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Shein reveals child labor cases at its suppliers
  + stars: | 2024-08-23 | by ( Story Reuters | ) edition.cnn.com   time to read: +4 min
Fast fashion retailer Shein found two cases of child labor at its suppliers last year, it said in its 2023 sustainability report, as it stepped up audits of manufacturers in China to assuage criticisms of its low-cost business model ahead of a planned flotation. Shein tightened its supplier policy last October after the child labor cases were found, so that any severe breaches — called “Immediate Termination Violations” — would result in ending the relationship with the supplier immediately. Previously, suppliers such as those that employed minors had 30 days to resolve the issue, failing which Shein would cut ties. That violation was found in 1.8% of supplier audits in 2021, 0.3% of audits in 2022, and 0.1% in 2023. “We remain vigilant in guarding against such violations going forward, and in line with current policies, will terminate any noncompliant suppliers,” Shein said in the report.
Persons: Shein, Annabella Ng, , ” Shein, Sky Xu, Jiajia Zou, General Atlantic Cornelia Gomez, Josh Raffaelli, Ng, Organizations: SGS, Tuv, General Atlantic, Brookfield Growth Locations: China, Shein, Singapore, Openview, Tuv Rheinland, QIMA, London, China’s Guangdong, Turkey, Brazil
Goldman Sachs recommended that investors consider a specific strategy when trading European markets right now given the "scope for near-term volatility in equities." Here are two such stock ideas, which are also on the Wall Street bank's conviction list. Goldman gives the stock around 23.6% upside from a 12-month price target of 223 euros ($242.10). Bureau Veritas Another stock on Goldman's list is French company Bureau Veritas , known for its laboratory testing, inspection and certification services. Goldman gives the stock nearly 20% upside from a 12-month price target of 37 euros.
Persons: Goldman Sachs, Liquide Goldman, Georgina Fraser, Fraser, Goldman, Suhasini, — CNBC's Michael Bloom Organizations: Air Liquide, Euronext Paris Exchange, Veritas, Bureau Veritas, First Locations: Paris, Suhasini Varanasi
Goldman Sachs has unveiled its "conviction list" of top stock picks in Europe for December — and London-listed shares of BT Group stand out. Goldman Sachs expects BT's share price to more than double to 290 pence over the next 12 months. Wall Street rivals Morgan Stanley and JPMorgan also believe BT shares are mispriced as investors have undervalued its network arm, Openreach. Conviction list Other prominent stocks on Goldman's conviction list include Delivery Hero , Burberry , Bureau Veritas and Philips . Goldman notes that its conviction list should not be seen as a portfolio, as the stocks are not weighted.
Persons: Goldman Sachs, Goldman, Morgan Stanley, Openreach, Terence Tsui, — CNBC's Michael Bloom Organizations: BT Group, BT, Wall, JPMorgan, Burberry, Veritas, Philips Locations: Europe, London
Goldman Sachs has a new list of top stock picks for Europe, which it called its "most differentiated" ideas for the region. The "European Conviction List - Directors' Cut" is the bank's "curated and active" list of 15 to 25 buy-rated stocks. Goldman already has a conviction list of stock ideas across regions — which includes its top buy-rated stocks it expects to outperform. "The subcommittee will collaborate with each sector analyst to identify top ideas that offer a combination of conviction, a differentiated view and high risk-adjusted returns," Goldman wrote in the Oct.1 note. Goldman presented 18 European names in this new list, which it will update monthly.
Persons: Goldman Sachs, Goldman, Puma, Philips, Enel, — CNBC's Michael Bloom Organizations: Europe, bank's, Investment, Puma, Volvo, Philips, BT, Veritas Locations: Europe
Goldman Sachs has named several European stocks to buy that it expects to outperform the market — and that other investors could be missing. The list includes Norwegian hydrogen producer Nel , which Goldman says has potential upside of 80% to its 12-month price target. Analyst Michele Della Vigna likes the stock for its strong growth outlook and focus on the North American market. Goldman also picked wind power company Vestas , saying its stock could rise by 48% over the next year. It also chose chemicals company IMCD , with 57% potential upside, and drinks company Remy Cointreau , with 54% potential upside.
Persons: Goldman Sachs, John Sawtell, Goldman, Nel, Michele Della Vigna, Ajay Patel, Remy Cointreau, Elisa, — CNBC's Michael Bloom Organizations: ABN Amro, Veritas Locations: Norwegian, Finnish
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