WASHINGTON, D.C.—After five years of growth, world carbon markets operating under mandatory emissions reduction schemes shrank to $141.9 billion in 2010, down from $143.7 billion in 2009, the World Bank said in a report released June 1.
BERLIN—The German government will seek to shut all of the country’s nuclear plants by 2022 and to use energy efficiency measures and increased renewable energy production to fill the power gap, officials announced May 30.
RIO DE JANEIRO—Brazilian and Argentine officials June 2 said that they had made progress in resolving a dispute over each other’s import barriers, with the two governments agreeing to expedite issuing import permits for products that no longer qualify for automatic licenses, according to Brazilian Development and Trade Minister Fernando Pimentel.
TOKYO—Japan’s Ministry of Economy, Trade and Industry (METI) May 27 ordered Sony Computer Entertainment Inc. to reinforce its data security management and systems in response to the recent massive hacking breach of its online entertainment networks.
LONDON—In a landmark move, the U.K.’s Financial Services Authority June 1 publicly censured the U.K. office of accountancy network BDO LLP for failing to report its dealings as a sponsor of Shore Capital Group’s takeover of Puma Brandenburg Ltd. in 2009.
TOKYO—The Japanese Financial Services Agency May 24 released an updated program for conducting audits and examinations of banks, brokerages and other financial services providers to achieve greater transparency and increased efficiency.
LONDON—The U.K.’s new “micro-prudential” regulator which will be put into place by the end of 2012, will be tasked with the “single objective to promote the stability of the UK financial system,” Hector Sants, the chief executive officer of the Financial Services Authority said May 19.
European Commission Accused of Weakening Basel III Bank Capital Requirements; Dissident Member States Urge Revisions to Draft
Seven European Union member states led by Spain, Sweden, and the United Kingdom, accused the European Commission of weakening the Basel III bank capital requirements agreed upon in 2010 and, backed by the G-20, insisted the EU executive body revise its pending proposal to revamp its EU capital requirements legislation…