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3rd September Guardian HOW GREEN
DO YOU WANT YOUR BANANAS? CO-OP BALLOTS MEMBERS ON ETHICAL
ISSUES
The Co-operative supermarket plans to ballot millions
of its members and customers on what they deem to be
ethical and environmental priorities in order to develop
new green policies. The issues to be examined include
diet and food quality as well as ethical sourcing and
climate change. The Co-op criticises schemes such as
Marks & Spencer's aeroplane stickers used on air
freighted goods and points to the dangerous social impacts
these schemes can have on third world suppliers. The
company insists that while it is committed to reducing
its environmental impact its will never be 'at the expense
of the worlds poorest'. The Co-op has a history of championing
ethical and environmental initiatives, being the first
major retailer to support the Fairtrade label and sourcing
nearly all of its electricity from renewables. The survey
will last three months with the results available next
year.
http://www.guardian.co.uk/environment/2007/sep/03/food
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3rd September
Financial Times CALL FOR TAX BREAKS TO FIGHT CLIMATE CHANGE
New research from accountants UHY Hacker Young says that
there should be green tax breaks as well as green taxes
in the fight against climate change. The report coincides
with the release of a YouGov poll, commissioned by the
Taxpayers Alliance, that shows the public is nearly exactly
divided over the issue of raising green taxes. The report
from UHY documents how the government will receive £29.3bn
in green tax revenues next year while it will only give
back £549m in green tax credits. A Treasury spokesperson
has described the analysis as 'misleading' as it did not
include government spending on environmental policies.
http://www.ft.com/cms/s/0/30c32ae0-59b5-11dc-aef5-0000779fd2ac.html |
3rd September
Times PRIVATE EQUITY INVESTS IN FOSTERING CHILDREN
Research by The Times indicates that about 5 per cent,
of Britain's 41,700 fostered children are being placed
by agencies owned by private equity firms. The growing
role of the private sector has helped encourage more families
to foster and has brought some benefits, such as greater
training and investment. It has also reduced local authorities'
dependence on children's homes however "many children
in foster care are extremely vulnerable, and making a
profit should never come before meeting their needs,"
Andrea Warman, of the British Association for Adoption
& Fostering, said. http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2373495.ece |
3rd September
Guardian THE SWEATSHOP HIGH STREET - MORE BRANDS UNDER
FIRE
Primark and Mothercare yesterday launched inquiries into
allegations from The Guardian that they were paying their
workers in India as little as 13 pence an hour for a 48
hour week. The Guardian investigation revealed that India's
largest ready-made clothing exporter, Gokaldas Export,
was paying its workers £1.13 for a nine hour day.
Gokaldas supplies brands such as Marks & Spencer,
Mothercare and H&M. According to Indian workers and
unions this is below the amount needed to meet basic needs
and thus is in breach of
international labour standards according to the Ethical
Trading Initiative. Workers for export companies who supply
Gap, Matalan and Primark have claimed they are paid similar
wages and are regularly forced to work overtime, though
these companies deny these claims. http://business.guardian.co.uk/retail/story/0,,2161302,00.html |
4th September
Third Sector MARKS & SPARKS ENLISTS WWF IN ECO MOVE
Marks & Spencer have joined forces with WWF to deliver
a five-year, 100-point plan to reduce the company's environmental
impact. WWF will work with will M&S's food and cotton
growers and will help in encouraging customers and staff
to reduce their own carbon footprint. M&S will in
return fund WWF projects to protect orangutans in Borneo
and endangered fish stocks in the north-east Atlantic
marine eco-region. M&S's environmental 'Plan A' includes
efforts to extend sustainable sourcing, avoid sending
waste to landfill sites and making all its operations
in the UK carbon-neutral.
http://www.thirdsector.co.uk/News/DailyBulletin/735100/Marks---Sparks-enlists-WWF-eco-move/03F266D316AE0300CA661D5640F5BDAB/ |
4th September
CSR Wire ETHIOPIA'S FINE COFFEE TRADEMARKING INITIATIVE
AT MILLENNIUM TURNING POINT
The Ethiopian Intellectual Property Office (EIPO) has
chaired a meeting with more than 100 representatives of
the coffee sector to share progress and outline the rising
prospects for the country's coffee producers at the turn
of their new Millennium, celebrated on September 10th.
The state minister for agriculture and rural development
announced yesterday that investment in the sector will
be increased over the coming year in the wake of Ethiopia's
agreement to be the 'Portrait Coffee Country' for the
next Specialty Coffee Association of America event. The
announcement follows a huge increase of interest from
companies wanting to join Ethiopia's network of licensed
distributors, with more than 40 in discussion and 19 already
signed up - including Starbucks. http://www.csrwire.com/News/9539.html |
4th September
BBC FOOD GIANT SELLS OUT OF ZIMBABWE
The Zimbabwean government has agreed to buy out HJ Heinz's
49% stake in Zimbabwean Olivine Industries for $6.8m,
in a move that will see the state take control of one
of the country's leading food processors. Spiraling inflation
rates of more than 7,600% have crippled the economy and
put basic goods beyond the reach of most of the population.
Firms failing to reduce prices face the threat of nationalization.
Having been present in the country for more than 25 years,
Heinz was one of the first foreign businesses to invest
in the country following its independence in 1980. The
state-owned cotton business, Cottco, will now take control
of the business. New laws set to come into force in a
few months will see foreign-owned businesses being forced
to sell a majority stake in their operations to black-owned
Zimbabwean firms. http://news.bbc.co.uk/1/hi/business/6977109.stm |
4th September
Independent SUPERMARKETS 'FAILING TO REDUCE USE OF PLASTIC
BAGS'
Asda and Sainsbury's have been attacked by environmental
campaigners for failing to reduce the number of plastic
bags they use when delivering online orders to customers.
According to new research from trade magazine The Grocer,
despite sustained criticism from customers as well as
green campaigners the two supermarkets continue to use
more plastic bags than rivals, sometimes only packing
two or three items in each bag. http://environment.independent.co.uk/lifestyle/article2924447.ece |
4th September
Financial Times Claims for pay equality swell tribunal
cases
The number of grievance claims lodged with employment
tribunals surged by a further 15% last year, emphasising
the failure of government rules aimed at resolving disputes
away from the courts. A survey of employers by the Chartered
Institute of Personnel and Development said new rules
had made "managing conflict at work more complex
and failed to reduce the burden on the employment tribunal
system". http://www.ft.com/cms/s/0/548f1160-5a72-11dc-9bcd-0000779fd2ac.html
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9th September
CSR Wire SOCIETY OF CORPORATE COMPLIANCE AND ETHICS ESTABLISHES
CODE OF ETHICS FOR COMPLIANCE AND ETHICS PROFESSIONALS
The Society of Corporate Compliance and Ethics (SCCE)
has adopted a Code of Ethics for Compliance and Ethics
Professionals. "With this Code of Ethics, the SCCE
today has taken an essential and vital step in establishing
the compliance and ethics profession," said Roy Snell,
Society of Corporate Compliance and Ethics Chief Executive
Officer.
The Code's purpose is to provide guidance and rules to
all Compliance and Ethics Professionals (CEP) in the performance
of their professional responsibilities.
The Code's preamble states: "Compliance and Ethics
Professionals understand that the services we provide
require the highest standards of professionalism, integrity
and competence. The Code of Ethics expresses the profession's
recognition of its responsibilities to the general public,
to employers and clients, and to the profession."
For a complete copy of the Code of Ethics, visit the SCCE
website at: http://www.corporatecompliance.org/resources/documents/SCCECodeofEthics.pdf
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5th September
Financial Times EUROPEAN CARMAKERS STALL IN BID TO CUT
CO2 EMISSIONS
According to figures published today by Brussels-based
campaign group, Transport and Environment, European carmakers
have 'stalled' in their efforts to cut carbon emissions.
The
Europe-wide survey by Transport and Environment showed
that last year new vehicle emissions fell by just 0.2%
- the lowest annual rate on record. The survey, closely
watched by policy makers, comes as the European Commission
finalises plans to convert voluntary agreements into mandatory
law.
http://www.ft.com/cms/s/0/20bc1120-5b13-11dc-8c32-0000779fd2ac.html |
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5th September BBC THIRD RECALL FOR CHINA-MADE TOYS
Mattel has announced a third recall of Chinese-made
products, again due to fears over the products containing
too much lead. About three quarters of a million toys
are being recalled including Barbie doll accessories
and toy trains. Mattel has issued another apology but
insists it is a company that can be trusted. The company
hopes that 'consumers will judge us by our actions'
and appreciate that they are being 'open" and "honest'
about problems in their supply chain. In the last month
Mattel has recalled 18 million Chinese-made toys and
in the past week US branches of Toys R Us have recalled
27,000 Chinese-made products, again due to fears over
lead levels. China has not commented on this latest
recall. http://news.bbc.co.uk/1/hi/business/6979151.stm
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5th September
Guardian MCCAIN BOSS CHIPS IN TO DEBATE ON SCHOOL MEALS
McCain, the world's biggest chip-maker, has started to
hit back after a 'significant' downturn in business caused
by Jamie Oliver's school meal crusade. The UK chief executive
has said he wants to stand up 'and dispel some of the
myths' about processed foods, insisting that McCain uses
wholesome ingredients and pointing to the fact that a
'portion' of McCain oven chips contains less than 4% fat.
The company will also be investing £10 million in
wind turbines and a waste-water treatment centre at its
main plant near Peterborough to enhance is CSR credentials
but also, the UK chief executive insists, because it 'makes
sound business sense'. http://business.guardian.co.uk/story/0,,2162438,00.html |
6th September
New York Times BIG GIFTS, TAX BREAKS AND A DEBATE ON CHARITY
Stephanie Strom asks whether the public benefits of philanthropy
are commensurate with the tax breaks that givers receive.
The rich are giving more to charity than ever, millionaires
are not the only ones footing the bill for such generosity.
For every three dollars they give away, the federal government
typically gives up a dollar or more in tax revenue, because
of the charitable tax deduction and by not collecting
estate taxes. http://www.nytimes.com/2007/09/06/business/06giving.html?_r=1&th&emc=th&oref=slogin |
6th September
Independent GLOBAL WARMING: TOO HOT TO HANDLE FOR BBC
The BBC has dropped plans for a day of broadcasting on
global warming aimed at raising awareness, an act that
The Independent describes as evidence of that climate
change has transformed from a scientific issue to a political
one. Environmental campaigners and politicians have heavily
criticised the corporation for dropping Plant Relief and
accused it of being swayed by climate change sceptics.
The BBC has announced that 'it is not the BBC's job to
lead opinion or proselytise on this or any other subject'.
http://environment.independent.co.uk/climate_change/article2934318.ece |
6th September
Financial Times CLIMATE CHANGE DEBATE NEEDS REVOLUTION
The head of the World Business Council for Sustainable
Development (WBCSD), Bjorn Stigson, has declared that
if climate change is to be tackled effectively there needs
to be a change in public opinion on a revolutionary scale.
He believes governments will be unable to reach an agreement
at a US-sponsored meeting in Washington later this month
or at a United Nations climate summit in Indonesia in
December because they do not feel they have the political
mandate to commit to drastic policies. The WBCSD has estimated
that emission levels in developed countries need to be
cut by 60 to 80 per cent from current levels by 2050 in
order to avert disaster. WBCSD members are concerned by
the lack of political action on the issue, as a climate
where businesses know the scientific realities but are
unsure of the political response makes long term business
decisions in some sectors very difficult. http://www.ft.com/cms/s/0/fc27a844-5b56-11dc-8c32-0000779fd2ac.html |
6th September
Guardian AFTER 30 YEARS OF DEBATE FEARS OVER CHILDREN'S
FOOD CONFIRMED
In the largest trial of its kind, government-commissioned
research will be published today confirming that food
additives commonly found in children's food do have a
detrimental effect on behaviour. Carried out by the University
of Southampton, this research has been conducted and reviewed
so thoroughly that The Guardian insists it cannot be ignored.
The Food Standards Authority (FSF), who commissioned the
study, has responded cautiously to the findings and has
not yet taken any action other than issue advice to parents.
PepsiCo have said no decision over the use of additives
will be taken until it has seen the report. Coca-Cola,
GlaxoSmithKline and Unilever declined to comment for The
Guardian and referred them to the Food and Drink Federation
who insisted that the study 'does not suggest there is
a safety issue'. http://lifeandhealth.guardian.co.uk/food/story/0,,2163218,00.html |
6th September
International Herald Tribune FRENCH NUCLEAR POWER RUNNING
TOYOTA CARS
Toyota has announced a partnership with Electricite de
France to provide a 'smart network' of plug in points
in France to charge cars with electricity generated from
nuclear power stations. By charging cars at night drivers
would emit hardly any CO2 because that's when nuclear
plants are providing almost all the country's base load
of electricity. Despite the lack of carbon emissions there
is the possibility of public backlash over the use of
nuclear energy. The experiment will initially be very
small scale with only four cars on French roads driven
by EDF workers to test out the scheme. http://blogs.iht.com/tribtalk/business/green/ |
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6th September Financial Times DIRECTORS' PENSION POT
PUT AT £900M
The combined pension pot for the directors of the largest
companies is about £900m, or an average accrued
pension entitlement of £2.5m per person, according
to Trades Union Congress figures. Brendan Barber, head
of the TUC said that such huge excesses should be addressed
by government.
http://search.ft.com/ftArticle?queryText=director%27s+pension&aje=true&id=050909000381
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6th September
Times BP AGREES TO SETTLE OUT OF COURT
BP settled a lawsuit only hours before proceedings began
in the first trial relating to the Texas City explosion,
which killed 15 workers and injured 170 in 2005, writes
Carl Mortishead. The terms of the settlement, which concerned
the suicide of a Texas City worker six weeks after the
fire, were not disclosed.
http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article2395495.ece
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6th September
Times WOMEN MANAGERS FALL BEHIND ON SALARIES
The Government pledged yesterday to address the pay gap
between the sexes after surveys revealed that salaries
of female managers had fallen even farther behind those
of male colleagues, despite women being promoted more
quickly, writes Marcus Leroux.
http://business.timesonline.co.uk/tol/business/money/article2395557.ece
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6th September
Economist IN SEARCH OF THE GOOD COMPANY
In his new book, "Supercapitalism", Robert Reich
denounces CSR as a dangerous diversion that is undermining
democracy, not least in his native America. Mr Reich,
an economist who served as labour secretary under Bill
Clinton and now teaches at the University of California,
Berkeley, admits to a Damascene conversion, having for
many years "preached that social responsibility and
profits converge over the long term". He now believes
that companies "cannot be socially responsible, at
least not to any significant extent", and that CSR
activists are being diverted from the more realistic and
important task of getting governments to solve social
problems. Worse, firms are using CSR to fool the public
into believing that problems are being addressed, he argues,
thereby preventing more meaningful political reform. As
for politicians, they enjoy scoring points by publicly
shaming companies that misbehave--price-gouging oil firms,
say--while failing to make real changes to the regulations
that make such misbehaviour possible, something Mr Reich
blames on the growing clout of corporate lobbyists. Though
his book hits many targets, both bosses and CSR activists
are likely to dismiss it as fundamentally unworldly and
to agree with Simon Zadek, the boss of AccountAbility,
a CSR lobby group. "The 'whether in principle' conversation
about CSR is over," he says. "What remains is
'What, specifically, and how?'"
http://www.economist.com/business/displayStory.cfm?story_id=9767615&fsrc=nwlbtwfree |
7th September
Independent Two oil executives in shares investigation
Shares in the oil and gas exploration company Max Petroleum
were suspended yesterday after the company announced that
two key executives were under investigation in relation
to their share option dealings. Chief executive Steve
Kappelle and chief operating officer Ole Udsen have both
been suspended "pending an investigation onto potential
breaches of their employment contracts involving the undisclosed
receipt of share options". http://news.independent.co.uk/business/news/article2938987.ece
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7th September
Ethical Corporation Magazine SPECIAL REPORT: ANTI-CORRUPTION
- ETHICAL CODES - COMPANY ETHICS ...
Establishing an internal culture of responsible behaviour
depends a lot on how a company's ethical code of conduct
is embedded within the organisation. This indepth article
looks at making codes of ethics embedded. For example,
employees should be involved in devising ethical codes,
says Simon Webley, research director at London-based Institute
of Business Ethics. http://www.ethicalcorp.com/content.asp?ContentID=5351
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7th September
Guardian NEW NUCLEAR ROW AS GREEN GROUPS PULL OUT
Greenpeace, Friends of the Earth and WWF are poised to
formally pull out of a government consultation today regarding
the building of new nuclear power stations. This is the
second consultation of its kind, forced on the government
after the first was ruled by the high court to be 'seriously
flawed', after the coalition of NGO's took the government
to court. The groups have accused the government of failing
to fairly reflect their arguments in public presentations
that are due to start tomorrow and are considering again
taking legal action against the government. http://www.guardian.co.uk/environment/2007/sep/07/nuclearindustry.nuclearpower |
7th September
Times BROWN'S PLEA TO TAKE THE ADDITIVES OUT OF CHILDREN'S
FOOD
Phillip Webster and David Sanderson write that Gordon
Brown has called on food watchdogs and manufacturers yesterday
to do more to protect children from additives that can
cause hyperactivity. Supermarkets insisted last night
that they were endeavouring to remove all additives from
their food ranges and said pressure was being brought
to bear on their suppliers. http://www.timesonline.co.uk/tol/news/politics/article2402722.ece
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7th September
Guardian DRAX'S £100M HANDOUT ANGERS GREENS
Drax power station, the biggest carbon polluter in Britain
is to hand back £100m to shareholders bringing the
total to £600m since 2005 when the company floated.
The move is likely to anger green groups who have been
demanding more investment in clean fuels. http://business.guardian.co.uk/story/0,,2164055,00.html
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7th September
Financial Times GAY BIAS PERSISTS IN BANKS, SAYS CLAIMANT
Peter Lewis, a former head of equity trading at HSBC yesterday
told a Stratford employment tribunal court that discrimination
and homophobia in the financial services industry persists
despite an improvement in attitudes. Mr Lewis believes
that alleged bias cost him his job and is pursuing a claim
of discrimination on grounds of sexual orientation against
the bank. http://www.ft.com/cms/s/0/95031bea-5cdb-11dc-9cc9-0000779fd2ac.html
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7th September
Financial Times FEARS OF EU CURB ON ENERGY TRADERS
John Vidal reports that London investment banks and energy
traders joined counterparts elsewhere in Europe in voicing
concern over a plan by the European Commission to subject
the trading of energy as well as gas and electricity derivatives
to tougher regulation.
http://www.ft.com/cms/s/0/535f188e-5cda-11dc-9cc9-0000779fd2ac.html
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7th
September Guardian RULING THREATENS SERVICE ENABLING PARENTS
TO TRACE PHONE MASTS
A service that lets homeowners and concerened parents
discover the location and power of mobile phone masts
is in jeopardy following a ruling against Ofcom, reports
Richard Wray. http://business.guardian.co.uk/story/0,,2164196,00.html
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9th September
Sunday Times MCLAREN FACE SABOTAGE CHARGE
THE starting grid for today's Italian Grand Prix was thrown
into turmoil yesterday when police arrived to serve writs
on the McLaren Formula One team just minutes after they
had won pole position for the race. The writs accuse Ron
Dennis, head of the McLaren team, and his technical crew
of industrial espionage, fraud and sabotage. Lewis Hamilton,
McLaren's British driver who heads the drivers' table,
could face being stripped of his points or even barred
if charges against his team are proven. With five races
left he has a five-point lead over teammate Fernando Alonso.
The intervention by the Carabinieri follows accusations
that McLaren used "dirty tricks" to spy on Italy's
Ferrari, the current champions, and steal a march in this
year's constructors' race http://www.timesonline.co.uk/tol/news/uk/article2414667.ece |
9th September
Observer TESCO FACES ATTACK OVER CARBON FOOTPRINT
Tesco's recent attempt to present itself as a force for
environmental good appears to be backfiring, as evidence
emerges that Britain's biggest retailer has severely underestimated
its true contribution to climate change. Development charity
Christian Aid says Tesco's carbon footprint does not include
the emissions caused by shoppers driving to and from its
stores or those incurred by its suppliers. Christian Aid
believes that the true impact Tesco has on the environment
could be as much as 12 times higher than the level the
supermarket admits to. http://observer.guardian.co.uk/business/story/0,,2165058,00.html
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9th September
Observer HOW FAT BECAME A WEIGHTY PROBLEM FOR CORPORATE
WORLD
The obesity epidemic will cost Britain £7bn by 2010.
Now firms are taking action to combat the problem themselves,
writes Janice Warman So what does this mean for Britain?
The National Audit Office reported in 2001 that 30,000
deaths resulted from, and 18 million working days were
lost to, obesity-related illnesses in 1998 alone. The
cost to the economy is staggering: the House of Commons
Health Committee report on obesity in 2004 said earlier
figures that had predicted a cost of £3.6bn by 2010
had been conservative and revised them upwards to between
£6.6bn and £7.4bn per year. However, the cost
to the British workplace hasn't gone entirely unnoticed.
Many larger UK companies, such as BT, have begun to introduce
healthcare programmes. BT's chief medical officer, Dr
Paul Litchfield, lost 20kg himself while introducing the
company's 'Work Fit' programme that 16,000 employees signed
up for. 'I was horrified to find that once a fortnight
one of our workforce was dropping dead of heart disease,'
he says.
http://observer.guardian.co.uk/business/story/0,,2165076,00.html
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10th
September Independent CBI WELCOMES SHARP RISE IN FIRMS
OFFERING HOME WORKING
A large increase in the number of British employers offering
their staff the opportunity to "telework" has
been reported by the CBI in its latest Employment Trends
survey.
Some 46 per cent of employers say they offer this type
of flexible working, three times higher than last year,
when it was 14 per cent. This rapid and seemingly spontaneous
rise has been welcomed by the CBI as helping to balance
the demands of work and home, reduce congestion on public
transport and roads, and benefit the environment, as fewer
journeys mean lower CO2 emissions. The CBI said that new
mobile communications technologies have played a major
part in this trend, but so has "an inadequate transport
system and the desire by companies to avoid non-productive
travel time". http://news.independent.co.uk/business/news/article2947585.ece |
10th September
Guardian TORY GREEN PACKAGE TARGETS SHORT-HAUL FLIGHTS
AND LANDFILL
The Conservative party's new Quality of Life report will
recommend the introduction or increase of an array of
green taxes on services such as short-haul domestic flights
and land fill tax for business. The report has been widely
portrayed as a vote winning strategy but one that, if
implemented, would have wide ranging affects on business
and society.
http://www.guardian.co.uk/environment/2007/sep/10/politics |
10th September
Independent ENERGY GIANTS REVEAL NUCLEAR PLANS IN FACE
OF RISING PUBLIC DISAPPROVAL
Energy giant EDF and nuclear specialists Areva have today
unveiled their proposals to build new nuclear facilities
in the UK. Also unveiled today are findings from a series
of public meetings across the UK over the weekend that
reveal more than 90 per cent of the 1000 people questioned
are worried about creating more nuclear waste. However,
despite these concerns nearly half of the people questioned
said they supported, or strongly supported, the continued
use of nuclear power. The proposals come in the midst
of a government consultation, labelled a 'PR stitch-up'
by green charities that have now pulled out of the process,
on whether to indeed build any more nuclear power stations.
http://news.independent.co.uk/sci_tech/article2947388.ece |
10th September
Financial Times Soft Soap? WHY THE GREENING OF WAL-MART
MAY HINDER THE WAY TO A SUSTAINABLE WORLD
The Financial Times assesses whether the impact of Wal-Mart's
conversion to environmentalism two years ago has been
entirely positive. Having put many initiatives in place,
embraced renewable energy and promoted many 'green' products,
the supermarket has set standards beyond those required
by legislation with smaller rivals forced to follow the
corporate giant's lead. A representative from Corporate
Ethics International points out that the company has the
market power to force over 50,000 companies to address
environmental issues. Critics argue however, that many
of the company's policies are no more than greenwash,
some of its sustainable branding is misleading and that
its focus on cost-cutting exacerbates supply chain problems.
http://www.ft.com/cms/s/0/8a80b9be-5f35-11dc-837c-0000779fd2ac.html |
10th
September New York Times Disney to Test Character Toys
for Lead Paint
Reacting to three separate recalls of Mattel toys found
to contain unsafe levels of lead paint, The Walt Disney
Company said it would begin its own testing of toys featuring
Disney characters, including random testing of products
already on store shelves. Disney's plan represents a significant
shift in the toy business. Traditionally, these companies
have licensed their characters to toy companies, deposited
their royalty checks and left quality control up to the
manufacturers. Indeed, the toymakers are usually held
liable legally for harm caused by the toys they make.
Separately, Toys "R" Us, the nation's largest
toy retailer, has notified manufacturers that it, too,
no longer feels that their tests are enough. Starting
this week, engineers hired by the company will regularly
visit random Toys "R" Us stores, fill their
carts with branded toys and take them to independent labs
for testing.
http://www.nytimes.com/2007/09/10/business/media/10toys.html?_r=2&th&emc=th&oref=slogin&oref=slogin
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|
11th September BBC DAME ANITA RODDICK DIES AGED 64
Founder of ethical cosmetics company The Body Shop and
champion of environmental and ethical issues, Anita
Roddick has died aged 64 after suffering a major brain
haemorrhage last night. A pioneer in the field of ethically
sourced consumer goods, Roddick set up the now highly
profitable company in 1976 selling cruelty-free beauty
products. The Prime Minister has paid tribute to her
saying that 'she will be remembered not only as a great
campaigner but also as a great entrepreneur'. http://news.bbc.co.uk/1/hi/uk/6988343.stm
ONE OF ANITA RODDICK'S GREATEST ACHIEVEMENTS WAS RECOGNISING
THAT BEAUTY IS AN UGLY BUSINESS http://www.guardian.co.uk/environment/2007/sep/13/g2.greenbusiness
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|
11th September New York Times GUILTY PLEA SEEN AIDING
TAX SHELTER PROSECUTION
The US government's criminal case against promoters
of questionable tax shelters took a step forward yesterday
when an investment adviser at the center of the inquiry
pleaded guilty and provided new details on those involved.
The plea by David Amir Makov, 41, in Federal District
Court in Manhattan is expected to bolster the government's
investigation of Deutsche Bank over its work with questionable
shelters, including one known as Blips, whose workings
Mr. Makov described in detail yesterday. Mr. Makov's
plea is also expected to help the government's case
against the four remaining defendants, who include three
former employees of the accounting firm KPMG and an
outside lawyer. Those four are scheduled to go to trial
in October. http://www.nytimes.com/2007/09/11/business/11kpmg.html?th&emc=th
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11th September
Financial Times OECD SLAMS BIOFUELS SUBSIDIES FOR SPARKING
FOOD PRICE INFLATION
The Organisation for Economic Co-operation and Development
has called for governments to scrap subsidies for biofuels
noting that the current rush to support the industry may
lead to rising food prices and destruction of natural
habitats. The OECD will say in a report to be discussed
by ministers today, that politicians are rigging the market
in favour of an untried technology that will only have
a limited impact on climate change while creating a massive
disruption to other markets.
http://www.ft.com/cms/s/0/53f558b8-5f36-11dc-837c-0000779fd2ac.html |
11th September
CSR Wire EXECUTIVES SAY CORPORATE RESPONSIBILITY CAN BE
PROFITABLE
A new survey of more than 500 business executives in the
US has found that most company bosses believe CSR programs
do add value to the company and can help achieve strategic
goals. The survey was published by Grant Thornton, the
US member firm of global accounting company Grant Thornton
International, and found that over three quarters of chief
executives interviewed expected CSR initiatives to have
a major impact on their business over the next two years.
The three greatest benefits of embracing the values of
CSR were noted to be that it improves public opinion,
improves customer relations and attracts/retains employees.
http://www.csrwire.com/News/9604.html |
12th September
CNN CHIQUITA: $25M FINE FOR TERROR PAYMENTS
The US Department of Justice said on 11 September 2007
that banana producer Chiquita has agreed to pay a US$25
million fine and serve five years' probation in connection
with charges that it had paid more than US$1.7 million
to the United Self-Defence Forces of Colombia, a right-wing
paramilitary group, between 1997 and 2004 to protect banana
plantations in parts of Colombia. Chiquita launched plea
negotiations in March 2007, seeking what it described
as "a reasoned solution to the dilemma the company
faced several years ago." Chiquita Brands International
CEO Fernando Aguirre said at the time that the company
had voluntarily disclosed the payments to the Justice
Department in 2003. He defended the payments on the grounds
that they were made "to protect the lives of its
employees." Although the settlement avoids Chiquita
having to face prosecution over the payments, it has yet
to be approved in court. The US$25 million fine, if approved,
would be the largest penalty yet imposed under US global
terrorism sanction regulations. http://edition.cnn.com/2007/BUSINESS/09/11/chiquita.terrorism/index.html |
12th September
Financial Times ONLY 9% OF US COMPANIES KEEN TO ADOPT
IFRS - SURVEY
According to a survey carried out by Duke University and
CFO Magazine, only 9 percent of US companies would consider
adopting the International Financial Reporting Standards
(IFRS) which are being rapidly adopted in countries outside
the US. In addition, 70 percent of respondents to the
survey said that they were unlikely to adopt the IFRS.
The US financial regulator, the Securities and Exchange
Commission, has been considering offering companies the
opportunity to file financial statements under the IFRS,
as an alternative to the US Generally Accepted Accounting
Principles (GAAP). This would enable international companies
listed in the US to only have to compile one set of reporting
documents for both their US-based and international operations.
According to the Financial Times, EU countries adopted
the IFRS in 2005, while 100 other countries, including
India, Japan and Canada, either already use the standards
or are preparing to do so. The International Accounting
Standards Board and the US Federal Accounting Standards
Board have been working since 2002 to converge reporting
standards, with the aim of creating a single global accounting
language that proponents say should make cross-border
investment easier.
http://www.ft.com/cms/s/0/d38719fc-60c8-11dc-8ec0-0000779fd2ac.html |
12th September
BBC UK SCIENCE HEAD BACKS ETHICS CODE
The British government's chief scientific advisor has
set out a universal ethical code for scientists. Professor
Sir David King has outlined seven principles aimed at
building trust between scientists and society. Described
as the scientific equivalent of doctors' Hippocratic Oath,
the code includes clauses on corruption, public consultation
and the environment. He launched the code at the British
Association for the Advancement of Science's annual festival
in York. The aim, he said, was to outline responsibilities
and values in order to encourage researchers to reflect
on the impact their work would have on wider society.
"We believe if every scientist followed the code,
we would improve the quality of science and remove many
of the concerns society has about research," Professor
King told BBC News. http://news.bbc.co.uk/1/hi/sci/tech/6990868.stm |
13th September
Independent FRESH DIABETICS DRUG FEARS WEIGH ON GSK
Avandia, the diabetes drug developed by GlaxoSmithKline,
the UK's largest pharmaceutical group, came under fresh
attack yesterday as another US medical journal published
two negative studies into the drug's cardiovascular side-effects.
The Journal of the American Medical Association published
two comparative studies between Avandia and Actos, the
only major competing diabetes drug made by Takeda Pharmaceuticals.
One study claimed that rather than increasing the likelihood
of cardiovascular problems, Actos appears to protect patients
from heart disease and strokes, while the other suggested
Avandia does indeed contribute to heart attacks. However,
one of the studies was funded by Takeda and three of the
four authors received support and consulting fees from
Takeda. http://news.independent.co.uk/business/news/article2956462.ece
|
13th September
Independent TESCO FUNDS 'GREEN CONSUMPTION' STUDIES
Tesco announced yesterday that it is investing £25m
to set up a Sustainable Consumption Institute in partnership
with the University of Manchester. The institute will
be a centre of research aimed at tackling climate change
through researching recycling technology and exploring
ideas such as how to incentivise customers to buy green.
Tesco chief executive, Sir Leahy, insists the research
will be independent and he hopes the institute will lead
to 'a revolution in green consumption'. The research will
be available to other retailers, manufacturers as well
as think-tanks. http://news.independent.co.uk/business/news/article2956461.ece |
|
l13th September Financial Times ROGUE EMPLOYERS FACE
BIGGER FINES AND NEW LAWS
Business and enterprise secretary John Hutton announced
a renewed crackdown on rogue employers who mistreat
their workers at the TUC annual conference yesterday.
Measures will include bigger fines for companies or
agencies that underpay their workers or make illegal
deductions from their wages. However, Mr Hutton assured
businesses that the government would not give in to
TUC demands for temporary workers to given the same
rights as full-time staff.
http://www.ft.com/cms/s/0/1465f924-6192-11dc-bf25-0000779fd2ac.html
|
13th September
Guardian PRIVATE JET FIRM MAKES CARBON OFFSETTING MANDATORY
Private jet company NetJets will today announce plans
to make carbon offsetting compulsory for its customers.
Owned by Berkshire Hathaway, the company has decided that
all new customers at its European operations will have
the cost of offsetting automatically added to their bill.
It is thought the move will add about £2,720 in
costs to a NetJets customer per year. NetJets chairman
Mark Booth said he was not concerned that the move may
put off potential customers, saying that the initiative
has been driven by the company's
'well-educated and sophisticated' client base.
http://business.guardian.co.uk/story/0,,2167772,00.html |
14th September
Guardian I DON'T BELIEVE THAT GOING GREEN SHOULD COST
MORE, SAYS ASDA CHIEF
Chief executive of Asda, Andy Bond, yesterday challenged
Tesco’s recent assertion that prices must go
up in order to deliver a green revolution. In contrast,
Mr. Bond thinks that while “the environment
is absolutely fundamental”, grocers could actually
save money by going green as opposed to lose it. In an
interview with The Guardian the Asda chief also said the
supermarket had to start to treat smaller suppliers better
and retaliated over negative publicity concerning the
recent £2 chicken offer, saying the farmers still
received the same price. http://business.guardian.co.uk/story/0,,2169002,00.html |
14th September
Financial Times FOOD WATCHDOG MOVES TO FRAME ACTION ON
ADDITIVES
The Food Standards Agency (FSA) yesterday met industry
bodies to discuss what companies were doing in response
to recently published research linking artificial food
colourings to hyperactivity in children. PepsiCo said
it would be reviewing its use of the additives mentioned
in the study while Nestlé said it made no products
using the additives identified in the Southampton study.
Coke, Mars and Cadbury said they already begun removing
additives from their products before the study was published
in response to previous consumer demand. http://www.ft.com/cms/s/0/e59050ea-624f-11dc-bdf6-0000779fd2ac.html |
14th September
Guardian TOP FASHION BRANDS ACCUSED OVER FAILURE TO ENSURE
LIVING WAGE
A report published today by the charity War on Want and
the anti-sweatshop coalition Labour Behind the Label,
has identified Matalan and Mothercare as two of the worst
companies in their efforts to help their overseas workers
in their fight against poverty. The report, called Let's
Clean Up Fashion, claims that these companies do not have
sufficient data on overseas garment workers and are failing
to accept the need to pay these workers a “living
wage” by their suppliers. Marks & Spencer,
Tesco and H&M are also criticised in the report for
not doing enough, as is the high-street giant Arcadia.
In contrast Gap, New Look, Next and Primark are named
as companies with who have either improved or have “genuine
plans” to address to address this issue. http://business.guardian.co.uk/story/0,,2169010,00.html |
14th September
FTSE4Good FTSE4GOOD INDEX SERIES REVIEW - 42 COMPANIES
ADDED, 24 COMPANIES REMOVED
An additional 42 companies worldwide have met the FTSE4Good
Corporate Responsibility (CR) standards and will be added
to the index series. Globally, 24 existing constituents
will be removed from the index as they no longer meet
the criteria. ompanies added include Rio Tinto and Dell.
http://www.ftse.com/Indices/FTSE4Good_Index_Series/Downloads/FTSE4Good_Sept_2007_Review.pdf
|
15th September
Times HSBC UNIT FACES AMERICAN LAWSUIT ALLEGING RACISM
IN MORTGAGE PRICES
A subsidiary of HSBC has been accused in an American lawsuit
of charging higher mortgage rates to black people than
to their white counterparts. Lawyers for Suyapa Allen
are seeking the right to bring a class action against
the bank for allegedly discriminating against black borrowers
by offering more expensive home loans. Ms Allen's lawsuit
- brought in a court in Boston - claims that HSBC and
Decision One, its American mortgage unit, have used a
discretionary pricing policy that has a discriminatory
impact on black borrowers.
http://business.timesonline.co.uk/tol/business/money/property_and_mortgages/article2456492.ece
|
15th September
Times CADBURY RECALLS THOUSANDS OF CHOCOLATE BARS AFTER
ERROR OVER ALLERGY WARNING
Cadbury Schweppes has launched a full investigation into
a manufacturing error after the confectionery and drinks
company was forced for the second time in two years to
recall thousands of chocolate bars. The company said that
a printing problem had led to the omission of nut allergy
warning labels from 250g Dairy Milk Double Choc bars.
A spokesman for Cadbury said that the mistake, at the
group's Keynsham plant in Bristol, had been discovered
on Thursday and the company was urgently seeking to recall
the affected bars, most of which had already been distributed
to British supermarkets. The spokesman said that a full
internal investigation was under way as to why the labelling
error had gone unnoticed. http://business.timesonline.co.uk/tol/business/industry_sectors/consumer_goods/article2456483.ece
|
16th September
Observer POLL PROVES MALE BOSSES WON'T GIVE POTENTIAL
MOTHERS A JOB
A fifth of British directors refuse to hire women of child-bearing
age, an new report has found, provoking a furious response
from the Equal Opportunities Commission (EOC).
Nearly 1,000 UK directors across a range of firms were
polled last month. The results show that 22 per cent of
male directors avoid hiring potential mothers, the worst
culprits being older directors. Some 29 per cent of directors
over 55 block the hiring of younger women. http://observer.guardian.co.uk/business/story/0,,2169907,00.html
|
16th September
Observer How Anita made green the colour of the season
The Body Shop founder, who died last week, was once the
lone voice of ethical capitalism. Zoe Wood looks at the
generation of entrepreneurs she inspired. These include
Belu Water, Divine Chocolate and Adili Clothing. http://observer.guardian.co.uk/business/story/0,,2169922,00.html
|
17th
September Financial Times COCA-COLA, PEPSI TO STEP UP
RECYCLING
A growing backlash against the sale of bottled water in
the US and the UK has provoked Coca-Cola and PepsiCo to
step up their recycling efforts in a bid to avert a widespread
public and government attack on the highly profitable
industry. With sales of bottled water having increased
dramatically in recent years, authorities both across
the Atlantic and here in Britain have expressed concerns
over the amount of plastic and energy used to bottle a
product that can be sourced from the tap.
http://www.ft.com/cms/s/0/b8abbcf6-647d-11dc-90ea-0000779fd2ac.html |
17th September
Guardian RETURN OF GM: MINISTERS BACK MOVES TO GROW CROPS
IN UK
The Guardian claims to have learned that government ministers
are backing a renewed campaign by the biotech industry
as well as farmers to introduce genetically modified (GM)
crops to the UK. It is thought that climate concerns will
reduce the chance of public backlash as people realise
that the technology could be key for sustainable development.
However, recent polls revealed that about 70% of the European
public remained opposed to GM foods. A senior government
source has reportedly said that 'GM will come back to
the UK; the question is how it comes back, not whether
it's coming back'. Plant science company BASF has already
begun GM field trials in Cambridge and Yorkshire.
http://www.guardian.co.uk/science/2007/sep/17/gmcrops.politicalnews1 |
17th September
Guardian STAFF CRITICISE THRESHERS FOR SELLING SWEETS
Off-license chain Threshers has been accused of behaving
unethically by its employees after its decision earlier
this year to start selling children's sweets such as cola
bottles in many of its stores. Threshers maintains that
the sweets are aimed at 'nostalgic adults' but employees
feel the decision was 'socially careless' in that it encourages
the perception that alcohol is 'entirely innocuous'. http://www.guardian.co.uk/retail/story/0,,2170789,00.html |
17th September
Business Week INSIDE THE HIDDEN WORLD OF EARMARKS
A BusinessWeek investigation reveals that for every dollar
spent on lobbying, companies receive $28 in earmark revenue.
Essentially, companies who spend a significant amount
of money on lobbying have a troubling amount of control
over government expenditures. The Business Week investigation
found that more than 20 companies pulled in $100 or more
for every dollar spent, a ratio the article notes is way
out of proportion: "Look at the results in direct
marketing, where an extremely successful campaign might
bring in $5 in revenue for every dollar spent." However,
Business Week warns that there is no way to know for sure
how companies' money is really allocated, but its hypothesis
is that the true return on companies' lobbying activities
is probably far higher than what the investigation found.
http://www.businessweek.com/magazine/content/07_38/b4050059.htm?chan=search |
17th September
Guardian ORGANIC LOBBY TARGETS 'DANGEROUS' E-NUMBERS
A coalition of companies representing the organic food
industry, including Waitrose, Organix, Green & Black's
and Yeo Valley, has accused the Food Standards Agency
of failing to consult it over new guidance for parents
on the side-effects of E-numbers and of failing to take
the opportunity to impose tighter regulation. The Organic
Trade Group has written to the FSA saying it was unacceptable
that the organisation was not making information fully
available and that its advice to parents was flawed. Health
campaigners insist the decision of the FSA not to ban
the dangerous additives has moved the burden onto the
parents.
http://lifeandhealth.guardian.co.uk/food/story/0,,2170776,00.html |
17th September
Independent WORLD'S FIRST MAJOR WAVE FARM IS SET TO GET
GREEN LIGHT OFF CORNWALL
The world's first large-scale wave farm, Wave Hub, is
expected to be given planning approval today and up and
running by 2009. A £28m project off the Cornish
coast, it is hoped that Wave Hub will become a centre
for research and will help to boost the industry worldwide.
Companies developing wave energy technology will be able
use Wave Hub to test their devices on a scale never seen
anywhere before. http://environment.independent.co.uk/article2970782.ece |
18th September
Financial Times F&C LAUNCHES 'CLEAN' TECHNOLOGIES
FUND
F&C Asset Management will today launch a fund that
will invest in 'clean' technologies such as renewable
energy as well as any other areas of the economy expected
to be affected by climate change. The Global Climate Opportunities
Fund will have an initial funding of £10m and is
the latest of many newly formed funds devoted to clean
technology.
http://www.ft.com/cms/s/0/9cabb77e-657f-11dc-bf89-0000779fd2ac.html |
18th September
Independent MPS CALL ON BOE FOR MORE TRANSPARENCY
John McFall, chairman of the House of Commons' Treasury
Committee said yesterday that the Bank of England and
the Treasury needed to do more to inform the public about
their decisions to prevent future crises like the exit
of savers from Northern Rock.
http://news.independent.co.uk/business/news/article2973674.ece |
18th September
Financial Times TAPPING INTO SOCIAL CONSCIENCE
Luxury lingerie retailer Victoria's Secret has pledged
to help the tiny African country of Burkina Faso by looking
into investing in its small but growing organic cotton
industry. The industry has received support from Helvetas,
the Swiss Association for International Co-operation,
and is certified as organic by Ecocert and as fair trade
by the Fairtrade Labeling Organisation International.
It is hoped that the interest from Victoria's Secret could
open up the market to the US while Britain's Marks and
Spencer's recent decision to source its fair trade cotton
from Burkina Faso is already opening up trade with the
UK. http://www.ft.com/cms/s/1/4bc50136-6515-11dc-bf89-0000779fd2ac.html
|
18th September
International Herald Tribune MICROSOFT RULING MAY BODE
ILL FOR OTHER COMPANIES
Monday's decision by the European Court of First Instance
to uphold a previous anti-trust ruling against Microsoft
may have far reaching consequences for other high-technology
companies, the International Herald Tribune reports today.
Software and legal experts apparently believe the ruling
may signal problems for the likes of Apple, Intel and
Qualcomm whose market dominance in their respective fields
is also under scrutiny from the European Commission. The
ruling, including record fines and an order for Microsoft
to share certain software with other companies to allow
effective competition, is the conclusion of a case that
has spanned the last 9 years.
http://www.iht.com/articles/2007/09/18/technology/18soft.php |
19th September
BBC News FIRMS SIGN UP FOR CARBON RATING
Nine companies including Coca-Cola, Cadbury, Halifax and
Muller have signed up to a scheme to measure and reduce
the carbon footprint of some of their leading products.
The companies will use a draft product standard which
is being developed by the government, the Carbon Trust
and BSI British Standards and the full life of each product
will be charted.
http://news.bbc.co.uk/1/hi/uk/7002040.stm |
19th September
Guardian HOW CLIMATE CHANGE WILL AFFECT THE WORLD
Leading scientists yesterday said that the effects of
climate change will be felt sooner than scientists realised
and that the world must now learn to live with the effects.
It was described as 'very unlikely' that we could now
avoid average global temperature rising less than 2 degrees
celsius, as previously hoped. Yesterday was the launch
of a report published by the Intergovernmental Panel on
Climate Change (IPCC) that fully details the expected
effects of global warming. The co-chairman of the IPCC
stated that the choice is now 'between a future with a
damaged world or a severely damaged world'. http://www.guardian.co.uk/environment/2007/sep/19/climatechange |
| continued
below/... |
| |
19th September
Independent SANCTIONS COULD MAKE A DIFFERENCE
Writing in The Independent, the acting director of Burma
Campaign UK has called for an international response to
the recent uprising in Myanmar (Burma). Mark Farmaner
asserts that the ruling military regime depends on international
trade and investment to fund its vast army that keeps
it in power and is not immune to international pressure.
Mr Farmaner has called for economic sanctions such as
a ban on investment in the country as well as on the importation
of high revenue goods such as timber and gems.
http://comment.independent.co.uk/commentators/article2976661.ece
|
19th September
BBC ZARA WITHDRAWS SWASTIKA HANDBAGS
The fashion chain Zara has withdrawn a handbag from its
stores after a customer pointed out that the design featured
swastikas.
Zara said the bag came from an external supplier and the
symbol had not been visible when it was selected. A customer
who returned the bag to the shop when she noticed the
symbol said staff had been "shocked" to see
it. http://news.bbc.co.uk/1/hi/business/7002765.stm
|
19th September
Independent RETAILERS FACE CALL TO INFORM CONSUMERS ABOUT
ETHICS
The international development minister yesterday called
on the clothing industry to 'raise its game and ensure
that suppliers pay a living wage to its workers', as well
as provide better information on its supply chain to concerned
customers. The call comes in the middle of London Fashion
Week where ethical brands such as People Tree have demonstrated
that there is demand for ethical fashion. http://news.independent.co.uk/business/news/article2976716.ece |
19th September
Financial Times IT GOING GREEN: ENVIRONMENTAL CONCERN
BRINGS JOB OPPORTUNITIES
HSBC has recently hired the author of one of the most
significant reports on climate change, a move that the
Financial Times claims signals just how important an eco-friendly
image has become to businesses. The paper asserts that
the number of specialized jobs relating to climate change
has more than doubled over the last year.
But despite this trend as well as the fact that IT plays
a central function in improving a company's environmental
credentials, the ‘eco-IT specialist' remains
a highly neglected job role with very few companies employing
an IT specialist with an energy efficiency remit. http://www.ft.com/cms/s/0/a3039c9a-6520-11dc-bf89-0000779fd2ac.html |
19th September
Daily Telegraph NORTHERN ROCK BAIL-OUT MAY BREACH EU LAWS
The European Commission has requested information from
the British authorities over the government bail-out of
Northern Rock, concerned that it could violate EU state
aid laws if support leads to distortion of the banking
market, writes Ambrose Evans-Pritchard. http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/19/cneu119.xml |
19th September
Times FOOD PRODUCERS RESPOND TO CONSUMER PRESSURE WITH
'ADDITIVE-FREE' TAGS
Food companies have responded to the drive for healthy
eating from consumers and are now producing a substantial
range of additive-free food, according to market research
from Mintel. http://www.timesonline.co.uk/tol/life_and_style/food_and_drink/article2485426.ece
|
19th September
Times DARLING ACCUSED OF DOUBLE STANDARDS
Christine Seib reports that workers who lost their pensions
through corporate failure accused the Government yesterday
of opportunism and double standards over its decision
to bail out Northern Rock while denying them compensation.
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2485411.ece
|
19th September
Guardian BA AD GROUNDED FOR PRICING CLAIMS
The advertising watchdog has criticised British Airways
for not providing enough flights at the discounted prices
stated in an ad campaign, after receiving a complaint
from rival airline Easyjet, writes Mark Sweney. http://business.guardian.co.uk/story/0,,2172360,00.html
|
19th September
HR Review ALCOHOL MISUSE 'RESULTS IN LOST PRODUCTIVITY'
A fourth of employers believe that alcohol misuse contributes
significantly to employee absence and lost productivity,
according to new research. The survey of 500 organisations
conducted by the Chartered Institute of Personnel and
Development (CIPD) also revealed that a third of respondents
believe drug abuse to have a similarly detrimental impact
on worker performance. Despite their concerns, however,
only 38 per cent of employers provide coordinated support
to assist staff with drug or alcohol problems in returning
to work following treatment. http://www.hrreview.co.uk/articles/hr_strategy_and_practice/alcohol_misuse_percentresults_in_lost_productivitypercent_329.html
See the survey here http://www.cipd.co.uk/subjects/health/drugs/_drgalcsrvy.htm?IsSrchRes=1
|
|
20th September Times UK SUPERMARKETS ACCUSED OF PRICE-FIXING
The UK's top five supermarkets were today accused of
colluding to fix the price of dairy products despite
a previous warning, resulting in a £270 million
cost to Britain's shoppers. The Office of Fair Trading's
provisional findings are that the companies engaged
in price-fixing over a two-year period, in 2002 and
2003, and that the practice was harmful to consumers
by restricting the competitive process, leading to higher
prices. http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article2495097.ece
|
20th September
Times BAE SYSTEMS SUED OVER ALLEGED SAUDI BRIBES
The entire board of BAE Systems and several former directors
including Michael Portillo, a former UK Secretary of Defence,
are being sued by a US pension fund over bribery and corruption
claims at the defence group. The City of Harper Woods
Employees' Retirement Scheme, a public pension fund in
Michigan, has accused the board and former directors of
intentional, negligent and reckless breaches of their
duties as company officers. The lawsuit, filed in the
US District Court in Washington, DC this morning, is seeking
unspecified damages and calls for BAE to implement sweeping
corporate governance changes. The lawsuit, which also
names Nigel Rudd, former chairman of Boots and a non-executive
director of BAE, centres on allegations that senior executives
either permitted or encouraged BAE managers to pay bribes
to secure business contracts. It claims that BAE staff
paid illegal kickbacks and bribes totalling $2 billion
to Prince Bandar Bin Sultan of Saudi Arabia and his associates
to win lucrative weapons contracts.
http://business.timesonline.co.uk/tol/business/law/article2498504.ece
|
20th September
Financial Times KROES ROUNDS ON CRITICS OF MICROSOFT RULING
Neelie Kroes, the European Union competition commissioner,
has strongly denounced the criticism by a senior US official
over the upholding by the European Court of First Instance
of a 2004 ruling against Microsfoft by the top EU antitrust
regulator. Such ruling has dealt a severe blow to the
US software group in its nine-year legal battle with Brussels.
http://www.ft.com/cms/s/0/c04286ce-6712-11dc-a218-0000779fd2ac.html |
20th September
North East BUSINESS NORTH-EAST BOSSES TOP THE CSR LEAGUE
Bosses in the North-East are more committed to corporate
social responsibility than anywhere else in the country,
according to a national survey.
http://www.nebusiness.co.uk/business-news/latest-business-news/2007/09/20/north-east-bosses-top-the-csr-league-51140-19816414/ |
20th September
Independent PRICE-FIXING ON DAIRY PRODUCTS COST CONSUMERS
270MN, SAYS OFT
Karen Attwood writes that major supermarkets and dairy
processors have been colluding to fix the price of dairy
products with an estimated cost to the consumer of £270m,
according to the Office of Fair Trading. http://news.independent.co.uk/business/news/article2984831.ece
|
20th September
Financial Times FSA UNDER FIRE OVER NORTHERN ROCK ROLE
Chris Giles et al report that the Financial Services Authority
last night faced criticism from MPs and investors that
it failed in its job by not tackling Northern Rock's aggressive
financial practices before the bank ran into trouble.
http://www.ft.com/cms/s/0/982a589e-67b5-11dc-8906-0000779fd2ac.html
|
20th September
Times TESCO SLAMMED OVER SLOUGH STORE DOMINATION
Tesco has been accused of reducing competition and choice
by the Competition Commission through its acquisition
of a former Co-op owned site in Slough which the supermarket
giant was ordered to stop developing over a month ago.
http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article2502759.ece
|
21st September
Independent FORMER EDITOR OF 'BLUE PETER' IS SACKED BY
BBC
The former editor of Blue Peter has been sacked by the
BBC as part of a wide-ranging attempt to restore viewers'
trust after a series of scandals over deception on television
and radio. Richard Marson, who left the show in May but
was working as an executive producer in the BBC Children's
department, was editor in January when viewers were asked
to vote in an online poll for the name of the new Blue
Peter kitten. Cookie was the name that came out top but
the production team deemed this was not appropriate for
a children's show and decided on Socks instead. Mr Marson
was also the editor when a child studio guest was asked
to step in and pose as a competition winner after a technical
error. Ofcom fined Blue Peter £50,000 over the incident.
http://news.independent.co.uk/media/article2984771.ece
|
21st September
Guardian LABOUR TRIES TO BLOCK NEW BAE INQUIRY
British ministers are apparently refusing to cooperate
with the US over the criminal investigation into BAE's
alleged involvement in illegal payments to the Saudi royal
family, The Guardian reports. Despite a US official request
for mutual legal assistance (MLA) being received by the
British government over two months ago, the home secretary
has allegedly refused to pass the request onto the Serious
Fraud Office -who could help with the investigation. Saudi
Arabia last week signed a fresh arms deal with the British
government worth up to £20bn for BAE's Typhoon aircraft.
http://www.guardian.co.uk/baefiles/story/0,,2173947,00.html
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21st September
Financial Times BAE IN SPOTLIGHT OVER TANZANIA RADAR DEAL
BAE finds itself embroiled in further controversy over
the sale of a £28m radar system to Tanzania in 2002.
The UK's Serious Fraud Office and its Tanzanian counterpart
the Prevention of Corruption Bureau, are running parallel
investigations into alleged payments made by BAE to a
Tanzanian agent who helped to broker the deal.
Interest in the radar sale has gathered momentum since
last December when the UK ordered the SFO to drop inquiries
into the 20-year-old al-Yamamah deal for BAE to supply
Saudi Arabia with fighter jets. The SFO is continuing
to investigate allegations of bribery by BAE in South
Africa, Romania, Chile, the Czech Republic, as well as
Tanzania.
http://www.ft.com/cms/s/0/8e38f7aa-67b0-11dc-8906-0000779fd2ac.html
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22nd September
Guardian BEARS TAKE A £1BN BITE AS NORTHERN ROCK
IS BROUGHT DOWN
City bankers estimate that short-sellers could have pocketed
as much as £1bn over the past week as shares in
Northern Rock crashed. Pressure on the stock is likely
to continue with more than half the bank's shares loaned
out to more speculators. The Newcastle-based bank has
become the target of one of the largest "bear raids"
ever seen by the Square Mile. Short-selling allows traders
to profit when share prices fall by "renting"
shares from a holder to sell in the market on the assumption
that the price will fall. The short-seller then buys the
shares in the market at the low price, hands them back,
paying the "rent" on the borrowed stock out
of the profit made between the sell and buy prices. Lansdowne
Partners, based in London's upmarket Mayfair, the locale
of choice for hedge fund managers, is believed to have
made millions "shorting" Northern Rock. Unlike
opportunistic short sellers over the past week, Lansdowne
has been shorting Northern Rock for four years as it fundamentally
disagreed with its strategy. Bankers reckon that more
than half the 420m Northern Rock shares in circulation
are loaned out to short-sellers. The price paid by short
sellers to rent stock has shot up, and the amount of time
investors will loan out their shares has dramatically
reduced to a few days. These factors mean short-sellers
need large falls in Northern Rock's share price to make
a return. http://business.guardian.co.uk/economy/story/0,,2174692,00.html
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22nd September
Guardian MATTEL: CHINA TOY SCARES OUR FAULT
The world's biggest toy maker, Mattel, has apologised
to senior officials in Beijing for blaming Chinese suppliers
over a spate of recalls of substandard products.
In an attempt to mend strained relations, Mattel admitted
that in the "vast majority" of cases, flaws
in its own designs were responsible for high levels of
lead paint and loose magnets which prompted safety scares.
http://business.guardian.co.uk/story/0,,2174642,00.html |
23rd September
Independent BRIBE SCANDAL HIGHLIGHTS KPMG AUDITING ROLE
The role of KPMG, the auditor at Siemens is coming under
scrutiny, after illicit payments of $1.5bn (£1bn)
made by the German group were allegedly uncovered by investigators.
Debevoise, the firm of independent US lawyers appointed
by th |
