HSBC faces new money laundering claims in Argentina
Banking giant HSBC, which was hit with a US fine for money laundering last year, is facing new accusations of illegal activity in Argentina. Argentina has alleged that the bank used "fake receipts" to facilitate money laundering and tax evasion, and launder 392m pesos (£50m). The country's tax authority said it had filed criminal charges against HSBC. HSBC said that it would cooperate with the investigation, adding that the allegations were "of great concern". (Bloomberg, Reuters,BBC)
Supply Chain
Nike accelerates sustainable textiles commitment
Nike announced a strategic partnership with Swiss company Bluesign Technologies yesterday, to accelerate the supply of more sustainable materials and chemistries for use in Nike products. This strategic partnership unlocks the potential for Bluesign Technologies’ industry-leading assessment tools to become accessible to materials suppliers, at an unprecedented scale and pace. These tools allow suppliers to be able to access pre-screened and more sustainable textile preparations, they enable suppliers to effectively manage restricted substances and can provide the opportunity to increase water and energy efficiency. (CSR Wire, Sustainable Brands)
Starbucks expands $70m ethical sourcing programme
To help coffee farming communities around the world mitigate climate change impact, and support long-term crop stability, Starbucks Coffee Company today announced that it is expanding the company’s $70 million comprehensive ethical sourcing programme with a new farming research and development centre in Costa Rica. These programmes are part of Starbucks on-going billion-dollar commitment to ethically sourcing 100 percent of its coffee by 2015. (Fort Mill Times)
Social Investment
Charity Bank to relinquish charitable status
Charity Bank, which lends only to charities and social enterprises, will give up its charitable status next month to meet new banking rules, it announced yesterday. A statement from the bank, said it had been forced to make changes to its status because "financial rules have been tightened to strengthen the financial profile, behaviours and management of banks" as a result of the recent economic crisis. Patrick Crawford, chief executive of the bank said “if Charity Bank had continued to operate as both a bank and a charity, new rules imposed by the FSA would have meant it could not take certain types of investment and would have had to rely on grants to raise funds.” (Third Sector)
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