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Organizations: Wall Street
BOSTON/LONDON (Reuters) - World business leaders want the upcoming United Nations climate summit to resolve issues that have so far hindered the use of carbon pricing to cut worldwide emissions, looking to boost the role that companies play in slowing global warming. A lack of international agreement has held back the development of systems for putting a price on carbon. Carbon pricing plans can range widely including carbon taxes that charge companies for emissions, or emissions trading markets that cap how much companies or countries can emit but allow them to trade permits to exceed those levels. DIVISIONS REMAINBeyond carbon pricing, leaders are more divided on other topics that will be center stage in Glasgow such as the future role of fossil fuels in the world economy. Asked about the criticism, Carney said in an emailed statement that member banks must set interim 2030 carbon reduction targets and decarbonization plans.
Persons: Dominic Ebenbichler, Rich Lesser, Lesser, Dan Byers, Joe Biden, Donald Trump, Biden, Paris, ” Byers, Kelley Kizzier, , ” Kizzier, Amundi, Aaron Padilla, “ There’s, ” Padilla, Mark Carney, Richard Brooks,, Banque, ” Brooks, Carney, “ GFANZ, Organizations: BOSTON, LONDON, REUTERS, Boston Consulting, U.S . Chamber of Commerce, , Environmental Defense Fund, State Street Corp, American Petroleum Institute, ExxonMobil Corp, Royal, Shell, Financial, Glasgow Financial Alliance, Banque Postale Locations: Nations, Innsbruck, Madrid, Paris, Glasgow, Washington
Drill pipe is seen below a drilling rig on a lease owned by Oasis Petroleum in the Permian Basin near Wink, Texas U.S. August 22, 2018. REUTERS/Nick OxfordOct 26 (Reuters) - Oil and gas pipeline operator Crestwood Equity Partners LP (CEQP.N) will buy Oasis Petroleum Inc's (OAS.O) midstream unit (OMP.O) in a $1.8 billion deal to expand its footprint in U.S. shale basins. Oasis Petroleum will receive $150 million in cash and an aggregate of 21 million units in exchange for 33.8 million units held in its midstream company. It will also receive a $10 million cash payment for its ownership of the General Partner interest of Oasis Midstream. Unitholders of Oasis Midstream will own about 35% of Crestwood's units, of which, about 22% will be owned by Oasis Petroleum.
Persons: Nick Oxford, Arathy S, Shinjini Organizations: Oasis Petroleum, Wink , Texas U.S, REUTERS, Crestwood, Partners, Altus Midstream, Oasis, Arathy S Nair, Thomson Locations: Wink , Texas, Crestwood, Williston, North Dakota, Oasis Midstream, Bengaluru
Sibanye kicked off its shift into battery metals earlier this year with the purchase of a nickel processing plant in France and a minority stake in a lithium project in Finland. The Brazil deal will add two low-cost, producing assets to the company’s “green metals” portfolio and will immediately add to its cash flows and earnings, Sibanye said. Scherb said he liked Sibanye’s strategy of delegating authority to local management teams, which he said helps the company manage cultural sensitivities around its mines. The bidding for the mines was competitive with suitors including car companies, offtake groups, financial investors and special-purpose acquisition companies, Scherb said. He declined to say which car companies had shown interest.
Persons: Sibanye, Neal Froneman, nL4N2KT1VU, Appian, Michael Scherb, Scherb, Organizations: Santa Rita, Appian Capital Advisory, South African Reserve Bank Locations: Brazil, Sibanye Stillwater, Santa, France, Finland, U.S
REUTERS/Brendan McDermidSummary Futures up: Dow 0.36%, S&P 0.40%, Nasdaq 0.56%Oct 26 (Reuters) - The S&P 500 and Dow futures hit record highs on Tuesday as Facebook rose after its quarterly results and a share buyback plan, turning the spotlight on its technology peers set to report later in the day. United Parcel Service Inc (UPS.N) gained 4.5% after the delivery firm reported a 23% rise in quarterly profit, bolstered by high e-commerce demand. Earnings at S&P 500 companies are expected to grow 34.8% year-on-year for the third quarter, with market participants assessing how companies are navigating supply-chain bottlenecks, labor shortages and inflationary pressures. ET, Dow e-minis were up 129 points, or 0.36%, S&P 500 e-minis were up 18.25 points, or 0.4%, and Nasdaq 100 e-minis were up 86.5 points, or 0.56%. Gains in economically sensitive industrials Boeing Co (BA.N) and Caterpillar Inc (CAT.N) provided the biggest boost to futures tracking the blue-chip Dow .
Persons: Brendan McDermid, Devik Jain, Maju Samuel Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Facebook Inc, Apple, Twitter Inc, Alphabet Inc, Microsoft Corp, United Parcel Service Inc, Dow e, Boeing, Caterpillar Inc, General Electric Co, 3M, Tesla, Hertz, Texas, Devices, Markets, Visa Inc, Thomson Locations: New York City, U.S, China, Bengaluru
FILE PHOTO: The 3M logo is seen at its global headquarters in Maplewood, Minnesota, U.S. on March 4, 2020. The company has been contracted by the U.S. government to produce extra masks in response to the country's novel coronavirus outbreak. REUTERS/Nicholas Pfosi/File Photo/File PhotoOct 26 (Reuters) - Diversified manufacturer 3M Co (MMM.N) posted a 7.1% rise in third-quarter revenue on Tuesday and tightened its full-year earnings forecast, citing disruptions in its supply chain network. Annual sales are expected to grow between 9% and 10%, compared to a prior forecast of 7% to 10%, 3M said. Net sales rose to $8.94 billion from $8.35 billion a year earlier.
Persons: Nicholas Pfosi, Sanjana, Ramakrishnan M Organizations: U.S, REUTERS, 3M, Thomson Locations: Maplewood , Minnesota, U.S, Bengaluru
What led to Sudan's military coup
  + stars: | 2021-10-26 | by ( The Associated Press | )   time to read: +5 min
The military dissolved the transitional government of Prime Minister Abdalla Hamdok as well as the Sovereign Council, a power-sharing body of military officers and civilians that had been ruling Sudan since late 2019. AFP via Getty ImagesGen. Abdel-Fattah Burhan announced that the military would hold power until elections can be held in July 2023. His announcement came hours after the military arrested Hamdok along with several other senior officials and political leaders. The United States, European Union and United Nations have denounced the coup, but much depends on how much leverage they put on Sudan’s military. AFP - Getty ImagesUnder the compromise, the council was to be headed first by military figures before civilians were to lead it.
Persons: Omar al, Bashir, Abdalla Hamdok, Abdel, Fattah Burhan, Burhan, Crackdowns, Hamdok, Osama bin Laden Organizations: Protesters, Sovereign Council, Getty, European Union and United Nations, United Arab Emirates, NBC, AFP, U.S, Israel, Forces Locations: CAIRO, Sudan, Sudanese, AFP, United States, Egypt, Saudi Arabia, Al Qaeda, U.S, Kenya, Tanzania
FILE PHOTO: An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. REUTERS/Mike Segar/File Photo(Reuters) -Eli Lilly and Co raised its full-year profit and revenue forecasts on Tuesday, mainly due to higher sales of its COVID-19 antibody therapies, and the drugmaker said it has initiated a rolling submission for its experimental Alzheimer’s treatment. Demand for Lilly’s COVID-19 antibody therapies, bamlanivimab and etesevimab, rose during the last three months as the spread of the Delta variant fueled a sharp rise in infections and hospitalizations in areas with low vaccination rates. The antibody treatments brought in $217 million in the third quarter, up from $149 million in the second quarter. Excluding one-off items, Eli Lilly earned $1.94 per share, missing analyst estimates of $1.98 per share, on higher research and development expenses including for the COVID-19 drugs.
Persons: Eli Lilly, Mike Segar, Lilly Organizations: Company, REUTERS Locations: Branchburg , New Jersey, U.S
"The reopening was delayed by the Delta variant, so we haven't seen the full impact of the labor shortage yet." "Our economists expect COVID-related pressure on labor market supply will ease in coming months but forecast a U.S. unemployment rate of 3.5% by the end of 2022, meaning companies will continue to face many of the labor market challenges they face today," they wrote. Recent economic data has underscored the tightening labor market trend. To be sure, a labor shortage is good news for people out of work and looking for a job. "Has the economy permanently changed during COVID-19 that somehow less people working means a tighter labor market?
Persons: Amira Karaoud, Mace McCain, Goldman Sachs, Goldman, Thomas Lee, Paul Nolte, Caroline Valetkevitch, Alden Bentley, Leslie Adler Organizations: REUTERS, Labor, Healthcare Inc, FedEx Corp, Frost Investment Advisors, Fundstrat Global Advisors, Kingsview Investment Management, Thomson Locations: Louisville , Kentucky, U.S, Chicago
Skyrocketing prices for kitchen equipment – as well as for labor, food and other goods – are prompting some U.S. restaurant chains to curtail opening plans despite consistently strong revenue growth. Some chains and their franchisees may put off remodeling or adding drive-thrus in the face of rising costs, restaurant consultant Aaron Allen told Reuters. Domino's Pizza Inc (DPZ.N) CEO Richard Allison said in an earnings call on Oct. 14 that problems getting kitchen equipment were a key factor in a number of store openings delayed in the third quarter. Atosa is a division of China's Yindu Kitchen Equipment Co Ltd (603277.SS). At sandwich chain Portillo's Restaurant Group Inc, which went public on Thursday, "we're budgeting about 10 to 15 percent more for new restaurant builds than we were literally six months ago," said CEO Michael Osanloo.
Persons: Aaron Allen, Allen, Brian Niccol, Richard Allison, Morgan, Rob August, Atosa, Fryer, Welbilt, Michael Osanloo, John Stack, Hilary Russ, Howard Goller Organizations: McDonald's Corp, Starbucks Corp, Yum Brands Inc, Reuters, U.S, Grill Inc, Ali, Ali Group North America, Co, Ali Group, Middleby Corp, Welbilt Inc, Inc, Discount, Thomson Locations: United States, Italy, Atlanta
REUTERS/Nick OxfordSky-high oil and gas prices will fill energy companies’ bottom line, rewarding investors who hung on through the pandemic. The biggest oil and gas producers kick off results this week, with reports from EQT Corp and Hess Corp. Continental Resources, Pioneer Natural Resources and EOG Resources will report the week after. Energy tech firm Enverus anticipates some $6 billion in aggregate pre-tax losses from third quarter commodity hedges among the 64 North American oil and gas producers it tracks. Enverus anticipates oil and gas producers to report free cash flow of $11.9 billion for the quarter, with loss-making hedge books reducing that value by 32%. (Click here here for an earnings chart)Shale producer EOG Resources recently warned it would report a loss of $494 million on its hedges.
Persons: Nick Oxford, Refinitiv, hedged, , , Chris Duncan, Josh Young, John Kempf, Fitch Organizations: Reuters, Wink , Texas U.S, REUTERS, Nick Oxford Sky, Thermal Units, EQT Corp, Hess Corp . Continental Resources, Natural Resources, EOG, Brandes Investment Partners, Energy, Apache, APA Corp, Continental Resources Locations: Wink , Texas
U.S. President Joe Biden speaks to reporters before departing for Newark, New Jersey, from the Delaware Air National Guard Base, New Castle, Delaware, U.S., October 25, 2021. The United States has not met with the Association of Southeast Asian Nations at the presidential level since Biden's predecessor, Donald Trump, attended an ASEAN-U.S. meeting in Manila in 2017. A day after the ASEAN summit, Biden will participate in the broader East Asia Summit, which brings together ASEAN and other nations in the Indo-Pacific region, a senior U.S. administration official said. U.S. officials have, however, avoided specific mention of China in the run-up to the meetings as they work to set up a virtual summit between Biden and Chinese leader Xi Jinping later this year. While planning to provide a modest sum to promote trade with ASEAN, Biden has given no sign of any plan to return to a regional trade framework Trump withdrew from in 2017.
Persons: Joe Biden, Jonathan Ernst, BANDAR SERI BEGAWAN, Donald Trump, Biden, Xi Jinping, Edgard Kagan, Washington, Kagan, Min Aung Hlaing, David Brunnstrom, Simon Cameron, Moore Organizations: Delaware Air National Guard Base, REUTERS, WASHINGTON, Southeast, United, Association of Southeast Asian Nations, ASEAN, East Asia Summit, U.S, China, East Asia, White House National Security Council, Trump, Myanmar, Thomson Locations: Newark , New Jersey, New Castle , Delaware, U.S, BANDAR, Washington, China, United States, Manila, China . U.S, Brunei, India, Japan, Australia, ASEAN's, NATO, Asian, Southeast Asia, Myanmar
Defense lawyers and at least one federal judge have warned the delays may be infringing on defendants’ rights to speedy trials. New video evidence was unearthed against Robert Reeder, of Maryland, the morning that he was scheduled to be sentenced on misdemeanor charges. That led prosecutors to postpone the sentencing to determine if they would pursue additional felony charges based on the new evidence. The Washington Department of Corrections said in a statement that it has “a several-weeks-long waitlist” for inmates to access evidence. Julian Khater, who is charged with assaulting Capitol Police, was in jail almost seven months before he was given access to the video evidence, said his attorney Chad Seigel.
Persons: Donald Trump, Leah Millis, Joe Biden’s, Department prosecutes, Judge Amit Mehta, “ We’ve, It’s, ” Mehta, , what’s, we’ve, they’ve, Robert Reeder, , Michelle Peterson, Jessica Watkins, General Merrick Garland, Julian Khater, Chad Seigel, Paul Friedman Organizations: WASHINGTON, U.S, Capitol, REUTERS, Department, FBI, Justice Department, Boston Marathon, D.C, Washington Department of Corrections, Capitol Police, District Locations: Washington , U.S, U.S, York, New York, New Jersey, Maryland, Washington
Nordic Entertainment Group (NENT) sign is seen at their headquarters in Stockholm, Sweden October 1, 2018. Citi analysts said the company had achieved a solid beat of expectations in international subscriber growth, which should give the market increased confidence in the group's growth trajectory. The company's international markets include Estonia, Latvia, Poland and Lithuania, and it plans to launch in Britain, Canada, Germany, Austria and Switzerland, taking the number of markets to 16 by the end of 2023. Its subscriber count also got a boost due to streaming of sporting events such as the Bundesliga, English Premier League, UEFA competitions and Formula One. Costs will increase along with the expansion and a significant chunk of that will come in 2022, Jensen said.
Persons: Olof Swahnberg, Anders Jensen, HBO Max, Disney, Jensen, Viaplay, Supantha Mukherjee, Rashmi Aich, David Holmes Organizations: Nordic Entertainment, REUTERS, Netflix, Disney, Citi, HBO, HBO Max, Bundesliga, English Premier League, UEFA, Thomson Locations: Stockholm, Sweden, STOCKHOLM, Swedish, Scandinavia, United States, Estonia, Latvia, Poland, Lithuania, Britain, Canada, Germany, Austria, Switzerland, Europe, U.S
Biden backs taxing the wealthy and corporations more heavily and has privately supported the proposal focused on taxing billionaires, according to a person familiar with his thinking. Republicans do not support Biden’s social spending bill and will also likely oppose the billionaire tax. The capital gains tax for assets held over a year top out at 23.8% currently, less than the 37% maximum for regular income. A ProPublica report in June said Soros paid no federal income tax for three years in a row. Still, the proposal would put new pressure on the IRS, which enforces U.S. tax law and has been hollowed out here by budget cuts and hobbled by obsolete technology.
Persons: Erin Scott, Nancy Pelosi, , , Leon Cooperman, Gabriel Zucman, ” Zucman, Joe Biden, Joe Manchin, that’s, Tim Laffey, Mitch McConnell, George Soros, Soros, Jeff Bezos, Tesla, Elon Musk Organizations: WASHINGTON, Democratic, U.S, REUTERS, University of California, Biden, Rockefeller Capital Management, Revenue Service Locations: Washington , U.S, Berkeley
The blue-chip FTSE 100 index rose 0.7% to hit a fresh highs since February 2020 after S&P 500 notched a record high at the start of a heavy week of earnings. Lysol cleaning products maker Reckitt Benckiser jumped 5.7% to the top of FTSE 100 after it raised its full-year forecast as higher sales of cold and flu remedies and price hikes helped it beat analysts’ estimates for third-quarter sales. Premier Inn-owner Whitbread climbed 3.1% after reporting a much smaller half-year loss and saying that it expected a full recovery by 2022. “With the FTSE 100, what you’ve got is an unusual mix of unpredictable stocks like oils and commodity prices which are showing some signs of life,” said Russ Mould, investment director at AJ Bell. The domestically focussed mid-cap index advanced 0.5%, helped by a rebound in travel companies.
Persons: Reckitt Benckiser, Whitbread, you’ve, , Russ Mould, AJ Bell, hasn’t, Silvana Tenreyro, Andrew Bailey, BoE, SoftBank Organizations: Bank of, Softcat Locations: U.S
Spot gold declined 0.4% to $1,800.80 per ounce by 0816 GMT. “There is a slight recovery in the dollar and this is not the best factor for gold. However, prices are not expected to fall sharply as investors have realized that risks are still just behind the corner,” said Carlo Alberto De Casa, external analyst at Kinesis Money. The dollar recovered from a recent pullback, making bullion more expensive for holders of other currencies. The Bank of Japan and the European Central Bank are both set to hold monetary policy meetings on Thursday, while the U.S. Federal Reserve’s policy meeting is next week.
Persons: , Carlo Alberto De Casa, De Casa, Stephen Innes, Jerome Powell, Arundhati Sarkar, Nakul Iyer, Subhranshu Sahu Organizations: Bank of Japan, European Central Bank, Management, Locations: U.S . Federal, U.S, Bengaluru
Spot gold fell 0.3% to $1,802.00 per ounce by 1012 GMT. “There is a slight recovery in the dollar and this is not the best factor for gold. The dollar recovered from a recent pullback, making bullion more expensive for holders of other currencies. The Bank of Japan and the European Central Bank are set to hold monetary policy meetings on Thursday, while the U.S. Federal Reserve’s policy meeting is next week. Elsewhere, spot silver fell 1% to $24.31 per ounce, platinum shed 1.1% to $1,045.60 and palladium inched 0.6% lower to $2,038.95.
Persons: , Carlo Alberto De Casa, De Casa, Daniel Briesemann, Jerome Powell, Arundhati Sarkar, Nakul Iyer, Subhranshu Sahu, Shailesh Organizations: Bank of Japan, European Central Bank Locations: U.S . Federal, U.S, Bengaluru
The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermidRIYADH, Oct 26 (Reuters) - Goldman Sachs (GS.N) Chief Executive David Solomon said on Tuesday there is a risk of higher inflation and slower growth globally. There will be consequences for having accommodative monetary policy for a long time, Solomon said at the Future Investment Initiative conference in Saudi Arabia's capital, Riyadh. Reporting by Saeed Azhar and Davide Barbuscia; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Persons: Goldman Sachs, Brendan McDermid, David Solomon, Solomon, Saeed Azhar, Davide Barbuscia, Kirsten Donovan Organizations: New York Stock Exchange, REUTERS, Future Investment Initiative, Thomson Locations: New York City, U.S, Brendan McDermid RIYADH, Saudi, Riyadh
The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. Third-quarter net profit came in at $2.279 billion, easily surpassing a median estimate of a 24% slump to $1.596 billion from a poll of 23 analysts compiled by the bank. The division saw $18.8 billion in fresh client fee-generating inflows, while invested assets fell slightly from June to $3.198 trillion. UBS is trying to improve its digital services to reach more customers outside its super rich core client base, while also saving on costs. Reporting by Brenna Hughes Neghaiwi and Oliver Hirt; Editing by Michael Shields and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.
Persons: Ralph Hamers, Goldman Sachs, Hamers, Brenna Hughes Neghaiwi, Oliver Hirt, Michael Shields, Edwina Gibbs Organizations: Swiss, UBS, REUTERS, Bank, U.S ., Revenue, JPMorgan, Citi, ING, Reuters, Thomson Locations: Zurich, Switzerland, U.S, U.S . ZURICH, China, Americas, United States
The Biden administration is greasing the wheels of the struggling federal rental aid program, but many renters are still being left out. The Emergency Rental Assistance Program was born out of the Covid relief bill that Congress passed in December to help low- and moderate-income households behind on their rent and utilities. In the early months of the program, the money was slow to flow; federal data show that the pace of emergency rental aid going to tenants has increased in recent months. "While we know that Oregon has millions of dollars to distribute emergency rental assistance ... the truth is that the courts are open and that evictions are happening." Last year, Amber Cook lost her job as a tax preparer because of the pandemic and turned to rental assistance to pay her bills after her unemployment benefits ran out.
Persons: Biden, Kim McCarty, McCarty, Wally Adeyemo, Amber Cook, Cook, Diane Yentl, Tasya Peterson, DES, Greg Brown, we've Organizations: Court, Princeton University, Treasury Department, Treasury, Community Alliance of Tenants, Income Housing Coalition, Arizona Department of Economic Security, U.S . Treasury, Association Locations: Oregon, Portland
The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus MordantRIYADH, Oct 26 (Reuters) - Larry Fink, chief executive of the world's largest asset manager BlackRock, said on Tuesday that there is a high probability of oil reaching $100 a barrel. Fink, who was speaking at the Future Investment Initiative conference in Saudi Arabia, also called for more collaboration between the public and private sectors to tackle global challenges such as climate change. Brent crude was down 28 cents at $85.71 a barrel by 0757 GMT, reversing gains from earlier in the day but still close to multi-year highs. Reporting by Davide Barbuscia and Saeed Azhar; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.
Persons: Angus Mordant, Larry Fink, Fink, Brent, Davide Barbuscia, Saeed Azhar, Kirsten Donovan Organizations: REUTERS, BlackRock, Future Investment Initiative, Thomson Locations: Loving County , Texas, U.S, Angus, Angus Mordant RIYADH, Saudi Arabia
Stocks in Indonesia, India Thailand, Singapore and Philippines were up between 0.2% and 0.9%. Malaysian stocks fell 0.2%, dragged by the world's biggest latex glove maker Top Glove and peer Hartalega Holdings. Top Glove and Hartalega fell 1.5% and 4.5%, respectively, after Supermax Corp warned of a hit from a U.S. import ban. Supermax, which is not part of the benchmark stock index, slid 1.6%. Other Asian currencies were mixed against a steady dollar, with the Malaysian ringgit and Taiwan's dollar firming up to 0.2% each, while the Philippine peso slipped.
Persons: Indranil Sarkar, Alvin Tan, Korea's KOSPI, Subhranshu Sahu Organizations: RBC Capital Markets, Asia FX, Bank of, Hartalega Holdings, Supermax Corp, United, Malaysian, Singapore, Keppel Corp, United States Locations: Malaysia, China, Stocks, Indonesia, India Thailand, Singapore, Philippines, Beijing, COVID, Shanghai, Asia, Bank of Korea, Malaysian, U.S, United States, Philippine, United, United States Asia, Japan, Taiwan, Thailand, Bengaluru
Nikkei rises on Wall Street gains, earnings optimism
  + stars: | 2021-10-26 | by ( Reuters Staff | )   time to read: +2 min
TOKYO, Oct 26 (Reuters) - Japan’s Nikkei share average rallied strongly on Tuesday, fuelled by earnings optimism and following overnight Wall Street gains that took the Dow and S&P 500 to record highs. The Nikkei closed 1.8% higher at 29,106.01, after surging at the open and holding those gains through the afternoon. The broader Topix advanced 1.2% to 2,018.40, with 31 of its 33 sectors posting gains, led by a 3% rally in shippers . U.S. e-mini futures pointed to a 0.3% rise at the re-open for the S&P 500, and an index of Asia-Pacific stocks outside Japan also edged higher, further supporting sentiment. A large proportion of S&P 500 companies are due to report results this week, including technology heavyweights Apple, Amazon, Microsoft, and Google-operator Alphabet, which have been the drivers of the Wall Street rally this year.
Persons: Organizations: Nikkei, Dow, Retailing, SoftBank, Apple, Microsoft, Google, Wall, Sony, Panasonic, Telecom, NTT, Toyota Group, Nomura Securities, Toyota Locations: TOKYO, U.S, Asia, Pacific, Japan
AMSTERDAM/LONDON (Reuters) - Dutch pension fund ABP will divest 15 billion euros ($17.5 billion) of investments in fossil fuel producers by 2023, it said on Tuesday, as many of the world’s biggest investors set out new climate policies ahead of next week’s COP26 summit. ABP’s move marks a major turnaround for one of the world’s biggest pension funds, which said as recently as June that exiting fossil fuel investments was “not the solution” to global warming. The United Nations highlighted the need for faster change in energy production when it issued a ‘code red for humanity’ and warned climate change was close to spiralling out of control in August. RENEWABLE PUSHABP, which is one of the world’s biggest pension funds, plans to increase investment in renewable energy where possible after the fossil fuel asset sale, Chairman Corien Wortmann said in a statement. Asked about the turnaround, Wortmann told national broadcaster NOS it had been prompted by rising concerns about climate change and the most recent UN climate report.
Persons: Shannon Stapleton, ABP’s, , Hui Tan, , Corien Wortmann, Wortmann, ” Wortmann, , ABP Organizations: REUTERS, Fidelity International, Fidelity, BlackRock, United Nations, NOS Locations: AMSTERDAM, LONDON, Youngstown , Ohio, U.S, Paris
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