CORPORATE REPUTATION

Nestlé stops trading of non-essential food & drinks in Russia

Food and drinks giant Nestlé is to stop the import and export of non-essential goods to Russia. Only production of a limited number of essential items, such as baby food, food for hospital use and basic pet food will continue in Russia. The brands Nestlé is suspending make up the “vast majority of [prewar] volume and sales” in Russia, amounting to £1.4 billion in 2021. A company spokesperson said that Nestlé would continue to pay its Russian workers. While most western brands have now ceased imports to Russian, some prominent US and UK brands are still operating in Russia because they are unable to force independent franchise operators to close, including Burger King’s owner Restaurant Brands International, UK retailer Marks & Spencer and the hotel groups Accor and Marriott. (The Guardian)

GENDER

Japan considering mandatory annual gender wage disclosure

Japan is considering requiring companies’ annual reports to disclose average wages by gender and the ratio of female managers. The mandatory rule could be implemented as early as the fiscal year beginning in April 2023. The move would be part of Prime Minister Fumio Kishida’s push to narrow income disparities and achieve more equal distribution of wealth for a sustainable economic recovery. The government is also considering requiring firms to disclose the ratio of male workers on childcare leave. A panel overseen by the watchdog Financial Services Agency aims to draw up a report on the measures in Spring 2022. Currently, Japan’s gender pay gap is the largest of the G7 nations and ranked 120 out of 156 countries in the World Economic Forum’s 2021 Global Gender Pay Gap Index. (Reuters)

CYBERSECURITY

Hundreds of companies potentially hit by Okta software hack

Hundreds of organisations that rely on cloud software provider Okta to provide access to their networks may have been affected by a cyber-attack on the company. The software company said the “worst case” was 366 of its clients had been affected and their “data may have been viewed or acted upon”. Okta, which provides cloud software to help companies manage and secure data, has over 15,000 clients including FedEx. The cyberattack was conducted by a ransomware group that claims to have previously broken into high-profile companies such as Microsoft. Okta revealed that the hack involved a third-party contractor and ”the matter was investigated and contained”. The contractor working with Okta said it is “confident there is no longer a security risk.” (BBC News)

AGRICULTURE

US farms urge sowing on protected land amid Russian conflict

Farm groups are urging the US Agriculture Department to allow farmers the ability to plant on acres set aside for conservation, in a move they claim will help fill the absence of Ukrainian corn, wheat and sunflower oil amid Russia’s invasion. Seven agriculture lobbying organisations have asked the Agriculture Department to provide flexibility to farmers to plant crops on more than 4 million acres of “prime farmland” currently enrolled in the Farm Service Agency’s ‘Conservation Reserve Program’ (CRP). If the acres are planted, at 2021’s average corn yield, it could mean an additional 18.7 million tonnes of grain produced. However, some farmers are critical of the approach as CRP acres are often set aside because they are difficult to farm, have poor soil, or are environmentally sensitive. (Reuters)

BIODIVERSITY

World’s forests have essential cooling effect on climate

New research published by scientists from the International Center for Tropical Agriculture has found that the world’s forests play a far greater and more complex role in tackling climate crisis than previously thought. The study is the first to pinpoint the non-carbon dioxide benefits of different forests, finding that forests keep the planet at least 0.5°C cooler when biophysical effects – from chemical compounds to turbulence and the reflection of light – are combined with carbon dioxide. In the tropics, from Brazil and Guatemala to Chad, Cameroon and Indonesia, the cooling effect is more than 1°C. The findings suggest that forests are important to mitigation and adaptation, cooling the air and protecting communities from droughts, extreme heat and floods. (The Guardian)

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