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☆ BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
▼ + stars: | 2023-06-21 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Crypto influencers seized on BlackRock's application to launch a bitcoin exchange-traded fund. Some said it sends a bullish sign to the wider crypto market; others spread conspiracy theories. The attention underscores the relatively new scrutiny BlackRock faces in the mainstream. "So BlackRock, Citadel, Deutsche Bank and NASDAQ have all started to enter the crypto space in the last week. Citadel, BlackRock, Schwab JPMorgan…" (These tweets refer to Citadel, the hedge fund founded and led by billionaire Ken Griffin.

Persons: Crypto influencers, BlackRock, Matt Hougan, Michael Novogratz, Brian Armstrong, Morgan Chittum, permissioned blockchains, Fink, bitcoin, Crypto, They've, Schwab JPMorgan …, Ken Griffin, Griffin, That's, Rich Latour, Latour Organizations: BlackRock, Morning, US Securities and Exchange Commission, Coinbase, Bitwise Asset Management, Galaxy Digital, SEC, Citadel, Deutsche Bank, NASDAQ, Citadel Securities Locations: bitcoin, BlackRock, cryptoland

☆ House GOP retirement fund bill takes aim at ESG investing
▼ + stars: | 2023-06-21 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

House Republicans are continuing their attempt to pump the brakes on so-called "woke" investing with new legislation that could place limits on financial advisors and retirement funds. Rep. Andy Barr, R-Ky., will introduce a bill Wednesday that would target funds that consider environmental, social and governance issues, known as ESG. Barr's measure would update the Employee Retirement Income Security Act to require retirement funds to focus only on maximizing profits, limiting the ability to invest in ESG options. In addition, advisors would need to disclose the difference in fees and performance between ESG funds and a similar index. Proponents say ESG investing is intended to promote the social good, although critics say it hurts investors.

Persons: Andy Barr, Kevin McCarthy, Bill Huizenga, Barr, fiduciaries, Jared Golden, Joe Manchin, Jon Tester —, Joe Biden, who's, Andy Beshear, Brad Sherman Organizations: Investments, U.S, Capitol, Republicans, CNBC, Biden, — Rep, Sens, Senate, Financial, Republican, Democratic, California Democrat, Financial Services Locations: Ky, ESG, America, Kentucky, California

☆ Here are Wednesday's biggest analyst calls: Nike, Tesla, Amazon, Apple, Adobe, Uber, Micron and more
▼ + stars: | 2023-06-21 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Petrobras to buy from neutral Goldman Sachs said the Brazilian petroleum company has an attractive valuation. "As such, we believe the potential for sustained upside to Street OI estimates ahead will be a key catalyst for shares." Citi initiates Everest as buy Citi initiated coverage of the insurance company and said it's "capitalizing on the most favorable reinsurance underwriting environment in decades." Goldman Sachs reiterates Nike as buy Goldman Sachs said it's standing by its buy rating heading into Nike earnings next week. Goldman Sachs reiterates Micron as buy Goldman said it's standing by its buy rating on the stock heading into earnings next week.

Persons: Barclays downgrades Tesla, Goldman Sachs, Wolfe, it's bullish, TD Cowen, Ralph Lauren, it's, Cowen, Jefferies, OneSpaWorld, Oppenheimer, Uber, Bud, JPMorgan, Tyler, Goldman, Bernstein, Oracle, Needham, Christine McCarthy, Snowflake, Shopify, Morgan Stanley, Dell, Yvonne McGill, Apple Organizations: Street, Barclays, LT, Petrobras, Spotify, BMO, Adobe, Citi, Bank of America, FedEx, Nike, IAC, Amazon, Molson Coors Citi, TAP, Tyler Technologies, Micron, Oracle, — Oracle, Windows, Disney, DIS, Carnival, TAM, Deutsche Bank, Dell, IR, Apple Locations: OW, 2H23, Nike's

☆ Republicans raise concerns over ESG investment funds
▼ + stars: | 2023-06-21 | 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 EmailRepublicans raise concerns over ESG investment fundsCNBC’s Emily Wilkins joins 'Power Lunch' to report on the GOP's fight against ESG investing.

Persons: Emily Wilkins

☆ Next-generation smoking products may be underappreciated in this tobacco stock, Citi says
▼ + stars: | 2023-06-20 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors may not fully appreciate how much next-generation products, or NGPs, can help Philip Morris , Citi said. Analyst Simon Hales upgraded the tobacco stock to buy from neutral and raised his price target by $8 to $117. His new target implies shares can gain 23.3% over the next year. Those smoke-free products have helped stabilized nicotine after combustibles' fall from grace. In fact, Hales said sales of Philip Morris' heated tobacco products should grow at a five-year compound annual rate of around 18%.

Persons: Philip Morris, Simon Hales, Hales, — CNBC's Michael Bloom Organizations: Citi, Marlboro Locations: combustibles

☆ This veteran investor's funds have been outperforming since 2006. Here are his top investing tips
▼ + stars: | 2023-06-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

Those are the qualities that outperforming portfolio manager Jordan Cvetanovski has looked for in stocks for the past nearly 20 years. Since its inception in 2022 to May 31, his Pella Global Generations Fund has delivered nearly 20%, outperforming its benchmark — the MSCI ACWI (the MSCI's flagship global stock index) — by 7%. As an investor, Cvetanovski, who is based in Sydney, Australia, said he invests only in his own 34-stock fund, the Pella Global Generations Fund. Investing 'won't be as simple as it was' Cvetanovski said his method of investing has stayed "exactly the same" through the years. Following sustainability criteria is one of Pella Global Generations Fund's objectives.

Persons: Jordan Cvetanovski, I've, …, Carmignac, Cvetanovski, IQVIA, there's, Tesla, EVs Organizations: CNBC Pro, Pengana International, Pengana Capital Group, Fund, Generations Fund, Pella Funds, 3i, Adobe, McLennan, Novo Nordisk, UnitedHealth Locations: Pella, Sydney, Australia, China, U.S, Europe

☆ Green alliance crisis is more than just a US drama
▼ + stars: | 2023-06-19 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

Back in March the Net-Zero Insurance Alliance (NZIA) boasted 30 members, representing about 15% of global premium volume. Now the NZIA, a key financial forum for insurers to set decarbonisation targets and a part of the Glasgow Financial Alliance for Net Zero (GFANZ), has shrunk to just 13 companies. Even those who choose to stay in the NZIA risk losing business due to state politicians pursuing a “war on woke”. NZIA, part of the Glasgow Financial Alliance for Net Zero set up by U.N. climate envoy Mark Carney, requires members to commit to reducing their greenhouse gas emissions. In rapid succession Japanese insurers Sompo Holdings, MS&AD and Tokio Marine as well as Australia’s QBE Insurance quit the net-zero alliance in late May.

Persons: Beneva, Mark Carney, French reinsurer Scor, Lloyd’s, John Neal, George Hay, Oliver Taslic Organizations: Reuters, Global, United Nations, Zero Insurance, Glasgow Financial Alliance, Zero Banking Alliance, Alliance, European Union, Reuters Graphics Reuters, ”, Zurich Insurance, Munich Re, Hannover Re, Allianz, Axa, French, Sompo Holdings, Tokio Marine, QBE Insurance, Thomson Locations: United, United States, Germany, NZIA, Munich, Tokio, London

☆ This compact fund beats the market and provides a downside cushion in tough times
▼ + stars: | 2023-06-18 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

While now considered compact with 40 holdings, portfolio manager Andrew Choi said it has become known for its cushion when the market hits a bad patch. " The fund has returned 10.9% annually since its inception, compared with a 9.9% year gain over the same period for the broad S & P 500. PRBLX .SPX YTD mountain The fund vs. the S & P 500 'Dancing in the right places' The fund was created in 1992, about eight years after the firm itself began. He said the fund finds stocks that can provide downside cushion by looking at moats and management teams. Rolling returns over the past five years show the fund outperforming the S & P 500 and Russell 1000 about 60% of the time.

Persons: Andrew Choi, Choi, Morningstar, Todd Ahlsten, Ahlsten, Warren Buffett, Biden's, they're, Salesforce, Charles Schwab, Apple, Big, Stephen Welch, it's, Russell, sharpe, Welch Organizations: Equity Fund, firm's CIO, GOP, Semiconductor, Devices, Nvidia, Bank of America, Microsoft, Apple, Deere, Linde, Procter, Gamble, Adobe, Mastercard Locations: downturns

☆ Chipotle wants you to think composting before burrito bowl becomes trash
▼ + stars: | 2023-06-18 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

Composting has been a key part of that for Chipotle, and the fast-casual restaurant chain is expanding that focus this year. In 2023, Chipotle has set a goal to institute composting programs in at least 23% more restaurants, or approximately 234 additional locations. In certain jurisdictions, compostable products have to be fiber-based, while in others plant-based compostable products are accepted. Infrastructure is key for Chipotle, Shibata said, as there are many Chipotle restaurants in areas where there is no facility that can compost certain items. She sees more jurisdictions pushing in the direction of more composting, and said that a focus from companies like Chipotle on composting will help generate momentum.

Persons: Brandon Bell, Chipotle, Brian Niccol, Laurie Schalow, Lisa Shibata, Shibata, We've, Frank Franciosi, Franciosi, Schalow Organizations: Mexican Grill, Getty, composted, Companies, New, New York City, Seattle Locations: Mexican, Austin , Texas, Chipotle, U.S, New York, West Coast, San Francisco

☆ While fights rage over big brands like Bud Light and Target, other companies have stepped back and are quietly improving LGBTQ+ representation from the inside
▼ + stars: | 2023-06-18 | by ( Tim Paradis | ) www.businessinsider.com time to read: +6 min

Big brands from Bud Light to Disney to Starbucks have recently been entangled in the culture wars. Their involvement in LGBTQ+ representation has made waves among advocates and conservatives alike. But more big companies are quietly working behind the scenes to boost LGBTQ+ representation. Among these same big companies, the number of LGBTQ+ board members rose to 39 from 26 last year. The fracas has now pushed Bud Light from atop the list of best-selling beers in the US.

Persons: Bud Light, —, Garth Brooks, Paul Washington, Washington, they've, Roe, Brian Bueno, Dylan Mulvaney, Sarah Kate Ellis, Ellis, Bueno Organizations: Starbucks, Service, Disney, Adidas, LA Dodgers, Fortune, Nasdaq, Leadership, Companies, ESG, Board, Supreme, Farient Advisors, Global Governance, Group, GLAAD, Nike Locations: Americana, Wade, America

☆ Op-ed: In battle with activist Jana Partners, Freshpet unleashes the dogs of war
▼ + stars: | 2023-06-17 | by ( Kenneth Squire | ) www.cnbc.com time to read: +9 min

Morris's employment agreement does not have such a provision. Section 7 of his employment agreement governs non-competition and non-solicitation. Basto resigned from Freshpet's board, effective May 31, according to a filing with the Securities and Exchange Commission. Jana attempted to address this by talking to Freshpet about improving corporate governance and adding new directors identified by Jana to the board. The Freshpet board should have looked at this as a gift from heaven.

Persons: Jana Partners, Freshpet, Jana, Scott Morris, Laurence Tribe, Morris, Richard Kassar, J, David Basto, Olu Beck, Basto, Jana directors, –, Shakespeare, Ken Squire, Squire Organizations: Hive Brands, Freshpet, Company, Securities and Exchange Commission, Institutional, Services, 13D Locations: Freshpet, Delaware

☆ Exclusive: Mondelez 'singled out' in boycott over Russia business, exec says
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +6 min

"If you look in most kitchen cupboards, you will see many products from food and beverage companies that have not exited Russia." Mondelez rivals in chocolate including Nestle (NESN.S) still operate in Russia as do many other consumer products companies. Reuters GraphicsShipments of all Mondelez products to Russia jumped to 45 million kilograms from 28.7 million kilograms in the same time periods, according to the data. Mondelez also said Thursday it was continuing to reduce its activities in Russia and expects further volume and sales declines. Jan Kæraa Rasmussen, head of environmental, social and governance (ESG) and sustainability at Mondelez investor PensionDanmark, said the Danish pension fund considers the "downscaling of their business in Russia a progression.

Persons: Vinzenz Gruber, Gruber, Mondelez, Mondelez's, Nestle, Nestle didn't, Jan Kæraa Rasmussen, PensionDanmark, Rasmussen, Jessica DiNapoli, Maurice Tamman, Terje Solsvik, Anna Driver Organizations: YORK, Reuters, Mondelez, SAS, Ukraine's National Agency for, Facebook, Russian Embassy, Nestle, confectionary, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Europe, Russia, Nordics, Sweden, Norway, Nordic, Ukraine, Russian, Washington ,, Danish, New York

☆ Company execs used to trumpet their diversity and climate efforts. Now not so much
▼ + stars: | 2023-06-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Just 74 members of the S&P 500 even mentioned “ESG” in their first quarter earnings calls, according to new FactSet data. ESG funds have also lost popularity with investors. Total assets under management in ESG funds fell by about $163.2 billion globally during the first quarter of 2023 from the year before, according to data provider Lipper. The Congressman asked whether the company’s diversity initiatives were “directing resources away from the important things like greasing wheel bearings?”Companies “see that certain terms have become lightning rod terms. “You can say you’re increasing diversity initiatives just for the optics, but without data to back it up, you’ll eventually get called out by stakeholders,” he said.

Persons: New York CNN —, George Floyd, “, “ ESG, It’s, —, Lipper, What’s, Bud Light, influencer Dylan Mulvaney, Mike Collins of, ”, Douglas Chia, Chia, they’re, ” It’s, David Duffy, they’ll, you’ll, ’, Powell, Bryan Mena, Jerome Powell, ” Powell, Dow, Stocks, Beyoncé, Anna Cooban, Michael Grahn, ” Grahn, Bruce Springsteen, Grahn, that’s Organizations: CNN Business, Bell, New York CNN, InBev, Silicon Valley, Norfolk Southern, Conference Board’s ESG, . Firms, Securities and Exchange Commission, Federal Reserve, KPMG, Corporate Governance Institute, “, Nasdaq, Danske Bank, Reuters, CNN Locations: New York, Ukraine, United States, America, Silicon, Mike Collins of Georgia, East Palestine , Ohio, Denmark, Stockholm, Sweden, Swedish, Gothenburg

☆ US House Judiciary leader subpoenas documents from climate groups
▼ + stars: | 2023-06-14 | by ( Ross Kerber | ) www.reuters.com time to read: +1 min

June 14 (Reuters) - A U.S. congressional leader on Wednesday issued a subpoena seeking information from climate activists over antitrust issues, joining other Republicans who have criticized companies' growing concern for environmental, social and governance (ESG) matters. Ceres is a sponsor of the latter, an investor coalition aiming to convince companies to address climate change by cutting emissions or disclosing transition details. The letter included a subpoena and states Ceres did not adequately respond to a previous information request. He said membership in the coalition did not pose antitrust issues since investors chose whether to join and use the group to engage with stock issuers. It's like you and your friend deciding you want to get a burger so you go to a burger place," he said.

Persons: Jim Jordan, Ceres, Mike Boudett, Ross Kerber, Matthew Lewis Organizations: U.S, Republican, Thomson Locations: Boston

TOKYO, June 13 (Reuters) - Toyota (7203.T) faces an unprecedented challenge at its annual shareholder meeting on Wednesday, with some pension funds voting against Chairman Akio Toyoda on governance issues, while seeking more disclosures on the Japanese automaker's climate lobbying. Two prominent U.S. proxy advisers have flagged concern about Toyota's board independence. The step comes as companies across Japan face more pressure from investors, especially on environmental, social and governance (ESG) issues. The strong financial performance has meant concerns about board independence have largely been shrugged off, said Kazunori Suzuki of Waseda Business School. He enjoys strong support from individual investors and the many suppliers and Toyota group companies among its shareholders.

Persons: Akio Toyoda, Toyoda, Kentaro Shibata, Kazunori Suzuki, Anders Schelde, Denmark's, AkademikerPension, AkademikerPension's Schelde, Nicholas Benes, Benes, that's, Makiko Yamazaki, Maki Shiraki, Daniel Leussink, David Dolan, William Mallard, Clarence Fernandez Organizations: Toyota, Nikkei, Waseda Business School, Tokyo, Exchange, Services, International Paralympic Committee, Sumitomo Mitsui Financial Group, Training, of Japan, Nissan, Honda, Reuters, Thomson Locations: TOKYO, New York, Japan, Toyota

An internal Union Investment document seen by Reuters shows that the firm received just 30 responses to its outreach. Although consumer goods manufacturers are particularly exposed, other sectors that import goods associated with deforestation, including commodities houses and industrials companies, will also face scrutiny. Consumer goods makers are counting on technology such as satellites and artificial intelligence to help eradicate deforestation from their supply chains. Several large consumer goods companies say they are close to meeting their ambitious zero-deforestation goals. "The EU rules make deforestation a financial risk as well as an environmental risk."

Persons: Ueslei Marcelino, Henrik Pontzen, Pontzen, Janus Henderson, Jonathan Toub, haven't, Snorre Gjerde, Christophe Hansen, Magdi Batato, Kit Kat, Nestlé, David Croft, Reckitt's, Arild Skedsmo, Richa Naidu, Kate Abnett, Matt Scuffham, David Evans Organizations: REUTERS, Reuters, EU, Germany's, Investment, Unilever, ESG, Union Investment, Nestle, Pepsico, Danone, L'Oreal, KLP, Aviva, Fidelity International, Reckitt, UN Food and Agriculture Organization, Consumer, Thomson Locations: Uruara, Para State, Brazil, NBIM, Nescafe, London, Brussels

ESG ratings providers must stop providing consulting services to investors, stop the sale of credit ratings and the development of benchmarks among other things, according to the EU's draft legislation published on Tuesday. "ESG ratings agencies that score companies on governance factors are completely unregulated so it's very difficult to compare ratings by different agencies. Agencies providing ESG ratings include S&P Global (SPGI.N), Moody's (MCO.N), MSCI (MSCI.N)> and Morningstar's (MORN.O) Sustainalytics. Britain has also outlined plans to regulate ESG ratings providers where the rating is used by anyone in the UK. In March, the finance ministry published a consultation on regulating ESG ratings providers, saying it saw a "clear benefit" from improving the transparency of methodologies as well as rating providers' governance and processes.

Persons: Mairead McGuinness, Markus Ferber, Ferber, Julia Payne, Tommy Reggiori Wilkes, Sinead Cruise, Mark Potter, Ed Osmond Organizations: European, European Securities and Markets Authority, Financial Services, P, Global, Morningstar, Conservative European, European Commission, Thomson Locations: EU, BRUSSELS, LONDON, Britain, Europe

☆ AI hype could end up like the dot-com bubble, veteran investor warns: 'I'd put much larger odds on it coming down'
▼ + stars: | 2023-06-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Investors are loving AI right now, with chipmaker Nvidia sitting near a $1 trillion market cap. But a veteran investor told Bloomberg it "smells very much like the dot-com era." The AI boom could end up the same way as the dot-com bubble, a veteran ESG investor warned in a recent Bloomberg interview. And new research indicated that the generative AI market could become a $1.3 trillion industry by 2032. "I think the market has got a little bit over its skis," Penny told Bloomberg.

Persons: Sam Altman, James Penny, –, ChatGPT –, Penny, I'd Organizations: Nvidia, Bloomberg, Companies, TAM Asset Management, Amazon

Kraken vs. Coinbase: The Biggest DifferencesCompare Kraken and Coinbase KrakenCoinbase Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. These levels determine which account features you can access, as well as represent the amount of documentation you provide when setting up your Kraken account. Kraken Account FeaturesIf you're an institution or an advanced trader, there's no shortage of services at Kraken. The standard Coinbase account includes crypto trading, Coinbase Earn, Coinbase Card (a Coinbase debit card), wallet services, and more. Coinbase and Kraken are both great cryptocurrency exchanges with large cryptocurrency selections, account features, NFT beta marketplaces, and more.

Persons: Coinbase, Min, webinars —, Kraken, Roth IRAs, Coinbase Waller, you'll Organizations: US Securities and Exchange Commission, SEC, Chevron, Coinbase, Trade, Pro, OTC, Better, Bureau, Inc, New York State Department of Financial Services, New, DFS, iOS Locations: New York, Washington

☆ Nasdaq deepens fintech push with $10.5 bln Adenza deal
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Nasdaq said buying Adenza is expected to increase the medium-term organic revenue growth outlook for its Solutions Businesses, which designs and develops financial software for investors, from 7%-10% to 8%-11%. It intends to issue about 14.5% of its outstanding shares to the owners of Adenza, which is controlled by Thoma Bravo. Adenza, which makes software used by banks and brokerages, is expected to hit about $590 million in annual 2023 revenue, Nasdaq added. The upbeat results came on the back of the company's $2.75 billion deal for anti-financial crime software firm Verafin. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are financial advisors to Nasdaq, while Qatalyst Partners LP is lead financial advisor to Thoma Bravo and Adenza on the deal.

Persons: Thoma, Adena Friedman, Tal Cohen, Friedman, Adenza, Goldman Sachs, Manya Saini, Nivedita Organizations: Nasdaq, Thoma Bravo, Solutions, Wall, Goldman Sachs & Co, Morgan Securities, Qatalyst, Thomson Locations: U.S, Bengaluru

☆ What I Learned About ‘Woke’ Capital and Milton Friedman at the University of Chicago
▼ + stars: | 2023-06-09 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Saieh Hall for Economics at the University of Chicago. Photo: Beata Zawrzel/Getty ImagesAhead of three months studying in Chicago, the home of Milton Friedman, I expected to be surrounded by anti-ESG, pro-capitalist supporters of the status quo in American finance. The University of Chicago has such a reputation as the bastion of free markets that the pure capitalism it espoused was dubbed “freshwater economics” for the lakeside location.

Persons: Saieh, Beata Zawrzel, Milton Friedman Organizations: for Economics, University of Chicago, The University of Chicago Locations: Chicago

☆ To Get Politics Out of Business, Get Business Out of Politics
▼ + stars: | 2023-06-09 | by ( James Mackintosh | ) www.wsj.com time to read: 1 min

Persons: Saieh, Beata Zawrzel, Milton Friedman Organizations: for Economics, University of Chicago, The University of Chicago Locations: Chicago

☆ US companies face less pressure for climate and social reforms
▼ + stars: | 2023-06-09 | by ( Ross Kerber | ) www.reuters.com time to read: +3 min

REUTERS/Jeenah MoonJune 9 (Reuters) - Shareholder support for proxy resolutions on topics including climate change and workforce diversity dropped significantly this spring, analysts said, as tough proposals from activists met with growing political pressure on fund firms' voting. Support for resolutions on social issues fell to 20% this year so far, from 26% in 2022 and 33% in 2021, Georgeson said. He declined to discuss specific companies, but his description fit results like at major U.S. banks that defeated calls to wind down financing for major fossil fuel projects. "These dynamics have led to an overall decline in investor support for environment and social shareholder proposals," Colton said. Both have previously said they vote on a case-by-case basis and noted an increasing number of proposals affect support rates.

Persons: Russell, Georgeson, Kilian Moote, ESG, Sow, Andrew Behar, Ford, Behar, Benjamin Colton, Colton, Scott Shepard, Ross Kerber, Sabrina Valle, Lincoln Organizations: New, REUTERS, Ford, eBay, Exxon, Street Global Advisors, BlackRock, Vanguard, Center for Public Policy Research, IBM, National Center, Thomson Locations: New York City, Manhattan, Weehawken , New Jersey, U.S, China, Houston

☆ This water tech stock can rally nearly 25% following 'transformative' acquisition, Goldman says
▼ + stars: | 2023-06-08 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Investors should buy Xylem after its acquisition of fellow water technology firm Evoqua, Goldman Sachs said. The bank reinitiated its buy rating on Xylem with a price target of $133, which implies a 24.2% upside from where the stock finished Wednesday's session. In the deal, Lee said the company gains a portfolio of water treatment solutions and better placement in U.S. industrial end markets. And the acquisition only "further strengthens its status as a clear ESG winner," Lee said. Any difficulties with acquisition integration could also impact the stock, he said.

Persons: Goldman Sachs, Evoqua, Brian Lee, Lee, — CNBC's Michael Bloom Locations: North America

☆ Climate change: The world's biggest companies have made almost no progress on limiting greenhouse gas emissions since 2018
▼ + stars: | 2023-06-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —The vast majority of the world’s biggest companies have done almost nothing in the past five years to cut their planet-heating pollution enough to avoid catastrophic climate change. Large companies are either more likely to contribute to extreme levels of warming or are not disclosing their greenhouse gas emissions at all, according to a new report from ESG Book, seen by CNN. Slow progressIn its analysis, ESG Book assigned “temperature scores” to companies based on publicly reported emission data and factors such as emission reduction targets to determine firms’ contribution to global climate goals. It accounted for direct emissions from operations as well as indirect emissions from use of the companies’ products. Still, slightly more than $1 trillion is expected to flow toward oil, gas and coal this year, significantly above the level consistent with the world reaching net-zero emissions by 2050, the IEA said.

Persons: ”, Daniel Klier, we’re, ” Klier, Fatih Birol Organizations: London CNN, CNN, Shell, BP, European Union, EU, International Energy Agency, World Meteorological Organization Locations: Paris, United States, United Kingdom, China, India

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