Category : Corporations/Corporate Life

(Stat News) Biotech VC Bob Nelsen called it right on the coronavirus. Now he has thoughts on therapeutics — and masks

How do we get through this pandemic?

Social distancing is number one; contact tracing and antibody testing are number two; and therapeutics in the fall are number three. And then vaccines. We’re going to be fine. And I know this because the Chinese are asking me all kinds of questions about business stuff that I don’t want to answer because we’re in the middle of a pandemic.

Read it all.

Posted in America/U.S.A., Corporations/Corporate Life, Health & Medicine

(Local Paper) ‘Essential’ businesses making their case with SC governor to remain open

Gov. Henry McMaster’s office is being inundated with notices from businesses that say they want to continue operating if a shelter-in-place order is issued in response to the coronavirus, even though McMaster said he is not yet considering such an order at this time.

The notices are in response to a federal memo that broadly outlines the types of businesses considered essential to “ensuring continuity of functions critical to public health and safety, as well as economic and national security” during a crisis, such as the current outbreak of coronavirus, known as the COVID-19 pandemic. The memo was issued Thursday by Homeland Security’s Cybersecurity and Infrastructure Security office.

Those essential businesses include sectors such as healthcare, energy and law enforcement as well as transportation, public works and critical manufacturing.

Read it all.

Update: “In his most recent press briefing, Governor Henry McMaster issued an executive order authorizing law enforcement officers in the state to prohibit or disperse any gatherings of people in groups of 3 or more outside of your own home, focusing in on spontaneous gatherings and leaving the decision up to the discretion of the law enforcement officer.”

Posted in * Economics, Politics, * South Carolina, Corporations/Corporate Life, Economy, Ethics / Moral Theology, Health & Medicine, Labor/Labor Unions/Labor Market, State Government

(Stat News) Coronavirus testing is starting to get better — but it has a long way to go

The Roche case offers some encouragement: Brown said that the company started working on its new test last month, and finished the work in six weeks. Roche asked the FDA for emergency clearance earlier this week, and received it around the stroke of midnight Friday. As he announced a national emergency Friday afternoon, President Trump promised that testing capacity would eventually reach 5 million.

Testing serves two purposes. It can tell whether an individual person is sick. But it also acts as our way of knowing how bad the epidemic is, and where it is worst. Other types of technologies might help with the second part, if not the first. Blood tests that look to see if people have antibodies for SARS-CoV-2 –when they become available — can tell us how many people have had Covid-19. Next-generation DNA sequencing technologies could also play a role in monitoring it.

Through all this, the CDC and other health officials now need to follow an old maxim: Don’t let the perfect be the enemy of the good.

Regulatory standards are important, and if the U.S. had organized its response sooner, getting the developers of diagnostic tests and major labs ready, there would have been time for an orderly process. But this is an emergency. And there is a need for speed.

Read it all.

Posted in Corporations/Corporate Life, Health & Medicine, Science & Technology, The U.S. Government

(WSJ) Nathan Lewin–The US Supreme Court Justices Punt on Religious Liberty

[Justice Byron] White then rejected the notion that TWA should have to pay “premium wages” to a substitute, wrecking employment opportunities for many religiously observant employees. “To require TWA to bear more than a de minimis cost in order to give Mr. Hardison Saturdays off is an undue hardship,” he wrote. He justified this repudiation of respect for conscience by declaring that if TWA bore any cost whatever, it “would involve unequal treatment of employees on the basis of their religion.” Never mind that any accommodation by definition results in unequal treatment.

Accommodating religious observance usually requires more than “de minimis” cost and inconvenience. By defining religious accommodation as voluntary cost-free etiquette, Justice White empowered bosses to treat an employees’ religion as a mere inconvenience.

Justice Thurgood Marshall declared in dissent: “Today’s decision deals a fatal blow to all efforts under Title VII to accommodate work requirements to religious practices.” He concluded that “one of this Nation’s pillars of strength—our hospitality to religious diversity—has been seriously eroded.”

In Patterson v. Walgreen, the drugstore chain claimed that it had accommodated Mr. Patterson’s religious observance by offering him a lower-paying position in which he could observe the sabbath and by allowing him to swap shifts with other employees who wouldn’t have to be paid extra. Justices Samuel Alito, Clarence Thomas and Neil Gorsuch said they were prepared to overrule White’s noxious Hardison declaration. But they believed there were too many technical hurdles in Patterson v. Walgreen to make it “a good vehicle for revisiting Hardison.”

I am an Orthodox Jew, and I’ve been blessed with accommodative employers for nearly all of my professional life. Read it all.

Posted in Corporations/Corporate Life, Labor/Labor Unions/Labor Market, Law & Legal Issues, Religion & Culture, Supreme Court

(ESPN FC) Manchester City to appeal 2-year UEFA competition ban for FFP (financial fair play) violations

Manchester City will appeal UEFA’s decision to ban the club for two seasons from European competition — including the Champions League — after the governing body found them guilty of breaching financial fair play rules.

UEFA announced on Friday that the reigning Premier League champions will be excluded from the Champions League for the 2020-21 and 2021-22 campaigns and have also been fined €30 million ($33 million) for “overstating its sponsorship revenue in its accounts” and failing “to cooperate in the investigation,” according to findings by the UEFA Adjudicatory Chamber.

In response, City said they were “disappointed but not surprised” by the ruling and gave notice of their intention to lodge an appeal at the Court of Arbitration for Sport.

Sources have told ESPN that City believe UEFA’s process has been flawed and that they remain confident they will be cleared of any wrongdoing once their appeal is heard by an independent body. Sources have told ESPN that, until then, the club will go about their business “as usual.”

Read it all.

Posted in Consumer/consumer spending, Corporations/Corporate Life, Economy, England / UK, Ethics / Moral Theology, Globalization, Law & Legal Issues, Men, Sports

(AP) More US firms are boosting faith-based support for employees

It has become standard practice for U.S. corporations to assure employees of support regardless of their race, gender or sexual orientation. There’s now an intensifying push to ensure that companies are similarly supportive and inclusive when it comes to employees’ religious beliefs.

One barometer: More than 20% of the Fortune 100 have established faith-based employee resource groups, according to an AP examination and there’s a high-powered conference taking place this week in Washington aimed at expanding those ranks.

“Corporate America is at a tipping point toward giving religion similar attention to that given the other major diversity categories,” says Brian Grim, founder and president of the Religious Freedom & Business Foundation that’s co-hosting the conference along with the Catholic University of America’s Busch School of Business.

A few companies have long-established faith-in-the-workplace programs, such as Arkansas-based Tyson Foods, which deploys a team of more than 90 chaplains to comfort and counsel employees at its plants and offices. That program began in 2000.

Read it all.

Posted in Corporations/Corporate Life, Labor/Labor Unions/Labor Market, Religion & Culture

Sunday Afternoon Encouragement–(NBC) Beer can leads to Minnesota woman reuniting with missing dog after 3 years

A Minnesota woman was reunited with her dog, Hazel, this week after spotting her missing pet’s picture on a Florida brewery’s beer can.

The road back together for Monica Mathis, 33, and Hazel began last month when Mathis was scrolling through Facebook and saw a picture of a dog that looked familiar. It was Hazel, her mixed breed that had been missing for three years.

What Mathis had hit upon was a label posted on Facebook from Motorworks Brewing, of Bradenton, Florida, which featured four adoptable dogs, including Hazel. Proceeds from sales of the cans were destined for a fund to build a new county animal shelter.

Read it all or watch the video below (highly recommended).

Posted in Animals, Charities/Non-Profit Organizations, Corporations/Corporate Life, Marriage & Family, Media

(Reuters) Equinor broadens scope of carbon targets to match rivals

“Repsol has shown the net zero 2050 ambition we need,” said Edward Mason, head of responsible investments at the Church of England, which has been buying shares in oil and gas companies so it can push them to make stronger climate commitments.

“Equinor is doing some great stuff, particularly on (Scope 1 and 2 emissions), but I’m not sure a pledge to halve carbon intensity by 2050 does it any more,” he said on Twitter.

Equinor, which has been building a renewables business mainly focused on offshore wind, will also achieve its renewable investment target sooner than planned, its chief financial officer told Reuters on Thursday.

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Religion & Culture, Stewardship

(CC) Why Andover Newton requires seminarians to take a course from the Yale School of Management

Bill Goettler, associate dean at YDS, says that a quarter of YDS students indicate an interest in taking courses at the SOM, though only a small fraction of that number follow through. By making it a requirement, Andover Newton is nudging people toward a kind of learning that, on some level, they realize they need.

Perhaps most interesting is the way new theological questions can arise in business classes. Washington shared an example of how this happened in the course Strategic Management of Nonprofit Organizations. “I had to answer questions like whether or not nonprofits were supposed to work to no longer be needed, which led me to ask myself this same question as it relates to denominations and churches.”

As long as the world still needs churches, it needs a learned clergy, and the clergy need whatever education is called for by the times. Today congregations are calling out for multidimensional leaders, and business education is rounding out an increasingly important dimension of pastoral ministry.

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Posted in * Economics, Politics, Anthropology, Corporations/Corporate Life, Ecclesiology, Economy, Education, Ethics / Moral Theology, Parish Ministry, Pastoral Theology, Seminary / Theological Education, Theology

(C of E) Bishop Alan Smith welcomes the credit card gambling ban

The Bishop of St Albans, Dr Alan Smith, has welcomed an announcement from the Gambling Commission that consumers will no longer be able to use credit cards to gamble from April 2020.

“This marks a significant step in progressive policy-making, reducing the risks to gamblers,” he said, following the announcement.

“For too long people have been vulnerable through gambling with money they don’t have, using credit cards, additionally incurring the costs of borrowing alongside any losses.

“I have been calling for this change as consultation turned into consultation, while gamblers were facing the consequences of delay.

Read it all.

Posted in Church of England (CoE), CoE Bishops, Corporations/Corporate Life, Ethics / Moral Theology, Gambling, Personal Finance & Investing, Religion & Culture

(FT) Half of UK universities commit to divesting from fossil fuels

Half the UK’s universities have pledged to sell their shares in fossil fuel companies after a years-long campaign involving protests, hunger strikes and petitions by students worried about climate change.

Some 78 of the UK’s 154 public universities have committed to at least partially divest from fossil fuels, including University College London, York, Liverpool and Exeter, which all said they would ditch oil and gas stocks last year.

According to People & Planet, the group that co-ordinated the students, £12.4bn of endowments across the higher education sector have dumped at least some fossil fuel stocks.

The divestment by universities is the latest sign of the growing influence of young climate activists. Last year, youth-led climate strikes took place across the world, inspired by teenager Greta Thunberg.

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stewardship, Stock Market

(PS) Shoshana Zuboff–Surveillance Capitalism

As we enter a new decade, we are also entering a new era of political economy. Over the centuries, capitalism has evolved through a number of stages, from industrial to managerial to financial capitalism. Now we are entering the age of “surveillance capitalism.”

Under surveillance capitalism, people’s lived experiences are unilaterally claimed by private companies and translated into proprietary data flows. Some of these data are used to improve products and services. The rest are considered a “behavioral surplus” and valued for their rich predictive signals.

These predictive data are shipped to new-age factories of machine intelligence where they are computed into highly profitable prediction products that anticipate your current and future choices. Prediction products are then traded in what I call “behavioral futures markets,” where surveillance capitalists sell certainty to their business customers.

Google’s “clickthrough rate” was the first globally successful prediction product, and its ad markets were the first to trade in human futures. Already, surveillance capitalists have grown immensely wealthy from these trading operations, and ever more companies across nearly every economic sector have shown an eagerness to lay bets on our future behavior.

The competitive dynamics of these new markets reveal surveillance capitalism’s economic imperatives.

First, machine intelligence demands a lot of data: economies of scale.

Second, the best predictions also require varieties of data: economies of scope. This drove the extension of surplus capture beyond likes and clicks into the offline world: your jogging gait and pace; your breakfast conversation; your hunt for a parking space; your face, voice, personality, and emotions.

In a third phase of competitive intensity, surveillance capitalists discovered that the most predictive data come from intervening in human action to coax, tune, herd, and modify behavior in the direction of guaranteed outcomes.

Read it all.

Posted in --Social Networking, Blogging & the Internet, Corporations/Corporate Life, Ethics / Moral Theology, Science & Technology

(NYT) One Nation, Tracked: An Investigation Into The Smartphone Tracking Industry

For many Americans, the only real risk they face from having their information exposed would be embarrassment or inconvenience. But for others, like survivors of abuse, the risks could be substantial. And who can say what practices or relationships any given individual might want to keep private, to withhold from friends, family, employers or the government? We found hundreds of pings in mosques and churches, abortion clinics, queer spaces and other sensitive areas.

In one case, we observed a change in the regular movements of a Microsoft engineer. He made a visit one Tuesday afternoon to the main Seattle campus of a Microsoft competitor, Amazon. The following month, he started a new job at Amazon. It took minutes to identify him as Ben Broili, a manager now for Amazon Prime Air, a drone delivery service.

“I can’t say I’m surprised,” Mr. Broili told us in early December. “But knowing that you all can get ahold of it and comb through and place me to see where I work and live — that’s weird.” That we could so easily discern that Mr. Broili was out on a job interview raises some obvious questions, like: Could the internal location surveillance of executives and employees become standard corporate practice?

Read it all.

Posted in * Culture-Watch, Anthropology, Consumer/consumer spending, Corporations/Corporate Life, Ethics / Moral Theology, Law & Legal Issues, Science & Technology

(Local Paper front page) Modern warfare is now happening online. South Carolina’s defense contractors are on the front lines.

The military’s most frequent battles are not fought on land, by sea or in the air. They’re fought online, every day, and South Carolina’s defense contractors are trying to stay ahead of the enemy.

Katie Arrington, a former state lawmaker who was appointed in January as a consultant for the Department of Defense, said Charleston in particular is key when it comes to cybersecurity against China, terrorist groups and individuals attempting to undermine government security.

“We’re at war,” Arrington told The Post and Courier. “Cyberwar is real. To think this community isn’t exposed to what our adversaries are trying to do every day in the cyber realm would be remiss. Our cyberwarriors, the people who work in the Charleston defense contractor community, are the first layer of defense.”

That was the theme this week when more than 1,400 business leaders, military officers and government employees gathered in North Charleston for the Charleston Defense Contractors Association’s 13th annual conference to discuss the evolution of warfare. For decades, the federal government has looked to the private sector to come up with solutions. And cyberwarfare is now big business in the Palmetto State.

Read it all.

Posted in * South Carolina, Corporations/Corporate Life, Globalization, Military / Armed Forces, Science & Technology

(Guardian) Archbp John Sentamu–It’s time to act against the oil companies causing death and destruction

The legal system in Nigeria is cumbersome, costly and inefficient. Victims are rarely able to afford the means to justice and redress. While governments must accept a share of responsibility for this catastrophe, the onus lies largely with the multinational oil companies that dominate the scene. They drill and export the oil and gas. They own the inadequate and poorly maintained and poorly guarded infrastructure that have allowed oil spills and other forms of pollution to become systemic for people in Bayelsa.

All too often they do not respect their fundamental human rights and are getting away with a pollution footprint with global consequences, including climate change. Yet those who bear the immediate cost are the people of Bayelsa, where human life appears to be disposable in the pursuit of wealth.

Repentance, reparation and remedy for damage done for decades is long overdue. Too many people treat distant parts of the world like giant rubbish dumps. If you or I behaved like that in our locality, albeit on an infinitely smaller scale, we would be rightly prosecuted for fly-tipping.

We are all temporary tenants on this planet and will be held accountable for its management. Future generations will look at the state of their inheritance and will want to know who in the past benefited from its irresponsible exploitation and who paid the price for it. If there is still an opportunity for the present generation to make amends, we had better get on with it with the utmost urgency.

Read it all.

Posted in Archbishop of York John Sentamu, Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Nigeria, Religion & Culture

(NYT) Suddenly, the Chinese Threat to Australia Seems Very Real

A Chinese defector to Australia who detailed political interference by Beijing. A businessman found dead after telling the authorities about a Chinese plot to install him in Parliament. Suspicious men following critics of Beijing in major Australian cities.

For a country that just wants calm commerce with China — the propellant behind 28 years of steady growth — the revelations of the past week have delivered a jolt.

Fears of Chinese interference once seemed to hover indistinctly over Australia. Now, Beijing’s political ambitions, and the espionage operations that further them, suddenly feel local, concrete and ever-present.

“It’s become the inescapable issue,” said Hugh White, a former intelligence official who teaches strategic studies at the Australian National University. “We’ve underestimated how quickly China’s power has grown along with its ambition to use that power.”

Read it all.

Posted in Australia / NZ, China, Corporations/Corporate Life, Ethics / Moral Theology, Foreign Relations, Politics in General, Science & Technology

(Seattle Times) Recompose, the human-composting alternative to burial and cremation, finds a home in Seattle’s Sodo area

One evening last week, around 75 people gathered in a vast Sodo warehouse for an event that may have been the first of its kind in human history: a housewarming party for a funeral home where bodies would not be burned or buried, but laid in individual vessels to become clean, usable compost.

It was an eclectic group (doctors, architects, funeral directors, state legislators, lawyers, investors), but they had come together to celebrate the first site for Recompose, the fledgling Seattle company that hopes to change the way people think about what happens after we die.

“You all have one thing in common,” Katrina Spade, founder and CEO of Recompose, told the crowd beneath the mammoth, curved wood ceiling. “You are all members of the death-care revolution.”

But for some at the party, it took a little time to get there.

Read it all.

Posted in Anthropology, Corporations/Corporate Life, Death / Burial / Funerals, Eschatology, Ethics / Moral Theology

(FT) Tough new global standards on mining waste storage under consideration

Some of the mining majors have already publicly released their own stringent standards but say implementation and assurance of stakeholders needs improving. There is also a wider challenge of getting smaller miners that do not belong to the ICMM to sign up to the standards.

The disaster in Brazil was the second major accident involving tailings dams within almost four years and has made some investors wary of owning mining shares and raised uncertainty among insurance companies. It is estimated there are about 3,500 active tailings dams globally and a recent review estimated one in ten have stability issues.

The draft noted investors have a role to play in limiting their financial support only to projects that fulfil the standards proposed and insurance companies should insist mining companies minimise the risk from tailings dams.

Adam Matthews from the Church of England Pensions Board representing PRI said “we are mindful that zero harm to people and environment has to be the objective and the standard has an important role to play to achieving a mining sector whose tailings facilities are operating to such a standard.”

Read it all.

Posted in Church of England (CoE), Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stock Market

(BBC) The shareholders fighting to make oil firms greener

They can also convince firms to stop lobbying that is “inconsistent” with the goals of the 2015 Paris Agreement, which aims to reduce the risks and impacts of climate change globally.

One of the most successful activist groups has been Climate Action 100+, a global network of institutional investors that targets the world’s 100 largest corporate greenhouse gas emitters.

Its 370 members, which have $35tn (£27tn) of assets under management, include well-known names such as Aberdeen Standard, the Church of England Pensions Board and HSBC Global Asset Management.

In March, the group, working with others, forced the oil giant Shell to make a legally binding commitment to use a broader definition of greenhouse gas emissions in its carbon-reduction targets.

Read it all.

Posted in Climate Change, Weather, Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stewardship, Stock Market

(BI) The Big Issue is getting tough on modern slavery

Big Issue vendors remain vulnerable to being targeted by slavers, so we have beefed up how we are tackling modern slavery.

In a move designed to tie in with International Anti-Slavery Day, which took place earlier this month, The Big Issue has introduced a new e-training module for staff as well as a new Modern Slavery and Human Trafficking policy.

The Big Issue’s head of programmes and partnerships Beth Thomas explains more.

“At The Big Issue we recognise that we work with some of the most vulnerable members of society who are at risk of falling victim to crime,” she said. “It is no secret that human traffickers prey on people who are vulnerable and exploit their circumstances to win over their trust. With this in mind we have introduced a modern slavery policy and procedure aimed at helping all staff to be able to spot the signs of modern slavery.

“We believe that it is not only up to those who work on the front line but it is all of us to be aware of how to spot the signs as we go about our day to day lives. From taking our cars to be cleaned to having a manicure, everyone needs to be vigilant and know what do to do if they suspect modern slavery. To help staff with this we have incorporated a new training module into all staff and volunteer inductions.”

Read it all.

Posted in Anthropology, Corporations/Corporate Life, Ethics / Moral Theology, Labor/Labor Unions/Labor Market, Law & Legal Issues, Religion & Culture, Sexuality, Theology, Violence

(FT) WhatsApp hack led to targeting of 100 journalists and dissidents

At least 100 journalists, human rights activists and political dissidents had their smartphones attacked by spyware that exploited a vulnerability in WhatsApp, according to the Facebook-owned messaging service.

The victims of the attack, which was first revealed by the Financial Times in May, were contacted by WhatsApp on Tuesday.

Their phones were targeted through WhatsApp’s call function by customers of the Israel-based NSO Group, which makes Pegasus, a spyware program. Once installed, Pegasus is designed to take over all of a phone’s functions.

Read it all.

Posted in Corporations/Corporate Life, Ethics / Moral Theology, Media, Politics in General, Science & Technology

(NYT) Silicon Valley Goes to Therapy

“In Silicon Valley,” Mr. Seibel added, “we did not talk this much about mental health even three years ago.” He estimates that more than 50 related start-ups are coming onto the scene. His firm just funded three: Stoic; Quirk, an app that uses cognitive behavioral therapy to treat people with anxiety and depression; and Mindset Health, which creates hypnotherapy apps that it says can treat anxiety, depression and irritable bowel syndrome.

Mindset Health was founded by two brothers, Alex and Chris Naoumidis, who previously created a peer-to-peer dress-sharing app for women. When that app failed, the brothers felt overcome with anxiety.

“We fell into this period of mental health problems,” said Alex Naoumidis, 24.

The brothers tried some of the existing wellness apps — meditation products, mindfulness tools — but remained unmoored. Their father suggested in-person hypnotherapy. It gave them the idea for Mindset.

Read it all.

Posted in Corporations/Corporate Life, Health & Medicine, Psychology, Science & Technology, Secularism

(Sightings) Peter Sherlock–Religious Discrimination: The Australian Debate

Most submissions in response to the consultation draft of the bill agree that discrimination on the basis of religious belief—or its absence—should be prohibited. In this respect, the bill simply gives effect to article 18 of the United Nations Declaration on Human Rights, that everyone should have a right “to manifest … religion or belief in teaching, practice, worship and observance.” Moreover, in Australia, the national Constitution was written in the 1890s with a view to preventing religious interference in the making of laws. While Parliament still opens each day with the Lord’s Prayer, there arguably is a need for legislative protections against religious discrimination.

Several submissions, however, indicate significant opposition to the bill as it stands because its religious protections would facilitate other forms of discrimination. This includes, for the first time in modern Australia, the introduction of religious exemptions in discrimination legislation covering race and disability, paralleling those in sex discrimination legislation. Furthermore, the bill does not go far enough for some religious groups, who argue it would open them up to what the Catholic Church has described as “lawfare” in relation to employment practices at faith-based schools or agencies. The Sydney Anglican submission, for its part, dramatically argues that, as it is presently drafted, the bill would force the church to make its campsites available for hire for satanic black masses.

All the same, the debate surrounding the bill has largely overlooked two aspects of religious liberty. The first is religious harassment. This is a concept found in other discrimination laws, such as measures to define and prosecute sexual harassment. What will happen when conflicting religious beliefs and behaviors come into contact, including not only religious speech but religious dress, sounds, or rituals? How can the rights of people of no religion be protected? What are the limits of accommodation and respect?

The second regards the nature of power. We can glimpse this point in a unique provision of the bill: companies with a turnover greater than $50,000,000 would be prohibited from preventing its employees from expressing religious views that discriminate against others unless it can prove that such expression would lead to serious financial harm for the company. Discrimination which may lead to the harm of others is acceptable, in other words, unless it is going to cost a business a great deal of money. In modern Australia, money equals power; the widow and her mite would appear to have no protections whatsoever.

Read it all.

Posted in Anglican Church of Australia, Australia / NZ, Corporations/Corporate Life, Ethics / Moral Theology, Law & Legal Issues, Religion & Culture, Religious Freedom / Persecution

(BBC) Edinburgh hosts world summit on ethical finance

Scotland’s role as a global leader in ethical finance is being highlighted at a world summit in Edinburgh.

Senior representatives from more than 200 companies and organisations are attending Ethical Finance 2019.

Speakers include Scotland’s First Minister Nicola Sturgeon and the Archbishop of Canterbury.

The summit aims to “help define and shape the transition to a sustainable financial system where finance delivers positive change”.

The event is being hosted by the Scotland-based Global Ethical Finance Initiative (GEFI).

Read it all.

Posted in --Justin Welby, --Scotland, Archbishop of Canterbury, Corporations/Corporate Life, Ethics / Moral Theology, Personal Finance, Scotland, Stock Market, The Banking System/Sector

(Church Times) Good Money Week: Using money for good

“In the present state of mankind,” John Wesley declared in his celebrated 18th-century sermon on the use of money, “it is an excellent gift of God, answering the noblest ends.”

Rightly used, he said, money could feed the hungry, provide drink for the thirsty, clothe the naked, and provide shelter for the stranger. “It may be as eyes to the blind, as feet to the lame; yea, a lifter up from the gates of death!”

He warned against excessive spending, however, and condemned the exploitation of workers. He called on Christians to be generous in their financial giving, and recognised that money could be misused.

The right use of money has been a Christian concern since the early days of the Church, and, between then and now, both the institution and individuals, in their earning, hoarding, or spending of money, have fallen short of the ideals taught. Today, no doubt, Wesley would be a leading campaigner against the consumer society, drawing attention to how irresponsible and excessive consumption has led to environmental degradation.

Churches and faith investors have, for many years, done their best to align their investments with acceptable beliefs and ethics, and, despite good returns promised, have avoided buying shares in, for example, arms companies, and the tobacco and gambling industries. They have monitored businesses in which they invest closely to ensure they are not exploiting the vulnerable or despoiling the planet.

Read it all.

Posted in Corporations/Corporate Life, Ethics / Moral Theology, Religion & Culture, Stewardship, Stock Market

(Economist) What companies are for

All this portends a system in which big business sets and pursues broad social goals, not its narrow self-interest.

That sounds nice, but collective capitalism suffers from two pitfalls: a lack of accountability and a lack of dynamism. Consider accountability first. It is not clear how ceos should know what “society” wants from their companies. The chances are that politicians, campaigning groups and the ceos themselves will decide—and that ordinary people will not have a voice. Over the past 20 years industry and finance have become dominated by large firms, so a small number of unrepresentative business leaders will end up with immense power to set goals for society that range far beyond the immediate interests of their company.

The second problem is dynamism. Collective capitalism leans away from change. In a dynamic system firms have to forsake at least some stakeholders: a number need to shrink in order to reallocate capital and workers from obsolete industries to new ones. If, say, climate change is to be tackled, oil firms will face huge job cuts. Fans of the corporate giants of the managerial era in the 1960s often forget that at&t ripped off consumers and that General Motors made out-of-date, unsafe cars. Both firms embodied social values that, even at the time, were uptight. They were sheltered partly because they performed broader social goals, whether jobs-for-life, world-class science or supporting the fabric of Detroit.

The way to make capitalism work better for all is not to limit accountability and dynamism, but to enhance them both. This requires that the purpose of companies should be set by their owners, not executives or campaigners. Some may obsess about short-term targets and quarterly results but that is usually because they are badly run. Some may select charitable objectives, and good luck to them. But most owners and firms will opt to maximise long-term value, as that is good business.

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Posted in Corporations/Corporate Life, Economy, Ethics / Moral Theology

(Church Times) Ecclesiastical Insurance Group (EIG) planned to persuade bishop ‘to take a less active role’ in claimant’s pastoral care

The Ecclesiastical Insurance Group (EIG) planned to pressure a bishop to withdraw pastoral support from a survivor of abuse because it might prejudice a claim, redacted documents seen by the Church Times suggest.

The survivor, Julian Whiting, alleges that he was abused by a pupil and two housemasters of the Blue Coat School in Birmingham. Neither adult was a cleric. Several years later, in 2012, Mr Whiting approached the Bishop of Birmingham, the Rt Revd David Urquhart, who is President of Blue Coat, for pastoral help.

In a letter to a redacted recipient dated April 2013, the casualty-claims employee for EIG in Manchester states: “I feel we may need you to help persuade the Bishop of Birmingham to take a less active role in his pastoral care of a claimant which we feel could have a knock-on effect to the current outstanding abuse claims we have for a Julian Whiting.”

He then says of the Blue Coat allegation: “Importantly, he [Julian Whiting] has never pursued a formal claim. There has been a lot of email traffic, but the position is that until the claimant properly formulates the claim, we have rightly shown little interest in the matter.

“What has recently complicated matters is that the Bishop of Birmingham in his role as Blue Coats [sic] School President has met with Whiting to hear his story. Whilst I fully understand the position taken that there is a pastoral care aspect here, my concern is that a continued dialogue with the Bishop and Whiting could prejudice the positioning we have taken in respect of the two claims.” (Mr Whiting was also pursuing a claim that, in 2009, he was groped by a church employee at a social event at Lambeth Palace.)

Read it all.

Posted in Church of England (CoE), CoE Bishops, Corporations/Corporate Life, England / UK, Ethics / Moral Theology, Parish Ministry, Religion & Culture

(Sunday [London] Times) Gambling, Africa’s new child plague

British betting companies and football clubs are “luring” hundreds of thousands of African children into an illegal gambling craze that Kenya’s government says is “destroying” their lives.

Using techniques banned in the UK, the companies appeal to youngsters by using cartoon characters and free branded merchandise. At a British company’s betting shops in the Nairobi slums, The Sunday Times witnessed children as young as 14 gambling freely, in breach of Kenyan law.

Tracey Crouch, who resigned as sports minister in protest at the government’s lack of action over gambling, said she was “deeply concerned” at the revelations, adding: “It is reminiscent of the way that tobacco companies are seeking new markets among young people in Africa.”

Top English football clubs, which have millions of fans in Africa, are closely involved in the promotional efforts. Arsenal sent its former star, Sol Campbell, to Nairobi for children’s coaching sessions with SportPesa, a Kenyan betting company that is its African sponsor. Hull City players went to a Nairobi shanty town, where they handed out SportPesa-branded wristbands and football strips to schoolchildren.

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Posted in Africa, Children, Corporations/Corporate Life, England / UK, Ethics / Moral Theology, Gambling, Sports

(FT) It has been a good week for climate change policy–Economists’ innovative ideas are quickly moving from radical to mainstream

What is most significant about this work is that both councils now explicitly endorse two rather radical ideas (even if sometimes as one option among several), and that they do so in order to take seriously the political economy of climate change policy. In other words, they have set themselves the task of designing good economic policy in a way that makes it politically acceptable nationally and politically effective globally.

The first proposal — clearly in response to the political trauma of the gilets jaunes protests in France — is that any revenues from carbon taxes should be returned to the private sector rather than enter the government budget to be used for other purposes. The French CAE has developed a concrete and costed proposal for direct cash distribution of carbon tax revenue, in the form of regular “carbon cheques” to households. Its preferred version, where the carbon tax varies with household income and between cities and the countryside, can make virtually below-median-income households better off…

Second, both groups have also raised the possibility of linking trade openness to trading partners’ efforts to combat climate change. The German report explicitly envisages a “carbon border adjustment”. This would be a tax on the CO2 content of imported goods. The joint statement lists a number of alternative trade tools to use against countries with only weak regulation of carbon emissions, or to incentivise those trading partners with strong climate commitments to stick to them.

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Posted in Climate Change, Weather, Corporations/Corporate Life, Ethics / Moral Theology, Foreign Relations, Politics in General, Stewardship

(FT) Emma Howard Boyd–Climate change: is your equities portfolio too hot to touch?

Understanding green finance can be challenging, add in the prolix greenwash that pours on to the internet every day and no wonder many people decide it is all too difficult.

But it isn’t. The Committee on Climate Change’s recent reports showed that the world urgently needs to reduce emissions and take action to prepare for physical impacts that will get worse in just 11 years.

To prosper in this new reality, investors have to focus on whether their investments address these two basic points. That is green finance in a nutshell.

Helping investors obtain good information to do that is why the Environment Agency Pension Fund and the Church of England National Investing Bodies set up the Transition Pathway Initiative in January 2017.

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Posted in Church of England (CoE), Climate Change, Weather, Corporations/Corporate Life, Ecology, Energy, Natural Resources, Ethics / Moral Theology, Stock Market