Business-Ethics Stories Featured in World Press
Jun 2nd, 2008 • Posted in: NewsScotland told to market ethical image; “light green” is newest trend in ethical investment; and Washington Post comes up with new glossary for subprime meltdown
VARIOUS DATELINES
Recent developments in the world economy were reflected in a variety of business-ethics stories last week. Among them:
- In the wake of the subprime mortgage implosion, Scotland should take advantage of one of its most important assets, its reputation for ethics, says the chief of the nation’s banking association. The Scotsman reports that Simon Thompson, head of the Chartered Institute of Bankers in Scotland, says the crisis in global banking presents an opportunity for Scotland to “export” its reputation for ethical business conduct. “Current events have added huge urgency to this,” he said. “One of the big strengths of the Scottish financial services industry is our emphasis on prudence and professionalism. It’s at the very heart of the Scottish brand as a home for financial services.”
- There is a new “light green” approach to ethical investing, reports the London Telegraph, in which funds invest in firms that may not yet be fully green but are working on improving their ethical credentials. While many investments remain “dark green,” entirely screening out sectors such as tobacco, oil, or arms, the “light green” approach not only allows a wider range of investment but prods more investors and companies in an ethical direction, according to the Telegraph.
- The Washington Post reports that the global lending crisis has created a new lexicon to cope with a new wave of issues relating to the transgressions of subprime lenders. Among the entries in the Post’s “subprime glossary”: liar loans (loans to borrowers who verify their own income, which is often inflated) and NINJA loans (loans that require No Income, No Job and no Asset verification).
Sources: Scotsman, May 31 — Times of London, May 31 — Washington Post, June 1.
For more information, see: Related Newsline story, May 27 — Related Newsline story, Mar. 17 — Related Newsline story, Mar. 10 — Related Newsline story, Feb. 25 — Related Newsline Commentary, Feb. 18.
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