Nestle, the world's biggest food company and a major employer in Europe, plans to recruit 20,000 young people as the continent grapples with a youth unemployment crisis. Nestle plans to offer jobs to 10,000 people under the age of 30 by 2016 and create a further 10,000 traineeships and apprentice positions. It will also push its 63,000 suppliers to follow suit, and offer the new hires coaching and mentoring. Laurent Freixe, Nestle's Europe boss said: "Governments cannot solve the problem alone. In the context where Europe is ageing and indebted, Europe needs its youth at work.” About 5.6 million young people are officially unemployed in the European Union, with the youth jobless rate at 23 percent. (Reuters, Bloomberg)
Ikea develops durable alternative for refugee camps
Swedish furniture manufacturer Ikea, in partnership with the United Nations Refugee Agency and Refugee Housing Unit, is developing a solar-powered, insulated, hard-sided shelter, as an alternative to tent-based refugee shelters typically deployed by relief organisations. Ikea has sent 56 prototypes to refugee camps in Ethiopia, Lebanon and northern Iraq for testing. Ikea and its partners claim the new flat pack camps could be a durable, transportable solution for the world's shifting refugee populations. The solar panels offer enough electricity for lighting and the shelter's walls and roof are made up of a laminated material that offers UV protection and insulation. (Sustainable Brands)
Corporate Reputation
BA rejects Chinese prison headphone allegations
British Airways (BA) has rejected reports that Chinese prisoners were used to manufacture its in-flight headphones. A report by the Australian Financial Review newspaper alleged that poorly treated inmates in a Chinese prison were forced to work long hours to manufacture headphones supplied to British Airways, Qantas and Electrolux. Both BA and Electrolux responded by saying they have not found any evidence to suggest prison labour has been used in their supply chains. The allegations against all three do not relate to the companies’ own suppliers but work that had apparently been sub-contracted out. A statement from BA, said: “Our supplier has made it abundantly clear it has never used prisons in China…[and] all of our suppliers are subject to a rigorous procurement process.” (Supply Management, BBC)
Facebook removes ads from controversial pages
Facebook has announced a major revamp of its advertising systems in an attempt to deal with concerns about offensive content. Marks and Spencer and BSkyB were among companies to suspend advertising after complaints that adverts had been placed on pages with offensive material. Facebook is set to create a "gold standard" of around 10,000 pages that are deemed suitable for adverts, and then inspect other pages to see if they can be added to the list. All adverts will be removed from other pages. A spokesperson said: "We recognise we need to do more to prevent situations where ads are displayed alongside controversial pages and groups. So we are taking action." (BBC)
Policy & Research
Chinese bank rises to top of world rankings
The financial world's shift in gravity towards the East was underlined today as China boasts the world's biggest bank for the first time, according to new figures. The Industrial and Commercial Bank of China (ICBC) is now the biggest bank in the world in terms of balance sheet strength, with $160.6bn (£105.5bn) in tier one capital, according to figures compiled by The Banker magazine. ICBC is one of China's four state-owned banks in the top 10. China's rise contrasts with the fortunes of UK-based banks, which now have just one major player, HSBC, in the top 10. Brian Caplen, editor of The Banker, said: "UK banks always used to outperform in the ranking, but for the past several years they have been slipping back." (Independent)
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