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Car smuggling probe sought

A PHILIPPINE senator on Monday filed a resolution seeking to look into the smuggling of sports cars that bypassed customs clearance, which cost the government P165 million in excise tax revenues.

Senator Sherwin T. Gatchalian, who filed Senate Resolution No. 954 on March 6, said the smuggling of two Bugatti Chiron sports cars, among the most expensive cars in the world, showed the need for the government to enhance border control measures to deter tax leakages. 

“There is a need to determine the lapses and loopholes in government processes that lead to the continuous persistence of outright smuggling of luxury items in the country, including cars, that deprives the government of much-needed revenues and poses a serious and great threat to the national economy,” he said.

The two Bugatti sports cars are valued at P165 million each. At 50% excise tax, the government missed out on P165 million in revenues from the importation of the supercars, Mr. Gatchalian said. 

The Bureau of Customs had received information about the smuggled cars in November, prompting the agency to issue a seizure warrant against the two undocumented Bugatti cars.

Mr. Gatchalian said there is a need to use modern technology to keep an eye on undocumented luxury cars, which he said threatens the economy.

“We should not allow these practices since the tax collected by the government and which would be used for projects to strengthen the economy and improve the lives of Filipinos would suffer,” he said in Filipino. — John Victor D. Ordoñez

Cooperative federations pushed

THE PHILIPPINE Chamber of Cooperatives said measures to amend the Cooperative Code should allow cooperatives to freely form federations among themselves even if they are not in the same line of business.

“We humbly submit that the creation of federations should not be limited to only the same line of business because this would limit the growth of cooperatives in terms of the financial aspect,” Noel D. Raboy, founding trustee of the chamber, said in a position paper on House Bill No. 9450, which seeks to amend the Cooperative Code of the Philippines sent to BusinessWorld on Monday

“We must give utmost freedom to cooperatives in forming federations among themselves.”

Under the House measure, cooperatives can form federations only with those engaged in the same line of business. 

The Senate is in the middle of consultations on whether the cooperative code needs to be amended to encourage growth and introduce more investment. — John Victor D. Ordoñez

Petecio, Villegas one win away to July’s Paris Olympic Games

NESTHY PETECIO — FEDERACIÓN ESPAÑOLA DE BOXEO FACEBOOK ACCOUNT

Paalam and Ladon suffer heartbreaking defeats

ONE step.

That is what Nesthy Petecio and Aira Villegas would need to book a ticket to this July’s Paris Olympics after the two valiant Filipinas fought the fight of their lives in turning back their respective foes Sunday in the World Qualification Tournament in Busto Arsizio, Italy.

Ms. Petecio, the Tokyo Games silver medalist and former world champion, used her vast experience in overcoming a slow start and outlasting a taller and upset-conscious Maud Van der Toorn of the Netherlands in their women’s 57-kilogram quarterfinal duel.

That sent the 31-year-old Davao del Sur to the semifinals where she will clash with Turkey’s Esra Yildiz Kahraman, a 4-1 winner over Great Britain’s Elise Glynn, and a triumph closer to claiming a Paris berth since only two quota places were allotted to her division.

For Ms. Villegas, she trounced Denmark’s Sofie Vinter Rosshaug, 5-0, to leapfrog to the women’s 50kg quarterfinals and move a win closer to snatching one of the four Olympic spots allotted to her class.

In the quarters, Ms. Villegas will battle a dangerous Zlatislava Genadieva Chukanova, who surged through with a 5-0 result over Jordan’s Hanan Nassar, and the Filipina is expected to give it her all again to earn that glorious Olympic experience.

The pair of magnificent results somehow helped ease the pain of heartbreaking, soul-zapping defeats suffered by Tokyo silver winner Carlo Paalam and Olympian Rogen Ladon.

Mr. Paalam had to stop his match in the 52-second mark of the second round after failing to endure the excruciating pain of the shoulder injury he sustained from his previous fight and conceded to Turkmenistan’s Shuku Ovezov in their men’s 57kg showdown.

For Mr. Ladon, he succumbed to Great Britain’s Kiaran MacDonald, 4-1, and crashed out.

Mercifully, Messrs. Paalam, Ladon and the rest of the Filipino pugs dreaming the Olympic dream will have one final chance at it as they are expected to be sent again in the last doorway to Paris — the second World Qualification Tournament set May 23 to June 3 in Bangkok, Thailand. — Joey Villar

Chiba Jets edge Seoul SK Knights in exciting EASL finals

CHIBA JETS — EASL

LAPU-LAPU CITY — Japan B. League’s Chiba Jets stamped their class as the region’s best, capping a perfect campaign with an exciting 72-69 finale win over Seoul SK Knights of the Korean Basketball League to rule the East Asia Super League (EASL) over the weekend at the jam-packed Hoops Dome here.

Yuki Togashi, fueled by the “MVP” chants from Filipino fans, starred for the Jets in soaring to greater heights across the Pacific as the Japanese ball club completed a seven-game sweep of the EASL’s first home-and-away format.

Mr. Togashi fired 24 points on four treys and seven assists, highlighted by the game-sealing freethrows in the last 14 seconds for a three-point Chiba separation that it just held on until the buzzer following Jameel Warney’s missed game-tying trey.

John Mooney collared 16 points and 16 rebounds plus six assists, two steals and a block while Ira Brown threw in 12 points to complement Mr. Togashi for Chiba, which became a fan-favorite in Cebu en route to the crown of the EASL participated by eight teams all throughout, including two clubs from the Philippines.

“Hats off to the players, they deserved it and somehow, we went undefeated. It was a dramatic, difficult game. We banked on our defense and Yuki just took over in the end,” said coach John Patrick, whose wards first beat New Taipei Kings, 92-84, in the semifinals.

“That’s been the story of our season. We could not be prouder and we’re glad to do it in Cebu. It’s hot and loud and that’s how basketball is played.”

Chiba, a thousand miles away from home, indeed treated the Philippines as its homecourt.

And the Jets delivered.

No teams led by as many as eight points in the back-and-forth duel as Chiba just proved to be the steadier team down the stretch despite being the last to arrive in Cebu a day before the Final Four.

Mr. Warney, the EASL’s top scorer, scored 22 points and 17 rebounds while Yougjun An and Leon Williams added 18 and 15 points, respectively, in a commendable run for the Knights in another finals appearance after a sweet 94-79 revenge on Korean rival Anyang reinforced by Filipino import Rhenz Abando in the semis. — John Bryan Ulanday

Fan favorite Togashi named EASL Final Four MVP

YUKI TOGASHI — EASL

LAPU-LAPU CITY — A thousand miles away from Japan, the Chiba Jets found a home in Cebu with captain Yuki Togashi leading the charge en route to a perfect championship run in the East Asia Super League (EASL).

Albeit the smallest man in the tournament, the 5-foot-6 Togashi shone the biggest — and the brightest — as he became an unlikely crowd darling among the Filipino fans in Chiba’s EASL coronation following a slim 72-69 finale win over the Seoul SK Knights of South Korea at the Hoops Dome here.

And Mr. Togashi, who was adjudged as the Final Four Most Valuable Player (MVP) with norms of 26.0 points, 6.0 assists and five triples in two games, returned the favor in style. “This is incredible. Thank you, guys. You’re amazing. It was like a home game for us and we’re really glad to play in such an environment,” said Mr. Togashi, who fired 24 points and seven assists highlighted by the title-clinching freethrows in the waning seconds of the dramatic finale.

Mr. Togashi last year also captained the Japan national team in its qualification to the Paris Olympics after rising as the top Asian team in the FIBA World Cup co-hosted by the Philippines, Japan and Indonesia.

It did not take long for the ace playmaker to add another jewel to his treasure chest with the EASL title in front of the ever-passionate Pinoy fans, whom Mr. Togashi credited for setting the stage and the bright lights for him and the Jets.

For the 30-year-old floor general after being showered by “MVP” chants by the Cebuanos, the Philippine crowd allowed him to be just him.

“Again, it’s not like what I did but maybe the environment that everybody loves and supports basketball in. I think it’s not only myself but I think it’s the whole atmosphere that created that environment,” Mr. Togashi beamed. — John Bryan Ulanday

NBA: 76ers squeeze past Knicks in lowest-scoring game of season

KELLY OUBRE, JR. collected 18 points, 10 rebounds and three steals to fuel the visiting Philadelphia 76ers to a 79-73 victory over the New York Knicks on Sunday.

Buddy Hield sank four 3-pointers to highlight his 16-point performance off the bench. He also had seven rebounds before sustaining an injury to his right leg in the fourth quarter.

Paul Reed scored 13 points and Tobias Harris recorded 11 points and 12 rebounds for the 76ers, who snapped a three-game skid by defeating the Knicks for the first time in three tries this season. The teams reconvene in New York on Tuesday.

Philadelphia’s point total was the fewest in a win by an NBA team this season. The Los Angeles Clippers previously held that distinction with an 89-88 victory over the Minnesota Timberwolves on March 3.

New York shot just 32.5 percent from the floor and 22.5 percent (9 of 40) from 3-point range and had 21 turnovers to finish with the NBA’s lowest point total for a game this season. The Knicks were on the positive end of the previous season-low point total in their 98-74 victory over the Orlando Magic on Friday.

Jalen Brunson contributed 19 points and eight assists and Donte DiVincenzo added 15 points and nine rebounds for the Knicks, who have lost nine of their last 13 games. Mr. Brunson scored eight straight points for New York early in the third quarter and added a mid-range jumper to forge a tie at 47 with 5:09 remaining. Mr. Hield, however, drained a trio of 3-pointers to cap Philadelphia’s 23-14 run that spanned into the early fourth quarter.

Tempers flared as Mr. Oubre used his leg to push Mr. DiVincenzo to the floor after a missed layup. Order was restored and Mr. Reed made a 3-pointer and a reverse layup to give Philadelphia a 75-66 lead with 3:08 remaining in the fourth quarter. Josh Hart drained a 3-pointer to cut the 76ers’ lead to four at 75-71 before Kyle Lowry answered with one of his own.

The 76ers seized a 37-31 lead at halftime despite shooting just 34.1 percent from the floor and making just 3 of 15 attempts from 3-point range. The Knicks, in turn, made 30 percent of their shots and 5 of 23 attempts from 3-point range while committing 14 turnovers. — Reuters

Premier League:  Mac Allister penalty earns 1-1 draw for Liverpool in Man City thriller

LIVERPOOL, England — Alexis Mac Allister fired home a second-half penalty as Liverpool claimed a point against Manchester City in a breathless 1-1 Premier League blockbuster at Anfield on Sunday that left Arsenal top of the table.

Liverpool is second with 64 points, behind the Gunners on goal difference, with 10 games remaining of a thrilling three-way title race. Holders City, who are unbeaten in 21 games across all competitions, are third on 63. Arsenal climbed top with their 2-1 win against Brentford on Saturday.

“Sensational,” Liverpool manager Juergen Klopp said. “The second half was the best we ever played against Manchester City, definitely. Exceptional football game. Wow.

“We proved today the first time 100% we are exactly where we should be. We will fight for it and see what we can get.”

Manchester City looked poised to hand manager Pep Guardiola his second victory in nine trips to the cauldron of Anfield when John Stones lost his marker to tap in Kevin De Bruyne’s corner from close range in the 23rd minute. Mr. Stones leapt onto the barrier in front of the visitors’ fans and shook both fists in celebration.

Yet the cheers were deafening when Mr. Mac Allister slotted home from the penalty spot past Mr. Ederson in the 50th minute after the keeper had sent Darwin Nunez flying through the air with a rash challenge in the box.

Mr. Ederson received treatment after the tackle and was replaced by Stefan Ortega a couple of minutes later.

Liverpool screamed for a penalty deep in stoppage time after Jeremy Doku’s reckless tackle on Mac Allister in the box, with television replays showing Doku’s boot hitting the Argentine in the chest.

The officials disagreed and the VAR did not send the referee to have a second look after checking the decision.

Buoyed by the goal, and the return of their talisman Mohamed Salah from injury as a 61st-minute substitute, Liverpool kept pressing. Luis Diaz had a couple of terrific chances within the same minute, launching the ball wide of the goal in a one-on-one with Mr. Ortega, and he was then stopped by Kyle Walker when he seemingly had the goal at his mercy. Mr. Doku hit the post against the run of play in a frantic final few minutes.

The match was likely the last Premier League meeting for Guardiola and Klopp, who plans to leave the club at the season’s end. Mr. Klopp and Mr. Guardiola shared a long embrace after the full-time whistle. — Reuters

Spanish LaLiga: Dominant Real Madrid thrashes lowly Celta Vigo, 4-0, to cement top spot

MADRID — LaLiga leaders Real Madrid cruised to a 4-0 home win over relegation-threatened Celta Vigo on Sunday to restore their seven-point lead at the top of the table with a dominant display.

Goals from Vinicius Jr and Arda Guler, the 19-year-old’s first for the club, as well own goals from Celta’s Carlos Dominguez and keeper Vicente Guaita sealed the victory for Real.

Real were on top in the first half but were thwarted by some fine saves from Guaita, although he failed to stop the opener when Vinicius fired home from close range in the 21st minute, for his 10th goal of the season. “I’m very happy, I’m trying to be at my best, it’s a good time of the season with good games and I want to continue like this, hopefully without injuries,” Vinicius said.

“Injuries have cost me a bit this season. I’m trying to help in the best way, changing my game, to be unstoppable, as a winger, as a striker, that way the opponents don’t know how to defend me,” he added.

Real doubled their lead in the 79th when Antonio Rudiger’s thunderous header from a Luka Modric corner hit the bar and found the net after going in off Mr. Guaita’s back.

A Vinicius cross was turned into his own net by defender Dominguez in the 88th minute and late substitute Guler added a fourth in stoppage time.

“Arda (Guler) has a future here. He played just three minutes but I was convinced that he could do something because of his great talent,” Real’s coach Carlo Ancelotti told reporters.

Real Madrid, with 69 points, are seven points ahead of second-placed Girona, who beat Osasuna 2-0 on Saturday.

Rafa Benitez’s Celta are 17th in the standings with 24 points, just one place above the relegation zone. “We are still in a position out of relegation, we are upset about the defeat but we are trying to recover already thinking about the other matches,” former Madrid manager Mr. Benitez said. — Reuters

Ukraine rebuffs Pope Francis calling for talks with Russia

UKRAINE and Russian flags are seen through broken glass in this illustration taken March 1, 2022. — REUTERS

UKRAINE on Sunday rebuffed Pope Francis’s call to negotiate an end to the war with Russia, with President Volodymyr Zelensky saying the pontiff was engaging in “virtual mediation” and his foreign minister saying Kyiv would never capitulate.

Pope Francis said that when things were going badly for a party to a conflict one had to show the “courage of the white flag” and negotiate. The pope’s interview was believed to be the first time Francis has used terms like “white flag” or “defeated” in discussing the Ukraine war, though he has referred in the past to the need for talks.

Mr. Zelensky made no direct reference to Francis or his comments but mentioned religious figures helping inside Ukraine.

“They support us with prayer, with their discussion and with deeds. This is indeed what a church with the people is,” Mr. Zelensky said in his nightly video address.

“Not 2,500 kilometers away, somewhere, virtual mediation between someone who wants to live and someone who wants to destroy you.”

Foreign Minister Dmytro Kuleba, writing on the X messaging platform, said that the strong person in any dispute “stands on the side of good rather than attempting to put them on the same footing and call it ‘negotiations’”.

“Our flag is a yellow and blue one,” Kuleba wrote in English, referring to the Ukrainian national flag. “This is the flag by which we live, die, and prevail. We shall never raise any other flags.”

Mr. Kuleba also pointed to allegations that Pope Pius XII failed to act against the Nazis in Germany in World War II.

“I urge (the Vatican) to avoid repeating the mistakes of the past and to support Ukraine and its people in their just struggle for their lives,” he wrote.

That was a reference to longstanding arguments that Pius took no action despite evidence that emerged during the war of the extent of the Holocaust. A letter made public last year from the Vatican archives appeared to show that Pius was made aware of details of Nazi actions to exterminate Jews as early as 1942.

Supporters of Pius say he worked behind the scenes to help Jews and did not speak out in order to prevent worsening the situation for Catholics in Nazi-occupied Europe. His detractors say he lacked the courage to speak out on information he had despite pleas from Allied powers fighting Germany.

The head of Ukraine’s 5 million-strong Eastern Rite Catholic Church, Archbishop Sviatoslav Shevchuk, also rejected the pope’s comments.

“Ukraine is wounded, but not conquered! Ukraine is exhausted, but it stands and will stand!” the church’s website quoted Shevchuk as saying in New York.

“Believe me, no one has any idea of surrendering.”

Zelensky has called for the withdrawal of all Russian troops and the restoration of Ukraine’s post-Soviet borders. The Kremlin rules out engaging in talks on terms set by Kyiv.

The pope has upset Ukrainian officials several times in the war, including his call last year to Russian youth to take pride as heirs of tsars like Peter the Great, held up by President Vladimir Putin as an example to justify his actions in Ukraine.

European officials supporting Ukraine in efforts to evict Russian troops denounced the pope’s latest comments.

“How about, for balance, encouraging Putin to have the courage to withdraw his army from Ukraine?” Polish Foreign Minister Radoslaw Sikorski wrote on X.

Latvian President Edgars Rinkevics, also writing on X, said:

“One must not capitulate in face of evil, one must fight it and defeat it, so that the evil raises the white flag and capitulates.” — Reuters

News agencies withdraw photo of Princess of Wales

Princess of Wales Kate Middleton following Britain’s King Charles’ coronation ceremony, in London, Britain May 6, 2023. — ANTHONY UPTON/POOL VIA REUTERS

LONDON — Several leading news organizations have withdrawn a photograph issued by Kensington Palace of Kate, Britain’s Princess of Wales, after post-publication analysis showed it did not meet their editorial standards.

The palace issued the photograph of Kate and her three children on Sunday, along with a message of thanks from the princess in her first public comments since undergoing abdominal surgery in January.

News agencies including Getty, Reuters, Associated Press and AFP withdrew the photograph later in the day. Reuters picture editors said part of the sleeve of Kate’s daughter’s cardigan did not line up properly, suggesting that the image had been altered.

Reuters could not immediately establish how, why or by whom the alteration had been made.

Leading picture agencies distributing news photographs prohibit the publication of images that have been overly edited.

The Reuters Handbook of Journalism states, for instance, that the editing tool Photoshop can only be used in very limited matters. “We use only a tiny part of its potential capability to format our pictures, crop and size them and balance the tone and color.”

Kensington Palace did not immediately respond to a request for comment.

Getty, Associated Press and AFP also did not immediately respond to a request for comment. Reuters said in a statement it had withdrawn the picture following a post-publication review. “We are reviewing the matter,” a spokesperson said.

The palace said the picture had been taken by Kate’s husband, heir-to-the-throne Prince William, last week. It showed Kate, 42, smiling and looking well, surrounded by Princes George and Louis and Princess Charlotte.

Kate has been absent from public royal life since Christmas Day, sparking rumors and speculation on social media about the health of the princess.

Kensington Palace said at the time of her surgery that Kate was unlikely to return to official duties until after Easter, which falls at the end of this month.

Officials had said they would provide only “significant updates” about her recovery. — Reuters

EU must prepare for ‘catastrophic’ climate change risks, agency says

VECTORJUICE-FREEPIK

 – Countries across Europe should prepare for “catastrophic” risks, ranging from floods to deadly heatwaves, as worsening climate change hits every part of their economies and societies this century, the EU Environment Agency said on Monday.

Policymakers need to draw up new plans to address the challenges, the Copenhagen-based body said in its first Europe-wide analysis of climate-related risks.

 

WHY IT’S IMPORTANT

Europe is the world’s fastest-warming continent, heating up at twice the global rate, the EEA said. Even if countries manage to slow warming, global temperatures are already more than 1C higher than in pre-industrial times.

The EEA said the damage will depend, in part, on whether policymakers act now to prepare societies – for example, by improving insurance coverage, redesigning infrastructure and introducing laws to protect outdoor workers from deadly heat.

Without more urgent action, the EEA said most of the 36 climate risks facing Europe could hit “critical or catastrophic levels” this century. They include risks to health, crop production and infrastructure.

 

BY THE NUMBERS

In a pessimistic scenario, by the end of the century, the EEA said: “Hundreds of thousands of people would die from heatwaves, and economic losses from coastal floods alone could exceed 1 trillion euros per year.”

That would far exceed the 650 billion euros lost to weather and climate-related extremes across the bloc from 1980 to 2022.

 

KEY QUOTES

Kate Levick, associate director at climate think-tank E3G, urged governments to respond to the EEA’s findings.

“There’s a particular role for finance ministers to essentially look at what happens to balance sheets, in terms of assets and liabilities at national level, as a result of climate risk,” Ms. Levick said.

 

WHAT’S NEXT

The European Commission will publish its response to the report on Tuesday. – Reuters

Investors push Zara owner Inditex to publish full supply chain

People walk past a Zara store, an Inditex brand, in central Barcelona, Spain, Sept. 20, 2016. — REUTERS/ALBERT GEA

 – Investors want Zara owner Inditex to follow rivals H&M and Primark in making its full list of suppliers public so they can better assess any supply chain risks.

Inditex is an outlier among big clothing retailers in not publishing which factories it sources from. Regulators and investors want greater transparency and better disclosure from companies.

Clothing retailers, in particular, are under pressure to prove that there is no forced labor in their supply chains, and that garment workers are paid decent wages.

Chinese fashion group Shein has come under scrutiny from US lawmakers over supply chain risks ahead of plans for a US listing.

In the European Union, disagreements have stalled proposed rules that would require all big companies to disclose whether supply chains harm the environment or use child labor. Proposed sanctions for not complying could include fines of 5% of revenue.

Fashion brands and retailers, including Adidas, H&M, Hugo Boss, M&S, Nike, Primark, and Puma, already publish detailed supplier lists, including factory names and addresses.

Inditex publishes annually the number of suppliers it sources from in 12 core countries, but gives no information on individual factories.

Reuters asked Inditex shareholders what they wanted to see from the company in terms of improved disclosure.

In response, Dutch asset manager MN said: “In our engagement with Inditex one of the things we ask is if they could disclose a list of their suppliers and the geographical location.”

“Even though Inditex assures us that they have this data available, up until now Inditex is not willing to disclose this information unlike some industry peers who publish extensive supplier lists.”

MN, which manages Dutch pension fund assets, said it was important to have this insight to show whether Inditex has this information available, as well as for its own due diligence.

MN leads the Inditex dialogue for Platform Living Wage Financials (PLWF), a group of 20 institutional investors with combined assets under management of 6.58 trillion euros ($7.16 trillion). It works to promote higher income for garment and footwear industry workers.

Inditex, set to publish annual results on March 13, declined to comment on investors’ demands for it to publish its full supplier list.

“Inditex has a deep commitment to maintaining high standards in its supply chain, and believe that our industry-leading traceability system, which gives us maximum visibility of the supply chain, is key to this,” an Inditex spokesperson said.

Inditex founder Amancio Ortega holds a 59% stake in the company, with a 5% stake held by daughter Sandra Ortega. Together they are worth about $69 billion.

The five Inditex investors who responded to Reuters’ questions hold a combined stake of worth around $2 billion in the company, whose current valuation is about $140 billion.

None of the investors Reuters spoke to are considering divesting from Inditex.

MN said it advised its clients in December to divest from off-price retail chain TJX, which owns Homesense and TK Maxx, and they were divested as of January 1.

“Over the more than three years of engagement we have seen very little improvement on human rights due diligence in their global supply chain,” MN told Reuters.

TJX said it has strengthened its vendor code of conduct and expanded its factory auditing program in recent years.

 

MORE TRANSPARENCY

Inditex has an agreement with global trade union federation IndustriALL under which it provides it with its full list of suppliers. But IndustriALL wants wider disclosures from all companies, including Inditex, it said.

Know The Chain, a benchmarking initiative for companies and investors to address forced labor in supply chains, gave Inditex a lower overall score in its 2023 assessment than its 2021 assessment.

“The company is encouraged to strengthen its supply chain transparency by disclosing a full, rather than partial, list of its direct suppliers,” Know The Chain said.

Publishing its factories could bring more competition from Inditex rivals for the same suppliers, investors say.

Swetha Ramachandran, portfolio manager at Artemis Investment Management in London, wants to know what share of Inditex revenues is manufactured in each different supplier country. “It would help us determine their supply chain resilience,” she said.

Inditex’s published supply chain figures since 2019 show the company has cut suppliers in China and increased them in Bangladesh and Morocco. But it gives no details on the amount of products it buys from those suppliers.

Grace Su, portfolio manager at Clearbridge Investments, which holds Inditex shares, said she has asked for more clarity and supply chain disclosure.

“It’s very important because of all the scrutiny around ESG, and labor, and inputs. They claim to be a leader in this so it’s really important for them to actually have that level of disclosure.”

Inditex shareholder Schroders tracks companies’ awareness of manufacturing sites, and encourages apparel retailers, including Inditex, to be transparent, said Hannah Shoesmith, head of engagement at the firm.

Improved disclosure, among other environmental, sustainability and governance factors, could influence investment decisions, Marie Payne, responsible investment officer at Inditex shareholder Cardano, said.

Norway’s sovereign wealth fund, which has a $1.4 billion stake in Inditex, said it engages regularly with the company on supply chain risk management, human rights and transparency.

It declined to give details of those discussions. The fund said regarding companies’ supply chain practices in general that “there are continued challenges, including when it comes to traceability and reporting”. – Reuters