Experts Matter. Find Yours.
Connect for media, speaking, professional opportunities & more.
It reflects the University’s strong and longstanding relationship with the accounting industry The University’s graduates achieved the fourth highest global pass rate in CIMA Operational Level exams It is the second year in a row the University has been recognised in this way. Aston University’s Accounting Department has won a Chartered Institute of Management Accountants (CIMA) Global Excellence Award at the CIMA Excellence Awards for the second year running. The annual Awards recognise institutions and individuals across the world going above and beyond to shape the next generation of Chartered Global Management Accountants and lead the accounting profession into the future. The Accounting Department has been awarded Global High Distinction - CGMA Campus of the Year 2022, reflecting the strong and longstanding relationship it has with the accounting industry and the professional bodies in accounting which benefits students throughout Aston Business School. The award reflects the University’s graduates achieving the third highest number of CIMA exams taken over the previous 12 months per university campus globally with above average global pass rate as well as the fourth highest global pass rate in CIMA Operational Level exams. Andy Lymer, professor of taxation and personal finance and head of department of accounting in Aston Business School, said: “Ensuring our graduates are well prepared for long and successful careers in the accounting profession is a key focus of our approach to designing and delivering our accounting degrees, and where we work on other degrees with our accounting teaching. “To be recognised for doing this at the level of one of the top three or four Universities in the world by one of the major global accounting professional bodies is clearly great news for our students - current, past and future. “It is also wonderful recognition for the great teaching team we have here that this award underlines are genuinely world class at what they do.”
UConn Expert, 10 Years after Sandy Hook, on the Lies that 'Plague the U.S.'
UConn professor and journalist Amanda J. Crawford considers the misinformation that spread like wildfire after tragic school shooting at Sandy Hook Elementary School to be "the first major conspiracy theory of the modern social media age." Ten years after 26 young students and school staff were killed in the massacre, the impact of that day in 2012 continues to reverberate in America today. On this solemn anniversary, Crawford writes about the aftermath of Sandy Hook misinformation in a new essay for The Conversation: Conspiracy theories are powerful forces in the U.S. They have damaged public health amid a global pandemic, shaken faith in the democratic process and helped spark a violent assault on the U.S. Capitol in January 2021. These conspiracy theories are part of a dangerous misinformation crisis that has been building for years in the U.S. While American politics has long had a paranoid streak, and belief in conspiracy theories is nothing new, outlandish conspiracy theories born on social media now regularly achieve mainstream acceptance and are echoed by people in power. Recently, one of the most popular American conspiracy theorists faced consequences in court for his part in spreading viral lies. Right-wing radio host Alex Jones and his company, Infowars, were ordered by juries in Connecticut and Texas to pay nearly $1.5 billion in damages to relatives of victims killed in a mass shooting at Sandy Hook Elementary School a decade ago. Jones had falsely claimed that the shooting was a hoax. As a journalism professor at the University of Connecticut, I have studied the misinformation that surrounded the mass shooting in Newtown, Connecticut, on Dec. 14, 2012 – including Jones’ role in spreading it to his audience of millions. I consider it the first major conspiracy theory of the modern social media age, and I believe we can trace our current predicament to the tragedy’s aftermath. Ten years ago, the Sandy Hook shooting demonstrated how fringe ideas could quickly become mainstream on social media and win support from various establishment figures – even when the conspiracy theory targeted grieving families of young students and school staff killed during the massacre. Those who claimed the tragedy was a hoax showed up in Newtown and harassed people connected to the shooting. This provided an early example of how misinformation spread on social media could cause real-world harm. Amanda J. Crawford is a veteran political reporter, literary journalist, and expert in journalism ethics, misinformation, conspiracy theories, and the First Amendment. Click on her icon now to arrange an interview with her today.
ExpertFile-powered “Our Experts” site makes health experts findable and accessible to media at a click of a button ChristianaCare and its collaborative partner ExpertFile have been recognized with a 2022 Silver Quill Award from the International Association of Business Communicators (IABC) for its "Our Experts" media database. Designed to easily and quickly connect journalists to subject-matter experts, this online resource has been recognized with the top prize – an “Award of Excellence” in the Communications Management, Media Relations category. The IABC Silver Quill Awards showcase business communication excellence and are acknowledged as among the most prestigious awards programs in the communications industry. “I’m proud to accept the Silver Quill Award on behalf of our organization and our incredible Communications team, including our ExpertFile partners,” said Shane Hoffman, communications director at ChristianaCare. “The ‘Our Experts’ platform has given us next-level ways to engage our experts and share our knowledge as a trusted source of health care information. It has also helped us re-imagine the traditional online news room experience and turn it into a truly new and innovative way to serve the needs of both journalists and our community.” IABC’s Silver Quill awards honor the dedication, innovation and passion of communicators on a global scale. Each entry is scored independently by evaluators who judge the award submission on factors that include: stakeholder analysis, strategic and tactical planning, quality of execution and measurable results. Since launching in March 2021, the "Our Experts" media database has received more than 20,000 online visits and has resulted in more than 200 news stories. “We are honored to earn this Silver Quill Award with our client, ChristianaCare,” said Peter Evans, CEO of ExpertFile. “Despite the pressures of the pandemic, their team collaborated closely with us to create a world-class program that continues to help a variety of audiences discover and connect every day with credible medical experts and groundbreaking research.” Powered by the ExpertFile software platform, the ChristianaCare “Our Experts” site provides a digital media toolkit with advanced search/digital content features to help journalists discover experts and access resources that make it easier for them to complete stories and meet their deadlines. Awarding top honors “with distinction,” the IABC judging panel provided a number of detailed comments on the “ChristianaCare Experts Program”: “Very well-done website. Nice content that is well organized and searchable. From planning and implementation to measurement afterward the program shows great work.” “Great work in the time of COVID. Your knowledge of journalists and their challenges. during COVID was spot-on.” “I liked the media advisories. Having been on both sides of the reporter/media relations thing, I like clear and simple. You achieved this!” “If I were a reporter, the advisory would be invaluable when I needed an expert.” “Very specific and focused on business-results. Great work here.” “Very comprehensive! You thought of everything without getting bogged down in unnecessary details.” Nearly 100 ChristianaCare experts are featured in the database today, and that number continues to grow. “As communicators in health care, it has always been important for us to provide timely, accurate, easy-to-understand information to the communities we serve so that people can make informed decisions about their health,” said Karen Browne, vice president of marketing and communications at ChristianaCare. “The COVID-19 pandemic added an entirely new level of urgency to our role as communicators, and it made it even more important for us to build strong relationships with our partners in the news media so that they can deliver compelling, actionable health information to the community—from experts they can trust.” The pandemic also highlighted the need to do more with less. ChristianaCare’s innovation was driven out of a desire to improve the reach, impact and efficiency of its media relations efforts—amid rapidly increasing demand—without the need to add additional resources. “With our partners at ExpertFile, we leveraged ExpertFile’s outstanding technology platform to create a database of our experts that helps reporters and news producers find the sources they need quickly, and it enables our team to nimbly manage their requests and facilitate interviews in a way that makes the absolute best use of our resources,” Hoffman said. “The ExpertFile team worked as our strategic thought partners throughout this process, and they’ve really embraced our desire for innovation that drives results. They’ve helped us to work smarter and do more without adding a lot of additional resources. Together, we’ve built a system and process that is helping us to communicate in new and better ways—and we’re just getting started.” About ChristianaCare Headquartered in Wilmington, Delaware, ChristianaCare is one of the country’s most dynamic health care organizations, centered on improving health outcomes, making high-quality care more accessible and lowering health care costs. ChristianaCare includes an extensive network of primary care and outpatient services, home health care, urgent care centers, three hospitals (1,299 beds), a freestanding emergency department, a Level I trauma center and a Level III neonatal intensive care unit, a comprehensive stroke center and regional centers of excellence in heart and vascular care, cancer care and women’s health. It also includes the pioneering Gene Editing Institute. ChristianaCare is nationally recognized as a great place to work, rated by Forbes as the 2nd best health system for diversity and inclusion, and the 29th best health system to work for in the United States, and by IDG Computerworld as one of the nation’s Best Places to Work in IT. ChristianaCare is rated by Healthgrades as one of America’s 50 Best Hospitals and continually ranked among the nation’s best by U.S. News & World Report, Newsweek and other national quality ratings. ChristianaCare is a nonprofit teaching health system with more than 260 residents and fellows. With its groundbreaking Center for Virtual Health and a focus on population health and value-based care, ChristianaCare is shaping the future of health care.
Brexit changes caused 22.9% slump in UK-EU exports into Q1 2022 - research
Researchers at Aston assessed the impact of the Trade and Cooperation Agreement between the EU and the UK UK exports fell by an average of 22.9% in the first 15 months following the deal Variety of UK products exported to EU down by 42% Research by the Centre for Business Prosperity at Aston University has shown that UK exports to the EU fell by an average of 22.9% in the first 15 months after the introduction of the EU-UK Trade and Cooperation Agreement, highlighting the continuing challenges that UK firms are facing. Building on earlier work funded through Aston University’s Enterprise Research Centre, the researchers found that a negative effect on UK exports persisted and deepened from January 2021-March 2022. According to the research, the UK has also experienced a significant contraction in the variety of goods being exported to the EU, with an estimated loss of 42% of product varieties. The researchers say this, combined with an increased concentration of export values to fewer products, has serious implications for the UK’s future exporting and productivity. The authors are calling for an urgent national debate from politicians about the UK’s post-Brexit trade arrangements. The researchers assessed the impact of the TCA, which allows goods to continue to be bought and sold between the UK and EU without tariffs in the wake of Brexit, by creating an ‘alternative UK economy’ model, based on the case that the UK had remained within the European Union. By comparing the model UK’s exports and imports with actual figures for the UK, they could accurately isolate the impact which the new trade rules were having. “What we are seeing is the effect of Brexit on exports; and that is persisting. It’s not diminishing, and exports have yet to show signs of recovering,” says Professor Jun Du of Aston University. “Until this serious problem with exports is openly acknowledged and discussed, we won’t see any necessary actions being taken.” Unlike exports, an initially significant drop on EU imports to Britain has recovered during the same period, suggesting that UK businesses and consumers have quickly adjusted to new rules. This stands in contrast to the persistent decline in UK exports, which the researchers believe is caused by more fundamental factors. Professor Du said: “It seems that the UK can buy, but it can’t sell – and that’s reinforcing the problem of Brexit. A reduction in import bottlenecks might help exports to rebound, but this recovery is likely to be offset by the rising costs of imports.” Researchers found that as many as 42% of the product varieties previously exported to the EU have disappeared during the 15 months after January 2021. This, they say, is principally caused by a large number of exporters simply ceasing to export to the EU, while the remaining exporters are streamlining their product ranges. Co-author, Dr Oleksandr Shepotylo, says: “The product varieties that have disappeared are mostly those with low export value – we know this because the average export value increased as the number of varieties declined. These products are the ones typically exported by small firms or new exporters, or are exported to new markets. And It’s those smaller businesses that would normally export much more in future, as they grow their volumes and products – so that’s the UK’s future export pipeline being affected, which has bleak implications.” Professor Du says: “The evidence we present here shows the real loss of Brexit, the overall competitiveness of the UK as a global trader. The considerable contraction of the UK trade capacity, combined with an increased concentration of export values to fewer products, signify some serious long-term concerns about the UK’s future exporting and productivity. Debate is essential so that the UK can start to address its current challenges. Of course, no one is suggesting going back into the EU, but there are collaborations, conversations and discussions that must be had. If the UK’s political leaders don’t acknowledge the facts, they are setting the course towards even longer-term problems.”
Expert Opinion: Real Fur? It’s Just Not in Vogue Anymore!
Back in 1994, animal rights organization PETA launched what would become one of the most iconic campaigns of the decade – and beyond. “I’d rather go naked than wear fur,” sparked a slew of headlines internationally and won support from celebrities such as Naomi Campbell, Gillian Anderson, Pamela Anderson, and others; many of whom agreed to pose nude or semi-naked in support of the anti-fur movement. Three decades on, in February 2020, PETA announced it was retiring the campaign, saying it was “no longer necessary” and citing the “demise of the trade.” Evidence suggests they are right. Since the early noughties, the use of fur among the world’s foremost luxury fashion houses has steadily declined. The production of mink and other pelts–an industry valued at $1.8 billion in the late 80s–has declined in America by around 45 percent in the last 20 years, according to the Department of Agriculture. Meanwhile, high-end fashion brands like Gucci, Vivienne Westwood, and Stella McCartney have pledged to go fur-free, with Fendi, Saint Laurent, and others set to follow suit in 2022. Fur has never been less fashionable. But can activism alone claim victory in the fight for more ethical fashion practices? Emory’s Giacomo Negro, professor of Organization & Management and professor of sociology (by courtesy), has released new research that suggests another major factor played a key role in the process that led to the abandonment of fur; and it’s none other than perennial style bible, Vogue. When Vogue Speaks, People Listen We know that the use of fur has been dropping off steadily on the supply side, on the part of producers and manufacturers themselves, in the last two decades. What we didn’t know was how much of this was down to pressure from PETA and other highly-visible activism. Or whether there might be other forces at play–industry intermediaries that have a gatekeeping function, such as the fashion press, exerting a more subtle but just as powerful influence on the producers of fur. - Giacomo Negro, professor of Organization & Management Hypothesizing this to be the case, Negro teamed up with INSEAD’s Frederic Godart and Greta Hsu of the University of California. First off, they had to determine the most important and global of fashion’s gatekeepers. “There are other publications, but Vogue is undoubtedly a significant force in fashion. The magazine has long occupied a unique position that is neither an insider nor an outsider in the sense that its editors are intimately connected to the top designers and decision-makers in the industry; simultaneously, it’s an external, independent publication with global reach and singularly powerful influence on fashion’s views and tastes.” If Vogue were to take a certain view of the use of fur in clothing over time, would fashion houses take note and follow suit, the researchers wondered? To test this, Negro et al put together a largescale dataset integrating data from more than 18 years of Vogue’s runway reports: features covering fashion shows in Paris, Milan, London, and New York between Spring 2000 and Fall 2018. The set included 670 fashion houses hosting at least two runway shows in this period, focusing on women’s prêt-à-porter designs. Next, the researchers ran an analysis across the texts published by Vogue after each show. They coded words relating to the moral and ethical dimensions of fur use. “When Vogue publishes a report, you don’t just get a review of the collections,” says Negro. “You also get the magazine’s opinion and appraisal of the clothing.” Fur Ethics and the Decline of a Centuries-Old Industry Parsing the attention to fur ethics expressed in these reports and looking at the frequency of the appearance of fur on runways over time, he and his colleagues found something striking: a clear, quantitative correlation between the magazine’s coverage of fur ethics and a drop off in its use by fashion houses, starting in 2011. “From around 2009, Vogue starts referencing the ethical and social concerns around fur and this continues through to 2014. In 2011, you begin to see a steady decline that follows in the use and appearance of fur on catwalks in the major fashion capitals of the world.” But could this simply be credited to an increase in activism at the same time? Unlikely, says Negro. He and his colleagues also looked at data on media coverage of anti-fur events in France, Italy, the United Kingdom, and the U.S. and failed to establish any meaningful correlation with Vogue’s editorial position over the same period. “What seems most plausible is that as an influential industry gatekeeper, Vogue was driving a change in views on fur ethics and fur use, alongside its own changing position on the ethics of fur,” says Negro. And it’s interesting to remember that fashion, like other creative industries, tends to operate in accordance with its own set of rules and its ‘artistic freedom.’ When activists targeted Jean Paul Gaultier’s Fall Show of 2009, he simply announced that he loved fur and would continue using it. However, when Vogue starts weighing in with an opinion, that’s when designers start following suit. - Giacomo Negro, professor of Organization & Management Which isn’t to say that activism did not have a critical role, he adds. In leading and reshaping the conversation around fur over the last three decades, PETA and others have brought the key issues to the attention of the world’s media like no other, says Godart: “Our findings also suggest that specific forms of anti-fur activism such as advertising campaigns, and legal maneuvers, became effective in influencing fashion houses’ decisions to move away from fur when amplified by Vogue’s references to moral concerns around fur use.” For any business or industry looking to navigate changing perceptions, tastes, or sentiments, gatekeeper entities–intermediaries like experts, media publications, and others–can provide useful signals that can help strategic decision-making, say Negro, Godart, and Hsu. Though in the age of social media, it may become that much more difficult to distinguish signals from noise. Proactive organizations might do well to identify and engage with social movements and gatekeepers ahead of change, they say, rather than bide their time until pressure forces their hand. Interested in learning more? Then let us help with your questions or coverage. Giacomo Negro is a professor of Organization & Management and Professor of Sociology at the Goizueta Business School at Emory University. Simply click on his icon now to connect and arrange an interview.
Permanent magnets play an indispensable role in renewable energy technologies, including wind turbines, hydroelectric power generators and electric vehicles. Ironically, the magnets used in these “clean energy” technologies are made from rare earth elements such as neodymium, dysprosium and samarium that entail environmentally hazardous mining practices and energy-intensive manufacturing processes, according to Radhika Barua, Ph.D., mechanical and nuclear engineering assistant professor. Access to these rare earth magnets is also heavily reliant on China and demand for them is expected to grow as the U.S. seeks to meet net-zero carbon emissions by 2050. “That anticipated demand poses a challenge to U.S. decarbonization goals as the rare earth elements are characterized by substantial market volatility and geopolitical sensitivity,” Barua says. “This is where our project comes in.” Barua and fellow VCU professors Afroditi Filippas, Ph.D., and Everett Carpenter, Ph.D., are part of a team of VCU researchers working to create new types of magnets. By using additive manufacturing, more commonly known as 3D printing, they hope to create replacements for those permanent magnets composed of rare earth elements that are made from materials readily available in the U.S. China mines 58 percent of the global supply of rare earth elements used to make neodymium magnets that are widely used in consumer and industrial electronics, the U.S. Department of Energy (DOE) noted in a February 2022 report. That dominance grows throughout the manufacturing process with China accounting for 92 percent of global magnet production, the DOE estimates. “It would be ideal if we could manufacture the same magnets with the same characteristics without using rare earth elements,” says Filippas, who teaches electromagnetics at VCU. “It would be even better if we could make these magnets using additive manufacturing techniques.” VCU researchers are trying to do that in collaboration with the Commonwealth Center for Advanced Manufacturing (CCAM), which brings university, industry and government officials together to tackle manufacturing challenges. The professors are conducting much of their work at CCAM’s lab in Disputanta, Virginia. “We have access to equipment that we would not have access to at VCU,” Filippas says of the benefits of the CCAM partnership. “They provide that level of expertise using the equipment and understanding the process.” The project is funded by the VCU Breakthroughs Fund and CCAM. Barua is working with Carpenter, a chemistry professor, on the materials science part of the project. Filippas is focusing on data analytics and is helping develop a monitoring process to ensure the newly-crafted replacement magnets are viable. In addition to providing a more stable source of supply, Barua says the replacement magnets could also bring environmental benefits. Providing an alternative to rare earth magnets would involve less hazardous mining techniques while also reducing emissions and energy consumption. The replacement magnets are made by filtering particles of iron, cobalt, nickel and manganese through a nozzle where a laser fuses them together through a process known as direct energy deposition. That metal 3D printing approach can make complex shapes while minimizing raw material use and manufacturing costs, Barua says. “Right now, we’re printing straight lines just to see what we’re going to get and see if we can even print them,” Filippas says. “Are we getting the composition of the materials that we want? It’s a slow painstaking process towards freedom from reliance on rare earth materials.” Barua says using additive manufacturing allows researchers to create a unique microstructure layer-by-layer instead of simply making magnets from a cast. Researchers do not expect their replacements to mimic the full strength of rare earth magnets, but they hope to produce mid-tier magnets that are as close as possible to current magnets. Carpenter adds their new magnets could potentially be smaller and weigh less than rare earth magnets, which could lead to numerous benefits. “This reduction would be a big savings to the automobile manufacturing industry, for example, where every ounce matters,” Carpenter says. “In an S-Class Mercedes, there are over 130 magnets used in sensors, actuators or motors. This approach could save pounds of weight which translates into fuel efficiency.” Barua says the team is working to establish the feasibility of their new magnet-making process. They are trying to get the microstructure of the new magnets just right and are using additive manufacturing to fine-tune their magnetic properties, Barua says. “When artificial diamonds, cubic zirconia, was synthetically produced in the lab, it changed the entire diamond industry,” Barua says. “That’s exactly what we’re trying to do. We’re trying to make synthetic magnets.”
New research highlights the economic importance of live music to Birmingham and the West Midlands
It found local authorities need to more explicitly recognise the economic, social and cultural value of live music and live music venues The report calls for dialogue between music stakeholders and government The research is published by Aston University and supported by the AHRC-funded Creative Industries Policy and Evidence Centre. New research by the Birmingham Live Music Project (BLMP) highlights the huge economic value of Birmingham’s live music scene, the vital contribution small independent venues make, the ongoing impact of the pandemic and what is needed to support the recovery of the sector in the city. The research is published by Aston University, with colleagues from Newcastle University and Birmingham City University, and supported by the Arts and Humanities Research Council (AHRC)-funded Creative Industries Policy and Evidence Centre. In 2019, the UK’s live music sector was valued at over £1.3 billion. After almost a decade of strong growth the sector helped push the UK music’s overall GVA from £3.5 billion in 2012 to £5.8 billion in 2019, the outbreak of the global pandemic brought it to a near standstill. This paper explores, through a local lens and a focus on Birmingham, the challenges stakeholders across the live music sector have faced in recent years. The research finds that small live music venues are the lifeblood of this financial, cultural and community asset for the city. In 2019 Birmingham helped bring 877,000 music tourists to the West Midlands, with a total cultural spend in the region of £252,000,000 (UK Music). But during summer 2020, the research published today found, Birmingham’s live music capacity of approx. 98,000 dropped by around 75%. This impacted ticket prices, the availability of events across the city, and the economic viability of shows – while some venues could stay open, they couldn’t make a profit. The report makes clear independent venues need protection and support particularly in the wake of the pandemic. It calls for dialogue between music stakeholders and government in advance of the 2025 review of the EU-UK Trade and Co-Operation Agreement to identify the best means of reducing friction and support for the efforts to improve the Agreement, for example work on border force training, expanding the number of checkpoints where carnets and Music Instrument Certificates can be checked, reducing bureaucracy for live event transport and haulage, examination of further measures to develop the ’dual registration’ system for specialist hauliers to ease pressure on touring. Dr Patrycja Rozbicka, a senior lecturer in politics and international relations at Aston University and one of the report authors, said: “Local authorities need to more explicitly recognise the economic, social and cultural value of live music and live music venues, including grassroots venues, to their region(s). “Environmental, health, culture and city regeneration strategies have to take account of the existing and huge potential contribution of live music to the city and region. “What is needed is a cross-policy approach, implementation of a Night-time Industry Impact Assessment and dialogue between local authorities and the music sector, where the recently launched West Midlands Music Board could play a role. “We would like to see the creation of information hubs to support local venues and audiences with initiatives such those undertaken by the Liverpool City Region including a Music Fund which supports activities of the Liverpool City Region Music Board as well as helping with funding applications and advice. You can read the full report here.
• University expert helps clothes designer measure and tackle their carbon emissions • Upcycler, ‘Missfit Creations’, has saved CO2 equivalent of three tonnes • Call to COP27 to issue a protocol to measure all garments’ environmental impact. 8 November 2022 | Birmingham UK As policymakers at COP27 are to discuss the effects of the fashion industry on the environment, an Aston University scientist has been helping a clothes designer measure and tackle their carbon emissions. Debbie Murphy runs Missfit Creations which provides an alternative to fast fashion. She saves clothes from clogging up landfill by restoring and reworking second-hand and vintage clothing, from de-mob suits and 1970s psychedelia, to the present day. Dr Maria Pimenta da Costa Ocampo, a researcher from the Energy & Bioproducts Research Institute (EBRI) at Aston University, has been identifying the impact the business is having on reducing carbon emissions. By analysing the recirculation of second-hand clothes alone, she found Debbie’s current fashion collection has the potential to save the CO2 equivalent of three tonnes – equal in size to at least three semi-detached houses. The support provided to Tamworth-based Missfit Creations was through EBRI's European Regional Development Fund (ERDF) programme that helps West Midlands companies develop low carbon goods and services. Debbie said: “It was eye-opening to work with Aston University. “I collect and restore a huge amount of old, unwanted clothes that would otherwise have ended up in landfill, so I decided to find out what impact my business has on the environment. “I knew my business would help tackle the effects of fast fashion, but I didn’t realise I’ve been able to prevent the production of so much CO2. “Raising awareness of second-hand clothes over fast fashion, and the increased awareness of clothing care efficiency will help reduce the carbon footprint of the textile industry.” The Aston University report also suggests ways the business can further decrease emissions. As a result, it will be introducing a ‘take-back’ scheme, offering vouchers or exchanges in return for previous purchases. Debbie will also be changing production methods by ensuring all packaging is biodegradable, ironing fabrics less and switching to a more sustainable energy provider. The COP27 fashion charter event (11 November 2022) will explore whether the sector’s planned transformation to net zero is underway, practical solutions that are being applied and what is needed to achieve the goal. However, Dr Pimenta-Ocampo said: “Every single action taken towards the production and recirculation of clothing has an environmental impact. “For example, we calculated that by recirculating vintage clothing, Missfit Creations was reducing CO2 equivalent by almost two tonnes just by diverting clothes from landfill. “And by outsourcing their vintage clothes for cleaning services that don’t use tumble driers, not taking into account transport emissions, Missfit Creations is reducing CO2 equivalent by another one tonne. “There is a great need for the textile industry to monitor and provide accurate data and to become more transparent, specially when global supply chains are involved. “However, the creation of a protocol and standardisation of the Life Cycle Assessment, which measures a product’s environmental impact from raw material to final disposal, is also required. Without it, it will be impossible to produce results that can be representative.”
Everyone is keeping a close eye on the economy. Whether on a global scale or at the kitchen table - it's a topic that is at the top of everybody's mind these day. Simon Medcalfe, PhD is the Cree Walker Chair in the Hull College of Business at Augusta University and resident expert on the economy, and he shared his thoughts on where the economy stands as the final months of the year approach. Q: The Gross Domestic Product report was up, what should we take out of that? “The GDP was interesting because it was actually up. The first two quarters were negative growth, so the economy had shrank. This time, the growth figure came in at 2.6%, but closer reading suggested it was actually a worse reading then the negative readings we had because consumer spending by firms was essentially flat. The growth was seen in net exports or government spending or things like. Consumers were kind of pulling back a little, which is why earnings were a little lower as well.” Q: The economy needs to slow down a little, doesn’t it? “I mean, yes, if you’re thinking about the Fed, that’s what they are worried about right now, inflation, because the economy is so incredibly hot, particularly with regards to prices. They’re raising interest rates with the aim at slowing down the economy. Unemployment is historically very, very low, if not at record levels in different places, so we could probably sustain a little slowing of the economy without impacting the labor market too much and try to get this general inflation under control.” Q: The economy could use a little unemployment, it’s that kind of counter intuitive? “Some unemployment is not bad. Economist use to suggest in the long run, the natural rate of unemployment is about 5-6%. Now we have unemployment in the 2-3% range in places. We have a little bit of wiggle room to see that increase.” Q: What's the difference between frictional and structural unemployment? "Economist talk about frictional unemployment and structural unemployment. Frictional unemployment is more of a job match or job search problem. So it’s a lack of information. Structural unemployment is because of the changing nature of industry within an economy. An example being people working in textile manufacturing and it’s hard for them to go straight into computer science coding because they don’t have the skills. This is more long term than frictional and in some cases can be quite detrimental to regions and people.” Q: The Fed is likely to raise interest rate by .75%, are there signs of this slowing down? “I think they’ll start slowing that down over time, but I think their projection is about 4.6% and we’re like 3.25% now. They’re looking at all the economic indicators. Not looking at any one or two, but everything. They’re looking at inflation, and have different measure of that. They’re look at the breakdown of inflation like how much of it is due to the war in Ukraine, and what areas of the economy it may be impacting. They’re looking at the labor market, definitely looking at manufacturing output, etc. The one thing they don’t generally look at is financial markets. They would look at the housing market though and different sectors of the real economy, not the financial economy.” Dr. Simon Medcalfe is a highly regarded economics expert in the Hull College of Business at Augusta University. Medcalfe is available to speak with media regarding the economy and its outlook – simply click on his icon now to arrange an interview today.
New approach to help ease poor countries’ debt burden Many face having national credit rating downgraded Aston University expert coins the term the ‘credit rating impasse’ in new book. An Aston University financial regulation expert has suggested a new approach to help ease poor countries’ debt burden. Currently many poorer countries face having their credit rating downgraded if they ask private investors for loans. Dr Daniel Cash, senior lecturer in law and founder of the Credit Rating Research Initiative, has suggested that a temporary change to the way ratings are decided could help these countries avoid a damaging credit rating, which would prevent them borrowing money in the future. His theory is explored in his new book Sovereign Debt Sustainability: Multilateral Debt Treatment and the Credit Rating Impasse. The study details the history of multilateral debt treatment in Africa, whilst also looking at the impact of the pandemic. When vulnerable countries try to negotiate new lending terms with their lenders their credit rating is immediately downgraded, in some cases they could be labelled as in default - failing to repay a loan. Dr Cash calls this situation the ‘credit rating impasse’. To avoid this happening, he argues that other factors should be temporarily taken into account, making it easier for them to borrow money in the future to spend on improvements such as healthcare or infrastructure. The UN has identified 54 developing economies with severe debt problems. While accounting for little more than 3% of the global economy, they represent 18% of the world’s population, and more than 50% of people living in extreme poverty. The book sets out a new framework which could be used to overlie the existing credit rating system. The book suggests considering factors such as ESG (Environmental, Social and Governance) – which indicates a country’s impact on society, the environment, and how transparent and accountable it is. Taking ESG and sustainability factors into account indicates if a nation has the potential to grow while benefiting the environment and communities. Dr Cash said: “The credit rating impasse is a systemic problem, and a cure is needed to prevent the bankruptcy of countries around the world. “Lower-income states are being forced to prioritise debt payments over public spending on healthcare or access to food. “Instead, they should be offered help to enable borrowing to make vital improvements.” The book is free to read via Open Access Book and was funded by the Open Society Foundations (OSF).