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BBC (April 24)

2023/ 04/ 24 by jd in Global News

In the bank’s final quarterly results, Credit Swiss disclosed that nearly $69 billion was withdrawn by depositors during the first three months of 2023. Coming on the heels of a gaping loss in 2022 and forecast loss for 2023, the deposit withdrawal was part of the impetus behind “its forced sale to rival Swiss bank UBS.” The sale has “has angered taxpayers and shareholders of both banks, who were deprived of a vote on the takeover. Some have also argued it has damaged Switzerland’s global reputation as a financial centre.”

 

OilPrice.com (March 7)

2023/ 03/ 08 by jd in Global News

There is scant “spare oil production capacity globally.” This mostly lies with Saudi Arabia and the United Arab Emirates. U.S. shale firms “are expected to raise oil production this year compared to 2022,” but might surprise on “the downside due to supply chain and labor bottlenecks, cost inflation, and the industry’s strategy to reward shareholders and pay down debts instead of taking on more debts to boost output.”

 

Reuters (January 20)

2023/ 01/ 21 by jd in Global News

“The end of a long battle to wring some value from Toshiba is finally within reach.” Foreign investors and private equity are unlikely to be encouraged. The process “typifies the tortuous journey required of pushy shareholders to get Japanese executives to allocate capital more shrewdly.”

 

The Economist (April 9)

2022/ 04/ 11 by jd in Global News

“Toshiba was once synonymous with Japan’s industrial might.” Over the past decade, it “has become a byword for drama,” which has included accounting fraud and an ongoing “series of ‘slapstick’ struggles between management and shareholders.” A possible buy-out led by Bain Capital has “raised hopes among investors for some sort of resolution to the saga.” This could potentially prove a watershed moment and “be a big deal for Japan.”

 

Forbes (March 24)

2022/ 03/ 25 by jd in Global News

In his latest letter to shareholders, BlackRock Chairman Larry Fink noted that “the war between Russia and Ukraine has heralded the end of globalization, as the conflict has upended the current world order that has been in place since the Cold War and will have lasting global economic consequences.”

 

Wall Street Journal (November 16)

2021/ 11/ 17 by jd in Global News

Royal Dutch Shell will abandon its complicated dual British/Dutch structure, moving its headquarters to London. The move is being made to “help facilitate returns to shareholders and make it simpler to change up its portfolio of assets” as it transitions to low-carbon energy. The move should also improve the company’s “flexibility to buy back shares.”

 

Wall Street Journal (June 11)

2021/ 06/ 14 by jd in Global News

A report on Toshiba “harked back to the days when Japan Inc. was a popular term to describe the perceived tight linkage between big business and government in blocking foreign influence in Japan.” The company-commissioned report found that Toshiba Corp. “worked closely with Japanese government officials to block foreign-based shareholders from exercising their rights, using inappropriate threats and language such as ‘beat them up.’”

 

BloombergQuint (May 31)

2021/ 06/ 02 by jd in Global News

“Wednesday was a bad day for Big Oil, or a good one, depending on your point of view. They’re going to have to clean up their acts a lot faster than they were planning. Three of the world’s biggest publicly traded oil and gas companies — Exxon Mobil Corp., Royal Dutch Shell Plc, and Chevron Corp. — were dealt stinging blows on May 26 by shareholders and a Dutch court demanding that they act more quickly to reduce their greenhouse gas emissions.”

 

Financial Times (May 28)

2021/ 05/ 30 by jd in Global News

ExxonMobil’s annual general meeting should be “a wake-up call for other executives with a bunker mentality.” Engine No 1, an obscure hedge fund, got shareholders to elect two directors by focusing on economics, not ethics, arguing that “Exxon has been so slow to recognize the need for a transition away from fossil fuel that its revenues will crumble, destroying investor capital.” Today’s activists “are not just trying to save the world; they are also trying to save their own portfolios in a world where regulators are enforcing green standards.”

 

Institutional Investor (March 9)

2021/ 03/ 10 by jd in Global News

“Shareholder activists pulled in their horns in 2020, targeting 10 percent fewer companies than in 2019 and winning 16 percent fewer board seats.”

 

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