Business
After report prison labour used for Christmas cards, U.K. retailer suspends Chinese supplier – CBC.ca


British supermarket giant Tesco suspended a Chinese supplier of Christmas cards on Sunday after a press report said a customer found a message written inside a card saying it had been packed by foreign prisoners who were victims of forced labour.
“We abhor the use of prison labour and would never allow it in our supply chain,” a Tesco spokesperson said on Sunday.
“We were shocked by these allegations and immediately suspended the factory where these cards are produced and launched an investigation. We have also withdrawn these cards from sale whilst we investigate.”
Tesco, Britain’s biggest retailer, donates £300,000 ($520,000 Cdn) a year from the sale of the cards to the charities British Heart Foundation, Cancer Research UK and Diabetes UK.
The Sunday Times said the message inside the card read: “We are foreign prisoners in Shanghai Qingpu Prison China. Forced to work against our will. Please help us and notify human rights organization.
“Use the link to contact Mr Peter Humphrey.”
Contact information for British man
Peter Humphrey is a British former journalist and corporate fraud investigator.
Humphrey and his American wife, Yu Yingzeng, were both sentenced in China in 2014 for illegally obtaining private records of Chinese citizens and selling the information to clients including drugmaker GlaxoSmithKline. The couple were deported from China in June 2015 after their jail terms were reduced.
The message inside the card was found by a six-year-old girl, Florence Widdicombe, in London, the Sunday Times said. Her father contacted Humphrey via the LinkedIn social network.
“We didn’t open them on the day that we got them. We opened them about a week ago. We were writing on them, and on my sixth or eighth card somebody had already written in it,” Florence told Reuters.


Florence’s father, Ben Widdicombe, said he felt shocked after his child found the note, “but I also felt the responsibility to pass it on to Peter Humphrey as the authors asked me to do.”
Writing in the Sunday Times, Humphrey said he did not know the identities or the nationalities of the prisoners who put the note into the card, but he “had no doubt they are Qingpu prisoners who knew me before my release in June 2015 from the suburban prison where I spent 23 months.”
Tesco said it had a comprehensive auditing process in place.
Tesco auditing process
“This supplier was independently audited as recently as last month and no evidence was found to suggest they had broken our rule banning the use of prison labour,” the spokesman said.
“If a supplier breaches these rules, we will immediately and permanently de-list them.”
The cards were produced at the Zheijiang Yunguang Printing factory, which is about 100 kilometres from Shanghai Qingpu prison, Tesco said.
The company, which prints cards and books for food and pharmaceutical companies, says on its website it supplies Tesco.
Two phone calls and one emailed request for comment to the company went unanswered after usual business hours on Sunday.
Humphrey and his wife said in their trial they had not thought they were doing anything illegal in their activities in China.
Business
BofA analyst calls Canadian bank stocks a ‘dicey proposition’
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BofA analyst Ebrahim Poonawala entitled a research report on Canadian banks.“Our meetings with bank management teams and industry experts during BofA’s annual Canada Banks Day painted a picture of a worsening macro-economic backdrop. BofA’s Economics team forecasts GDP growth decelerating to 0.8 per cent in 2024 (1.1 per cent 2023) with risks skewed to the downside.
“Our meetings with bank management teams and industry experts during BofA’s annual Canada Banks Day painted a picture of a worsening macro-economic backdrop. BofA’s Economics team forecasts GDP growth decelerating to 0.8 per cent in 2024 (1.1 per cent 2023) with risks skewed to the downside. In terms of fundamentals, an economy that is flirting with recession is likely to serve as a headwind to EPS growth and ROEs for banks while markets discount tail risk events stemming from higher for longer interest rates… A recurring theme during the day was expectations for increasing stress on unsecured lending and commercial, as borrowers begin to feel the impact from higher rates. Stagflation is the worst case scenario (=downside risks to our forecast), while our base case assumes that banks will muddle through what is likely to be an uncomfortable adjustment for the consumer to structurally higher interest rates … We forecast relatively anemic EPS growth 2.





Business
Before the Bell: Rate worries continue to temper sentiment – The Globe and Mail
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