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On April 26, according to the Wall Street Journal, in order to simplify the negotiations on reciprocal tariffs, US negotiating officials plan to use a new framework developed by the Office of the United States Trade Representative (USTR), which lists major categories of negotiations, such as tariffs and quotas, non-tariff trade barriers, digital trade, product origin principles, economic security and other commercial issues. In these categories, US officials will put forward specific requirements for individual countries, but people familiar with the matter emphasized that this document may also be adjusted at any time. People familiar with the matter said that the United States initial plan is to negotiate with 18 major trading partners in turn over the next two months. The initial plan is to alternately participate in the talks with six countries per week for three weeks (six countries in the first week, another six countries in the second week, and another six countries in the third week) until the deadline of July 8. If US President Trump does not extend the 90-day suspension period he set by then, those countries that cannot reach an agreement will begin to face reciprocal tariffs.On April 26, after the United States announced additional tariffs on goods from many countries, Peruvian business people expressed concerns that the US governments extreme measures would disrupt the global trade order and may even trigger a global economic recession. Alvaro Barrenechea Chavez, vice president of the Peruvian-Chinese Chamber of Commerce, said that the negative impact of the US tariff policy has begun to emerge and hoped that the US government would rethink. Recognizing the importance of countries working together to promote development, I think this is the best way to become a true "world citizen."Market news: Musks xAI company plans to raise about US$20 billion in a financing round.Conflict situation: 1. Ukrainian top commander: Russia tried to use air strikes as a cover to increase ground attacks, but was repelled by Ukraine. 2. Ukrainian Air Force: Russia launched more than 103 drones in the night attack on Ukraine. 3. Local officials said Ukraine launched an attack in the Belgorod region of Russia, killing two people. 4. The local governor said that Russia launched an attack on the Dnipropetrovsk region of Ukraine, killing one person and injuring eight people. Peace talks: 1. Trump: ① The situation between Russia and Ukraine is gradually becoming clear, and they are "very close" to reaching an agreement. ② Ukraine is unlikely to join NATO. ③ Ukraine has not yet signed the rare earth agreement and hopes that the agreement can be signed immediately. ④ It is foreseeable that the United States will conduct commercial cooperation with Ukraine and Russia after reaching an agreement. 2. Russian Foreign Minister: Russia is "ready to reach an agreement on Ukraine." 3. Russian Presidential Assistant Ushakov: Russia and the United States will continue to maintain active dialogue. 4. Russian Presidential Assistant: Putin discussed the possibility of resuming direct negotiations between Russia and Ukraine with the US envoy. 5. The differences between the United States, Europe and Ukraine are clear. The documents show that European countries and Ukraine have raised objections to some of the US proposals to end the Russia-Ukraine conflict. 6. Market news: As part of the peace agreement, the United States asked Russian President Putin to abandon the demilitarization requirement. Other situations: 1. President of Hungarys OTP Bank: We hope to return to all business areas in Russia after the (Russia-Ukraine) conflict ends. 2. Ukrainian President Zelensky: US ground forces are not necessary for Ukraine. 3. Trump said Crimea will remain in Russia, Zelensky: Never recognize it. Agreeing with Trumps view, Crimea cannot be recovered by force. 4. NATO Secretary-General Rutte met with Trump and senior US officials to discuss defense spending, NATO summit, and the Ukrainian conflict.Rising global trade risks, overall policy uncertainty and the sustainability of U.S. debt top the list of potential risks to the U.S. financial system, according to the Federal Reserves latest financial stability report released on Friday. This is the first time the Fed has conducted a semi-annual survey on financial risks since Trump returned to the White House. 73% of respondents said that global trade risks are their biggest concern, more than double the proportion reported in November. Half of the respondents believe that overall policy uncertainty is the most worrying issue, an increase from the same period last year. The survey also found that issues related to recent market turmoil have received more attention, with 27% of respondents worried about the functioning of the U.S. Treasury market, up from 17% last fall. Foreign withdrawals from U.S. assets and the value of the dollar have also risen on the list of concerns.

Institutional Investors Back Shell Board Lawsuit Over Climate Risk

Aria Thomas

Feb 09, 2023 11:02

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A group of European institutional investors is supporting a new lawsuit filed in London against the board of directors of energy giant Shell (LON:RDSa) for alleged climate mismanagement. The case could have far-reaching repercussions for how firms address emissions.


ClientEarth, an environmental legal charity turned activist investor in Shell, stated on Wednesday that it had filed a High Court claim alleging that Shell's 11 directors have failed to handle the "substantial and predictable" risks posed by climate change to the firm, in violation of company law.


It is the first, noteworthy complaint by a shareholder against a board over the alleged inability to properly prepare for a shift away from fossil fuels - and comes one week after Shell declared a record $40 billion profit for 2022, partially spurred by the energy bottleneck after Russia's invasion of Ukraine.


Shell refuted the charges, saying its climate plans were ambitious and on track and that its directors met with their legal duties and operated in the company's best interests.


A spokeswoman stated, "ClientEarth's attempt... to change the board's policy as authorized by our shareholders has no merit."

CARBON CONFLICT

Shell has increased investing in low-carbon and renewable energy technology.


Nonetheless, British pension funds London CIV and Nest, Swedish pension fund AP3, French asset manager Sanso IS, Degroof Petercam Asset Management in Belgium, and Danish pension funds Danske Bank Asset Management, Danica Pension, and AP Pension have sent letters in support of the claim.


The investor group manages approximately 450 billion pounds ($543 billion) in assets and owns approximately 12 million of Shell's 7 billion shares.


London CIV stated that its Shell position was the "main risk and exposure focal point in our portfolio."


"We hope the entire energy business takes notice," Nest's chief investment officer Mark Fawcett said.


According to experts, if judges permit the so-called derivative case to proceed, it might inspire investors in other companies, including those funding carbon polluters, to sue boards that fail to effectively manage climate-related risks.


Some banks are decreasing fossil fuel company funding.


The case comes two years after Shell was ordered to decrease carbon emissions in a landmark Dutch climate case.


Shell, which is appealing, wants to cut the carbon intensity of its products - which quantifies greenhouse gas emissions per unit of energy produced - by 20% by 2030, 45% by 2035 and by 100% by 2050 from 2016 levels.


According to third-party assessments, the strategy eliminates short to medium-term commitments to lower the absolute emissions from items Shell sells, known as Scope 3 emissions, despite they account for more than 90% of overall emissions, ClientEarth said.


"The board persists with a transition strategy that is fundamentally unsound, leaving the firm gravely vulnerable to the threats that climate change poses to Shell's future performance," said ClientEarth's senior attorney Paul Benson.


Directors are obligated by the Companies Act of the United Kingdom to promote the success of their companies.


ClientEarth refused to disclose the other companies in which it had invested.