Banks fail living will test

Nearly eight years on from the 2008 financial crash what are the lessons the big lesson the big banks have learned? Not so much according to US financial service regulators. As The New York Times writes, The Federal Reserve and the Federal Deposit Insurance Corporation believe “five of the nation’s eight largest banks — including JPMorgan Chase and Bank of America — did not have ‘credible’ plans for how they would wind themselves down in a crisis without sowing panic.”

Theranos faces blood testing ban

The scandal around radical blood testing start up (and Silicon Valley darling) Theranos appears to have reached a peak with the US federal health regulators proposing to ban its founder, Elizabeth Holmes, from the blood testing business for at least two years for failing to fix “major problems” at its California laboratory, the Wall Street Journal reports. Once valued at $9 billion by venture capitalists, “Theranos has faced questions about the proprietary blood-testing devices it invented, code-named Edison, the accuracy of patient test results and its lab practices,” the WSJ writes.

Bob Dudley's bumper BP pay pack

When even the UK’s Institute of Directors says your pay increase sends the wrong message you know you’ve got a major PR problem. That’s what BP boss Bob Dudley faces today as shareholders gather to vote on a proposed (and eye-watering) £13.8 million (20%) pay rise, the BBC reports. Defenders of Dudley’s pay deal say it is a just reward for saving the oil giant from near ruin following the 2010 Deepwater Horizon catastrophe. Critics, however, note that the proposed raise comes at a time when BP profits are falling and jobs are being cut.

What the oil industry knew and when

Sticking with the oil industry, archive documents have been unearthed that show that the US oil industry trade and lobby group, the American Petroleum Institute, was presented with research back in 1968 warning “the release of carbon dioxide from burning fossil fuels could carry an array of harmful consequences for the planet.” As the Centre for International Environmental Law tells the Guardian, the documents “add to the growing body of evidence that the oil industry worked to actively undermine public confidence in climate science and in the need for climate action even as its own knowledge of climate risks was growing.”

Dolmio says basta pasta sauce

Finally today, Mars Food is introducing new labels on its savoury pasta products to inform consumers that some should be considered “occasional” rather than everyday foods due their high sugar, salt and fat, content. The move is part of a five year global health initiative that will also see Mars “revamp its UK product range and reformulate many of its best-known foods, including its Dolmio pasta sauces – which have come under fire from health campaigners – by reducing salt, added sugar and fat,” the Guardian writes.

 

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