Table of Contents BUSINESS COMMUNICATION SKILLS....................................................................................1 MAIN BODY...................................................................................................................................3 Summary Statement 1..................................................................................................................3 Summary Statement 2..................................................................................................................3 Summary Statement 3..................................................................................................................3 REFERENCES................................................................................................................................1
MAIN BODY Summary Statement 1 21 year old Jasmin Vella-Arpaci, involved in $10 million ring fraud by hacking superannuation funds of REST and HEST involving multiple consumers was charged by Melbourne court with 53 frauds. Summary Statement 2 RBA claims that government's tax-cuts has led to decline in interest rate and wage growth evidencing form their minutes that the expected extra flow of cash in retail sector after tax-cuts has not happened due to stalling of upward trend in wages further impacting consumer's confidence about economy, making it fall by more than 8% as per ANZ-Roy Morgan measure. Summary Statement 3 Terra Choice, an advertising consultancy, claims increased number of greenwashing casesthroughwhichthecompanies’exaggeratetheirpoliciesadoptedforsustainable development. FTC has although developed Green Guide, it fails to address recent marketing terms used by the company like ‘carbon offsets’ which unregulates environmental advertising in US. Following the trend started by Canada, Australia and UK, US’s FTC is also reviewing the guidelines and is expected to include modern marketing terms used and regulate third party certifications due to increased number of unregulated certifications. FTC has begun taking actions where it charged three paper plates manufacturing companies due to their false claims of biodegradability and similarly, four textile sellers were also charged who falsely claimed that their cloth is manufactured from biodegradable bamboo, the cloth actually being rayon. Due to increased inclination of consumers towards eco-friendly products, companies are taking advantage by claiming falsely like Shell or Malaysian Palm Oil Company who stated their products and activities as sustainable developers who were later charged. Indoor cleaning product sellers comprise worst greenwashing offenders where only 3 out of 397 cleaners actually sold eco-friendly products. Regular display of such green ads has created concept of deep greenwashing. However, companies are limiting their sustainable claims to the product only and backing it with strong data so that greenwashing charges can be avoided. Since regulation was limited, there are increased numbers of consumer activists groups and blogs protesting against claims of greenwashing. This has led to companies hesitating before making
any greenwashing claims even if they are true due to increased uncertainty and avoiding aggressiveness of consumers. Only firms with no reputation are now engaging in greenwashing since thy have nothing to lose and clean companies are refraining from making public statements claiming that consumers can easily identify if you are green company by your activities. However, there are various standards and regulations that clean companies can adopt like implementation of environmental management system (EMS), Global Reporting Initiative etc. that will give them authorised credit. But FTC intends to focus more on products emphasizing on their contents which is not heavily regulated. Although there are many reliable labels like Green Seal, the frauds of getting such labels is increasing where product related data is submitted and companies get the label like Energy Star. Identification of 15 bogus products under Energy Star acts as a wake-up call prompting government to take stricter actions (Dahl, 2010). Increased regulation would ultimately reduce consumer scepticism and make green labels reliable.
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