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☆ The US Navy has its eyes on a new submarine base that will help it keep track of China's growing undersea fleet
▼ + stars: | 2023-05-21 | by ( Christopher Woody | ) www.businessinsider.com time to read: +9 min

As part of the AUKUS agreement, US and British subs will operate out of western Australia by 2027. The deal on the base comes as rivals, mainly China, increase their submarine activity in the region. Ray Mabus, then US navy secretary, departs a Chinese Yuan-class submarine in Ningbo in November 2012. The Defense Department report also says China's six operational Jin-class nuclear-powered ballistic-missile subs are likely already conducting "near-continuous at-sea deterrence patrols," a sign that China's submarine force continues to improve its operational capabilities. For the US Navy, those developments make the ability to base subs closer to the Western Pacific a greater priority.

LONDON, May 18 (Reuters) - Shell (SHEL.L) will likely face one of its most acrimonious annual meetings next week as it struggles to balance investor pressure to capture profits from oil and gas and a vocal minority saying it must move faster to tackle climate change. Big Oil firms posted record profits last year amid soaring energy prices following Russia's invasion of Ukraine. That resolution echoes a ruling by a Dutch court telling Shell to adjust its climate targets, which Shell has appealed. It also said it was pleased that proxy advisers ISS and Glass Lewis had recommended votes against the Follow This resolution. The measures, however, did not prevent climate activist participants from heckling and disrupting proceedings before being escorted out, some carried by security staff.

☆ The Plan to Build a New Capital
▼ + stars: | 2023-05-17 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

Today, 40 percent of Jakarta lies below sea level, and flooding is increasingly common. To deal with that threat, Indonesia’s popular president — Joko Widodo, in his ninth year in office — has devised an audacious solution: He is moving the country’s capital. The new capital, now under construction, is called Nusantara. It is being built from the ground up, about 800 miles from the current capital. Joko promises that the city will be a model of environmental stewardship, carbon neutral within a few decades.

☆ Elon Musk claims George Soros ‘hates humanity.’ The ADL says Musk’s attacks ‘will embolden extremists’
▼ + stars: | 2023-05-16 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

While Musk’s remarks don’t mention the billionaire philanthropist’s ethnicity, Musk was criticized for dangerous rhetoric that could potentially fuel further attacks on Soros. When a Twitter user defended Soros as having good intentions which are criticized by those who disagree with his politics, Musk responded, “You assume they are good intentions. Attacks on Soros have increased in recent years alongside a broader increase in incidents of antisemitic attacks. Studies by the ADL and the Center for Countering Digital Hate found that the volume of hate speech on Twitter has grown dramatically under Musk’s stewardship. He most recently sold 22 million shares in December.

☆ Nail-Biter Turkish Election Goes to Round 2 as Majority Eludes Erdogan
▼ + stars: | 2023-05-14 | by ( Ben Hubbard | Gulsin Harman | ) www.nytimes.com time to read: +1 min

After he became prime minister in 2003, he presided over a period of tremendous economic growth that transformed Turkish cities and lifted millions of Turks out of poverty. Internationally, he was hailed as a new model of a democratic Islamist, one who was pro-business and wanted strong ties with the West. But over the past decade, Mr. Erdogan’s critics grew both at home and abroad. Mr. Erdogan’s inability to clinch a victory in the first round of voting on Sunday confirmed a decline in his standing among voters angry with his stewardship of the economy and his consolidation of power. In his last election, in 2018, he won outright against three other candidates with 53 percent of the vote.

☆ BlackRock org chart: The 150 most powerful people under CEO Larry Fink as succession planning looms
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Insider built an org chart showing the most senior executives under BlackRock CEO Larry Fink. To provide a window into the current power structure, Insider has mapped out the roughly 150 most senior BlackRock executives. This week, the firm overhauled its alternative-investments business and made changes to the makeup of its Aladdin business, two core BlackRock offerings. "We are spending a great deal of time at BlackRock getting the firm ready for when the founders are retiring. Investment stewardship head Joud Abdel Majeid and Willie Alford, Fink's new chief of staff, are among the executives who report to Fink.

☆ BlackRock is wrestling with who could succeed Larry Fink. Here's who's now in the running.
▼ + stars: | 2023-05-12 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Investment giant BlackRock has been planning for CEO Larry Fink's succession for years. Leadership has discussed BlackRock cofounder Susan Wagner as someone who could succeed Fink if the board does not have a clear candidate. For years, BlackRock has been planning for Chief Executive Larry Fink's succession, a torch-passing the industry has long speculated over. BlackRock has become shorthand for the intense backlash from primarily Republican lawmakers over sustainable investment strategies that Fink has championed as CEO. Goldstein, 49, is a BlackRock lifer and has been chief operating officer for nearly a decade.

☆ Vivek Ramaswamy's firm courts GOP officials as he pushes businesses to stay out of politics
▼ + stars: | 2023-05-12 | by ( Brian Schwartz | ) www.cnbc.com time to read: +14 min

Scott Olson | Getty ImagesRepublican presidential hopeful Vivek Ramaswamy built his White House bid around urging companies to stay out of politics. The messages show Ramaswamy's firm actively engaged with GOP state leaders who have defended the fossil fuel industry and criticized environmentally conscious investment standards. Ramaswamy on Thursday defended the firm's engagement with GOP officials, saying bigger firms BlackRock, Vanguard and State Street have conducted similar practices with state officials across the country. Strive has become one of the more vocal opponents of ESG investing and has gained enough notoriety to challenge the likes of fossil fuel giant ExxonMobil . Ron DeSantis, have often attacked ESG investing standards and corporations that support social causes — an increasingly common refrain within the GOP.

☆ SoftBank shares drop after its Vision Fund tech investment unit posts a $32 billion record loss
▼ + stars: | 2023-05-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article 9984.T-JP Follow your favorite stocks CREATE FREE ACCOUNTSoftBank's Vision Fund posted a record loss in the year ended Mar. The flagship tech investment unit has been hit by the falling prices of tech stocks. Akio Kon | Bloomberg | Getty ImagesShares of Japanese tech investor SoftBank fell on Friday after the company reported a record loss at its Vision Fund tech investment unit. The company said on Thursday that its Vision Fund segment lost a record 4.3 trillion Japanese yen ($32 billion) for its fiscal year ending Mar. The $100 billion Vision Fund was launched in 2017 under the stewardship of SoftBank founder Masayoshi Son and shook up the tech investing world.

☆ Erdogan's future is in doubt, but Turkey's ties to Russia and tensions with the US aren't going anywhere
▼ + stars: | 2023-05-12 | by ( Matthew Mai | Defense Priorities | ) www.businessinsider.com time to read: +6 min

Western observers dislike Erdogan's foreign policy, but a different leader is unlikely to change course. Critics charge that President Recep Tayyip Erdogan's foreign policy is a direct outgrowth of his illiberal posture at home rather than shrewd geopolitics. Whether Erdogan or his challenger, Kemal Kilicdaroglu, wins, the interests guiding Turkey's foreign policy will require the same balancing act that eschews alignment with any great-power bloc and maximizes Ankara's freedom of action. Locals applaud as a convoy of Turkish trucks carrying tanks near Turkey's border with Syria in October 2019. By prioritizing independence and autonomy, foreign policy under a prospective Kilicdaroglu administration will embody a significant degree of continuity from his predecessor.

☆ JJ Watt does pub crawl ‘research’ after investing in Premier League-bound Burnley
▼ + stars: | 2023-05-10 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +2 min

Just getting to know the supporters, I want to earn their trust by showing them how much we care and how passionate we are. “It’s research, I’m doing research – and lots of pints of Guinness along the way. The Royal Dyche took to Twitter to mark Watt’s visit, sharing an image of him behind the bar on Monday. Lovely gent, such a great reception in the pub from all us Claret fans,” the pub added. Kompany is best known for his exploits as the captain of Manchester City, with whom he won four Premier League titles.

☆ Americans' confidence in Powell hits a low mark for a Fed chief, poll shows
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] Federal Reserve Chairman Jerome Powell holds a news conference after the release of U.S. Fed policy decision on interest rates, in Washington, U.S, May 3, 2023. Just 36% of respondents to a Gallup poll taken last month said they had either a "great deal" or "fair amount" of confidence in Powell. That downswing has played out alongside a surge in inflation that Powell and other economic leaders were slow to recognize and take action against. Powell, though, was not alone in seeing the U.S. public lose faith in his capabilities. The poll also found declining confidence in congressional leaders from both parties.

☆ Fox swings to a loss after its Dominion settlement
▼ + stars: | 2023-05-09 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Fox Corp. posted a loss in the most recent quarter after it paid a $787.5 million settlement to Dominion Voting Systems. The earnings statement didn’t mention Dominion Voting Systems, although it does refer to charges related to legal settlement costs at Fox News Media. Since its settlement with Dominion, Fox has fired its most popular anchor, Tucker Carlson. The Dominion settlement was reached on April 18. The better than expected earnings helped lift shares of Fox (FOX) rose in premarket trading following the report.

SummarySummary Companies Investors seeking more information on thermal coal plansGlencore calls on shareholders to reject resolutionLGIM's Marks says 'fundamental lack of willingness to engage'LONDON, May 5 (Reuters) - Investors pushing for more transparency on miner Glencore's (GLEN.L) thermal coal production said its decision not to support a shareholder resolution on the topic showed a "fundamental lack of willingness to engage". Unlike its peers, Glencore mines and trades thermal coal, the fossil fuel used to generate electricity. It has said it plans to responsibly run down its coal mines by the mid-2040s, closing at least 12 by 2035. "There is a fundamental lack of willingness to engage," said Michael Marks, LGIM's Head of Investment Stewardship and Responsible Investment Integration. Just 24% of investors voted against Glencore's climate progress report at the miner and trader's 2022 AGM, with some citing slow progress in scaling back coal production.

☆ 'Bupkis' review: Pete Davidson is the worst part of a Peacock series about being Pete Davidson
▼ + stars: | 2023-05-04 | by ( Brian Lowry | ) edition.cnn.com time to read: +3 min

CNN —Give Pete Davidson a bit of credit for making himself the least interesting part of a series about being Pete Davidson. Having already played a version of himself in the Peacock movie “The King of Staten Island,” Davidson certainly doesn’t seem overly concerned about stretching his acting chops. Davidson is introduced Google-ing himself, chafing at living in the public eye while residing (uncomfortably at times, as an early sequence demonstrates) with his mom. “Bupkis” is at times very funny, but when it comes to getting to know more about Pete Davidson, the show’s admirable qualities are more in spite of that than because of it. “Bupkis” premieres May 4 on Peacock.

☆ DC Studios' future begins with Marvel's 'Guardians of the Galaxy Vol 3'
▼ + stars: | 2023-05-04 | by ( Sarah Whitten | ) www.cnbc.com time to read: +15 min

And, for once, the success of a Marvel film could bode well for the future of its longtime adversary. On the theatrical side, DC Studios has announced five new projects that will roll out starting in 2025 with Gunn's own "Superman: Legacy." "And I think Marvel Studios, sooner rather than later, needs to tell us what's going on with Spider-Man." He sees this as the result of predictable plotlines within the genre that are repeated across both studios' films. Marvel Studios

☆ Hochul’s Ex-Adviser Has History of Sexual Harassment Complaints
▼ + stars: | 2023-05-03 | by ( Nicholas Fandos | Jeffery C. Mays | ) www.nytimes.com time to read: +1 min

Ms. Driscoll did not lodge a formal sexual harassment complaint until mid-July that year, when a woman she supervised came to her recounting a similar experience. A human resources specialist investigated, found the claims credible and in the last days of July, the Hub Project quietly fired Mr. Sullivan. The two had worked together before: In 2011, he helped Ms. Hochul, a Democrat, win a special election for Congress, and she later recommended him for the job at the Hub Project. It is not clear what Mr. Sullivan told her about his time at the Hub Project. Ms. Hochul cut ties with him on Sunday, when she said that she was surprised and disappointed to learn of the behavior described by The Times.

☆ JJ Watt and Kealia Watt invest in Premier League-bound Burnley FC
▼ + stars: | 2023-05-02 | by ( Matt Foster | ) edition.cnn.com time to read: +2 min

CNN —After retiring from professional football in the NFL earlier this year, JJ Watt is turning his hand to soccer as he and his wife Kealia announced their investment in English club Burnley FC on Monday. In a statement released by the club, JJ Watt said: “When you invest in a club that’s been around since 1882, you must have great respect for its history and tradition. Kompany is best known for his exploits as the captain of Manchester City, with whom he won four Premier League titles. Manager Vincent Kompany has guided Burnley back to the Premier League. Burnley’s chairman Alan Pace said of the Watts’ investment: “We’re absolutely delighted to welcome JJ and Kealia into the Clarets family.

☆ Benioff vs. Benioff
▼ + stars: | 2023-04-28 | by ( Ashley Stewart | Ellen Thomas | ) www.businessinsider.com time to read: +29 min

Within Salesforce, Benioff riffs are at times met with backlash from an angry workforce. "You're not going to fire your family during times of need," a former Salesforce executive told Insider. "I don't think they understand Ohana," Benioff told Insider. "Look, we have to be the example of stakeholder capitalism," Benioff told Insider. A 'New Day' at Salesforce"I use the Japanese principle of shoshin, beginner's mind," Benioff told Insider in a phone interview in March.

☆ Wrexham: An intoxicating tale of Hollywood glamour and sporting romance
▼ + stars: | 2023-04-28 | by ( Aimee Lewis | ) edition.cnn.com time to read: +22 min

In an often brutal and bleak world, the recent resurgence of Wrexham, the city as well as the soccer club, lifts the soul. The Turf pub is a must-see for Wrexham fans. But now, there’s Wrexham with a story that, in hindsight, feels as if it was just waiting for Hollywood. One of Wrexham city center's shopping areas, pictured on April 22. Wrexham fans celebrate on the pitch after their team beat Boreham Wood at the Racecourse Ground.

☆ Canadian Senate passes bill to compel local content on streaming giants
▼ + stars: | 2023-04-27 | by ( Ismail Shakil | ) www.reuters.com time to read: +2 min

OTTAWA, April 27 (Reuters) - Canada's Senate on Thursday passed the government's online streaming legislation after a 10-month debate over a law that will force firms like Netflix (NFLX.O) and Alphabet Inc-owned (GOOGL.O) YouTube to offer more Canadian content. Bill C-11, or the Online Streaming Act, cleared the unelected upper chamber of the Canadian parliament with 52 votes to 16 and one abstention. The government says the legislation will ensure that online streaming services promote Canadian music and stories, and support Canadian jobs. YouTube has said it does not oppose the bill in its entirety, but has raised concerns over its impact to user-generated content. The video platform says the law would force it to recommend Canadian content on its homepage, rather than videos tailored to a user's specific interests.

☆ The $11.8 billion mistake that led to Bed, Bath & Beyond’s demise
▼ + stars: | 2023-04-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN —Bed, Bath & Beyond made plenty of mistakes that led to this week’s bankruptcy filing. “The company’s stewardship of their capital failed,” said Declan Gargan, retail director and credit analyst who follows Bed, Bath & Beyond for S&P Global Ratings. Across Corporate America, share repurchases reached a record $936 billion, according to S&P Dow Jones Indices, up from $882 billion in 2021. In fact the Bed, Bath & Beyond share repurchases were not enough to stop activist investors from pushing out top management of the company in 2019. President Joe Biden, a frequent critic of share repurchases, included a 1% tax on share repurchases in the Inflation Reduction Act passed by Democrats in Congress last year.

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☆ The messy, high-stakes world of private equity's fossil-fuel dilemma
▼ + stars: | 2023-04-20 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +13 min

Most major private-investment firms are working to cut down on emissions their portfolio companies send into the atmosphere. It's also set targets to get three-quarters of its majority-owned power-and-energy portfolio companies' emissions that they generate directly and indirectly covered by Paris-aligned climate goals by 2025. A growing number of private-equity firms' pension-fund limited partners are under pressure themselves to either invest around environmental, social, and governance matters or shun investing through those lenses altogether. Firms' plans with their upstream investments tend to draw the most attention because they're involved in drilling for new oil and gas. If you're a private-equity firm and you continue to make new upstream investments, I don't believe you have a Paris-aligned plan.

☆ Chelsea: How American billionaire owner blew over $600 million but ended up with nothing this season
▼ + stars: | 2023-04-20 | by ( Thomas Schlachter | ) edition.cnn.com time to read: +8 min

CNN —“We’re all in – 100%,” US billionaire businessman Todd Boehly told Chelsea fans upon his arrival at the club in May 2022. Chelsea crashed out of the Champions League after losing to Real Madrid 4-0 on aggregate. Following the loss against Real Madrid, Chelsea captain Thiago Silva spoke candidly to reporters on the issues that come with this kind of spending. Besides Kai Havertz and Marc Cucurella, no Chelsea outfield player has started more than 20 games in the Premier League this season. The Blues are on course to have their lowest scoring season in Premier League history with their current total of 30 goals.

☆ The Board's Role in Sustainable Leadership: Not Just Window Dressing
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Board's Role in Sustainable Leadership: Not Just Window DressingHow do sustainability policies impact fiduciary responsibility? Board governance sets the tone for effective corporate stewardship but it's not always easy to integrate and implement into a company's existing strategy. Two trailblazing C-suite and board veterans with operational savvy, deep financial experience, and great, actionable advice on how to create fairer and more realistic socio-economic models when making business decisions.

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