Today’s ESG Updates
- UK to regulate Google search rankings: The UK’s CMA may grant Google “strategic market status” to boost competition and data access.
- Traders retreat from European gas market: 13% price drop in gas amid Middle East tensions and supply concerns.
- Eni fined €32 million: Italy fines Eni for market abuse in plastic bag production from 2018 to 2023.
- H&M-backed Syre partners with Gap and Target: Syre to supply recycled polyester to Gap and Target, aiming for 3 million tons by 2032.
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UK compels Google to change search rankings for increased competition
The UK’s Competition and Markets Authority (CMA) is considering granting Google “strategic market status,” giving regulators the power to intervene in Google’s search services. Google’s market dominance is increasingly monopolising the search industry, destroying competition. If the changes are confirmed, Google will require increased transparency, increased access allowance, and data portability. The changes allow for more control over Google search services to allow for increased fair competition. It is part of larger efforts to halt Google’s dominance as businesses suffer site-traffic losses.
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Further reading: UK may compel Google to change search rankings, offer alternatives
Listen to the algorithms, traders pull back from the European gas market
Traders relying on trend-following algorithms are pulling back from the European gas market, increasing the risk-off mood. Commodity Trading Advisers shifted from a +9% net-long position to a -18% net-short position as traders sold off European gas market assets. Gas prices slumped 13%, the largest amount in two years, as Trump eyes a ceasefire between Israel and Iran. The war has put the European gas market on high alert due to potential disruptions to the Strait of Hormuz, a critical route for oil and LNG. It can greatly impact supply shortages for Europe’s gas inventories.
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Further reading: Gas Algorithms Pull Back as Mideast Truce Returns Risk-Off Mood
Eni fined €32 million for plastics market abuse
Italy’s antitrust authority fined Eni €1.7 million and €30.4 million for abusing their dominant market position in plastic bag production. Novamont, a bioplastics manufacturer, was found to have engaged in practices aimed at excluding competitors from the domestic markets for raw materials used in producing plastic bags. Novamont created a “two-tier system” for supply agreements, hindering the development of fair competition in the market. The abuse of the market position occurred between 2018 and 2023.
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Further reading: Italian regulator fines Eni and its plastics unit 32 million euros for market abuse
H&M-backed textile recycler partners with large fashion brands Gap and Target
H&M-backed Syre will supply recycled polyester to Gap and Target to boost sustainable fashion as public demand soars. Syre aims to produce 3 million tons of polyester by 2032 through recycling garments. It reflects an increasingly lucrative business model as H&M has a 7-year, $600 million agreement with the Swedish recycling firm. Gap plans to use 10,000 tons of recycled polyesters, with Target selectively integrating them into its products.
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Further reading: Swedish textile recycler Syre to partner with Gap, Target as demand for sustainable clothing grows
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Solen Feyissa
