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Basel Committee delays AMA
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EU adopts linking directive for emissions trading
The European parliament today voted to adopt the directive linking the European Union emissions trading scheme to other trading systems and CO2 reduction projects. The parliament agreed on a text for the linking directive earlier this month.
Governments face carbon allocation legal action
European governments face legal action from industry if they fail to provide carbon allocation plans by the end of the year, according to Peter Vis of the climate change unit of the European Commission.
Fitch formalises corporate governance's impact on credit risk
Fitch Ratings has formalised and released its framework for reviewing corporate governance. The rating agency characterises governance's impact on credit ratings as an important element in the assessment of a company's credit quality.
Risk Into Value
Investment firms have plenty to consider in the race to achieve Basel II and operational risk mandates.
Dollar distress
Scottish Power has announced a £400 million cash windfall through its currencyhedging programme. Others have not been so lucky – but everyone is nowwaking up to currency trading. By James Ockenden
Crude protection
Oil producers are divided over the value of hedging oil prices. Are investorslooking for high returns and high risk, or more stable revenues? And how muchdoes hedging actually boost an oil producer’s value? By Joe Marsh
European companies outline concerns over emissions trading
Corporates are expressing concern at the ramifications of the European UnionEmissions Trading Scheme – just as EU member states finalise their nationalallocation plans. By Paul Lyon
Unlimited liability
Potential liabilities for European nuclear operators are set to rise sharply.Financial guarantees for nuclear operators will have to be restructured. Aregovernments and the insurance industry up to the task? MariaKielmas reports
Trading places
Canada’s energy landscape is being reshaped. The NGX has changed handsand looks set to expand. Meanwhile, an Ontario government report warns more workneeds to be done to secure future power supplies. By Paul Lyon
Rethinking Kyoto
A long-awaited debate on the Kyoto Treaty has begun in Europe. Just how muchwill it cost industry and the EU economy? Long-term Energy Risk contributor MariaKielmas gives her views on the latest developments
A fertile future
The CME is hoping its introduction of fertiliser futures will protect the industryfrom fluctuations in the price of natural gas – a vital ingredient in mostnitrogen fertilisers. But is it a case of too little too late? By Paul Lyon
Skating on thin Ice
Profits at the Intercontinental Exchange fell by more than half last year thanksto a contraction in over-the-counter revenues. Yet the exchange reports recordvolumes for its IPE business. Paul Lyon analyses the results
Deutsche asks SEC to clarify guidelines
Deutsche Bank claims the SEC’s guidelines for estimating oil reserves are outdated. And Shell, unsurprisingly,also believes that the SEC should clarify its reserve rules. By Joe Marsh
Norway's Statoil sets up emissions trading unit
Norwegian energy company Statoil has formed a unit for trading carbon dioxide emissions. The Oslo-based firm said: “The Norwegian emissions trading regime will govern Statoil’s involvement in the purchase and sale of carbon quotas.”
Dynamically self-propelled capital gains
The Ballistic Long/Short Emerging Equities Fund has achieved impressive returns in recent years. Its manager, David Murrin, shares some of the secrets of his success