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Morgan Stanley shares drop on WSJ probe report
  + stars: | 2024-04-11 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley shares drop on WSJ probe reportGerard Cassidy, RBC Capital Markets managing director, joins 'Fast Money' to weigh in on the WSJ report that Morgan Stanley is facing a probe by federal regulators.
Persons: Morgan Stanley, Gerard Cassidy Organizations: RBC Capital Markets
A sustainability veteran with more than 24 years’ experience, Stangis has built sustainability teams at both Intel and Campbell Soup . WSJ Pro: Do you have a favorite sustainable product or service, that isn’t an Apollo company? In terms of our regulatory reporting, we made some great progress, but it’s also helping and building the tools for our portfolio companies. Stangis: We’ve got data from all of our portfolio companies from surveys of 100-plus questions every year. So our portfolio companies, they’re literally doing sustainability reporting to us, we’re compiling it and then making that public.
Persons: Dave Stangis, Stangis, Campbell, it’s, we’ve, I’ve, , We’ve, they’re, we’re, Rochelle Toplensky Organizations: Apollo Global Management, Intel, Pro, Business, Campbell Soup Company, WSJ, Private Equity, Flagship Fund, Apollo, Rochelle, rochelle.toplensky@wsj.com Locations: Europe, Asia, Paris, Detroit, U.S, Russia, Ukraine, decarbonize, we’ve
Alexander GladstoneAlexander Gladstone covers financial distress, volatility and restructuring for The Wall Street Journal and WSJ Pro Bankruptcy. You can reach him at Alexander.Gladstone@wsj.com and follow him at @gladstonea.
Persons: Alexander Gladstone Alexander Gladstone Organizations: Wall Street Journal Locations: @gladstonea
Catherine StuppCatherine Stupp covers cybersecurity and privacy for The Wall Street Journal. She writes frequently about hacking, data breaches, cybercrime, and regulations and policies in Europe. She joined the Journal in 2018 in New York and moved to Brussels in 2019. She previously covered European politics and technology policy in Brussels. She is a proud native of Queens, New York.
Persons: Catherine Stupp Catherine Stupp Organizations: Wall Street Locations: Brussels, Europe, New York, Queens , New York
The German native joined SLB, formerly known as Schlumberger , in 2021 as its chief strategy and sustainability officer. Katharina Beumelburg, chief strategy and sustainability officer of SLB. Beumelburg: This push toward lowering carbon emissions in the oil-and-gas industry is a major change. The other side is our transition technology portfolio that focuses on bringing the carbon emissions at our customers down. Carbon capture and storage is the obvious short-term solution to reduce carbon emissions, one where the technology is ready, where we know what to do.
Persons: Katharina Beumelburg, SLB, Beumelburg, SLB Beumelburg, Johan Rockström, Rochelle Toplensky Organizations: Sustainability, Siemens, SLB, Schlumberger, Pro, WSJ, Potsdam Institute, Business, Microsoft, Saudi Aramco, Linde, Rochelle, rochelle.toplensky@wsj.com Locations: Greenland, Paris, Texas, Europe, Australia, Japan, South Korea, Davos
But the amount of cybersecurity expertise on boards remains relatively low, at a time when boards are under increased scrutiny for security failings. In responses to that survey from 472 corporate board directors, 76% said their board had at least one cybersecurity expert, including 19% who said their board had at least three directors with cybersecurity expertise. The other 25 directors’ experience comes from either having held a senior government role in cybersecurity or from having led and/or founded a cybersecurity company. Whatever a board’s composition, most directors aren’t very confident in their board’s ability to handle a cybersecurity incident. Cybersecurity company leader: Nineteen directors have founded and / or led cybersecurity or data security companies.
Persons: Jamil Farshchi, don’t, , , Shamla Naidoo, Netskope, Naidoo, ” Naidoo, aren’t, Shankar Arumugavelu, Nir Zuk, Zuk Organizations: WSJ Pro Research, Securities and Exchange, Pro Research, National Association of Corporate, Business Machines, WSJ, Seagate Technology Holdings, Verizon, Palo Alto Networks, Juniper Networks Locations: cybersecurity, FactSet
Boards Still Lack Cybersecurity Expertise
  + stars: | 2023-09-25 | by ( James Rundle | ) www.wsj.com   time to read: +4 min
Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. This includes people who sit on the boards of cyber companies or have an affiliation with a cybersecurity-related professional organization. Heath, a former security chief at United Airlines and tech provider DocuSign, sits on the boards of cyber companies Wiz and Gen Digital. Board work demands wide business experience that many security chiefs lack, said Myrna Soto, founder and chief executive of consulting firm Apogee Executive Advisors. Solving this problem will take effort from boards and cybersecurity professionals, said NightDragon’s DeWalt.
Persons: , Dave DeWalt, Emily Heath, Heath, , Myrna Soto, Patrick T, Soto, NightDragon’s DeWalt, James Rundle Organizations: Delta Air Lines, United Airlines, Gen Digital, Wall Street, U.S . Securities, Exchange, Apogee, Fallon, Bloomberg, Directors, Spirit Airlines, Popular, TriNet Locations: U.S, NightDragon, cybersecurity, Heath
The proportion of companies disclosing sustainability and ESG information was 63%, up from 56% last year. Breaking that down, a quarter of private companies don’t plan any ESG reporting, while only 7% of public companies felt the same. Six percent said they don’t yet report, but plan to, while another 7% don’t plan to. The picture looks quite different for private companies: 45% don’t report ESG information and more than half of those don’t plan to. The sustainability information respondents were most likely to publish was for employee diversity, equity and inclusion, at 47%.
Persons: Thomas R, , Maria Ghazal, David Breg Organizations: Street Journal, Regulators, U.S . Securities, Exchange, Sustainability, Board, Business, Nations, Global Reporting, Task Force, Business Roundtable’s, david.breg@wsj.com Locations: U.S
New nature-reporting recommendations aim to help companies assess their impact on and risks from the world’s natural systems. This is despite growing awareness of the catastrophic effects of biodiversity loss, Capgemini said in a report, based on a survey of executives of large organizations from major economies. The TNFD recommendations are currently voluntary, but come as regulation tightens around degradation of the natural world. Separately, in the EU, many companies are already facing obligations to report their impact on nature under the bloc’s Corporate Sustainability Reporting Directive. “We recognize that nature loss poses both risks and opportunities for business, now and in the future,” said Jennifer Motles, PMI’s chief sustainability officer.
Persons: , Elizabeth Mrema, David Craig, TNFD’s, , Capgemini, Aurélie, Philip Morris, Jennifer Motles, laurent gillieron, Gillon, Gucci, Zoe Balmforth, ” Balmforth, Joshua Kirby, joshua.kirby@wsj.com Organizations: Sustainable Business, United Nations, Force, Economic, World Bank, EU, Philip Morris International, European Union, Unilever Locations: , France, Montreal, Canada, Switzerland,
Many Boards Are Playing Catch-Up on ESG and Green Issues
  + stars: | 2023-09-14 | by ( Rob Sloan | ) www.wsj.com   time to read: +9 min
Other findings were that most believed sustainability efforts had brought real benefits and said ESG engagement with investors had been mostly positive. They also reported that while about half of big companies had ESG targets—many linked to executive compensation—smaller, private companies lagged behind. For public companies investors were most influential, followed by regulators, while directors of private businesses ranked their customers as top with investors in second place. “You had a wind that was giving companies and boards energy, and now you have a countervailing wind of political backlash,” Smith said. Despite those changes, half of respondents believe ESG will continue to be an important driver of their business decisions and strategy.
Persons: aren’t, , , Kristin Campbell, Campbell, , Alan Smith —, Smith, ” Hilton’s Campbell, ” Smith, ESG, ” Campbell, — hadn’t, Rob Sloan Organizations: Pro, National Association of Corporate, ESG, Hilton Worldwide Holdings, Regency Centers, HSBC, Estates, Sustainable Business, rob.sloan@wsj.com Locations: U.S
Artificial intelligence can help tackle climate change, but to fulfill that promise companies need to find a way to limit AI’s own climate impact. Alphabet’s Google and American Airlines used AI to help planes create fewer vapor trails, which contribute to global warming. For many companies using AI there are both positive and negative effects on their carbon emissions and water use. In the U.S., where there is no central electric grid, training models in one state versus another can have a significant impact on carbon emissions. A Google data center in Oregon.
Persons: Omar Marques, Sasha Luccioni, Bloom, , Luccioni, Andrew Selsky, Shaolei Ren, Ren, There’s, ” Ren, Amalia Kontesi, Equinix, , Christopher Wellise, Jacob Reynolds Equinix, Face’s, ” Luccioni Organizations: Sustainable Business, Google, American Airlines, Zuma, Bloom, Energy, Stanford, Associated Press, University of California Riverside, Research, Microsoft, Workers Locations: San Francisco, Bloom, U.S, California, Virginia, New York, Oregon, San Francisco and New York, Americas, Asia, Spain
Energy investment in Africa needs to more than double by the end of the decade if the continent is to meet its energy and climate goals. “Energy investment on our continent has fallen short,” wrote William Ruto, president of Kenya, in the report’s foreword. Photo: Lucien Kahozi/Bloomberg NewsAll of these are pushing up the cost of capital which makes many African energy projects financially unviable despite ample local resources and proven technologies such as wind or solar power, the report said. PREVIEWCurrently, 600 million people across Africa lack access to electricity and almost one billion have no access to clean cooking fuels. African nations are seeking redress for the effects of climate change they experience despite contributing little to carbon emissions, the main driver of global warming.
Persons: , Fatih Birol, simon maina, William Ruto, Lucien Kahozi, Will Horner, william.horner@wsj.com Organizations: International Energy Agency, African Development Bank, IEA, Agence France, West, “ Energy, Democratic, Bloomberg, Sustainable Business, Africa Climate Locations: Africa, Paris, ” Africa, China, Kenya, Democratic Republic of Congo, Ukraine, Nairobi
Biodiversity credits could be key to funding the conservation of the Earth’s ecosystems, but setting up a functioning market to buy and sell these payment tokens won’t be easy. The World Economic Forum is working on bringing together stakeholders, but admits that a scaled-up market is still some way in the future. It follows the lead of so-called voluntary carbon credits that allow firms to buy credits to offset their own emissions. Those global carbon credit markets are now worth some $2 billion, up from $200 million five years ago, according to environmental-finance data provider Ecosystem Marketplace. “I feel a bit of ‘carbon envy’ when I look at the carbon markets,” Cornell’s Tobin said, noting that biodiversity markets lack a universal metric that can apply to every project, unlike carbon markets where each credit represents one metric ton of carbon dioxide.
Persons: John Tobin, de la Puente, Tobin, don’t, Cornell’s Tobin, ” Tobin, JULIAN HABER, Zoe Balmforth, , ’ ”, Balmforth, , ” Nestlé, Nestlé, biocredits, Markus Mueller, ” Mueller, Joshua Kirby, joshua.kirby@wsj.com Organizations: Economic, Paulson Institute, Cornell University, Credit Suisse, Companies, UN, REUTERS, Sustainable Business, Unilever, Deutsche Locations: Australia, Switzerland, biocredits
Artificial intelligence is starting to help buildings go greener. Developers and construction companies have pursued more-efficient energy use in buildings over the past couple of decades. “We want to make every building out there as smart as it can be,” said Ramya Ravichandar, JLL Technologies’s vice president, technology platforms—smart and sustainable buildings. For instance, software and hardware that automatically manages lights, heating and cooling can help buildings cut 20% or more of their yearly energy use. “The main message overall is we’re not going to save the planet with software, and AI is software,” Smithies said.
Persons: JLL, , , Ramya Ravichandar, ” Ravichandar, Thomas Kiessling, ” Kiessling, Greg Smithies, ” Smithies, Dieter Holger Organizations: International Energy Agency, Energy, Environmental, Envio Systems, Royal London Asset Management, JLL, London Asset Management, Siemens Smart Infrastructure, Siemens, Sustainable Business, Venture, Fifth, dieter.holger Locations: Turntide, Sunnyvale, Calif, Berlin, Birmingham, England
Q&A With Volvo Group’s Karin Svensson
  + stars: | 2023-08-29 | by ( Rochelle Toplensky | ) www.wsj.com   time to read: +8 min
Karin Svensson, chief sustainability officer of Volvo Group. We were setting the new strategy for the Volvo group. The numbers of electric trucks we sell are still quite small, but it’s a huge increase. It’s really really important that we really decrease our emissions by 2030, so we have set interim targets for all our business areas. We are now [testing] fuel-cell electric trucks and expect to have an offer ready toward the second half of this decade.
Persons: Karin Svensson, can’t, Bo Hakansson, Svensson, , It’s, Rochelle Toplensky Organizations: Volvo, Volvo Group, Employees, Rochelle Locations: Swedish, Paris, Sweden,
David BregDavid Breg is deputy research director at WSJ Pro, The Wall Street Journal’s professional arm, where he writes and edits cybersecurity research and analysis for executives and businesspeople. He also appears frequently at WSJ Pro events as a moderator. Dave has prior experience managing the research unit at public relations firm Burson-Marsteller and policy knowledge from serving as an analyst at the Congressional Research Service.
Persons: David Breg David Breg, Dave, Burson Organizations: WSJ Pro, Congressional Research Service
In this quarter’s update we look at new Securities and Exchange Commission cyber rules that may increase insurance risks for corporate directors; how new technologies such as artificial intelligence are helping assess a company’s cyber risk profile; and does having a cyber insurance policy increase the likelihood of being a victim of a ransomware attack? Premium Prices Decline Slightly Following Several Quarters of IncreasesCyber insurance prices in the U.S. declined 4% year over year on average in the second quarter...
Organizations: Securities and Exchange Commission Locations: U.S
Roughly 7% of all carbon emissions today come from cement production, making it one of the highest-emitting industrial sectors, according to the consulting firm McKinsey. PREVIEW“Concrete is an essential building material,” said Claude Loréa, director of cement, innovation and ESG at the Global Cement and Concrete Association. About two thirds of the clinker emissions are released by the limestone when heated while the rest come from the combustion of fuels to create the heat. Increased efficiencyOne way the industry is looking to improve sustainability in cement production is by targeting efficiency gains. Cemex, one of the world’s largest cement producers, has been working with Switzerland-based Synhelion to produce clinker using solar energy rather than coal.
Persons: , Claude Loréa, Aidan O’Sullivan, ” O’Sullivan, Gianluca Ambrosetti, Christoph Beumelburg, Rick Fox, Fox, Partanna, Hurricane Dorian, Yusuf Khan Organizations: McKinsey, Sustainable Business, Global, Concrete Association, Carbon Re, International Energy Agency, IEA, Shell, National Basketball Association Locations: portland, Spain, Switzerland, Heidelberg, Brevik, Norway, Bergen, , Delaware, Bahamas, Vegas, yusuf.khan
Steven RosenbushSteven Rosenbush is chief of the enterprise technology bureau at WSJ Pro, which focuses on the interplay of business and technology. The group publishes CIO Journal and WSJ Pro Cybersecurity, as well as two weekday newsletters. He’s a frequent speaker at Wall Street Journal conferences and industry events. Steven joined The Wall Street Journal in 2012. He covered telecommunications for USA Today and BusinessWeek magazine, and he’s the author of a book, "Telecom Opportunities for Entrepreneurs."
Persons: Steven Rosenbush Steven Rosenbush, Steven Organizations: WSJ, Wall Street, Institutional Investor, USA, BusinessWeek, Telecom, Entrepreneurs, United Press International Locations: New York, Brussels
Rob SloanRob Sloan is research director at WSJ Pro. Rob joined Dow Jones in 2014 and spent several years with the Risk and Compliance product team before moving to The Wall Street Journal newsroom to develop and lead the WSJ Pro Research team. In Rob's current role he manages a team of researchers, writes about cybersecurity, works on data projects and regularly presents on WSJ Pro events. Rob started his career working for the U.K. government, looking at some of the earliest state-sponsored cyberattacks against the critical national infrastructure. Rob’s main interest areas include the role of the board in overseeing and managing cyber risk, cybersecurity communications, the requirements of state-level attackers and helping corporate hacking victims share their lessons learned.
Persons: Rob Sloan Rob Sloan, Rob, Dow Jones, cybersecurity Organizations: WSJ, Wall Street Journal, Pro Research Locations: London
Alexander SaeedyAlexander Saeedy covers credit markets, financial distress and sovereign debt for WSJ Pro Bankruptcy and The Wall Street Journal. He specializes in investigating and reporting on the finances of companies and countries who are struggling to pay their bills or facing unprecedented financial pressure. His stories have led him to investigate far-flung corners of financial markets, where he has written about collapsed cryptocurrency companies, emerging-market economies pummeled by global inflation, and multibillion-dollar deals gone wrong on Wall Street. Alex graduated with cum laude honors from Yale University in 2015 with a bachelor’s degree and master’s degree in history, with a concentration in modern economic history. He relocated to New York in 2018, and before joining the Journal, he covered distressed debt, leveraged finance and real estate in New York for Reorg Research and S&P's LCD.
Persons: Alexander Saeedy Alexander Saeedy, Alex Organizations: Pro, Street, Yale University, Overseas Press Club, Reuters News, Atlantic, Foreign Affairs, Reorg Research Locations: Brussels, New York
Plant-based plastic, that is. However, the environmental benefits of plant-based plastics are increasingly appealing to companies promising to use more sustainable materials by the end of the decade. Plants absorb the atmosphere’s carbon dioxide, which cuts the greenhouse-gas emissions from making bioplastics to at least half that of fossil-fuel-based plastics. A Lululemon shirt containing plant-based nylon. Only plant-based plastics that are chemically identical to fossil-fuel–based versions can enter the existing and growing recycling infrastructure.
Persons: Bioplastics haven’t, Michael Carus, , ” Carus, Eastman, Chris Killian, bioplastics, Warby Parker, , Biden, Manav, olefins, Dow, bioethylene, LVMH Moët Hennessy Louis, Haley Lowry, Dieter Holger Organizations: Sustainable Business, Kodak, U.S . Defense Department, European, dieter.holger Locations: China, Japan, biomanufacturing, U.S, Iowa
Gabon completed mainland Africa’s first-ever “debt-for-nature swap” Tuesday, refinancing $500 million of its debt and earmarking $163 million in savings for marine conservation, the latest in a burgeoning list of “blue bond” deals. In their place, Gabon issued a $500 million blue bond which matures in 2038. The coupon on the new blue bond was priced at 6.097%, lower than the coupons on the repaid bonds which were between 6.625%-7%. TNC says its blue bond deals have provided $400 million toward conservation efforts. Bank of America, which served as sole initial purchaser, structuring agent and bookrunner on the Gabon deal, declined to reveal its transaction fees.
Persons: Gabon’s, Bond, , Ali Bongo Ondimba, TNC wasn’t, Scott Nathan, TNC, Will Horner Organizations: , Sustainable Business, Moody’s Investors Service, U.S . International Development Finance Corporation, Conservancy, Greenpeace, Bank of America Locations: Gabon, Africa, U.S, Belize, Seychelles, Barbados, Ecuador, Galápagos, william.horner
Chris Inglis, the former U.S. national cyber director who left the White House in February, has joined London-based corporate advisory firm Hakluyt & Co.Inglis, a veteran of the U.S. Air Force and the National Security Agency, was the first person to serve as national cyber director. His role in the White House was relatively short-lived. After being confirmed by the Senate in June 2021, he left the job in February 2023, a month before the release of his former office’s flagship National Cybersecurity Strategy. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. In addition to Hakluyt, Inglis has also rejoined Paladin Venture Capital, an investment company where he was employed before his most recent stint in the federal government, as a senior strategic adviser.
Persons: Chris Inglis, Hakluyt, Inglis, , Cybersecurity, Varun Chandra, Chandra, ChatGPT, it’s, ” Inglis, James Rundle Organizations: U.S, White, Hakluyt & Co, U.S . Air Force, National Security Agency, Senate, Cybersecurity, NSA, U.S . Securities, Exchange Commission, Infrastructure Security Agency, Paladin Venture Capital, Hakluyt Locations: London, cyberattacks, james.rundle
“It’s definitely a [mining] renaissance,” said Rebecca Campbell, global mining and metals lead at law firm White & Case. “We’re trying to foster a permitting landscape that is both efficient and responsible.”In Europe, the mining renaissance comes after years of nearly no new mining activity on the continent. Left: A layer of spodumene within the host rock that Savannah Resources intends to mine. Savannah Resources, which has set up two offices in the municipality, has said it would strictly avoid that and instead build reservoirs to store rain water. That view is echoed by Savannah Resources.
Persons: COVAS, Portugal —, Barroso, BEL, mina ”, , Nelson Gomes, Covas, Alex Gorman, , Nelson, YUSUF KHAN, “ It’s, Rebecca Campbell, ” “, Jayni Hein, Hein, “ We’re, Peel Hunt’s Gorman, Dale Ferguson, Gomes, Jessica Polfjärd, Polfjärd, Ana Fontoura Gouveia, Fontoura, ” Fontoura, Yusuf Khan Organizations: COVAS DO BARROSO, Associação, Peel, Vulcan Energy Resources, Adriatic Metals, White, Covington, Burling, Environmental, Council, Savannah Resources, Sustainable Business, Sweden’s Moderate Party, Serra Locations: Portugal, Porto, Boticas, Covas, It’s, Europe, Germany, Sweden, Bosnia, Finland, Greece, U.S, Savannah, London, spodumene, Serbia, China, yusuf.khan
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