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...increasing global greenhouse-gas emissions instead of reducing them. In the second paper, another team of researchers led by Tim Searchinger of Princeton University uncovered a potentially damaging flaw in the way carbon emissions from bioenergy are calculated under the Kyoto Protocol and in the carbon cap-and-trade bill currently being debated in Congress. If that error in calculation goes unfixed, a future increase in biofuel use could end up backfiring and derailing efforts to control global warming, according to the paper. "Biofuels can be an important part of the portfolio of climate-change activities," says Steve Hamburg, chief...
...from using biofuels. CO2 emissions resulting from deforestation or other changes in the way we use land are not evaluated at all. The result is a huge, if accidental error in the existing global carbon accounting system - and one that now stands to be repeated in the cap-and-trade bill up for debate in Congress. "It's a very, very large loophole," says Searchinger, who had done pioneering work on problems of biofuels. "We're just effectively ignoring what happens on land." (See TIME's special report on the environment...
...Federal Trade Commission (FTC), though, argued in June that giving biologics makers any period of exclusivity at all could actually stifle innovation. Biologics are so much more complex and expensive to produce than traditional drugs that the barriers to would-be "biosimilar" competitors are already high, the FTC said. Giving biologics further protection - particularly the 12 years of exclusivity that the industry wants - would merely encourage firms to tinker with what they have rather than drive them toward "new inventions to address unmet medical needs...
...Most small biologics companies are still years away from seeing their first profits in this high-risk, high-return business. Their trade association, BIO, says that in the past 11 months, at least 40 of them have cut back or eliminated drug-development programs. The venture capitalists who invest in them "aren't looking to cure Parkinson's disease as much as they are looking for a return on their investments," says Greenwood. "They're just as happy to put their money into the next iPod." But increasingly, the big players in the pharmaceutical industry are moving into the biologics...
...Asia will take such action, even if it does prove necessary. By raising rates ahead of the rest of the world, Asia could attract capital flows and put pressure on its currencies to appreciate. Stronger currencies would make Asian exports more expensive - a consequence policymakers in the region's trade-dependent economies might wish to avoid. "Unless you are really forced to do something independent of the Federal Reserve, you are probably not going to go that route," says Duncan Wooldridge, an economist at UBS in Hong Kong...