The Rudiments Concerning Finance

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Shein declined to provide its annual revenue to Reuters, stating it does not disclose its revenue publicly. Analysts have estimated the company’s valuation at $15 billion, with annual revenue of at least $5 billion. A spokesperson for Shein said it is in the process of finalizing statements required by UK law, and plans to publish them on its website. “We are developing comprehensive policies, which we will post on our website in the next couple of weeks,” the Shein spokesperson said on August 2. Britain’s Home Office, which is charged with enforcing the disclosure law, said it does not comment on specific cases. In Australia, a similar law requires companies with revenue over A$100 million per year to submit an annual modern slavery statement to the Australian Border Force (ABF). The ABF confirmed to Reuters that foreign entities exporting to Australia were required to submit a statement if their revenue was above the threshold. As of Aug. 4, neither Shein nor its subsidiary in that country had submitted such a statement, according to a register maintained by the ABF. Following questions from Reuters, a Shein spokesperson told Reuters that the company was compliant with Australia’s law, without elaborating on whether it believed it was not required to report or whether it had submitted a statement since Reuters’ questioning. Reuters could not independently assess the working conditions in any factories used by Shein or the wages it pays. The retailer did not respond to a request for comment on what its standards for suppliers are. Over the past 18 months, privately held Shein, whose official name is Zoetop Business Co Ltd, has taken the fast-fashion world by storm. The company’s Instagram and TikTok accounts have more than 23 million followers, many of them young women showing off its cheap clothes, such as $9 dresses and $15 shoes. Its website drew more than 160 million visitors in June, according to web traffic analytics firm Similarweb, overtaking rivals Zara and H&M. The company’s ultra-low prices and lack of transparency have prompted labor watchdogs, including the Worker Rights Consortium and the Business & Human Rights Resource Centre, to question how it produces its merchandise so cheaply. Shein is based in China but sells online to customers only outside the country. Its biggest investors include Sequoia Capital China and Tiger Global Management. Both declined to comment for this story.

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HT lists five key takeaways from the IPCC report which make it “code red for humanity”. Why one cannot doubt IPCC’s projections anymore IPCC’s sixth assessment report on Climate Change 2021: The Physical Science Basis is the most updated science on climate crisis. IPCC is highly confident of its findings because observational capabilities have vastly improved since the AR5 cycle in 2014. Also Read | The climate crisis is not the third wave. It is the permanent flood The AR6 has used several recently instigated satellite measurement techniques — for example, high-vertical-resolution profiles of temperature and humidity in the upper troposphere and stratosphere from the early 2000s using global navigation satellite systems, which provide estimates of most recent atmospheric warming. There are improved measurements of ocean heat content, warming of the land surface, ice sheet mass loss, and sea level changes. Developments in the latest generation climate and Earth system models, which include representation of physical, chemical and biological processes, have led to better simulation of climate crisis indicators. IPCC has also used reconstruction of past climate trends from paleoclimatic archives. Paleoclimatology is the study of ancient climates, prior to the widespread availability of instrumental records according to National Oceanic and Atmospheric Administration. Various evidence from the environment is studied for this such as skeletons of tropical coral reefs, glaciers and ice caps, laminated sediments from lakes etc. One of the most interesting features of IPCC report is however attribution. The attribution of extreme weather events to human influence (including greenhouse gas and aerosol emissions and land-use changes) has substantially advanced. This basically means that the scientific community can now attribute extreme precipitation, droughts, tropical cyclones etc to human influence. Some recent hot extreme events would have been extremely unlikely to occur without human influence on the climate system, the IPCC said. A few events, for example, extreme rainfall events in the United Kingdom (UK), heat waves in Australia, or Hurricane Harvey that hit Texas in 2017, have been heavily studied. Many highly impactful extreme weather events have not been attributed, particularly in the developing world where studies are generally lacking. “Scientists at IPCC are no longer coy about telling us clearly that climate change is caused by human activities. In fact, they go as far as to ‘attribute’ climate change to specific extreme weather impacts.

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