Victoria's Secret pays $8.3m settlement to sacked Thai workers

1 Oct 21:03 Key points summarised by AI

Victoria's Secret facilitated a landmark $8.3 million settlement for 1,250 Thai garment workers who were laid off without mandated severance when their factory, Brilliant Alliance Thai, went bankrupt in March 2021.
This agreement represents the largest-ever wage theft settlement at an individual garment factory, setting a significant precedent for brand accountability in global supply chains.
The settlement underscores the escalating issue of wage theft in the garment industry, a problem exacerbated by the pandemic, with activists estimating hundreds of millions owed to workers worldwide.
Labor rights groups praise Victoria's Secret's direct intervention as a 'new model' for brand engagement, challenging the notion of brands as passive investors and urging other companies to take similar responsibility.

Thailand secures US$200m World Bank loan for clean energy and low carbon cities

Today 09:24 Key points summarised by AI

Thailand secured a US$200 million loan from the World Bank to significantly invest in clean energy and low-carbon urban development initiatives.
The program aims to drive clean energy funding and low-carbon growth, ensuring a just transition for small and medium-sized enterprises, workers, farmers, and local communities.
Channelled through the Export-Import Bank of Thailand, the loan will fund energy efficiency upgrades in public buildings and industrial areas, including rooftop solar installations and electrical system modernizations, reducing initial capital burdens via Energy Service Companies (ESCOs).