World’s largest money manager to CEOs: You have to do great for society

letter Tuesday from among the world’s most influential money managers having a pointed message: Simply posting good financial returns is not enough. You’ll want a positive effect on society, too.

In the annual letter to CEOs sent Tuesday, Laurence Fink, the chairman and CEO of BlackRock, which manages nearly $6.3 trillion in investments, put CEOs on high alert they could be likely to fix their lengthy-term strategy, how they plan to make use of savings from the tax reform law, what role they play in their communities and whether or not they are coming up with an assorted workforce that’s being retrained for opportunities inside a more automated future.

“Society is demanding that companies, both private and public, serve a social purpose,” Fink authored in the letter, that was first as reported by the brand new You are able to Occasions. “To prosper with time, every company mustn’t only deliver financial performance, but additionally show the way it constitutes a positive contribution to society.”

Fink’s letter used stronger language, experts stated, than his recent annual letters to CEOs, which have focused on lengthy-term strategies and also the ecological, social and governance practices (frequently known as “ESG” factors) from the companies that they invest. In this year’s letter, Fink stated he’d double how big BlackRock’s team that engages with companies to try to encourage them to do more about such issues.

“There has been a paradox of preferred tax treatment and anxiety,” Fink authored, expressing worry about earnings inequality, infrastructure and automation. “Because the economic crisis, individuals with capital have reaped enormous benefits. Simultaneously, many people around the globe are facing a mix of reduced rates, low wage growth and insufficient retirement systems.” He noted the growing expectation the private sector lead to resolving concerns, writing that “we see many governments neglecting to prepare for future years.”

The letter comes among a larger recognition in corporate boardrooms and cash management offices about the significance of issues like global warming, leadership diversity and earnings inequality for that lengthy-term health from the profits of companies. One recent survey through the investment talking to firm Callan discovered that just 39 percent of investors stated the payoff for thinking about ESG issues in investment decisions was unclear, lower from 63 percent in 2016. When the domain of socially responsible mutual funds or a major focus of activist pension funds, such factors have grabbed the interest of the broader variety of shareholders because they evaluate where you can invest.

“We used to speak about ‘social investing,’ making it seem like i was speaking in regards to a debutante pavillion,” stated Nell Minow, vice chair from the governance talking to firm ValueEdge Advisors. Now, Minow stated, as such issues have become new vocabulary and focus from more investors — and as the government is increasingly rolling back its participation in issues like global warming — there is a greater expectation that personal sectors get the slack. “It’s a mistake to consider there’s any tradeoff here between financial returns and social goals. All this is extremely considered to ensuring the organization earns money.”

“Passive” investments for example index funds or eft’s allocate investments for an entire market index or industry. Unlike managers of actively managed funds, where managers buy then sell stocks, passive money managers aren’t able to sell the shares of companies with that they disagree. (Some $4.5 trillion of BlackRock’s $6.3 trillion in assets under management are passively managed.) But they are able to election their shares against negligent company directors, hold conferences with board members to discuss their disagreements, and election their shares on investor proposals that try to change other practices, such as outsized Chief executive officer compensation or a company’s ecological policies.

The presumption is that Fink’s letter could open the doorway for BlackRock — along with other big bucks managers — to more often election against management’s wishes when shareholders push for such changes if discussions don’t make the needed results. Previously, BlackRock yet others happen to be belittled for siding largely with management based on data reported by Morningstar, the investment giant voted with management 91 percent of times in the last 3 years. One pension fund put BlackRock on the “watch list” last year for what it known as its “reticence to oppose management” and “inconsistency between their proxy voting record using their policies and public pronouncements.”

(A BlackRock spokesman declined to discuss that critique but stated within an emailed statement that “we are prepared to have patience with companies when our engagement affirms they’re trying to address our concerns” however that if no progress is viewed, “we’ll election against management.”)

Yet in 2017, BlackRock, as well as other big bucks managers, sided with shareholders the very first time on proposals about gender diversity on the board and others related to climate change. Certainly one of individuals instances what food was in ExxonMobil, where it cast its shares this season from the oil giant on the measure instructing the organization to reveal more about its global warming efforts.

Some observers elevated questions regarding Fink’s letter. Charles Elson, the director of the corporate governance center in the College of Delaware, requested how BlackRock would measure the idea of societal good: “What sort of metric do generate, and how can you act upon that metric? And just what happens in the event that metric affects lengthy term value to the negative?”

The impact of the letter will be based, obviously, about how much “muscle” BlackRock puts behind the letter’s demands, Minow stated. If it holds managers accountable, and votes when it must against proposals, its heft and influence could create real change.

“If you have like 5, 10 or 15 percent from the holdings, [management] is going to concentrate,” stated David Larcker, a professor in the Rock Center for Corporate Governance at Stanford College. ” They are not likely to mess it up off when a trader like this comes forward. It ratchets in the debate to some serious level.”

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Carillion creditors likely to receive under 1pc of the money as boss hits out at banks

Creditors owed money by collapsed support services firm Carillion may receive under 1p within the pound, since it’s boss accused lenders of hastening its demise.

Inside a statement filed towards the High Court on Tuesday, Keith Cochrane, that has been in the helm from the stricken company since July accused the Royal Bank of Scotland, certainly one of Carillion’s lenders, of taking “unilateral action which within the company’s view undermined the group’s efforts to save cash”.

Carillion stepped into liquidation on Monday after talks with banks and government ministers to secure its financial future unsuccessful. It employs 43,000 people, nearly 20,000 who have been in the United kingdom.

Mr Cochrane stated RBS told the organization on Friday it wanted the firm to create supplier payments 2 days sooner than planned – a move which in fact had negatively affected Carillion’s liquidity by between £2m and £20m.

RBS stated this measure needed to stay in place until government support have been agreed.

Profile: Carillion PLC

The company’s collapse is anticipated to depart many small firms up front. Peter Kubik, a turnaround specialist at UHY Hacker Youthful, cautioned of the “huge knock-on effect among smaller sized firms, especially as numerous creditors can get to get under 1p for each £1 they’re owed by Carillion”.

In his statement, Mr Cochrane also hit out at Santander, another loan provider to the organization, claiming the bank had issued letters to numerous suppliers terminating early payment facilities which Carillion had relied upon. The bank later decided to reinstate the instalments.

The statement also says Carillion had requested the federal government for brief term funding two times within the week before its collapse, and requested Her Majesty’s Revenue and Customs to defer tax payments. A £16m payment to HMRC arrives in the finish of the month.

This news may come as Business Secretary Greg Clark known as to have an Insolvency Service investigation into Carillion’s company directors to become “fast-tracked and extended in scope”.

Business secretary Greg Clark Credit: Jack Taylor/Getty

The official analysis should think about whether both current and former company directors might have caused hindrance to workers and companies impacted by Carillion’s demise, Mr Clark stated.

He’s also written towards the chairman from the Financial Reporting Council, Mister Win Bischoff, asking him to do an analysis in to the preparation of Carillion’s accounts, along with the company’s auditors, KPMG.

Mr Clark stated that “it is essential we rapidly obtain the full picture from the occasions which caused Carillion to go in liquidation”, adding “any proof of misconduct is going to be taken very seriously”.

The business secretary sitting lower using the general secretaries from the TUC and Unite unions, Frances O’Grady and Len McCluskey, to go over the outcome on employees impacted by the insolvency.

Explainer Who’s who within the Carillion saga?

The TUC has known as for that Government to setup a nationwide task pressure to guard jobs and also the pensions of a large number of workers. The job pressure perform to create public sector contracts in-house and support the change in private contracts with other companies, it stated.

Ms O’Grady stated: “Workers can’t remain at the rear of the queue. Every single worker at Carillion must know where they stand. They’ve bills and mortgages to pay for, and deserve certainty on their own future.”

Meanwhile, a number of Carillion’s largest private clients were thought as anticipating that services for example cleaning and supplying meals would continue for the moment.

Despite being told the Government wouldn’t offer protection for Carillion’s private sector workers beyond Wednesday, it’s understood that where contracts are lucrative, staff will still be compensated through the official receiver.

U.S. Chamber of Commerce to push Trump, Congress to boost the gas tax to finance infrastructure

With President Trump and Congress turning their focus on infrastructure within the coming days, the U.S. Chamber of Commerce is get yourself ready for a constant fight: a push to boost the government gas tax by 25 cents per gallon to assist spend the money for initiative.

The proposal, which is formally introduced in a few days, belongs to a number of concepts the nation’s largest business lobby will offer you inside a bid to assist shape the controversy about upgrading U.S. roads, bridges, airports along with other critical infrastructure.

Chamber President Thomas J. Donohue stated his organization wants “to put our oar within the water” and acknowledged that it might be “a tough vote” to boost the gas tax the very first time since 1993. But he stated that support continues to be building in the industry community and elsewhere.

“I’ve been pushing this for any lengthy, lengthy time, however gangs of individuals are pushing it,” Donohue stated within an interview by which also, he stated immigration reform could be important to making certain that sufficient labor can be obtained for public works projects.

Republicans leaders reject gas tax increase after Trump floats the concept]

That’s considerably greater than the White-colored House has recommended the government should pump into an infrastructure initiative. Administration officials have stated openly for several weeks they believe that $200 billion in federal money could spur a minimum of $800 billion more spending by condition and native governments and also the private sector.

In the last budget proposal, the White-colored House stated the government’s $200 billion share might be compensated for with cuts in other individuals.

Area of the federal funding would be employed to reward states and localities that raise taxes or any other revenue to finance infrastructure within their jurisdictions. The White-colored House is also searching at grants for brand new projects in rural areas and cash for “transformational” work for example intends to build tunnels for top-speed trains.

Donohue stated he hopes by using Trump’s support, Congress can think of a significant measure to deal with exactly what the chamber views a lengthy-past due priority.

“We just got such a goverment tax bill the very first time in 31 years,” Donohue stated. “We’re making some significant alterations in regulatory reform. We have a president — everybody’s got all of their own views about him and just what he means and all sorts of that — however the guy’s getting stuff done . . . and he’s a builder. I believe we are able to acquire some help here.”

Donohue stated the chamber also intends to offer suggestions to encourage additional private investments in infrastructure projects, including growth of existing federal home loan programs. And that he stated the chamber shares Trump’s objective of streamlining the permitting process for highways along with other projects, including in the local level.

“It’s not worth spending the cash to get this done or even the time when we don’t fix the permitting deal,” he stated.

Donohue also searched for to help make the situation for addressing immigration policy in a manner that ensures sufficient labor to create the variety of projects that may be funded. Which includes “a fix” towards the Deferred Action for Childhood Arrivals program that Trump wants canceled, Donohue stated.

“We do not need this your day we perform a bill,” he stated of immigration changes more broadly. “We require it once we increase to begin building the stuff we’re speaking about.”

The chamber also intends to demand other steps to boost the workforce, including evolving tips about apprenticeships produced by a Labor Department task pressure.

FBI chief calls file encryption a ‘major public safety issue,’ seeks the aid of tech companies

NEW You are able to — FBI Director Christopher A. Wray on Tuesday restored a phone call for tech companies to assist police get access to encrypted smartphones, describing it as being a “major public safety issue.”

Wray stated the bureau was not able to get into the information of seven,775 devices in fiscal 2017 — over fifty percent of all of the smartphones it attempted to hack for the reason that period of time — despite getting a warrant from the judge.

“Being not able to gain access to nearly 7,800 devices in one year is really a major public safety issue,” he stated, taking on a style which was a signature issue of his predecessor, James B. Comey.

“We’re uninterested within the countless devices every day citizens,” he stated in New You are able to at Fordham University’s Worldwide Conference on Cyber Security. “We’re thinking about individuals devices which have been accustomed to plan or execute terrorist or criminal activities.”

He stated: “We have to interact, the federal government and also the private sector, to find away out forward, and discover a way forward rapidly.”

Attorney General Shaun Sessions on Thursday accused technology companies of neglecting to adequately help federal investigators access encrypted communications, saying this past year the FBI was blocked from being able to access nearly 7,500 cellular devices. (Reuters)

The bureau has highlighted this concern to the investigative work, so it calls “Going Dark,” for over a decade. However the issue is continuing to grow more pressing, it states, using the creation of phones that does not even companies can unlock as they do not contain the file encryption key.

The Justice Department visited court in 2016 to pressure Apple to plot a method to help it to get access to a defunct attacker’s iPhone following a mass shooting in San Bernardino, Calif. That fight ended once the FBI compensated a 3rd party to compromise the telephone.

Deputy Attorney General Fishing rod J. Rosenstein last fall hinted the Trump administration would take more aggressive steps when the companies can’t develop “responsible encryption” that provides police force access following a warrant is acquired.

To illustrate a potential compromise, Wray reported a situation from New You are able to in the past. Four major banks, he stated, were utilizing a chat messaging platform known as Symphony, that was marketed as offering “guaranteed data deletion.” Condition financial regulators grew to become concerned the chat platform would hamper investigations of Wall Street.

“In response,” Wray stated, “the four banks arrived at a contract using the regulators to make sure responsible use” of Symphony. They decided to make a copy of the communications sent with the application for seven many to keep duplicate copies of the file encryption keys with independent custodians not controlled through the banks, he stated.

“So within the finish, the information was secure — still encrypted, but additionally available to regulators,” he stated.

Privacy advocate Amie Stepanovich, however, stated such solutions might not be suitable for the typical Web surfer and threaten the user’s digital security.

The FBI finds a means into San Bernardino Syed Farook’s iPhone, and it is now shedding bids to pressure Apple to assist them to crack in to the phone. See all of the latest developments within the situation, and why the situation is not over yet. (Jhaan Elker/The Washington Publish)

“They create new targets for data breaches plus they complicate user security in a manner that could be compromised by bad actors,’’ stated Stepanovich, U.S. policy manager at Access Now, an advocacy group.

Wray acknowledged the answer isn’t “clear cut.” He stated “it’s likely to need a thoughtful but sensible approach’’ that “may vary across business models and various technologies.”

He added: “I just don’t buy the declare that it’s impossible.”

Dow jones Johnson breaks through 25,000 for brand spanking new ever after strong jobs data

The Dow jones Johnson industrial average burst through 25,000 the very first time ever on Thursday, spurred by strong US jobs figures.

The index of 30 leading US shares surged greater than 140 points after new data from ADP Research Institute revealed the American private sector added 250,000 jobs in December.

Economists had predicted an additional 190,000 jobs, based on Reuters. 

The broader S&P 500 index acquired .5 per cent in early buying and selling, with the Nasdaq rising .2 percent.

The 25,000 milestone may be the latest record to tumble for that American stock exchange which rose quickly throughout 2017.

The Dow jones only passed 24,000 in November after hitting 20,000 under last year.

In December, President Jesse Trump signed into law a sweeping tax reform bill which will slash taxes on corporate profits, which gave equities a lift.

Included in this, the united states economy has performed much better than expected, with unemployment now in a 17-year low.

Last month, the Fed revised up its 2018 economic growth prediction from 2.1 percent to two.5 percent and also the global situation also seems strong.

All the world’s major economies are actually growing reasonably strongly for the very first time in a number of years.

The surging cost of stocks along with other assets is responsible for some analysts to warn of the bubble which needs to be deflated by raising rates of interest using their current lower levels.

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‘It’s about our dignity’: vintage clothing ban in Rwanda sparks US trade dispute Lauren Gambino

In a dim corner of Biryogo market in Kigali, Rutayisire Ibrahim watches as two traders slap handmade cards onto a wood stool outdoors his small shop, that is crowded with nicely folded stacks of pants and bunches of colourful ties. The clothes are hands-me-downs from men living a large number of miles away.

Even without the customers, the sport has attracted a crowd of stallholders.

“You see many of these guys,” Ibrahim states, nodding towards the crowd. “They have little else to complete. The shoppers have stopped coming.”

to phase out imports of secondhand clothing and footwear from western countries by 2019.

However the decision in Rwanda has divided people and left the small landlocked country inside a trade dispute using the US.

Rutayisire Ibrahim, a trader at Biryogo market in Kigali, sells secondhand men’s trousers, suits and ties. Rutayisire Ibrahim, an investor at Biryogo market in Kigali, sells secondhand men’s pants, suits and ties. Photograph: Lauren Gambino for that Protector

Across Africa, daily shipments of recycled clothing, sent largely in the US, United kingdom and Canada, fuel a multimillion-dollar informal industry which uses a large number of local retailers who make money reselling the products.

Sub-Saharan Africa imports the biggest share of used clothing donations. And this past year the East African Community (EAC) imported secondhand clothing worth $151m (£115m), based on United nations data.

Rwanda makes huge economic progress previously twenty five years. But officials reason that the ubiquity of recycled apparel – referred to as chagua – has stifled the development of their nascent textile industry and it has dented national pride.

“The objective would be to see a lot more companies produce clothes within Rwanda,” states Telesphore Mugwiza, the official at Rwanda’s secretary of state for trade and industry.

“It can also be about protecting our people when it comes to hygiene. If Rwanda produces its very own clothes, our people won’t be required to put on T-shirts or jeans utilized by another person. Individuals need to shift to [this] type of mindset.”

greater than 20 occasions the prior rate so that they can choke the availability and encourage traders to market local products.

“People will shift from secondhand to new clothing. What’s going to change is only the kind of product although not the company,” states Mugwiza.

But traders whose livelihood depends upon the castoffs repeat the greater taxes have previously devastated their companies and new clothes are unaffordable.

“To conduct business in new clothing is extremely costly – too costly for me personally,” states Ibrahim, whose earnings offers a household of six. “But I do not make enough money selling used clothes anymore. It’s complicated now. I do not understand what I’ll do.”

‘If this ban stays it might set a precedent’

The United States has additionally expressed its dismay.

Captured, work of america Trade Representative threatened to withdraw Rwanda, Tanzania and Uganda’s membership from the African Growth and Chance Act (Agoa), a programme made to promote economic and political rise in sub-Saharan Africa.

Underneath the agreement, countries that meet certain human legal rights and work standards can be found duty-free use of US markets on a large number of exports including oil, produce and apparel.

Eliminating barriers to all of us trade and investment is among the conditions for membership to Agoa. The White-colored House, which under Trump has championed a united states First trade policy, has the legal right to repeal a country’s eligibility status when the relationship is not favourable towards the US.

Rwanda’s president, Paul Kagame, was bullish in the reaction to the threat. “As far like me concerned, making the decision is straightforward,” he told reporters in June. “We might suffer effects. Even if faced with difficult choices there’s always a means.Inches

Paul Kagame. The Rwandan president, Paul Kagame. Photograph: Joshua Roberts/Reuters

Officials in the area who offer the secondhand clothing ban have accused the united states of wielding the trade deal like a cudgel.

“Politically, the [East African Community] and also the U . s . States have experienced a lengthy and fruitful buying and selling relationship. In contrast to this, secondhand clothing imports is an extremely minor issue,” states Daniel Owoko, the main of staff towards the secretary general from the Un Conference on Trade and Development.

“It is wrong to jeopardise good relations between EAC and also the US regarding this.

“Morally, EAC consumers should not be punished for his or her altering tastes and growing middle-class.Inches

However the Secondary Materials and Recycled Textiles Association (Smart), an american-based trade organization that is representative of a large number of used clothing exporters, stated the ban “imposed significant hardship” around the US used clothing industry in breach of Agoa eligibility rules.

The association lobbied for that US to examine the countries’ eligibility, quarrelling the ban imperils 40,000 US jobs.

“We are extremely concerned if the ban stays that may set a precedent for a few of these other nations to state, ‘OK, they’ve banned secondhand clothes – maybe we ought to ban [them] too,’” states Jackie King, the manager director of Smart.

“It’s not bullying,” she adds. “It’s just keeping them follow the the agreement.”

Pressurized in the US, Kenya dropped its support for that ban. The nation includes a high reliance upon Agoa – in 2015 east Africa’s greatest economy exported clothing worth $380m (£280m), most which visited the united states.

A choice on if the countries is going to be taken off the trade agreement is anticipated within the coming days.

Battling to compete

Before the 1980s, east Africa’s outfit industries prospered, producing clothing and footwear for domestic and foreign markets. But trade liberalisation policies, spearheaded through the World Bank and also the Worldwide Financial Fund, opened up African economies to cheap new imports, especially from Parts of asia. Local factories battled to compete, and also over time, many closed.

The used clothes ban may be the latest make an effort to revive a flagging industry. But experts and industry leaders repeat the policy alone isn’t enough to develop domestic business while increasing local demand.

“The greatest issue is that people do not have the buying capacity,” states Ritesh Patel, the finance manager of Utexrwa, Rwanda’s only major textile manufacturing company. “People don’t are able to afford to buy the brand new things.”

Without also manipulating the increase of recent clothing from countries like China, Patel states, there’s little incentive to purchase local textiles or apparel. Even though foreign clothes continue to be costly, they’re markedly less so than “Made in Rwanda” clothes.

On the week day mid-day, designer Sonia Mugabo tidies her vibrant atelier, inside a middle-class neighbourhood of Kigali. The showroom is curated in the latest assortment of her eponymous Rwandan label, a mixture of feminine shapes and bold patterns.

At 27, Mugabo is really a pioneer of Rwanda’s fashion industry using one of the youthful Rwandans eager to produce a new, more positive narrative for his or her country.

“It’s not only about putting on nice clothes and fashion,” states Mugabo, who props up ban on secondhand clothing. “It’s about our dignity. You should be proud to state, ‘Look, I am not putting on everything from abroad.’”

Mugabo believes ridding the markets of used clothes can help change people’s mindset that in your area made clothes have poorer quality than used and new foreign imports.

The federal government has launched a nationwide “Made in Rwanda” campaign to mobilise support for local entrepreneurs, artists and craftsmen in addition to encourage companies to enhance production quality and standards. Radio and tv advertisements urge Rwandans to look in your area and this past year Kigali located an inaugural Produced in Rwanda expo.

Mugabo is inspired through the campaign but concedes that Rwandan demand is not enought to sustain her business. To create her line, she travels to Dubai and India looking for materials and uses number of skilled tailors to help make the clothing. Her designs are costly to produce, and Mugabo admits, unaffordable for a lot of Rwandans.

attract foreign investors, supplying a friendly business atmosphere and significant tax incentives. Officials boast that it requires just 24 hrs to begin a business in Rwanda.

This method helped lure Chinese manufacturer C&H Clothes, that has opened up a sprawling, blue glass-panelled factory within the borders of Kigali.

Rwandan workers make safety uniforms at C&ampH Garments, a Chinese factory with operations in Kigali.

Rwandan workers make safety uniforms at C&H Clothes, a Chinese factory with operations in Kigali. Photograph: Lauren Gambino for that Protector

Jean Paul Chung, the md of C&H, states the factory partnered using the government to coach residents in outfit manufacturing. It now employs nearly 1,400 Rwandans, who produce police uniforms, safety vests and, more lately, sports and fashion put on.

But around 80% of C&H’s goods are designed for export towards the US, Europe along with other countries.

Chung is conflicted about Rwanda’s protectionist policies. He props up nation’s make an effort to replicate the prosperity of nations for example China and the native Columbia, where he began his career within the outfit industry decades ago. Both in countries, the governments strongly protected domestic industries before becoming global giants of outfit manufacturing.

But, Chung questions what could happen if Rwanda were ejected in the trade agreement.

“How could we compete from the other sub-Saharan countries? We’re able to not. When the trade rights stop, we would need to go back home.Inches

The secondhand clothing ban also faces also: Rwandans genuinely like chagua.

For a lot of, used clothes are they are able to afford. However for others, it seems like vintage shopping.

“It’s unique,” states Edith Mushimiyimana, who, until lately, designed a living like a stylist. “You know you will not find anybody with similar design or same colours. You may create your personal style.”

Mushimiyimana has always loved clothes and fashion however it wasn’t until her buddies pleaded with her to buy them that they considered styling like a career. Her clientele expanded rapidly until she was shopping in excess of 60 people.

The 24-year-old college graduate eventually needed space to keep the mounting piles of garments and rented a stall in her own friend’s store, A bit of Chic Boutique.

On the third floor of the modern retail complex in downtown Kigali, the boutique sells stylish clothes, accessories and undergarments the owner, Sandrine Karangwa Uwera, imports mostly from Dubai. Next to nothing she sells is created in Rwanda since the cost of local products continues to be too costly for many of her customers, she states.

Mushimiyimana hopes for opening her very own shop like her friend, but she doubts it’s possible anymore. Since Rwanda elevated the rates on secondhand imports, it’s been difficult to get the very best quality used clothes her customers want. In the last year, her clientele has basically disappeared.

She’s considered selling new clothing, however is not convinced her customers would purchase them.

“When I purchase a shirt from Sandrine’s shop, for instance,” Mushimiyimana states, “I discover that after i walk outdoors everybody has got the same one. My clients don’t want that.”

If Rwandans can’t buy castoffs, Karangwa Uwera suspects more and more people tends to buy new clothing from stores like hers. But to date, she hasn’t seen a big change.

“I think it’s essential for our development that people reduce secondhand clothes and promote Rwandan clothes,” Karangwa Uwera states. “But maybe we weren’t ready for that transition. Maybe we want more time to adjust our companies and the brain.Inches

  • The reporting with this article was based on a grant in the Worldwide Women’s Media Foundation African Great Ponds Reporting Initiative