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THE EUROPEAN Parliament has now formally approved a new European Union (EU) offshore oil and gas drilling directive, designed to prevent accidents such as the Deepwater Horizon spill happening in coastal EU sea waters.

These new rules will require oil and gas firms to prove they can cover potential liabilities from accidents and submit major hazard reports and emergency response plans to regulators before drilling operations start.…

A PUSH by the G8 group of the world’s seven most industrialised nations plus Russia to improve extractive industry transparency and openness can help industrial minerals companies manage the payments they make in developing counties, as they will only have to follow one set of rules, according to Rio Tinto chief executive Sam Walsh.…

KYRGYZSTAN’S promising textile and garment industry increased “textile and garment exports 17-20% between 2010 and 2011,” a United States Agency for International Development (USAID) official in the Kyrgyz capital Bishtek has told just-style, quoting most recent available figures. Indeed he claimed the Kyrgyzstan government’s goal of increasing garment and textile exports by 60% from 2012 to 2015 is “achievable”.…

Diageo is accelerating its expansion into the Russian rum market with a launch in May of a Russia version of its low-cost Shark Tooth brand. The spirit is being manufactured for Diageo by Russia’s Ladoga Group with a 40% alcohol content.…

THE LEADERS of eight of the world’s leading economies have pledged to crack down on misuse of companies and legal arrangements to evade tax and launder money.

It raises the prospect of national registries of beneficial ownership for companies and trusts in Canada, France, Germany, Italy, Japan, Russia, USA, and in the UK, which had already announced plans to force registration of beneficial ownership at Britain’s Companies House registry.…

EASTERN European textile and clothing companies used to have a cost advantage in serving wealthy western European markets, but that has long been eclipsed by Asian competition – added value technical textiles may offer them a sustainable future.

In Poland’s hard-pressed textile industry, its fast-growing technical branch may constitute the future of the national industry, experts in the country’s industry say.…

Although proper accounting is important for developing and emerging economies – for instance, informational transparency decreases transactional costs – obstacles remain, said Evgeny Buben, Gazprom Nigeria’s CFO: “There’s a lack of political will to start the process of harmonisation and control implementation; a lack of  professionals capable of performing proper implementation; resistance from local accounting bodies and other local influential groups; resistance of local accountants and auditors to changes.”…

THE RUSSIA tax manager at energy giant Shell has called for comprehensive financial and business practice reforms in his country, so that companies can reduce costs and operate in a more predictable environment. Speaking to Accountancy Futures, Andrey Sukhov said: “We need to improve the whole investment climate.”…

Poland confirmed plans in 2012 to build a liquefied natural gas (LNG) plant with a view to importing supplies from Qatar, it seemed like the latest example of eastern European energy ministries trying to avoid energy dependence on Russia. Plans to develop shale gas in Poland and the Baltic States fall into the same category, along with policies to build energy infrastructure linking Poland and its Nordic and Baltic neighbours.…

Drinks packaging design has always been about communicating with consumers – whether it is broadcasting a brand image or delivering information. And with new technologies aiding communication in many ways, interaction is a key theme with international beverage packaging designers today.…