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Jeffrey Ubben, Founder & CEO at ValueAct Capital, speaks on the Reuters Newsmaker event "The Future of Shareholder Activism" in Manhattan, New York, U.S., February 22, 2017. Ubben told investors in a memo he was winding down some funds and returning capital, two people familiar with the matter said on Wednesday. Ubben and Inclusive Capital, known as InCap, did not respond to calls and emails for comment. Last year more hedge funds closed their doors than launched, data from Hedge Fund Research show. More than two decades ago, Ubben, 61, who started his career at mutual fund giant Fidelity, founded ValueAct Capital in San Francisco.
Persons: Jeffrey Ubben, Andrew Kelly, Jeff Ubben, Ubben, InCap, Martha Stewart, John Paulson, Louis Bacon, Svea Herbst, Bayliss, Sabrina Valle, Josie Kao Organizations: ValueAct, Reuters, REUTERS, Capital Partners, Inclusive, Hedge Fund Research, Fidelity, Microsoft, Street Journal, Exxon, Rad Laboratories, Unifi Inc, Bayer, Svea, Thomson Locations: Manhattan , New York, U.S, San Francisco, Houston
View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. The comments are the first by the company on the future of the Cobre Panama mine's ownership since Tuesday's court ruling. Panama has seen unprecedented public protests after the government signed a new contract with First Quantum for its Cobre Panama mine. MacWilliam told the conference that given the events in Panama, it remains unclear when Cobre Panama will be able to resume operations. The mine closure also has consequences for the Central American nation, as Cobre Panama contributes about 5% to Panama's economy.
Persons: Laurentino Cortizo, Ryan MacWilliam, MacWilliam, Divya Rajagopal, Elida Moreno, Denny Thomas, Chizu Nomiyama, Nick Zieminski Organizations: Minerals, REUTERS, Aris, Rights TORONTO, Quantum, Scotiabank, Reuters, Jiangxi Copper Co, Central, Thomson Locations: Panama, Donoso, Canadian, Jiangxi, Central American, Lincoln
"This COP we need to see accelerated action from all parties," Matt Bell, EY Global Climate Change and Sustainability Services Leader, said. The business and finance sectors have long called for a global carbon emissions price that they say would level the playing field for polluters and make the switch to low-carbon more cost-effective. Confidence in voluntary carbon markets has fallen this year as critics question the environmental credibility of projects. "The last 10% of a (corporate) carbon reduction plan will always include some carbon removal credits," Leggett said, adding that "the market needs clarity on what that means." Reporting by Simon Jessop and Tommy Reggiori Wilkes; editing by Barbara LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Yves Herman, Matt Bell, Bell, Sultan Al Jaber, Virginie Derue, Katherine Dixon, Victoria Leggett, Leggett, Simon Jessop, Tommy Reggiori Wilkes, Barbara Lewis Organizations: REUTERS, United Nations, Sustainability Services, Reuters, ESG Research, AXA Investment, Accenture, Bain & Company, UBP, Thomson Locations: Dunkirk, France, Dubai, COP28, Paris, China, United States
Dow Inc. CEO Jim Fitterling goes one-on-one with Jim Cramer
  + stars: | 2023-11-28 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Dow Inc. CEO Jim Fitterling goes one-on-one with Jim CramerDow Inc. Chairman and CEO Jim Fitterling sits down with 'Mad Money' host Jim Cramer to talk quarterly results, economic headwinds, Dow's ESG efforts and more.
Persons: Jim Fitterling, Jim Cramer Dow, Jim Cramer, Dow's Organizations: Dow Inc, Jim Cramer Dow Inc
In a year of record-breaking climate disasters, shifting ESG priorities, and news about a looming environmental tipping point, the need for climate action has never been more urgent. Business Insider's second-annual Climate Action 30 list highlights 30 of these top global leaders working to address the climate crisis through collectivism, community, and accountability. The academics and scientists we've featured are at the forefront of uncovering and advancing some of the world's most significant climate discoveries. Together, the list showcases an eclectic mix of dedicated climate leaders — whether they're on the front lines, in the boardroom, at the policy table, or in the classroom. Climate Action 30 goes beyond recognizing the crisis — it empowers people to be part of the solution.
Persons: , we've Organizations: Business
Customers and investors are increasingly considering mining companies’ ESG performance. Photo: douglas magno/Agence France-Presse/Getty ImagesMining giant Anglo American is one of the companies that have been involved in developing the new mining standard. Anglo American itself commits to at least nine different mining standards and is part of 17 industry associations, which all have their own requirements. The LME has been consulted on the development of the new mining standard. For now, work continues on the new mining standard, with the four associations still discussing what it should look like and how it would be governed.
Persons: Cynthia Matonhodze, , , Tracey Kerr, douglas magno, Rebecca Campbell, ” Campbell, Campbell, Paul Hackett, Georgina Hallett, Yusuf Khan Organizations: Bloomberg, International Council, Mining, Metals, Gold Council, Mining Association of Canada, Miners, Business, Global Investor Commission, ING, Jubilee Metals Group, Hochschild, ” Mining, Agence France, Getty, White, London Metal Exchange, REUTERS Locations: Umguza, Zimbabwe, Dutch, Brazil, London, Brumadinho, American,
A logo of defense supplier Hensoldt AG is pictured during Hensoldt's initial public offering (IPO) at the Frankfurt Stock Exchange in Frankfurt, Germany, September 25, 2020. REUTERS/Ralph Orlowski/File Photo Acquire Licensing RightsNov 22 (Reuters) - Hensoldt (HAGG.DE) sees artificial intelligence (AI) and analytics as an area with investment opportunity, the German defence electronics maker said at its Capital Markets Day. "Investment opportunities arise, for example, in the areas of artificial intelligence and analytics as well as in the services and integration business," it said in a statement. According to slides from Hensoldt's Capital Markets Day presentation, the company plans to invest in AI development "across all business for all relevant products and solutions". Last week, Hensoldt announced plans for a capital increase to finance the acquisition of German military service firm ESG.
Persons: Ralph Orlowski, Thomas Mueller, Hensoldt, Andrey Sychev, Alexander Huebner, Miranda Murray Organizations: Hensoldt, Frankfurt Stock Exchange, REUTERS, IRIS, Hensoldt's, Markets, Thomson Locations: Frankfurt, Germany, Ukraine
Fossil fuel stocks have boomed (.dMIWO0OG00PUS) since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted (ORSTED.CO) and First Solar (FSLR.O) have also fallen sharply this year as higher interest rates and inflationary pressures squeeze profitability. European oil and gas companies including BP (BP.L) and Shell (SHEL.L) have increased renewable energy investment, although they are expanding production of dirtier energy too. Sustainability-minded investors, Müller said, needed more disclosures from firms about their plans for shifting to lower-carbon models, and regulatory clarity on labelling transition-focused funds. Morningstar estimates that 45% of funds have exposure to traditional energy, totalling 7 billion euros ($7.6 billion).
Persons: Markus Müller, Müller, Tommy Reggiori Wilkes, Susan Fenton Organizations: Deutsche Bank's Private Bank, Reuters, BP, Shell, ISR, Morningstar, Investors, Deutsche, Investment Office, Thomson Locations: Ukraine, France, Europe
At a time when social and environmental investments have been politicized, Ford and Land O’Lakes are staying the course. Courtesy Land O’Lakes, Inc.“We’re focusing on the things that are most important to our members, their families and to their businesses,” she told CNN. The EPA and the Hershey Company gave $2 million to Land O’Lakes member farms in Pennsylvania. Land O'Lakes CEO Beth Ford at the company's headquarters in Arden Hills, Minnesota, on July 29, 2021. In 2020, Land O’Lakes convened the American Connection Project coalition to advocate for public and private investment in high-speed internet infrastructure in rural communities.
Persons: , Beth Ford, Ford, Evan Hillan, don’t, Truterra, ” Ford, , Ford’s, Carol, , CNN’s Poppy Harlow, ‘ I’ve, ’ ” Ford, Harlow, Richard Tsong, I’ve, “ I’ve, O’Lakes, isn’t, Lucas Fuess, Kim Reynolds, Fuess, there’s, Kelly Garrett, ” Garrett, Garrett Organizations: Arden Hills , Minnesota CNN —, Fortune, Arden, Ford, CNN, Inc, US Environmental Protection Agency, EPA, Hershey Company, Pepsi, Mobil, Scholastic —, Star Tribune, Getty, American Connection, Biden, Republican, , Nature Locations: Arden Hills , Minnesota, Wisconsin, Truterra, Mill Hill , Pennsylvania, Pennsylvania, America, Ford, Sioux City , Iowa, Iowa, Iowa , Idaho , Kansas, Modale , Iowa, Inc, West, Arion , Iowa, American
Now Widodo also needs a free trade agreement (FTA) with the United States for Indonesian materials to qualify for the generous EV subsidies available under the Biden administration's Inflation Reduction Act (IRA). What it got after last week's bilateral meeting was a commitment "to develop a critical minerals action plan (...) with a view toward establishing the foundation to launch future negotiations on a critical minerals agreement". The joint statement included some pointers as to what the United States expects from that action plan in terms of environmental, social and governance (ESG) standards. A limited trade agreement on critical minerals could become an even more restricted deal if it were to apply only to non-Chinese material streams. South Korea has the advantage of having had an FTA with the United States since 2012.
Persons: Joko Widodo, Tesla, Widodo, Washington, Biden, Joe Manchin, Janet Yellen, Manchin, Trafigura, Emelia Sithole Organizations: Vale Tbk, U.S, Biden, GREEN, Benchmark Minerals, Australia, Greenpeace, of, Group, Minerals, Korea, Reuters, Thomson Locations: Sorowako, Indonesia's, Asian, United States, Indonesia, United, GREEN Indonesia, Philippines, Ulsan, South Korea, Morocco, South
View of the Cobre Panama mine, of Canadian First Quantum Minerals, in Donoso, Panama, December 6, 2022. This move would effectively suspend production at the Cobre Panama mine until coal supplies resume as the mine cannot operate without power, one of the sources said. Protests have escalated since the government and First Quantum signed a new contract on Oct. 20 for Cobre Panama, which contributes 1% to global copper production and 5% to Panama's gross domestic product. "The focus will be to maintain the tailings pond 24/7," one of the sources said about the maintenance. Panama's top court will hear the legality of the contract awarded to First Quantum from Nov, 24, the company said in the statement.
Persons: Divya Rajagopal, Julian Luk, Denny Thomas, Chizu, Marguerita Choy Organizations: Minerals, REUTERS, Aris, Rights, Cobre, Reuters, First, Thomson Locations: Panama, Donoso, Rights TORONTO, LONDON, Cobre Panama, Toronto, London
The social pillar of the environmental, social and corporate governance investing framework — known as ESG in short — has been dubbed the "middle child" largely due to data challenges. For years, the social pillar has been considered relatively nebulous and hard to quantify. And it comes despite the fact that the ESG investing framework has found itself in hot water politically. In these cases, she said the social pillar comes into play in ensuring a carbon transition is equitable and just. A fraught environmentGlobally, it appears social themes will become more clear and important to investors over time.
Persons: Michael Nagle, ESG, Michael Young, Young, They're, Marian Macindoe, Insperity, Fuller, Macindoe, that's, Yijia Chen Organizations: New York Stock Exchange, Bloomberg, Getty Images Bloomberg, Getty, Sustainable Institute, BNP, Securities and Exchange, Commission, Parnassus Investments, Irrational Capital, Microsoft, Apple, Apple Hospitality, Calvert Research, Management Locations: New York, U.S, United States, Harbor, ESG
The money management giant is looking for a new Washington, DC-based head of US government affairs and public policy as well as a new head of state government affairs, wrote John Kelly, BlackRock's global head of corporate affairs, in a previously unreported company memo last week. The overhaul, which includes reshuffling positions and a renamed government affairs and public policy group, reflects the tremendous pressure BlackRock is under in the public eye. Reshaping the key policy groupA string of roles in the public policy group are changing to meet this new reality. The firm's public policy group has about 40 people, some 25 of whom are on Cound's team focused on international policy. Novick launched the firm's public policy efforts in 2009.
Persons: John Kelly, BlackRock's, Kelly, BlackRock, Larry Fink, Fink, Samantha DeZur, Joanna Cound, Rachel Barry, Kate Fulton, Bryan Wood, Barbara Novick, Rob Kapito, Susan Wagner, Novick, Sheila Kindig, Jim Badenhausen, Kindig Organizations: BlackRock, Business, Republican Party, Texas Republicans, Bloomberg Locations: BlackRock, Washington, DC, Florida , Texas , Louisiana, South Carolina
REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLOS ANGELES, Nov 17 (Reuters) - Western lithium and graphite miners have started charging the electric vehicle (EV) supply chain higher prices for their material, meeting demand for environmentally-friendly and consistent supply that is not linked to China. Lithium, the lightest metal, is used to make a battery's positively charged cathode and prized for its ability to store energy. Miners say the surcharges make investors more comfortable financing new projects, especially as Chinese rivals have been known to sell metals below prevailing market rates. Brazil's Sigma Lithium (SGML.V) has already begun selling its production at prices it says reflects its sustainability. The surcharge talk comes despite recent plunges in a range of lithium prices.
Persons: Ivan Alvarado, Patrice Boulanger, Shaun Verner, Amanda Hall, surcharges, Hugues Jacquemin, Ernest Scheyder, David Gregorio Our Organizations: REUTERS, Washington, China, EV, Panasonic Energy, Miners, Syrah Resources, Department of Energy, Tesla, ESG, Summit, Thomson Locations: Antofagasta region, Chile, China, Los Angeles, Brussels, Beijing, North America, United States, Louisiana, North, South America, Quebec
View of the Cobre Panama mine, of Canada's First Quantum Minerals, in Donoso, Panama, December 6, 2022. Panama has a long mining history but Cobre Panama is the first major new investment this century. There are now calls not just for the Cobre Panama mine to be closed but for Panama to shun all future mining as well. By the time detailed negotiations on a new contract started in 2021, the mine was already ramping up to full production. The tale of Cobre Panama is an object lesson in getting it wrong.
Persons: El Salvador, Rosalba O'Brien Organizations: Minerals, REUTERS, Aris, Quantum, Environmental, Panama's, Justice, Supreme, Canada, Swedish Sámi Association, European Union, Reuters, Thomson Locations: Panama, Donoso, Rincon, Cobre Panama, Canada, American, Europe, Serbia, Scandinavia, Russia, Panamanian
[1/5] U.S. President Joe Biden meets with Indonesian President Joko Widodo for talks on regional security and clean-energy transition, among other things, in the Oval Office at the White House in Washington, U.S., November 13, 2023. Biden greeted Indonesian President Joko Widodo at the White House as the two leaders prepare for a Asia-Pacific Economic Cooperation (APEC) summit in San Francisco, where Washington hopes to reduce friction with Beijing. But the Biden administration is still concerned about environmental, social and governance (ESG) standards in Indonesia and is examining how such a deal might work. INDONESIA MAKES APPEAL TO U.S. ON GAZAJokowi, as the president is known, is also expected to press Biden on steps to end Israel's war with Hamas. Ceasefire is a must for the sake of humanity," Widodo said in the Oval Office before talks with Biden.
Persons: Joe Biden, Joko Widodo, Leah Millis, Joe Biden's, Xi Jinping, Biden, Xi, Widodo, Jokowi, Trevor Hunnicutt, Steve Holland, Michael Perry, Grant McCool Organizations: White, REUTERS, Rights, U.S, Economic Cooperation, Biden, Reuters, Thomson Locations: Washington , U.S, United States, Indonesia, Asia, San Francisco, Washington, Beijing, United, INDONESIA, GAZA, Gaza, Israel, Southeast Asia, China, Jakarta, Myanmar
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. "We need to build a funding model for green tech companies," Chuka Umunna, JP Morgan's (JPM.N) head of EMEA ESG and green economy investment banking, told the Reuters Energy Transition Europe 2023 event in London. This was partly because of the capital requirements for some green tech firms in early stages of development, he said. Investment into green tech was also being stymied by bureaucracy, including delays to permitting for the infrastructure needed for renewable energy and other projects. Umunna also said a shift to a greener, lower-carbon economy offered up a huge opportunity for banks such as JP Morgan.
Persons: Morgan Chase, Mike Segar, Morgan, Umunna, JP Morgan's, JP Morgan, Simon Jessop, Tommy Reggiori Wilkes, David Goodman, Alexander Smith Organizations: Co, New York City, REUTERS, EMEA, Reuters, Capital, British, Investment, Thomson Locations: New York, London, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchneider Electric: No one-size-fits-all solution for sustainabilityGwénaelle Huet, executive vice president of Europe operations for Schneider Electric, discusses the challenges facing corporates in meeting their ESG targets.
Persons: Gwénaelle Huet Organizations: Schneider, Schneider Electric
Sustainability-linked loans (SLL), which were first used in 2017, offer slightly cheaper borrowing, typically around 2.5-10 basis points less, if companies meet goals such as cutting their carbon emissions or improving board diversity. These let banks strip the sustainability-linked label from the loans if targets are no longer deemed appropriate. The banks' tougher standards are discouraging some borrowers from using SLLs entirely, bankers and lawyers told Reuters. The Engie spokesman said the utility would not agree to linking an event of default to sustainability targets. "We have stated our willingness to walk away when sustainability targets were too soft," said Brittany Agostino, vice president in the environmental, social and governance group at Los Angeles-based Ares.
Persons: Toby Melville, Banks, Constance Chalchat, Pascale Forde Maurice, Elliot Beard, Simmons, Beard, I've, David Milligan, Norton Rose Fulbright, Gemma Lawrence, Pardew, Brittany Agostino, Fredrik Altmann, Tommy Reggiori Wilkes, Isla Binnie, Shankar Ramakrishnan, Simon Jessop, Alexander Smith Organizations: FCA, Financial, Authority, REUTERS, LONDON, BNP, Corporate, Institutional Banking, Reuters, JPMorgan, Ford Motors, SLLs, CIB's, European, Sustainable Investment Banking, Simmons, Norton Rose, Market Association, BMW, Porsche, Thomson Locations: London, Britain, North America, Asia, Los Angeles, New York
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Persons: It's, Apex Crypto, It’s, Tessa Campbell, Read Organizations: Forbes, Robinhood, CFP, Invest, Trade, Ideas, Finance, New, Apex, M1 Finance
ESG is a 'growth engine' for us, says Veolia CEO
  + stars: | 2023-11-10 | 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 EmailESG is a 'growth engine' for us, says Veolia CEOEstelle Brachlianoff, CEOV of Veolia, discusses how companies can meet their ESG targets while maximizing profits.
Persons: Estelle Brachlianoff Organizations: Veolia
The firm upgraded shares to neutral from sell in a Wednesday note, and slightly increased its target price to $5.50 from $5. The firm upgraded the offshore drilling company to overweight from equal weight in a Thursday note and raised its price target to $106 from $84. The bank reiterated a buy rating on Disney with a $120 per share price target, or about 42% upside from Wednesday's $84.50 close. Bank of America's Jessica Reif Ehrlich also reiterated a buy rating on Disney, albeit with a $110 per share price target, which implies more than 30% upside. The bank initiated coverage of the electric vehicle giant with a reduce rating accompanied by a $146 per share price target.
Persons: Goldman Sachs, Ygal Arounian, — Brian Evans, Bud Light, Carlos Laboy, BUD, Brian Evans, EBITDA, Stephanie Yee, Parker, Banks, Parker Hannifin, Nicole DeBlase, Eddie Kim, Brett Feldman, Bank of America's Jessica Reif Ehrlich, Bob Iger's, Michael Montani, Greg Melich, — Fred Imbert, Tesla, Michael Tyndall Organizations: CNBC, Tesla, HSBC, ISI, Analysts, Citi, Anheuser, Busch InBev HSBC, Busch InBev, Middle America, InBev, BUD, JPMorgan, Montrose Environmental, Deutsche Bank, Barclays, Disney, Bank of America's Locations: China, U.S, North America, Montrose, 3Q23, EBITDA, Valaris
ITT CEO Luca Savi sits down with Jim Cramer
  + stars: | 2023-11-09 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
ITT CEO Luca Savi sits down with Jim CramerITT President and CEO Luca Savi sits down with 'Mad Money' host Jim Cramer to talk ESG priorities, the stock's stellar performance, its $1 billion stock buyback and more.
Persons: Luca Savi, Jim Cramer Organizations: ITT, Jim Cramer ITT
US banking executives talk soft landing, capital rules
  + stars: | 2023-11-08 | by ( ) www.reuters.com   time to read: +3 min
[1/2] Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsNov 8 (Reuters) - Top U.S. banking executives on Wednesday allayed fears of a recession, with Bank of America (BAC.N) CEO Brian Moynihan reiterating his expectation of a soft landing for the economy. Here are some excerpts from their interviews at the Reuters NEXT conference in New York:BRIAN MOYNIHAN, CEO AT BANK OF AMERICASOFT LANDING EXPECTATIONS"Our research team is the best in the business. They have moved to the soft landing category. ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES"On a given day, we are criticized for being a large lender to energy companies.
Persons: Brian Moynihan, Brendan McDermid, BRIAN MOYNIHAN, HOLLY O'NEILL, JIM ESPOSITO, GOLDMAN SACHS, Niket Nishant, Manya Saini, Lananh Nguyen, Saeed Azhar, David Gregorio Our Organizations: Bank of America, REUTERS, U.S, Reuters NEXT, OF, GOLDMAN, Reuters, reuters, Thomson Locations: New York City , New York, U.S, New York
The logo and trading information for Lazard Ltd appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. "They're trying to create all these delineations and then there are essentially loopholes everywhere. And we're ending up with really more confusion than the original intention," said Nikita Singhal, co-head of sustainable investment and ESG at Lazard's asset management arm. Max Chen, partner at Chinese private equity firm Primavera Capital, said international investors were "really faced with a competing standard" and "really need to navigate through that process" of increased regulation. Reporting by Isla Binnie Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Nikita Singhal, Max Chen, Isla Binnie, Chris Reese Organizations: Lazard Ltd, New York Stock Exchange, REUTERS, Companies Lazard, Lazard, Reuters, Primavera Capital, Thomson Locations: New York, U.S, Europe
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