Shell falls behind on emissions

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Economy
Written by Gary Howes and Sharecast Roundup   
Monday, 16 March 2009

Morning Business News, Mon 16th March: Shell, AIG, Lloyds Banking and more.

 

Royal Dutch Shell’s (LON:RDSA) disclosure of its carbon emissions lags behind its closest rivals and falls well short of best practice, a study by an industry consultant has said.

PFC Energy said Shell, which has sought to assert its green credentials, was rated bottom out of six multi national oil companies surveyed on the level of detail, frequency and coherency of emissions disclosures.

PFC said BP was ranked highest, setting the standard for its peers, reports the FT.

 

AIG


A storm of protest has erupted over a decision by American International Group (NYSE:AIG) to pay $165m (£118m) in bonuses to executives in the business unit that brought the stricken insurer to the brink of collapse.

Barney Frank, the chairman of the US House Financial Services Committee, vowed to determine whether the bonuses could be recovered, and Lawrence Summers, President Obama’s leading economic adviser, described the payments in a company propped up by $170bn of taxpayers’ cash as “outrageous,” reports the Times.

Financial Sector worries


Tensions in the financial system are approaching the fever pitch they reached before the collapse of Lehman Brothers last October, the Bank of England has warned.

Investors have restrained the amount they are willing to lend, banks have grown reluctant to entrust their cash to each other and levels of stress in the system have hit new peaks, according to the Bank's Quarterly Bulletin, reports the Telegraph.

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Lloyds Banking Group (LON:LLOY) is facing a legal challenge from investors who are angered that it is seeking further support from the Government after its controversial takeover of HBOS. Independent shareholders have formed an action group to oppose handing a stake to the Government that could rise to 77 per cent because of the troubled bank's participation in the Government's scheme to guarantee loss-making assets, reports the Times.

The Group of 20 advanced and emerging countries ceased hostilities at the weekend over fiscal stimulus and regulatory policies in an attempt to appear united at a summit next month.

The move followed a week of US pressure on Europe to introduce bigger discretionary tax cuts and public spending increases and irritation at perceived bullying, reports the FT.

Zopa, the social lending website that cuts out banks, lent a record £2.5m in February and is piling on new members as the credit drought makes its service more attractive.

The company, which brings lenders and borrowers together via the internet, said its business grew rapidly in the second half of last year as bank lending prices rocketed while savings returns tumbled, reports the Independent.


 
 
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