CORPORATE REPUTATION

UK to investigate Asos, Boohoo and Asda's “green” claims

Britain will investigate whether fashion brands ASOS, Boohoo, and George at Asda are misleading shoppers about the environmental sustainability of their apparel. The Competition and Markets Authority (CMA) will investigate “green” claims made by the companies about their clothing, footwear and accessories. It will examine whether the language used in marketing some apparel is too broad or vague and whether the criteria used by the companies to label products as environmentally sustainable might be lower than customers might expect. ASOS said it would cooperate with the CMA investigation and was committed to providing clear and accurate information about its products. Representatives of Boohoo and Asda did not immediately respond to requests for comment. (Nasdaq)

LAWSUITS

US mortgage lender to pay $20 million in redlining case

A US lender will pay $20 million to settle claims of discrimination against minority homebuyers, the US Justice Department says. Trident Mortgage Company, owned by Berkshire Hathaway, is accused of discriminatory lending in Pennsylvania, New Jersey and Delaware. The practice, known as “redlining”, was a common feature of the 20^th Century, but is illegal under US law. According to the complaint, Trident used the practice from at least 2015 – 2019. It claims that Trident’s offices were concentrated in majority-white neighbourhoods, and that its loan officers did not serve the credit needs of prospective minority homebuyers. The complaint further alleges that loan officers sent and received work emails containing racial slurs. The settlement funds will be used to increase credit opportunities in underserved neighbourhoods, prosecutors said. (BBC News)

LOBBYING

Leak: power companies spending millions to fight clean energy

Leaked documents reveal an electricity firm sourced support from a consultancy to oust US State senator Jose Javier Rodriguez after the senator introduced a pro-solar bill in 2019. The bill, which allowed landlords to sell cheap solar power directly to tenants, undermined Power & Light’s monopoly on electricity. Consultancy Matrix LLC spent heavily on political advertisements for a bribed candidate with the same last name as Rodriguez, effectively siphoning off votes. In 2020, Rodriguez loses re-election by less than 40 votes. The leak reveals how Matrix routinely lobbied to protect electrical utilities companies from decarbonisation legislation, established ‘dark money’ non-profits to facilitate sheltered political candidate spending, and shadowed journalists. Two criminal investigations have been launched into the forged campaign against Rodriguez and another Democratic state senate candidate. (The Guardian)

EMPLOYEES

UK employees increasingly seek temp work for extra income

Half of UK workers are already doing temporary work, or are planning to temp, as a direct result of the surging cost of living, according to new research. A national survey of UK workers by Indeed Flex found that 32% were planning to do temporary work on top of their existing job, as a way to increase their income. Meanwhile, 19% of those polled already did temporary work, with 11% planning to take on a few more shifts and 8% intending to do a lot more shifts. London workers were most likely to take up temping. As well as taking on new jobs such as evening delivery work or bar work, people were also going online to sell unwanted property such as old clothing, furniture and household goods. (Personnel Today)

SUSTAINABLE INVESTMENT

China issues principles to align green bonds with global market

China will issue principles for green bonds to build a unified criteria for domestic issuers, rushing to establish standards in a growing market in line with international norms. The country aims to bring its emissions to a peak before 2030 and become carbon neutral by 2060. Green financial bonds, green debt financing instruments, and green corporate bonds will apply the new principles, while enterprise bonds — mainly issued by state-owned enterprises (SOEs) — will be excluded. The principles will reflect prevailing international standards and set basic rules for green bond issuers and related institutions based on domestic conditions. China issued $59.4 billion in green bonds and asset-backed securities in the first half of 2022, jumping 64% from a year earlier.  (OltNews)

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