European stocks slightly lower as caution returns ahead of Davos

European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference . The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%. Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instabili


European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference .
The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%.
Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instabili
European stocks slightly lower as caution returns ahead of Davos Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith chloe taylor, elliot smith, chloe taylor
Keywords: news, cnbc, companies, business, worlds, unchanged, traded, tensions, returns, caution, davos, trade, wef, trump, slightly, lower, vice, stocks, world, ahead, european


European stocks slightly lower as caution returns ahead of Davos

European markets traded slightly lower on Monday as policymakers and business leaders gather in Davos, Switzerland for the annual World Economic Forum (WEF) conference .

The pan-European Stoxx 600 was down 0.1% during afternoon trade, with household goods falling 0.9% to lead losses while insurance stocks added 0.5%.

Climate change and sustainable business will be a key focus for delegates at this year’s WEF summit, but other political risks such as international trade and geopolitical instability are also likely to be on the agenda.

Elsewhere, the People’s Bank of China kept its loan prime rate unchanged on Monday, sending Asian shares higher. The decision came after President Donald Trump and Chinese Vice Premier Liu He signed a long-awaited “phase one” trade deal on Wednesday, easing tensions between the world’s two largest economies.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: elliot smith chloe taylor, elliot smith, chloe taylor
Keywords: news, cnbc, companies, business, worlds, unchanged, traded, tensions, returns, caution, davos, trade, wef, trump, slightly, lower, vice, stocks, world, ahead, european


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The world’s 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed. In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality. Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxu


The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.
In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.
Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion.
The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxu
The world’s 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: chloe taylor
Keywords: news, cnbc, companies, worlds, world, report, net, worth, richest, wealth, billion, combined, oxfam, sitting, person, billionaires, 2153


The world's 2,153 billionaires have more wealth than 4.6 billion people combined, Oxfam says

The world’s 2,153 billionaires have more wealth between them than a combined 4.6 billion people, new research has claimed.

In a study published Monday, international charity Oxfam called on governments to implement policies that may help to reduce wealth inequality.

The report comes as delegates gather in Davos, Switzerland, for the annual World Economic Forum conference.

“If everyone were to sit on their wealth piled up in $100 bills, most of humanity would be sitting on the floor,” its authors said.

“A middle-class person in a rich country would be sitting at the height of a chair. The world’s two richest men would be sitting in outer space.”

Amazon founder Jeff Bezos is currently the richest person in the world, according to Forbes, with a net worth of around $116.4 billion. The second wealthiest person on the planet is Bernard Arnault, a French billionaire who owns luxury goods group LVMH and has a net worth of $116 billion.

Oxfam’s report noted that someone who saved $10,000 a day since the construction of the Egyptian pyramids would still be 80% less wealthy than the world’s five richest billionaires.


Company: cnbc, Activity: cnbc, Date: 2020-01-20  Authors: chloe taylor
Keywords: news, cnbc, companies, worlds, world, report, net, worth, richest, wealth, billion, combined, oxfam, sitting, person, billionaires, 2153


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An intensifying climate crisis threatens more than half of the world’s GDP, research claims

Burnt trees are seen in Mallacoota on January 15, 2020 , Australia. The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks. Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report. Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Eco


Burnt trees are seen in Mallacoota on January 15, 2020 , Australia.
The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks.
Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report.
Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Eco
An intensifying climate crisis threatens more than half of the world’s GDP, research claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: sam meredith
Keywords: news, cnbc, companies, wef, exposed, claims, trees, threatens, research, mallacoota, worlds, half, gdp, intensifying, world, nature, crisis, climate, following


An intensifying climate crisis threatens more than half of the world's GDP, research claims

Burnt trees are seen in Mallacoota on January 15, 2020 , Australia. The Princes Highway between Mallacoota and Orbost remains closed to public due to the risk of falling trees following the devastating bushfires that have swept through East Gippsland in recent weeks.

Over half of the world’s GDP (gross domestic product) is exposed to risks from nature loss, according to a new report.

It comes following a 12-month period which reportedly saw the hottest year on record for the world’s oceans, the second-hottest year for global average temperatures and wildfires from the U.S., to the Amazon, to Australia.

The report, which was produced by WEF in collaboration with PwC U.K., found that $44 trillion of economic value generation — more than half of the world’s GDP — is “moderately or highly dependent on nature and its services and is therefore exposed to nature loss.”

Policymakers and business leaders from around the world are due to arrive in Davos, Switzerland for the World Economic Forum (WEF) on Monday.

The annual January get-together is scheduled to focus on the intensifying climate crisis.


Company: cnbc, Activity: cnbc, Date: 2020-01-19  Authors: sam meredith
Keywords: news, cnbc, companies, wef, exposed, claims, trees, threatens, research, mallacoota, worlds, half, gdp, intensifying, world, nature, crisis, climate, following


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Treasury yields move higher as investors await economic data

U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%. Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in t


U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data.
ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.
Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in t
Treasury yields move higher as investors await economic data Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, data, yields, higher, economy, fed, treasury, investors, economic, figures, 2019, await


Treasury yields move higher as investors await economic data

U.S. government debt prices were lower Friday morning, as investors await a fresh batch of economic data.

At 2:45 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8285%, while the yield on the 30-year Treasury bond was also higher at around 2.2972%.

Market focus is largely attuned to economic data, after China reported on Friday that its economy expanded by 6.1% in 2019, even amid a trade dispute with the U.S.

Analysts polled by Reuters had expected the world’s second-largest economy to have grown 6.1% in 2019, compared with 6.6% in 2018.

It should be noted that although Beijing’s official gross domestic product (GDP) figures are tracked as an indicator of economic health, many external observers have long expressed skepticism about the veracity of China’s reports.

Stateside, housing starts and building permits for December will both be released at 8:30 a.m. ET.

Industrial production figures for December, capacity utilization data for December, a preliminary reading of consumer sentiment for January and job vacancies data for November will all follow slightly later in the session.

Philadelphia Fed President Patrick Harker and Fed Vice Chair Randal Quarles will also comment on the world’s largest economy at separate events.

There are no major U.S. Treasury auctions scheduled on Friday.

— CNBC’s Huileng Tan contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: sam meredith
Keywords: news, cnbc, companies, worlds, data, yields, higher, economy, fed, treasury, investors, economic, figures, 2019, await


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Work starts on world’s ‘largest offshore wind farm’ that could power 4.5 million homes

Construction work for a huge offshore wind farm in the North Sea is underway. Dogger Bank Wind Farms – which SSE described as “the world’s largest offshore wind farm” – will be made up of three 1.2 GW offshore sites: Creyke Beck A, Creyke Beck B and Teesside A. Europe as a whole is home to a significant offshore wind sector. According to industry body WindEurope, 409 wind turbines were connected to the grid in 2018. The average size of offshore turbines in 2018 was 6.8 MW, which represents a 15%


Construction work for a huge offshore wind farm in the North Sea is underway.
Dogger Bank Wind Farms – which SSE described as “the world’s largest offshore wind farm” – will be made up of three 1.2 GW offshore sites: Creyke Beck A, Creyke Beck B and Teesside A.
Europe as a whole is home to a significant offshore wind sector.
According to industry body WindEurope, 409 wind turbines were connected to the grid in 2018.
The average size of offshore turbines in 2018 was 6.8 MW, which represents a 15%
Work starts on world’s ‘largest offshore wind farm’ that could power 4.5 million homes Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anmar frangoul
Keywords: news, cnbc, companies, largest, farms, million, turbines, project, homes, power, wind, major, offshore, worlds, work, sse, starts, farm, energy


Work starts on world's 'largest offshore wind farm' that could power 4.5 million homes

Construction work for a huge offshore wind farm in the North Sea is underway.

In an announcement Friday, energy firm SSE said that onshore work for the 3.6 gigawatt (GW) Dogger Bank Wind Farms project had begun near Ulrome, a coastal village in the East Riding of Yorkshire, England.

Dogger Bank Wind Farms – which SSE described as “the world’s largest offshore wind farm” – will be made up of three 1.2 GW offshore sites: Creyke Beck A, Creyke Beck B and Teesside A. The project is a joint venture between SSE Renewables and Norwegian energy major Equinor.

The construction work is being carried out by Jones Bros Civil Engineering U.K., a firm headquartered in North Wales.

The scheme is set to use GE’s Haliade-X wind turbine, which has a 12 megawatt generator and stands 260 meters tall. According to SSE, the project will have the capability to produce enough renewable energy for more than 4.5 million homes per year.

“Getting the first spade in the ground is a significant milestone on any project, but for what will be the world’s largest offshore wind farm, this is a major moment for a project that has already been over a decade in the making,” Steve Wilson, who is managing director of Dogger Bank Wind Farms, said in a statement.

The U.K. is a major player in the offshore wind sector. It is home to projects such as the 659 megawatt Walney Extension facility, in the Irish Sea, which was officially opened in 2018.

The scale of that project is considerable: it is capable of powering more than 590,000 homes, has 87 turbines and covers an area of around 20,000 soccer pitches, according to Danish energy company Orsted.

Europe as a whole is home to a significant offshore wind sector. According to industry body WindEurope, 409 wind turbines were connected to the grid in 2018. The average size of offshore turbines in 2018 was 6.8 MW, which represents a 15% rise compared to 2017.


Company: cnbc, Activity: cnbc, Date: 2020-01-17  Authors: anmar frangoul
Keywords: news, cnbc, companies, largest, farms, million, turbines, project, homes, power, wind, major, offshore, worlds, work, sse, starts, farm, energy


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Treasury yields edge higher after US-China sign interim trade deal

U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%. The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session. Fed Governor Michelle Bowman wi


U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies.
ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%.
The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session.
Fed Governor Michelle Bowman wi
Treasury yields edge higher after US-China sign interim trade deal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: sam meredith
Keywords: news, cnbc, companies, sign, worlds, largest, uschina, trade, interim, higher, deal, treasury, data, edge, survey, business, yields


Treasury yields edge higher after US-China sign interim trade deal

U.S. government debt prices were lower Thursday morning, following the signing of a so-called “phase one” trade deal between the world’s two largest economies.

At 2:30 a.m. ET, the benchmark 10-year Treasury note, which moves inversely to price, was higher at around 1.8004%, while the yield on the 30-year Treasury bond was also higher at around 2.2578%.

A long-awaited preliminary trade agreement between the U.S. and China was signed by President Donald Trump and Chinese Vice Premier Liu He on Wednesday.

The tentative deal came as a boost to market sentiment, with stocks briefly climbing to record highs in the previous session. However, concerns about tariffs and unresolved core issues remain.

On the data front, the latest weekly jobless claims will be released at 8:30 a.m. ET. The Commerce Department will publish retail sales for December at the same time, with economists surveyed by Dow Jones expecting a 0.3% rise.

Philadelphia Fed manufacturing data for January, a business leaders survey for January, business inventories for November and the National Association of Home Builders survey for January are among some of the other data releases scheduled for Thursday morning.

Fed Governor Michelle Bowman will comment on the world’s largest economy at an event in Kansas City slightly later in the session.

The U.S. Treasury is set to auction $35 billion in four-week bills and $35 billion in eight-week bills on Thursday.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: sam meredith
Keywords: news, cnbc, companies, sign, worlds, largest, uschina, trade, interim, higher, deal, treasury, data, edge, survey, business, yields


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Almost 40% of the world’s countries will witness civil unrest in 2020, research claims

Protesters march on a street during a rally against the extradition law proposal on June 9, 2019 in Hong Kong China. (Photo by Anthony Kwan/Getty Images)Almost a quarter of the world’s countries witnessed a surge in protest and unrest last year and that figure is set to rise further in 2020, according to a new study. There are 195 countries in the world, if the Vatican and Palestine are included, and a newly released index of civil unrest has claimed that 47 of those states witnessed a rise in c


Protesters march on a street during a rally against the extradition law proposal on June 9, 2019 in Hong Kong China.
(Photo by Anthony Kwan/Getty Images)Almost a quarter of the world’s countries witnessed a surge in protest and unrest last year and that figure is set to rise further in 2020, according to a new study.
There are 195 countries in the world, if the Vatican and Palestine are included, and a newly released index of civil unrest has claimed that 47 of those states witnessed a rise in c
Almost 40% of the world’s countries will witness civil unrest in 2020, research claims Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: david reid
Keywords: news, cnbc, companies, witnessed, hong, worlds, 2020, research, witness, civil, protest, unrest, kong, rise, claims, risk, countries, protesters


Almost 40% of the world's countries will witness civil unrest in 2020, research claims

Protesters march on a street during a rally against the extradition law proposal on June 9, 2019 in Hong Kong China. Hundreds of thousands of protesters marched in Hong Kong in Sunday against a controversial extradition bill that would allow suspected criminals to be sent to mainland China for trial.(Photo by Anthony Kwan/Getty Images)

Almost a quarter of the world’s countries witnessed a surge in protest and unrest last year and that figure is set to rise further in 2020, according to a new study.

There are 195 countries in the world, if the Vatican and Palestine are included, and a newly released index of civil unrest has claimed that 47 of those states witnessed a rise in civil unrest in 2019.

The data model, published Thursday by socio-economic and political analysis firm Verisk Maplecroft, has also predicted that in 2020, the number will balloon to 75 countries.

The U.K. consultancy identified Hong Kong and Chile as the two flashpoints suffering the largest increases in unrest since the beginning of 2019. Neither country is expected to find peace for at least two years, according to the research.

Other areas now considered hotbeds of civil protest include Nigeria, Lebanon and Bolivia. Beyond these three, countries dropping into a category labeled “extreme risk” include Ethiopia, India, Pakistan and Zimbabwe.

Since the previous index release, Sudan has overtaken Yemen to become the highest risk country globally.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: david reid
Keywords: news, cnbc, companies, witnessed, hong, worlds, 2020, research, witness, civil, protest, unrest, kong, rise, claims, risk, countries, protesters


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Here are Thursday’s biggest analyst calls of the day: Nvidia, Tesla, Amazon & more

Here are the biggest calls on Wall Street on Thursday:Morgan Stanley downgraded the stock and said investors should wait for a better entry point. “In our opinion, four factors have driven TSLA’s share price up ~105% over the last four months: (1) stronger than expected global demand for Tesla vehicles, which has created more optimism around the long-term margin profile of the business; (2) China announcements that show Tesla’s expansion into the world’s largest electric vehicle (EV) market is p


Here are the biggest calls on Wall Street on Thursday:Morgan Stanley downgraded the stock and said investors should wait for a better entry point.
“In our opinion, four factors have driven TSLA’s share price up ~105% over the last four months: (1) stronger than expected global demand for Tesla vehicles, which has created more optimism around the long-term margin profile of the business; (2) China announcements that show Tesla’s expansion into the world’s largest electric vehicle (EV) market is p
Here are Thursday’s biggest analyst calls of the day: Nvidia, Tesla, Amazon & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: michael bloom
Keywords: news, cnbc, companies, wall, wait, tesla, day, demand, worlds, amazon, thursdaymorgan, margin, thursdays, nvidia, analyst, vehicles, vehicle, teslas, calls, biggest, tslas


Here are Thursday's biggest analyst calls of the day: Nvidia, Tesla, Amazon & more

Here are the biggest calls on Wall Street on Thursday:

Morgan Stanley downgraded the stock and said investors should wait for a better entry point.

“In our opinion, four factors have driven TSLA’s share price up ~105% over the last four months: (1) stronger than expected global demand for Tesla vehicles, which has created more optimism around the long-term margin profile of the business; (2) China announcements that show Tesla’s expansion into the world’s largest electric vehicle (EV) market is progressing well from a demand and margin perspective; (3) supportive incentive developments (i.e. the potential, however small, for extended subsidies in the US); and (4) positive sentiment around product expansion.”

Read more about this call here.


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: michael bloom
Keywords: news, cnbc, companies, wall, wait, tesla, day, demand, worlds, amazon, thursdaymorgan, margin, thursdays, nvidia, analyst, vehicles, vehicle, teslas, calls, biggest, tslas


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Activists respond to BlackRock’s climate change investment strategy: ‘There are questions left unanswered’

“The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.” The announcement, which comes as BlackRock grapples with growing global protests against its investing practices, received mixed reactions from climate activists. While the plan could transform how companies respond to the climate crisis, it’s unclear the extent to which BlackRock will pursue the approach and pressure companies to become more sustainable. Many climate activists argue that Bl


“The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.”
The announcement, which comes as BlackRock grapples with growing global protests against its investing practices, received mixed reactions from climate activists.
While the plan could transform how companies respond to the climate crisis, it’s unclear the extent to which BlackRock will pursue the approach and pressure companies to become more sustainable.
Many climate activists argue that Bl
Activists respond to BlackRock’s climate change investment strategy: ‘There are questions left unanswered’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: emma newburger
Keywords: news, cnbc, companies, worlds, stocks, investment, change, strategy, left, pressure, blackrocks, climate, york, blackrock, risk, questions, companies, sierra, activists, respond, unanswered


Activists respond to BlackRock's climate change investment strategy: 'There are questions left unanswered'

Pete Sikora member of New York Communities for Change. In response to the findings of a new report by Majority Action, members of New York Communities for Change (NYCC), Mothers Out Front (MOF), Sunrise Movement NYC, Sierra Club, and 350Brooklyn gathered for a press conference on September 17, 2019 outside BlackRock offices in New York City.

BlackRock announced this week that it will avoid investments in companies that have a high sustainability-related risk, a move the firm’s CEO Larry Fink says will fundamentally change how American companies conduct business.

BlackRock, the world’s largest money manager with nearly $7 trillion assets under management, will begin to exit investments in coal production, introduce funds that ban fossil-fuel stocks and vote against corporate managers who aren’t making progress on fighting climate change.

“Awareness is rapidly changing, and I believe we are on the edge of a fundamental reshaping of finance,” Fink wrote in the annual letter to company executives. “The evidence on climate risk is compelling investors to reassess core assumptions about modern finance.”

The announcement, which comes as BlackRock grapples with growing global protests against its investing practices, received mixed reactions from climate activists.

While the plan could transform how companies respond to the climate crisis, it’s unclear the extent to which BlackRock will pursue the approach and pressure companies to become more sustainable. Many climate activists argue that BlackRock isn’t doing enough to combat climate change since it continues to own oil and gas stocks, and warn that it won’t be easy for the company to reform its investments.

“BlackRock’s announcement today is a major step in the right direction and a testament to the power of public pressure calling for climate action,” said Sierra Club campaign representative Ben Cushing.

“But BlackRock will continue to be the world’s largest investor in coal, oil and gas,” he added. “BlackRock should expand on its commitments and other financial institutions should follow suit.”


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: emma newburger
Keywords: news, cnbc, companies, worlds, stocks, investment, change, strategy, left, pressure, blackrocks, climate, york, blackrock, risk, questions, companies, sierra, activists, respond, unanswered


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Microsoft’s plan to be carbon negative by 2030 ‘is not greenwash,’ Jim Cramer says

Microsoft is on a mission to become carbon negative in the next decade, and CNBC’s Jim Cramer thinks the ambitious plan has some teeth to it. Earlier, Microsoft CEO Satya Nadella announced the company’s goal to not only curb its carbon footprint but to extract more carbon than it emits by 2030. Microsoft’s plan includes a $1 billion “Climate Innovation Fund” that would be invested over four years in carbon removal technology. “The president doesn’t seem to regard climate change as a serious issu


Microsoft is on a mission to become carbon negative in the next decade, and CNBC’s Jim Cramer thinks the ambitious plan has some teeth to it.
Earlier, Microsoft CEO Satya Nadella announced the company’s goal to not only curb its carbon footprint but to extract more carbon than it emits by 2030.
Microsoft’s plan includes a $1 billion “Climate Innovation Fund” that would be invested over four years in carbon removal technology.
“The president doesn’t seem to regard climate change as a serious issu
Microsoft’s plan to be carbon negative by 2030 ‘is not greenwash,’ Jim Cramer says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: tyler clifford
Keywords: news, cnbc, companies, microsofts, microsoft, 2030, negative, climate, think, cramer, impact, worlds, jim, company, change, greenwash, carbon, plan


Microsoft's plan to be carbon negative by 2030 'is not greenwash,' Jim Cramer says

Microsoft is on a mission to become carbon negative in the next decade, and CNBC’s Jim Cramer thinks the ambitious plan has some teeth to it.

“I think they can do it because, remember, they are a powerful force — maybe the most powerful, especially when it comes to data centers, of almost any company on Earth,” he said in a Thursday appearance on “Fast Money Halftime Report.” “So I think they can make an impact. I think this is real. This is not greenwash.”

Earlier, Microsoft CEO Satya Nadella announced the company’s goal to not only curb its carbon footprint but to extract more carbon than it emits by 2030. The next goal for the world’s largest software company is by 2050 to remove as much carbon from the atmosphere as the corporation has produced in its 45-year history.

From a stage at Microsoft headquarters in Redmond, Washington, Nadella said corporations must set their sights on developing business plans to benefit both people and the planet they inhabit. It’s the latest company to devise a proposal with climate change in mind. Microsoft’s plan includes a $1 billion “Climate Innovation Fund” that would be invested over four years in carbon removal technology.

The effort “will require technology by 2030 that doesn’t fully exist today,” Microsoft President Brad Smith said.

Later in the day on “Mad Money,” Cramer highlighted the shifting priorities in U.S. business and even the U.S. government. Companies once sought to make profits by any means necessary in order to satisfy their shareholders, while government put regulations in place that had the environment in mind. Now those roles have flipped as the Trump administration has rolled back environmental rules in recent years and more firms take on initiatives to curb their negative impact on the Earth, he said.

“In a monumental twist, we’ve seen a shocking paradigm shift of late,” Cramer said on the show. “Suddenly, capitalism is trying to regulate itself at a time when the environment’s a pretty low priority for the U.S. government.”

“The president doesn’t seem to regard climate change as a serious issue for the nation’s welfare, otherwise he wouldn’t champion the burning of coal,” he added.

Mega asset manager BlackRock, in an annual letter from CEO Larry Fink, earlier this week announced that it would not invest in companies with high sustainability-related risks as it tailors its investment strategy around climate change. The move comes at a time when ESG — environmental, social and governance — has become one of the hottest investment trends on Wall Street.

Amazon is another tech titan that has revealed a plan to be “net zero carbon” by 2040, which includes buying 100,000 electric delivery vans. The online retailer’s program, however, does not go as far as that of Microsoft, whose carbon footprint is less than Amazon’s.

Cramer said even if corporations can’t quell the impact of global warming, what’s important “is that this shift has happened at all.”

Microsoft shares climbed nearly 2% in Thursday’s session to a closing high of $166.7 per share.

“Whether or not Microsoft can save the environment, what matters is that they’re making the attempt and the stock wasn’t punished for it at all,” Cramer said. “In fact, it was rewarded! Like I said, the world’s turned upside down.”


Company: cnbc, Activity: cnbc, Date: 2020-01-16  Authors: tyler clifford
Keywords: news, cnbc, companies, microsofts, microsoft, 2030, negative, climate, think, cramer, impact, worlds, jim, company, change, greenwash, carbon, plan


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