Cross-sector initiative to fight global piracy.

Chief executives from companies representing a broad range of industry sectors will gather in London tomorrow (Oct. 4) to devise a global strategy against counterfeiting and piracy.

Attendees include Bob Wright, General Electric Company vice chairman & executive officer/NBC Universal chairman & CEO (U.S.A); Microsoft CEO Steven A. Ballmer (U.S.A); Home Products International CEO Tariq M. Rangoonwala (Pakistan); Pulse Global Home Video CEO Afaque Ahmed Khan (UAE); and Peter Brabeck, Nestlé chairman & CEO (Switzerland).

BASCAP co-chair are Vivendi Universal chairman Jean-René Fourtou from France and EMI Group chairman Eric Nicoli from the United Kingdom.

The group of business leaders are part of BASCAP (Business Action to Stop Counterfeiting and Piracy), a cross-industry initiative of the International Chamber of Commerce. BASCAP has been created to combat counterfeiting and piracy on a global scale.

"BASCAP is a 'task force' against piracy gathering executives at the highest level that can address these issues with world leaders," says a music industry executive. "It is not often that you have people of this level together."

Counterfeiting and piracy are estimated to cost global industry more than $600 billion every year.