Wal-Mart Stores Inc., the world's largest retailer, says that after a fire at a Bangladesh factory last year killed 112 people it is making its biggest push yet to try to improve conditions at factories that produce its clothing.

The cost of Somali piracy to the global economy has declined by 12.5 percent since 2011 as attacks fell sharply, a survey showed, but the cost of armed guards to protect ships soared. The annual report by the Oceans Beyond Piracy advocacy group estimated the cost of piracy at $5.7bn to 6.1bn in 2012.

A British supermarket chain has recalled a beef product after traces of the powerful veterinary drug phenylbutazone, which is banned from the human food chain, were found for the first time in an item that had been on sale in stores here.

Conceptually, supply chain "risk" is used to denote perils, loss, dangerous occurrences, hazards, and even vulnerabilities. Risks include everything from management functions to fraud, to fundamental honesty and loyalty issues encompassing every aspect of an organization's status and operations. In addition to the firm's built-in management risks, the international supply chain provides additional third-party risk elements such as foreign shipper practices, carrier practices, weather, foreign government involvement, unforeseen disruptions in the process, timing, language, cargo quality and quantity, even payment issues.