Consumers in region ‘becoming aware of environmental issues’

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Updated 11 May 2016
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Consumers in region ‘becoming aware of environmental issues’

STOCKHOLM: More brands are now choosing responsibly sourced Tetra Pak packages with the Forest Stewardship Council's (FSC) label in the greater Mideast and Africa region, according to top executives.
Tetra Pak has reported a rise in the number of companies in the region selling products in Tetra Pak packages that carry the FSC label, they told a group of journalists from Saudi Arabia, Egypt and Turkey visiting Tetra Pak's facilities in Sweden.
The company boosted the deployment rate of FSC-labeled packages in the region from 2.2 percent to 6.7 percent last year as manufacturers start to meet consumer demand for sustainable packaging.
Abdullah Hassan, Tetra Pak's communication manager for Arabia area, said: “Consumers in the region are gradually becoming aware of environmental issues."
He added: "Companies need a clear label on their package to communicate their commitment to the environment in a straight-forward way, and we are happy to support our customers with responsible sourcing and labeling. The FSC logo is widely recognized by consumers, enabling them to choose brands that are driving sustainable forestry."
“Our customers in South Africa, Turkey and Saudi Arabia were among the first in the region to deploy FSC-labeled packages,” the manager said.
He said Tetra Pak's factories and market companies in the Greater Middle East and Africa region are all certified by Forest Stewardship Council (FSC).
By 2015, Tetra Pak had deployed around 1.9 billion packs of FSC certified packages in GME&A.
FSC, founded in 1994 by a group of non-governmental organizations, timber users and traders, is widely recognized as the highest global certification standard for forest management.
For a product to carry the FSC label, there must be an unbroken chain of custody certification for all relevant sites.
Tetra Pak has completed the certification for all converting plants and market companies and can supply FSC-labeled packages from anywhere in the world, including all sites in the Greater Middle East and Africa region.
Driving environment excellence is one of Tetra Pak’s strategic priorities.
As part of this agenda, the long term ambition is to deliver all packages with the FSC label.
The company has delivered 54 billion FSC-labelled packages to its customers globally in 2015 alone.
Tetra Pak is the world's leading food processing and packaging solutions company. Working closely with our customers and suppliers,
Tetra Pak provides safe, innovative and environmentally sound products that each day meet the needs of hundreds of millions of people in more than 170 countries around the world.
With more than 23,000 employees based in over 80 countries, Tetra Pak believes in responsible industry leadership and a sustainable approach to business.


Lloyd’s of London profits quadruple on investment gains

Updated 18 September 2019

Lloyd’s of London profits quadruple on investment gains

  • Specialist insurer reports first-half pre-tax profit of $2.87 billion

LONDON: The 330-year old specialist insurance market Lloyd's of London reported a first-half pre-tax profit of 2.3 billion pounds ($2.87 billion) on Thursday, up nearly fourfold on investment gains and a cutback in underperforming business.
Lloyd's, which covers commercial risks from oil risks to footballers' legs, suffered steep losses in 2017 and 2018 due to natural catastrophes such as hurricanes, typhoons and wildfires.
Lloyd's last year told its 99 member syndicates to ditch the worst performing 10% of their businesses.
"It is encouraging that the Lloyd's market is showing increased discipline in 2019," Chief Executive John Neal said in a statement.
"We need to make some brave choices on how to meet the expectations of our customers and all our stakeholders in the future."
The market has proposed its members move to electronic exchanges next year, as it responds to competition from cheaper rivals.
Further details of the strategic changes will be released on Sept 30.
Net investment income rose to 2.3 billion pounds from 0.2 billion a year earlier, helped by strong equity returns.
Gross written premiums rose 1.7% to 19.7 billion pounds but the company's combined ratio, a measure of underwriting performance in which a level below 100% indicates a profit, weakened to 98.8% from 95.5%.
The results compare with a profit of 0.6 billion pounds a year ago.
Premium rates rose by an average of 3.9%, Lloyd's said.
Lloyd's in May asked the Banking Standards Board to conduct a survey of the insurance market's 45,000 participants on issues such as honesty and respect to help to improve its working environment, following allegations of sexual harassment at member firms.
The survey will be published on Sept 24, Neal said on Thursday.