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Millions of consumers can expect to see accurate and clear green claims when shopping for fashion items with Asos, Boohoo and George at Asda, Britain’s competition watchdog said.
The Competition and Markets Authority said the companies had signed formal agreements to change the way they display, describe, and promote their green credentials.
The CMA launched an investigation into ASOS, Boohoo and George at Asda in July 2022, having identified concerns of possible greenwashing during an initial review of the fashion sector.
Sarah Cardell, the CMA’s chief executive, said: "Following our action, the millions of people who shop with these well-known businesses can now have confidence in the green claims they see.
"This also marks a turning point for the industry. The commitments set a benchmark for how fashion retailers should be marketing their products, and we expect the sector as a whole – from high street to designer brands – to take note and review their own practices."
China’s president, Xi Jinping, has met a group of US chief executives in Beijing amid efforts to mend ties frayed by geopolitical and trade tensions between the two countries.
The business bosses included the private equity firm Blackstone’s Stephen Schwarzman and the semiconductor company Qualcomm’s Cristiano Amon. China is keen to show it welcomes foreign businesses, restore confidence in the economy amid a shaky recovery and keep relations with the US stable.
The state broadcaster CCTV named a number of executives present at the meeting and said Xi took a group photo with them before the event.
Other attendees included Raj Subramaniam, the chief executive of the transport firm FedEx; Evan Greenberg, the CEO of the insurer Chubb; Stephen Orlins, the president of the National Committee on US-China Relations; Craig Allen, the president of the US-China Business Council; and Mark Carney, the chair of Bloomberg, according to CCTV.
Japan’s finance minister has issued its strongest warning to date on the weaker yen, as the currency sank to a 34-year low against the dollar, saying authorities could take “decisive steps” – language previously used before intervention.
Shunichi Suzuki previously used the phrase “decisive steps" in the autumn of 2022 when Japan last intervened in the market to stem the slide in its currency.
The yen traded at 151.97 per dollar, down 0.2% and weaker than the 151.94 level when Japanese authorities stepped in during October 2022 to buy the currency.
The Bank of Japan governor, Kazuo Ueda, said it was important to support the economy with easy policy for the time being, a week after the central bank moved away from negative interest rates, which it had for eight years.
He told parliament: "Japan’s medium to long-term inflation expectations, and trend inflation, are still in the process of heading towards 2%."
He said the likelihood of achieving the BOJ’s 2% inflation target was high because growth in average real wages was likely to turn positive soon.
The agenda
• 8.30am GMT: Sweden’s Riksbank interest rate decision
• 10.30am GMT: Bank of England financial policy committee releases its March summary and report on risks to financial stability
• 11am GMT: US MBA Mortgage applications for week of 22 March
We’ll be tracking all the main events throughout the day ... |
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