Business

Walmart, Tesco and Costco Questioned Over Slavery in Thailand

THAILAND Thailand "hub" of exploitation This picture taken on September 20, 2013 shows labourers sorting fish after they were unloaded from a trawler at a port in Pattani, southern Thailand. Each day a small army of labourers from countries including Myanmar and Cambodia -- some legal, some undocumented -- man rusting trawlers or help offload and sort the catch at ports around the country.

Thailand “hub” of exploitation This picture taken on September 20, 2013 shows labourers sorting fish after they were unloaded from a trawler at a port in Pattani, southern Thailand. Each day a small army of labourers from countries including Myanmar and Cambodia — some legal, some undocumented — man rusting trawlers or help offload and sort the catch at ports around the country.

BANGKOK – The Thai food giant CP Foods says it sells prawns to many leading supermarkets in the US, UK and across Europe.

The Guardian identified several of its customers and traced CP prawns to all of the top four global retailers – Walmart, Carrefour, Costco and Tesco – and other big-name supermarkets including Morrisons, the Co-operative, Aldi and Iceland.

We asked those named in our investigation to comment on our finding of slavery in their supply chains.

All said they condemned slavery and human trafficking for labour and conducted rigorous social audits. Some appeared already aware that slavery had been reported in the Thai fishing sector and said they were setting up programmes to try to tackle it.

Walmart, the world’s largest retailer, said: “We are actively engaged in this issue and playing an important role in bringing together stakeholders to help eradicate human trafficking from Thailand’s seafood export sector.”

Carrefour said it conducts social audits of all suppliers, including the CP factory that supplies it with some prawns. It tightened up the process after alerts in 2012. It admitted that it did not check right to the end of its complex chains.

Costco told us it required its suppliers of Thai shrimp “to take corrective action to police their feedstock sources”.

Tesco said: “We regard slavery as completely unacceptable. We are working with CP Foods to ensure the supply chain is slavery-free, and are also working in partnership with the International Labour Organisation and Ethical Trading Initiative to achieve broader change across the Thai fishing industry.”

Morrisons said it would take the matter up with CP Foods urgently. “We are concerned by the findings of the investigation. Our ethical trading policy forbids the use of forced labour by suppliers and their suppliers.”

The Co-operative was among those claiming it was already working to understand “working conditions beyond the processing level”. “The serious issue of human trafficking on fishing boats is challenging to address and requires a partnership” in which it is actively engaged, it said.

Aldi UK said its contractual terms stipulate that suppliers do not engage in any form of forced labour. “Aldi will not tolerate workplace practices and conditions which violate basic human rights.”

Iceland said it only sourced one line containing prawns from a CP Foods subsidiary but was pleased to note that CP was “at the forefront of efforts to raise standards in the Thai fishing industry”.

The supermarket sector has been aware of conditions on some Thai fishing vessels for a while, thanks to reports from the UN and NGOs. In a 2009 survey by the UN inter-agency project on human trafficking (UNIAP) 59% of migrants who had been trafficked on to Thai fishing boats said they had seen the murder of a fellow worker.

The Environmental Justice Foundation also reported on slavery and forced labour imposed by violence on Thai trawlers and alleged police collusion.

Retailers have focused, however, on abuses that came to light further up the Thai prawn supply chain – in processing and packing factories or in companies subcontracted to peel prawns. It seems the parlous state of fish stocks and the pressure to monitor supply chains for sustainabilityhas made the issue of slavery visible. Two retailers who did not wish to be named said that when they started to look at where fish for prawn feed was coming from, it became clear that the boats engaged in illegal fishing were also likely to be using trafficked forced labour.

Retailers have joined an initiative called Project Issara (Project Freedom)to discuss their response and several were at a meeting with producers in Bangkok at the end of last monthat which slavery was discussed.

Business

PepsiCo Reduces Revenue Projections As North American Snacks And Key International Markets Underperform.

(VOR News) – In the third quarter of this year, Pepsi’s net income was $2.93 billion, which is equivalent to $2.13 per share. This was attributed to the company.

This is in stark contrast to net income of $3.09 billion, which is equivalent to $2.24 per share, during the same period in the previous year. The company’s earnings per share were $2.31 when expenses were excluded.

Net sales decreased by 0.6%, totaling $23.32 billion. Organic sales increased by 1.3% during the quarter when the effects of acquisitions, divestitures, and currency changes are excluded.

Pepsi’s beverage sales fell this quarter.

The most recent report indicates that the beverage and food sectors of the organization experienced a 2% decline in volume. Consumers of all income levels are demonstrating a change in their purchasing habits, as indicated by CEOs’ statements from the previous quarter.

Pepsi’s entire volume was adversely affected by the lackluster demand they encountered in North America. An increasing number of Americans are becoming more frugal, reducing the number of snacks they ingest, and reducing the number of times they purchase at convenience stores.

Furthermore, Laguarta observed that the increase in sales was partially attributed to the election that occurred in Mexico during the month of June.

The most significant decrease in volume was experienced by Quaker Foods North America, which was 13%. In December, the company announced its initial recall in response to a potential salmonella infection.

Due to the probability of an illness, the recall was extended in January. Pepsi officially closed a plant that was implicated in the recalls in June, despite the fact that manufacturing had already been halted.

Jamie Caulfield, the Chief Financial Officer of Pepsi and Laguarta, has indicated that the recalls are beginning to have a lessening effect.

Frito-Lay experienced a 1.5% decline in volume in North America. The company has been striving to improve the value it offers to consumers and the accessibility of its snack line, which includes SunChips, Cheetos, and Stacy’s pita chips, in the retail establishments where it is sold.

Despite the fact that the category as a whole has slowed down in comparison to the results of previous years, the level of activity within the division is progressively increasing.

Pepsi executives issued a statement in which they stated that “Salty and savory snacks have underperformed year-to-date after outperforming packaged food categories in previous years.”

Pepsi will spend more on Doritos and Tostitos in the fall and winter before football season.

The company is currently promoting incentive packets for Tostitos and Ruffles, which contain twenty percent more chips than the standard package.

Pepsi is expanding its product line in order to more effectively target individuals who are health-conscious. The business announced its intention to acquire Siete Foods for a total of $1.2 billion approximately one week ago. The restaurant serves Mexican-American cuisine, which is typically modified to meet the dietary needs of a diverse clientele.

The beverage segment of Pepsi in North America experienced a three percent decrease in volume. Despite the fact that the demand for energy drinks, such as Pepsi’s Rockstar, has decreased as a result of consumers visiting convenience stores, the sales of well-known brands such as Gatorade and Pepsi have seen an increase throughout the quarter.

Laguarta expressed his opinion to the analysts during the company’s conference call, asserting, “I am of the opinion that it is a component of the economic cycle that we are currently experiencing, and that it will reverse itself in the future, once consumers feel better.”

Additionally, it has been noted that the food and beverage markets of South Asia, the Middle East, Latin America, and Africa have experienced a decline in sales volume. The company cut its forecast for organic revenue for the entire year on Tuesday due to the business’s second consecutive quarter of lower-than-anticipated sales.

The company’s performance during the quarter was adversely affected by the Quaker Foods North America recalls, the decrease in demand in the United States, and the interruptions that occurred in specific international markets, as per the statements made by Chief Executive Officer Ramon Laguarta.

Pepsi has revised its forecast for organic sales in 2024, shifting from a 4% growth rate to a low single-digit growth rate. The company reiterated its expectation that the core constant currency profitability per share will increase by a minimum of 8% in comparison to the previous year.

The company’s shares declined by less than one percent during premarket trading. The following discrepancies between the company’s report and the projections of Wall Street were identified by LSEG in a survey of analysts:

SOURCE: CNBC

Business

Old National Bank And Infosys Broaden Their Strategic Partnership.

(VOR News) – Old National Bank, a commercial bank with its headquarters in the Midwest, and Infosys, a firm that specializes in information technology, have recently entered into a strategic expansion of their link, which has been in place for the past four years.

This expansion is more likely to take place sooner rather than later, with the likelihood being higher.

For the purpose of making it possible for Old National Bank to make use of the services, solutions, and platforms that are offered by Infosys, the objective of this expansion is to make it possible for the bank to transform its operations and processes through the application of automation and GenAI, as well as to change significant business areas.

This lets the bank leverage Infosys’ services, solutions, and platforms.

Old National Bank Chairman and CEO Jim Ryan said, “At Old National, we are committed to creating exceptional experiences for both our customers and our fellow employees.”

This statement is applicable to Old National Bank. Infosys is carefully managing the business process innovations that it is putting us through, putting a strong emphasis on efficiency and value growth throughout the process to ensure that it is carried out efficiently.

This is a routine occurrence throughout the entire operation. Because of Infosys’ dedication to our development and success, we are incredibly appreciative of the assistance they have provided.

Old National has been receiving assistance from Infosys in the process of updating its digital environment since the year 2020, according to the aforementioned company.

Ever since that time, the company has been providing assistance. The provision of this assistance has been accomplished through the utilization of a model that is not only powerful but also capable of functioning on its own power.

Infosys currently ranks Old National thirty-first out of the top thirty US banks.

This ranking is based on the fact that Old National is the nation’s largest banking corporation.

It is estimated that the total value of the company’s assets is approximately fifty-three billion dollars, while the assets that are currently being managed by the organization are valued at thirty billion dollars.

Dennis Gada, the Executive Vice President and Global Head of Banking and Financial Services, stated that “Old National Bank and Infosys possess a robust cultural and strategic alignment in the development, management, and enhancement of enterprise-scale solutions to transform the bank’s operations and facilitate growth.”

This remark referenced the exceptional cultural and strategic synergy between the two organizations. Dennis Gada is the one who asserted this claim. This was articulated explicitly concerning the exceptional cultural congruence and strategy alignment of the two organizations.

We are pleased to announce that the implementation of Infosys Topaz will substantially expedite the transformation of Old National Bank’s business processes and customer service protocols. We are exceedingly enthusiastic about this matter. We are quite thrilled about this specific component of the scenario.

Medium-sized banks operating regionally will continue to benefit from our substantial expertise in the sector, technology, and operations. This specific market segment of Infosys will persist in benefiting from our extensive experience. This phenomenon will enable this market sector to sustain substantial growth and efficiency benefits.

SOURCE: THBL

Business

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

The largest regulated water and wastewater utility company in the United States stated Monday that it had been the target of a cyberattack, forcing the company to halt invoicing to consumers.

American Water, The Largest Water Utility In US, Is Targeted By A Cyberattack

American Water, based in New Jersey and serving over 14 million people in 14 states and 18 military facilities, said it learned of the unauthorized activity on Thursday and quickly took precautions, including shutting down certain systems. The business does not believe the attack had an impact on its facilities or operations and said employees were working “around the clock” to determine the origin and scale of the attack.

water

The corporation stated that it has alerted legal enforcement and is cooperating with them. It also stated that consumers will not be charged late fees while its systems are unavailable.

According to their website, American Water operates over 500 water and wastewater systems in around 1,700 communities across California, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Maryland, Missouri, New Jersey, Pennsylvania, Tennessee, Virginia, and West Virginia.

SOURCE | AP