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MSCI’s benchmark, the S&P 500 and a key European index surged to record highs after the U.S. Labor Department said the consumer price index in the 12 months ended in May accelerated 5.0%, the biggest year-on-year increase since August 2008. In a sign of market complacency, the 10-year U.S. Treasury note’s yield fell 1.2 basis points to 1.4772% after earlier rising above 1.5% following the data’s release. On Wall Street, the Dow Jones Industrial Average rose 0.35%, the S&P 500 gained 0.45% and the Nasdaq Composite added 0.49%. A surprisingly strong U.S. inflation print in April spooked investors, sparking a cautious run into Thursday’s of May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , , MSCI’s Organizations: U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, European Central Bank, Morgan Locations: New York, Natixis, U.S, Treasuries
Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run into the May numbers later on Thursday in case of another upside surprise. Ahead of both key events, market sentiment remained subdued with MSCI’s broadest gauge of global stocks flat at 715.77 points, just off a record high of 718.19 hit last week. U.S. stock futures pointed to a mixed open on Wall Street, with the S&P called flat and Nasdaq down 0.3%. Ankit Gheedia, BNP Paribas’ head of equity and derivative strategy for Europe, said he expected inflation to pick up “sharply” in the coming months. So we think there will be higher inflation during summer,” although stock volatility would likely remain low in the coming days, absent a shock on inflation.
Persons: April’s, Ankit Gheedia, Kit Juckes Organizations: Global, eyeing, Federal Reserve, European Central Bank, Nasdaq, BNP, , Morgan, Treasury, U.S, CPI, Reuters, , Generale, Brent Locations: eyeing U.S, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
CEOs and investors push world leaders for stronger climate action
  + stars: | 2021-06-10 | by ( Simon Jessop | ) www.reuters.com + 0.00   time to read: +3 min
LONDON (Reuters) - A group of 79 company bosses and investors managing $41 trillion issued separate calls on Thursday for world leaders to accelerate action on climate change by enacting more ambitious policies in areas including carbon pricing. FILE PHOTO: Smoke and steam billow from Belchatow Power Station, Europe's largest coal-fired power plant, near Belchatow, Poland. REUTERS/Kacper PempelIn an open letter to all governments as leaders of the G7 group of industrialised nations meet in Britain, and ahead of a global climate summit in November, the Alliance of CEO Climate Leaders called for “bold action” now to meet future emissions targets. To force corporate action, governments needed to change the rules of the game, they said, including by developing a market-based carbon pricing mechanism. Founded in 2014 and hosted by the World Economic Forum, the Alliance of CEO Climate Leaders aims to help drive the transition to a low-carbon economy.
Persons: Mumenthaler, Boston Consulting Group’s Rich Lesser, laggards, , , roadmaps Organizations: Belchatow, REUTERS, Alliance, Swiss, Boston Consulting Group’s, New, Fidelity International, Legal, General Investment Management, World Economic Locations: Belchatow, Poland, Britain, New York State, Glasgow
LONDON/SYDNEY (Reuters) - Global shares hovered near a record high and the dollar also held steady on Thursday, eyeing U.S. inflation data for any sign the Federal Reserve could start tapering its massive stimulus. The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 9, 2021. Yet April’s surprisingly strong U.S. inflation print spooked some, leading to a cautious run in to the May numbers later on Thursday in case of another upside surprise. Ahead of the U.S. CPI data, analysts polled by Reuters said they expected a rise of 0.4% in May, taking the annual pace to 3.4%. Activity was muted in the currency market with the dollar flat against a basket of major currencies.
Persons: April’s, , That’s, , Jim Reid Organizations: Global, eyeing, Federal Reserve, REUTERS, Staff, Deutsche Bank, Morgan, Treasury, U.S, CPI, Reuters, ANZ, Brent Locations: SYDNEY, eyeing U.S, Frankfurt, Germany, COVID, Europe, Asia, Pacific, Japan, U.S, Treasuries, United States
Stocks rally, dollar stable after jump in U.S. CPI data
  + stars: | 2021-06-10 | by ( Herbert Lash | Simon Jessop | ) www.reuters.com + 0.00   time to read: +3 min
FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo/File PhotoMSCI’s all-country world index surged to a record intra-day high after the U.S. Labor Department earlier said the consumer price index in the 12 months through May accelerated 5.0%, the biggest year-on-year increase since August 2008. The benchmark 10-year U.S. Treasury yield rose 3.0 basis points to 1.5194% after the data’s release, while the dollar index was essentially flat, down 0.08%. A surprisingly strong U.S. inflation print in April spooked some investors, leading to a cautious run into the release on Thursday of the May data. Short positions in Treasuries were the highest since 2018, according to JP Morgan positioning data last week.
Persons: Toby Melville, Subadra Rajappa, ” Rajappa, Joseph LaVorgna, ” LaVorgna, , Organizations: London Stock Exchange Group, City of, REUTERS, U.S . Labor Department, Treasury, Societe Generale, Americas, Dow Jones, Nasdaq, Atlantic, European Central Bank, Morgan Locations: City, City of London, Britain, New York, Natixis, COVID, U.S, Treasuries
REUTERS/Kacper Pempel/File PhotoWords can be cheap in the market for loans, now some lenders want to change that. The changed guidance was prompted by developments across the wider loans market but it has coincided with private equity's move into sustainability-linked loans. LEVERAGED LOAN BOOMIt is unclear how widely, and how quickly, the voluntary guidelines will be adopted. Issuance of ESG-linked leveraged loans this year was up 14-fold to 19 billion euros by May compared to 2020, according to Reorg. Blackstone wants an independent party to verify that Carlyle is meeting its targets, according to a source familiar with its stance.
Persons: Kacper, Mark Wade, juicing, Armin Peter, Murad Khaled, Carlyle, Blackstone, Megan Starr Organizations: ., Swiss Franc, REUTERS, Allianz Global Investors, Market Association, Reorg, UBS, Bank of America, CVC, Carlyle Group, Acrotec, Blackstone Group, Thomson Locations: Swiss, Warsaw, Europe, United States, Asia, London
The paper said the Commission and EU countries should discuss the "limitations" of using the taxonomy to guide public financing. The taxonomy rules published in April cover activities including wind and solar energy, transport and manufacturing. EU countries are split over both issues. Eastern and central European countries say it is needed to help them quit coal, which emits more CO2 when burned in power plants. A majority of EU lawmakers or EU countries could veto the taxonomy.
Persons: Yves Herman The Organizations: EU, REUTERS, Reuters, Thomson Locations: Brussels, Belgium, Czech Republic, Bulgaria, Cyprus, Greece, Hungary, Romania, Slovakia
LONDON (Reuters) - For Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Andrew Bailey, Larry Fink, Mike Hutchings, Bailey, , Fink, Silvia Dall’Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: Bank of England, REUTERS, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment Locations: BlackRock, South Africa, Europe, Federated, French
REUTERS/Mike Hutchings/File PhotoFor Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Mike Hutchings, Andrew Bailey, Larry Fink, Bailey, Fink, Silvia Dall'Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: REUTERS, Bank of England, BlackRock, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment, Thomson Locations: South Africa, Europe, Federated, French
LONDON (Reuters) - A group of 50 investors managing more than $4.5 trillion in assets is calling on companies involved in the development and use of facial recognition technology, such as Amazon and Facebook, to do so in an ethical way. FILE PHOTO: Visitors check their phones behind the screens advertising facial recognition software during Global Mobile Internet Conference at the National Convention in Beijing, China April 27, 2018. It said it considers 34 companies to be leaders in facial recognition, including Amazon, Facebook, and Asian tech companies Alibaba and Huawei. Amazon told Reuters last month it was extending a moratorium it imposed on police use of its facial recognition technology. The facial recognition technology market is set to grow to around $10 billion in 2020, Candriam said in a report published in March, citing a 2018 survey by Allied Market Research.
Persons: Damir Sagolj, Candriam, , Rosa van den, Norway’s, Louise Piffaut Organizations: Facebook, Global Mobile Internet Conference, National Convention, REUTERS, New York, Amazon, Huawei, Reuters, BMO Global Asset Management, Allied Market Research, Aviva Investors, Royal London Asset Management, Canada’s BMO Global Asset Management, Investment Partners, European Union Locations: Beijing, China, Europe
UK climate tsar urges companies to join 'Race to Zero' campaign
  + stars: | 2021-06-03 | by ( Simon Jessop | ) www.reuters.com sentiment -0.94   time to read: +2 min
LONDON (Reuters) - Britain’s climate tsar on Thursday urged companies to join the United Nations’ “Race to Zero” campaign and commit to science-based emissions-reduction targets, ahead of global climate talks in November. “To make bold commitments, governments need to know that they will be welcomed and not resisted by business, so we’re urging all companies and all investors to join the race to zero campaign ahead of COP26,” he said. The Race to Zero campaign brings together a coalition of net zero initiatives from across the world under one umbrella, aiming to accelerate action heading into COP26. Sharma told delegates net zero pledges now cover more than 70% of the world’s economy. With more countries joining the net zero campaign, businesses would ultimately have to shift to greener practices or “fade away”, he added.
Persons: Alok Sharma, Windfarm, Russell Cheyne, COP26, , , Sharma, ” Sharma Organizations: United Nations, REUTERS, Reuters, United Nations ’ Locations: Glasgow, Scotland, Britain, COP26, Scottish, Paris
REUTERS EVENTS UK climate tsar urges companies to join 'Race to Zero' campaign
  + stars: | 2021-06-03 | by ( Simon Jessop | ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Russell Cheyne/Pool/File PhotoBritain's climate tsar on Thursday urged companies to join the United Nations' "Race to Zero" campaign and commit to science-based emissions-reduction targets, ahead of global climate talks in November. The Race to Zero campaign brings together a coalition of net zero initiatives from across the world under one umbrella, aiming to accelerate action heading into COP26. Sharma told delegates net zero pledges now cover more than 70% of the world's economy. With more countries joining the net zero campaign, businesses would ultimately have to shift to greener practices or "fade away", he added. "Joining race to zero ahead of COP26 can keep you ahead of the curve and being part of this campaign can save you money by encouraging you to work more efficiently."
Persons: Alok Sharma, Windfarm, Russell Cheyne, COP26, Sharma Organizations: REUTERS, United Nations, Reuters, rbs, Thomson Locations: Glasgow, Scotland, Britain, COP26, Scottish, Paris
UK climate tsar urges companies to join ‘Race to Zero’ campaign
  + stars: | 2021-06-03 | by ( Simon Jessop | ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Russell Cheyne/Pool/File PhotoBritain’s climate tsar on Thursday urged companies to join the United Nations’ “Race to Zero” campaign and commit to science-based emissions-reduction targets, ahead of global climate talks in November. "To make bold commitments, governments need to know that they will be welcomed and not resisted by business, so we're urging all companies and all investors to join the race to zero campaign ahead of COP26," he said. The Race to Zero campaign brings together a coalition of net zero initiatives from across the world under one umbrella, aiming to accelerate action heading into COP26. Sharma told delegates net zero pledges now cover more than 70% of the world's economy. With more countries joining the net zero campaign, businesses would ultimately have to shift to greener practices or "fade away", he added.
Persons: Alok Sharma, Windfarm, Russell Cheyne, COP26, Sharma Organizations: REUTERS, United Nations, Reuters, rbs, Thomson Locations: Glasgow, Scotland, Britain, COP26, Scottish, Paris
[L2N2NI198]This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits. “It’s not about paying more tax, it’s about paying the right amount of tax. The fund, which manages almost 600 billion euros, recently managed to dissuade the new management of one investee firm from using tax havens. “Should corporates pay a higher tax rate just because it’s ethical? One thing investors do agree on is that only coordinated action will stop companies using lower tax jurisdictions.
Persons: St, Toby Melville, “ It’s, ” Kiran Aziz, KLP, , ” Aziz, Peter Rutter, “ Corporates, ” Rutter, , MSCI, Laura Nishikawa, Alex Williams, Williams, Sudhir Roc, Sennet, Fred Kooij Organizations: REUTERS, Research, ActionAid, Apple, Facebook, Microsoft, United, Reuters, Royal, Royal London Asset Management, Texas TRS, Tech, Google, Dublin, Vontobel Asset Management, BDO, Tribe Locations: St Ives, Cornwall, Britain, Ireland, United States, Silicon, Royal London, Luxembourg, Dutch, Europe, Scandinavia, CalSTRS, U.S
LONDON (Reuters) - A global tax crackdown on multinationals has the backing of some of the world’s biggest investors who say that using low-tax jurisdictions falls foul of the tenets they have committed to. [L2N2NI198]This push is backed by some large investors, often state-run, who are scrutinising tax bills as well as profits. The fund, which manages almost 600 billion euros, recently managed to dissuade the new management of one investee firm from using tax havens. “Should corporates pay a higher tax rate just because it’s ethical? One thing investors do agree on is that only coordinated action will stop companies using lower tax jurisdictions.
Persons: St, Toby Melville, “ It’s, ” Kiran Aziz, KLP, , ” Aziz, Peter Rutter, “ Corporates, ” Rutter, , MSCI, Laura Nishikawa, Alex Williams, Williams, Sudhir Roc, Sennet, Fred Kooij Organizations: REUTERS, Research, ActionAid, Apple, Facebook, Microsoft, United, Reuters, Royal, Royal London Asset Management, Texas TRS, Tech, Google, Dublin, Vontobel Asset Management, BDO, Tribe Locations: St Ives, Cornwall, Britain, Ireland, United States, Silicon, Royal London, Luxembourg, Dutch, Europe, Scandinavia, CalSTRS, U.S
LONDON (Reuters) - Britain’s investment industry has called on the G7 to do more to improve corporate reporting on climate-related risks, adding to pressure from the financial sector as it grapples with the uncertainties and escalating costs of extreme weather events. FILE PHOTO: The City of London financial district is seen with office skyscrapers commonly known as 'Cheesegrater', 'Gherkin' and 'Walkie Talkie' seen in London, Britain, January 25, 2018. Specifically, the IA said it wanted the G7 to help the International Financial Reporting Standards Foundation move “at pace” to develop sustainability reporting standards, and increased regulatory cooperation to implement them. National regulators should also commit to implementing economy-wide reporting by companies using the Task Force on Climate-related Financial Disclosures framework, which guides companies on what information to disclose to the market. “The meeting of the G7 is a prime opportunity for the world’s largest economies to take a coordinated, global approach to tackling climate change,” said Chris Cummings, chief executive of the Investment Association.
Persons: Toby Melville, , Chris Cummings Organizations: REUTERS, Investment Association, Force, BlackRock, Aberdeen Locations: London, Britain, Paris, United States, Japan, Germany, France, Italy, Canada
World stocks hit another record, oil up in big data week
  + stars: | 2021-06-01 | by ( Simon Jessop | ) www.reuters.com + 0.00   time to read: +4 min
Global stocks again hit a record high and oil rose on Tuesday, as markets shrugged off concerns about rising inflation and looked ahead to U.S. data later in the week that should offer a major clue to the health of the world economy. Later in the week, Friday's U.S. jobs data should also give a firmer steer on near-term Fed policy action. "Although global stocks are now around 20% above pre-pandemic highs, a combination of strong earnings growth and reasonable valuations relative to still-low bond yields points to further upside for stocks," said Mark Haefele, Chief Investment Officer, UBS Global Wealth Management. South Korean stocks (.KS11) rose 0.6% after a jump in May exports, and Chinese stocks (.CSI300) climbed 0.2% after data showing factory activity expanded at the fastest pace this year in May. Though U.S. inflation data last week was above estimates, another big miss on the jobs front would delay prospects for any wind-down of stimulus, analysts say.
Persons: Mark Haefele, Sebastien Galy Organizations: UBS Global Wealth Management, Federal Reserve, Generale, NFP, Brent, Thomson Locations: COVID, U.S, Europe, Asia, Pacific, Japan
LONDON/SINGAPORE (Reuters) - Global stocks again hit record highs and oil rose on Tuesday, before European and U.S. data that should this week offer major clues on the health of the world economy. In advance of that, MSCI’s broadest gauge of global stock markets rose 0.3% to a record high, led by broad gains across Europe’s leading indexes, with the STOXX Europe 600 up 0.7%. South Korean stocks rose 0.6% after a jump in May exports, and Chinese stocks climbed 0.2% after data showing factory activity expanded at the fastest pace this year in May. Concerns about global inflation have driven gold up 8% this month to comfortably above $1,900. [O/R] Brent crude futures for August added 1.4% to $70.32 a barrel, while U.S. crude rose 2.3% to $67.81.
Persons: Sebastien Galy, Organizations: LONDON, REUTERS, Friday’s, Federal Reserve, Generale, NFP, Brent Locations: SINGAPORE, Tokyo, Japan, United States, COVID, Friday’s U.S, Europe, Asia, Pacific, U.S
European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. REUTERS/Yves Herman/File PhotoThe European Commission will allow its environmental advisers greater scope to critique the bloc's sustainable finance rules, after some advisers said it had disregarded science to win a political compromise on which investments to label as green. Seeking to shore up the system, the Commission last week wrote to its advisers, offering them more say on the rules and changes to make the process more transparent. The EU executive will also explain how its proposals align with science - including when it does not follow the experts' advice. It will also bring together the platform of advisers with EU countries, and possibly the European Parliament, to discuss the technical recommendations that underpin the rules.
Persons: Yves Herman, bioenergy, Nathan Fabian Organizations: EU, REUTERS, European Union, Reuters, Birdlife, Thomson Locations: Brussels, Belgium
OSLO (Reuters) - Norway’s largest pension company KLP said it had teamed up with Macquarie Asset Management to invest 200 million euros ($245 million) in a new fund targeting long-term loans in “dark green” infrastructure with zero or near-zero carbon emissions. Unlike other funds, however, the venture will target longer-term loans of up to 20 years and actively seek out “dark green” investments, with zero or near-zero carbon emissions, KLP said. “We wish to substantially increase our investments in green infrastructure, in the form of long-tenor debt,” KLP Chief Financial Officer Aage Schaanning said. In 2020, KLP invested 8.8 billion Norwegian crowns ($1.1 billion) in “climate-friendly” investments, and aims to plough at least 600 million euros into such investments every year. “Considerable investment is needed in green infrastructure if we are to mitigate the effects of climate change and accelerate our transition to a Net Zero society and economy,” said Tim Humphrey, Co-Head of Macquarie’s Private Credit team.
Persons: KLP, Matthew Childs, , , Aage Schaanning, Schaanning, Tim Humphrey Organizations: Macquarie Asset Management, Macquarie, Macquarie’s Private Credit Locations: OSLO, Royston, Britain
REUTERS/Matthew ChildsNorway's largest pension company KLP said it had teamed up with Macquarie Asset Management to invest 200 million euros ($245 million) in a new fund targeting long-term loans in "dark green" infrastructure with zero or near-zero carbon emissions. Unlike other funds, however, the venture will target longer-term loans of up to 20 years and actively seek out "dark green" investments, with zero or near-zero carbon emissions, KLP said. “We wish to substantially increase our investments in green infrastructure, in the form of long-tenor debt," KLP Chief Financial Officer Aage Schaanning said. KLP said it hopes other pension funds will also invest in the fund, which it thinks can grow to around 1 billion euros. "Considerable investment is needed in green infrastructure if we are to mitigate the effects of climate change and accelerate our transition to a Net Zero society and economy," said Tim Humphrey, Co-Head of Macquarie's Private Credit team.
Persons: Matthew Childs, KLP, , Aage Schaanning, Schaanning, Tim Humphrey Organizations: Macquarie Asset Management, Macquarie, Macquarie's Private Credit, Thomson Locations: Royston, Britain
REUTERS/Carlo AllegriThe world's biggest asset manager and top BP (BP.L) investor BlackRock (BLK.N) said on Friday it had backed a shareholder resolution calling for faster climate action which the energy company's board opposed. BlackRock said it had backed a BP shareholder resolution put forward by activist group Follow This, which asked for the company to set deeper climate targets. Before the AGM season began, BlackRock had warned companies it wanted to see them set climate related targets and report against them, or they could vote against the board. "We prefer the annual 'say on climate' advisory vote offered by management as a mechanism for shareholders to give feedback on the company’s climate strategy," it said. With regard to the targets, BlackRock said it backed the resolution as "while recognizing the company's efforts to date, supporting the resolution may further accelerate the company's progress on climate risk management", BlackRock said.
Persons: Carlo Allegri, BlackRock, Bernard Looney Organizations: REUTERS, BlackRock, BP, Royal, Shell, Exxon Mobil, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, Paris
PARIS (Reuters) - Several Total shareholders plan to demonstrate their concern that the French firm is not doing enough to curb carbon emissions at its shareholder meeting on Friday, as global oil and gas companies come under growing environmental pressure. Previous moves to take Total to task on its climate goals have not had enough support to change its plans. Amundi, which is Total’s biggest investor, and the Norwegian oil fund, its fourth-biggest shareholder, have said they are planning to back the plan at this week’s meeting. Climate Action 100+, the world’s leading investor group focused on pushing heavy emitters to accelerate their efforts, said Total was still not doing enough. Total is also seeking shareholder approval to rebrand as TotalEnergies, reflecting its drive towards electricity production and investments in renewable energy.
Persons: Actiam Organizations: PARIS, International Energy Agency, Meeschaert Asset Management, Reuters, Exxon Mobil, Shell Locations: PME, OFI, Ircantec, Norwegian, East Africa
Companies with environmental, social and governance (ESG) credentials have been high on the list of merger targets for U.S. special purpose acquisition companies (SPACs) so far in 2021, data from Nomura Greentech showed. By transaction, 32 SPAC mergers with ESG firms have been announced so far in 2021, against 31 for all of 2020, Nomura's data showed said. Driving the ESG growth were three converging forces: lower costs, driven by technology and innovation; customer demand for sustainable products and services, and strong policy support, Jeff McDermott, Head of Nomura Greentech, said. "With over 50 active ESG SPACs currently seeking targets, and more still to price this year, we believe... investors will continue to fund high growth ESG companies," he added. read moreA Reuters analysis showed top 10 ESG SPACs have delivered a return of 4% this year, compared with a decline of 0.2% for non-ESG SPACs on average.
Persons: Nomura Greentech, Jeff McDermott, SPACs, Joe Biden, Jonathan Bailey, Neuberger Berman Organizations: U.S, Nomura, Neuberger, Thomson Locations: U.S
EU lawmakers urge France, Germany, Italy to ditch Arctic LNG 2 support
  + stars: | 2021-05-19 | by ( Simon Jessop | Kate Abnett | ) www.reuters.com sentiment -1.00   time to read: +2 min
* 39 MEPs sign letter to country heads* Call for govts to stop financial support of Arctic LNG projectLONDON, May 18 (Reuters) - A group of mostly Green Party lawmakers from the European Parliament on Wednesday urged the leaders of Germany, France and Italy not to support a Russian Arctic liquefied natural gas (LNG) project due to climate change concerns. In a letter here to the French, German and Italian governments, 39 lawmakers of the roughly 250 from those countries in the European parliament called on them to shelve any plans to finance the Arctic LNG project. “We urge the French, German and Italian governments to refuse to support this project and set a new standard by ending all export finance support to fossil fuels before COP26,” the letter said. Marie Toussaint, one of the signatories, told Reuters the project was “an ecological, economic and social aberration and must be stopped immediately”. The German government, to which Euler Hermes defers requests on this topic, on Wednesday said it had received an application for an export credit guarantee linked to Arctic LNG 2, and that this is still under review.
Persons: Novatek, COP26, Marie Toussaint, France’s, Euler Hermes, Italy’s SACE, Bpifrance, Simon Jessop, Jan Harvey Organizations: Green Party, Wednesday, International Energy Agency, Reuters Locations: Germany, France, Italy, Russian, Paris, Scotland
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