China has committed $75bn (£48bn) on aid and development projects in Africa in the past decade, according to research which is likely to fuel on-going debate over China’s motives in Africa. These financial commitments are significantly larger than previously estimated. Researchers at AidData, a company which tracks development finance, have spent 18 months compiling and encoding thousands of media reports to construct a database on Chinese development in Africa. It is reported that there are few mining projects in the database and, while transport, storage and energy initiatives account for some of the largest sums, the data also reveals how China has put hundreds of millions of dollars towards health, education and cultural projects. (Guardian)
Emerging Markets
Unilever to spend $5.4bn to lift India unit stake
Unilever will spend as much as 292.2bn rupees ($5.4bn) lifting the stake in its Indian unit, combating slower European growth with its biggest deal in 13 years. Unilever will pay 600 rupees a share in a public offer to raise its holding in Hindustan Unilever Ltd. to 75 percent from 52.48 percent, it said in a statement today. The price is 21 percent higher than the stock’s closing price yesterday. The London and Rotterdam based company is seeking greater control of India’s largest consumer-goods maker after this month reporting the slowest quarterly growth in two years as Europeans curbed spending. (Financial Times*, Bloomberg)
Responsible Investment
Triodos launches new ethical investment funds
Green banking specialist Triodos Bank yesterday launched two new Socially Responsible Investment (SRI) Funds, dubbed the Sustainable Pioneer Fund and the Sustainable Equity Fund. The Triodos Sustainable Pioneer Fund is a global equities fund focused on investing in small and medium-sized listed firms that tackle a range of sustainability issues. The Triodos Sustainable Equity fund is a global equities fund investing in high profile listed companies that meet demanding criteria for social and environmental performance. The SRI funds have been available through Triodos' European operations for over 15 years and have a strong track record, but are now being made available to UK investors for the first time. (Business Green)
Supply Chain
Primark to pay victims compensation
Primark, the retail group best known for its low-cost garments, says it will pay compensation and offer emergency food aid to victims of the Bangladesh factory collapse who worked for its supplier. The clothing store chain said its team in Bangladesh had been "working to put in place immediate and long-term help for victims of this disaster". It also said it would provide for children who had lost their parents. A factory complex collapsed last Wednesday on the outskirts of the capital Dhaka, killing some 350 people. Primark said it would review the support to ensure it kept up with need. The company occupied a floor of the collapsed building and the workers there were suppliers to the brand. (BBC, Telegraph)
Environment
Infosys ranked leader for reducing carbon footprint
Indian IT company Infosys became an Environmental Tracking (ET) Carbon Ranking Leader in 2013 for its greenhouse gas emissions and disclosure practices. As part of the selection process, the Environmental Investment Organisation (EIO), a London-based climate change and finance think-tank, ranked Infosys among top five of the 300 large firms after assessing its carbon footprint. The company's carbon reduction projects include the first use of radiant cooling air-conditioning in a commercial building; utilising a new technique that involves circulating water in embedded pipes to chill rooms and reduce energy use. (Daily News, India)
Corporate Reputation
Gulf of Mexico oil spill damages weigh on BP's profits
BP's profits slipped in the first quarter as it emerged that the oil company had paid out more than half of the cash it has set aside to pay for damages caused by the 2010 oil spill in the Gulf of Mexico. The company's replacement cost profit was $4.2bn (£2.7bn) for the quarter, compared with $4.7bn for the same period last year and $3.9bn for the last quarter of 2012. About $25bn of the $42bn the company set aside to pay for the damages caused by the oil spill has already been paid out. It is thought that an additional $8bn from the money set aside will be used by the company to appeal the case. (Guardian)
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