Business Live updates Good morning from the Standard City desk. As Shein seemingly gets closer to a blockbuster London listing that would end the City’s IPO drought, critics have understandably raised concerns, especially around its labour practices. Alicia Kearns of the Commons foreign affairs committee said “there are grave concerns” over the fashion giant’s factory working conditions and in 2022 Shein admitted workers in two factories were working excessive hours.
The environmental impact of its clothes has come under fire as well. In a blog post, tax campaigner Richard Murphy asked, “Has the London Stock Exchange heard of business ethics?” Well has Richard Murphy heard of the London Stock Exchange? Take a look at the FTSE 100. Shein’s practices might be worse than most of its peers in the fashion sector, but this is the big leagues of evil companies — i.
e. a major global stock index. Mining, oil, big banks and tobacco make up a hefty chunk of London’s top flight.
A big City bank was alleged to have laundered $100 billion for terrorist groups just this week (it denies the claims). If Shein lists in London, does it make the top five most harmful companies here? ~ Here’s a summary of our top headlines from yesterday: MORE ABOUT Have your say..
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