Wells Fargo plans to sell its asset management business for $US3 billion after posting a 57% drop in third-quarter profits, according to Reuters. The bank’s wealth management arm, which caters to high-net worth clients, would remain part of the business. The US bank has held talks with potential asset management […]
Suncorp has announced it will stop insuring oil and gas projects over the next five years, and will end direct investment by 2040. The policy leaves QBE as the last Australian-based insurer to be exposed to gas fields. However, while environmentalists welcomed the move, they have pointed out there are […]
Pizza Express said it may close 15% of its UK restaurants as part of a restructuring that puts up to 1,100 jobs at risk. The pizza chain also plans to transfer majority ownership from its current owner, Chinese private equity firm Hony Capital, to debtholders so it can secure funding […]
Revelations that UniSuper, Australia’s default fund for university staff, has billions invested in fossil fuel companies has roiled members. More than 10,000 of them have now signed a petition demanding the fund divest. Market Forces, which circulated the petition, said “instead of paying lip-service, UniSuper can and must be at […]
Four big Australian super funds have had their record on climate action slammed, with new data revealing they remain heavily invested in fossil fuels. AustralianSuper, UniSuper, Hostplus, and HESTA control around $360 billion of the reitrement savings for more than 4.5 million Australians. While they maintain they wield their stakes […]
The Prime Minister has revealed he and the Attorney-General are looking to outlaw “indulgent and selfish practices” that threaten the mining sector and other environmentally-damaging industries. In a speech to the Queensland Resources Council, Morrison launched a scathing attack on ‘radical activism’ heaping pressure on coal miners in particular. Above […]
BlackRock, the world’s biggest asset manager lost $US90 billion in the last decade through its investments in fossil fuel companies, a new report by an economics think-tank found. BlackRock’s investments lost investors an estimated $US90 billion over the past decade “due largely to ignoring global climate risk,” the Institute for […]
Kellogg has agreed to sell its Keebler and Famous Amos brands, as well as its fruit-snacks business, to Ferrero for $US1.3 billion. The deal is expected to close by the end of July, the companies said in a statement on Monday. Watch Kellogg trade live. Kellogg agreed on Monday to […]
Students at Barnard, a women’s college, voted to divest from companies that do business in Israel. Israel has a good record on women’s rights. The Boycott, Divestment, and Sanctions campaign is misguided and misrepresents the Israeli-Palestinian conflict. If you congratulated an Israeli woman on finally earning the right to drive, […]
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