Foxconn, one of the world's biggest contract electronics makers, has said it is being investigated by Chinese authorities over bribery allegations. The comments followed a report by Taiwan's Next Magazine, which claimed a Foxconn manager was detained for seeking bribes from suppliers. Foxconn said it was co-operating with the probe and was reviewing processes. This is the latest problem to hit Foxconn, which makes products for firms such as Apple, Panasonic, Samsung and Sony.(BBC, South China Morning Post)
UBS admits long history of Libor fixing
"Mercenary" traders at UBS could have been manipulating Libor interest rates for years before it was caught and forced to pay a record $1.4bn (£873m) in fines. The admission came as senior managers, including the bank’s former chief executive, Marcel Rohner, appeared in front of the Parliamentary Commission on Banking Standards for failing to spot what the executives admitted was "stealing on a grand scale". The fine was levied for activities by traders between 2005 and 2010, but the former UBS investment banking chief, Huw Jenkins, told the commission that Libor fixing “was a very engrained part of the business areas” before this. (Independent)
Supply chain
Levi's detoxifies supply chain
Levi Strauss has announced a target to stop all hazardous chemicals from global supply factories from being discharged into wastewater, by 2020. The world's biggest denim brand joins ten other clothing companies that have made commitments to detoxify their supply chains. In 2011, major brands, including Adidas Group, C&A, H&M, Nike, and Puma, made a commitment to help lead the industry toward the ‘Zero Discharge of Hazardous Chemicals’. This new commitment from Levi's follows the company's long-term aim to tackle water consumption throughout its operations. (Edie)
Environment
Apple and Google expand renewable energy use
Apple and Google have both announced investments in renewable energy projects, focusing on wind energy. On Thursday, Google made an approximate $200m (£125m) investment in a 161 megawatt facility located in Texas built by EDF Renewable Energy. Meanwhile, Apple put forward plans to develop a wind turbine that converts rotational energy into heat, which is then used to generate electricity. Apple is also looking into its manufacturing side, where the company produces its biggest environmental impact. (Edie, Business Green)
Global clean energy investment falls for first time
Global clean energy investment has dipped for the first time since records began; according to preliminary figures from analyst firm Clean Energy Pipeline. The quarterly report finds global investment in the sector bounced back to just under $68bn in the last three months of 2012, a 19 percent increase on the previous quarter, but this was not enough to buck the overall trend of declining investment. However, Douglas Lloyd, chief executive of Clean Energy Pipeline, said that while the $256bn invested last year was 14 percent down on the $293bn raised in 2011, we have come a long way since 2004, when only $33bn was invested throughout the year. (Business Green)
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