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On September 20, EU Economics Commissioner Valdis Dombrovskis stated at an informal meeting of EU finance ministers in Denmark that the European Commission hopes to finance Ukraine in 2026 through a so-called "compensatory loan" using Russian assets. Dombrovskis said during a press conference: "Thats right. I outlined the concept of such a compensatory loan at the meeting. I want to say that there is a willingness to work constructively together. Indeed, member states consider this a viable approach. Now, we will obviously continue to work hard under all conditions. Because we need to complete all these preparatory work relatively quickly. Ukraine will need this funding starting in 2026."On September 20th, Optus Communications, Australias second-largest telecommunications operator, experienced a 13-hour network outage, disrupting emergency call services and resulting in four deaths. Australian Communications Minister Anika Wells stated on the 20th, "It is unacceptable that Optus failed Australians at their most critical moment." She emphasized that telecommunications companies are legally required to ensure unimpeded emergency call service. The communications regulator has launched an investigation.On September 20th, ECB board member Stournaras said the bank may have completed its current cycle of rate cuts, and any further easing would require a material change in the outlook for inflation and economic growth. He noted that while inflation is expected to remain slightly below 2% over the next few years and risks are tilted to the downside, this alone does not justify further rate cuts. "Overall, in an environment of uncertainty, we are in a good equilibrium—not a perfect equilibrium, but a good one," said Stournaras, considered a dovish policymaker. "There is no reason to adjust interest rates at this point." "We are data-dependent—if we see a change in the situation at our monetary policy meetings, we will adjust accordingly," Stournaras said. "But it would require a material change in the outlook for us to do so." These comments echo recent hawkish stances from some officials. Estonian Central Bank Governor Müller said on Friday that ECB policy was already somewhat accommodative and there was no reason to cut rates further.On September 20th, at NIO Day, NIO Chairman William Li Bin stated that the company is currently working hard to increase production capacity for the all-new ES8. If production capacity still fails to meet demand, NIO will cover the difference from next years NEV subsidy reduction.Ukrainian Security Service official: Ukrainian drones attacked an oil pumping station involved in exporting Russian oil through the port of Novorossiysk.

Primark Increases Its Sustainable Cotton Initiative

Haiden Holmes

May 06, 2022 09:39

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Primark, one of Europe's largest fast fashion companies, has committed to training an extra 125,000 smallholder cotton farmers in India, Pakistan, and Bangladesh in more sustainable agricultural practices by the end of 2023.


The group's sustainable cotton program educates farmers on the need of using fewer chemical pesticides and fertilizers and less water, protecting biodiversity and aiding in climate change mitigation. Additionally, the organization claims that it reduces input costs and increases yields and revenues for farmers.


Primark, which is owned by London-listed Associated British Foods (OTC:ASBFY), said on Friday that the pledge would bring the program's total farmer enrollment to over 275,000 by the end of next year.


Primark pledged in September to reduce its environmental impact by increasing the use of recyclable materials, enhancing the durability of garments, and increasing worker salaries.


By 2027, it committed to sourcing 100 percent of the cotton in its clothing from its sustainable cotton program, organic cotton, or recycled cotton. Additionally, it committed to manufacturing all of its goods by 2030 using recycled fibers or more sustainably derived resources.


Primark now makes over 40% of their apparel from recycled fibers or more ecologically produced materials.


Environmental protesters have singled out the fashion sector for its excessive use of water and chemicals, putting pressure on big companies to alter supply chains and address a culture that has resulted in millions of products ending up in waste.


Many environmental protesters are skeptical of brand green commitments, saying they are motivated by a desire for positive public relations and that the business needed a broader cultural shift instead. Primark asserts that its sheer scale enables them to make a difference.


Primark said last month that it will increase certain prices to combat inflationary pressures.