texas. Water being extracted for shale gas fracking, recent drought and decades of overuse by ranchers, the agricultural industry and urban development, have been cited as the chief causes. Water levels dropped sharply after contractors pumped out vast amounts of water from the Edwards-Trinity-Plateau aquifer, a 34,000 square mile water bearing formation. The Texas Commission on Environmental Quality has estimated that by the end of 2013, as many as 30 communities may run out of water. (The Guardian)
Tax
UK Taxman to hit ‘cowboy’ advisers with £1 million fines
Under new rules proposed today by the UK Government, financial advisers and accountants who sell tax avoidance schemes to their clients could face fines of up to £1 million. The new measures, which will be announced in a consultation document published today, are in response to concerns that the UK Government is losing the fight against individuals and businesses that use accounting and legal loopholes to reduce tax bills. Accountants and financial advisers who promote the avoidance schemes could also be named as HM Revenue and Customs (HMRC) steps up its attempts to recover the estimated £5 billion lost each year to tax avoidance. Under the new plans, HMRC will also be able to identify publicly the accountants and advisers it believes are behind the worst schemes. Businesses that purchase tax avoidance schemes will also face penalties. (The Times*)
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