Sharon Bowles MEP, who represents South East England in the European Parliament, has said the filing for insolvency by Petroplus -Europe's largest independent oil refiner - is a blow to the South East.

Petroplus, based in Switzerland, has been hit hard by the financial crisis and in December had $1bn in credit lines frozen - a move that has pushed the company closer to bankruptcy.

Amid fears that David Cameron's veto had isolated the UK in Brussels, MEPs from across Europe and the political spectrum have today re-elected Liberal Democrat MEP Sharon Bowles as Chair of the European Parliament's Economic and Monetary Affairs Committee.

The committee, widely regarded as the Parliament's most powerful, is responsible for legislation in the headline areas of economic governance and financial services.

Sharon Bowles MEP, who represents South East England in the European Parliament, has been named on The Times '100 to watch in 2012' list, which includes actors, writers, musicians and world leaders.

Sharon is listed #48, ahead of Boris Johnson (#51), rock band The Stone Roses (#56), and writer Sir Tom Stoppard (#60).

The European Parliament will push the European Commission to come forward with a coordinated EU strategy to halve food waste by 2025.

MEPs in Strasbourg will vote on a report tomorrow to improve the efficiency of the food supply chain from the production stage to storage, processing, distribution, management and consumption. It is estimated that almost 50% of edible food gets wasted along the entire food supply chain each year.

Sharon Bowles MEP, who represents Sussex in the European Parliament, has joined calls for controversial gas company, Cuadrilla, to stop its fracking operations in Sussex until safety issues are resolved.

Hydraulic fracturing, or 'fracking', is a process whereby holes drilled into reservoir rock layers beneath the ground are filled with pressurized fluid which creates cracks, veins or dykes allowing gas to be extracted.

Sharon Bowles MEP, who represents Reading in the European Parliament, has sent a letter of congratulations to Dr Vitaliy Khutoryanskiy, Reader in Pharmaceutical Materials at the University of Reading's School of Chemistry, for winning the 2012 McBain Medal.

Named after chemist James William McBain, the McBain Medal is awarded annually by the Royal Society of Chemistry and Society of Chemical Industry to 'honour a younger scientist who has made a meritorious contribution to colloid and interface science.'

Have you ever wondered why a personal loan, credit card or auto finance offered online has turned out to be much more expensive than expected? An EU-wide investigation into more than 500 websites offering consumer credit has found that 70% (393) of sites lack at least some of the legally required information to help consumers make an informed decision. In the UK, 38 out of 47 (80%) checked websites revealed irregularities which will now be investigated further by UK Office of Fair Trading.

Commenting after the publication of the initial findings of the 2011 EU Consumer Credit investigation, South East Euro MP Sharon Bowles, said:

"At a time when families are struggling and the effects of the credit crunch are still being felt across the country, it is of paramount importance that UK consumers are informed, confident and protected - especially when it comes to borrowing money.

"Finding out how much credit really costs is often complicated and misleading. It is absolutely essential that websites offering consumer credit online contain correct and complete information on the actual terms and conditions. It is essential that businesses comply with EU rules that were introduced to help consumers understand and compare credit offers.

"It is shocking that around 80% of websites checked in the UK do not fully comply with EU consumer credit rules and either do not include the standard information required in their advertisements, such as the annual percentage rate of charge (APR), omit key information on the offer, or do not explain fully the actual costs of undertaking a credit agreement.

"I urge the UK authorities to follow up these irregularities as quickly as possible and ensure that, in future, standard information on consumer credit will be made fully available on all UK websites."

National enforcement authorities are asked to report back to the European Commission by autumn 2012.

Sharon Bowles MEP, who represents South East England in the European Parliament, has been invited by the Henry Jackson Society to sit on the taskforce of a new project which will analyse the future direction of capitalism.

Other taskforce members include former US Treasury Secretary, Larry Summers, former Trade and Industry Secretary, Lord Young, and Lady de Rothschild.

The goal of the taskforce is to formulate up to 20 proposals aimed at business and government of how to facilitate a new global financial environment.

Sharon, who also chairs the European Parliament's Economic and Monetary Affairs Committee, said:

"With the financial, economic and sovereign crisis in Europe still ongoing, my committee and I continue to look for new ways forward.

"While we are busy shaping necessary reforms and regulations, it is important that politicians do not lose sight of the bigger picture, namely the future direction of capitalism in Europe and the rest of the world. This is of particular relevance now when, in large swathes, crony capitalism has undermined market capitalism so that it no longer serves society.

"I am pleased to be a part of this project and look forward to sharing some of my thinking with other taskforce members."

ENDS

South East Euro MP, Sharon Bowles, who chairs the European Parliament's Economic and Monetary Affairs Committee, has slammed comments made by the head of corporate governance at the Institute of Directors, Roger Barker, concerning executive pay.

Executive pay for company directors has continued to rise, with senior business figures able to sit on company boards and set each others pay.

Sharon Bowles MEP, who represents South East England in the European Parliament, has expressed concerns that fake goods, including medicines, alcoholic drinks and cosmetics, are not only putting consumers' health at risk but also harming the UK economy, as recent examples have shown.

In 2007 the UK Government's medicines watchdog issued a recall of thousands of drugs used by the NHS to treat stroke patients, men with prostate cancer and schizophrenics because the drugs were discovered to be counterfeit.