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Exxon investor scores historic climate win with 2 board seats | Business and Economy News

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An investor with a tiny stake in ExxonMobil scored a historic climate victory when it won two seats on the oil giant’s board.

A first-time activist investor with a tiny stake in Exxon Mobil Corp. scored a historic win in its proxy fight with the oil giant, signaling the growing importance of climate change to investors.

Engine No. 1 – the little-known firm that vaulted into the spotlight in December when it began pressing Exxon to come up with a better plan to fight global warming – won two seats on the company’s board at Wednesday’s annual shareholders meeting, according to a preliminary tally.

The result is an embarrassment for Exxon, unprecedented in the rarefied world of Big Oil, and a sign that institutional investors are increasingly willing to force corporate America to tackle climate change. That Engine No. 1, with just a 0.02% stake and no history of activism in oil and gas, could win even a partial victory against a titan like Exxon, the Western world’s biggest crude producer, shows how seriously environmental concerns are now being taken in the boardrooms of the country’s largest companies.

The vote is also striking because of the force with which Exxon battled the activist, which also criticized the company for its lackluster financial performance. Exxon refused to to meet with the nominees and Chief Executive Officer Darren Woods told shareholders earlier this month that voting for them would “derail our progress and jeopardize your dividend.” The company even went as far as to pledge, just 48 hours before the meeting, that it will add two new directors, including one with “climate experience.”

In other corners of the commodities sector, shareholders this year have already shown frustration with executives’ reluctance to embrace tough environmental goals. DuPont de Nemours Inc. suffered an 81% vote against management on plastic-pollution disclosures, while ConocoPhillips lost a contest on adopting more stringent emission targets.

The Exxon vote result shows a clear dissatisfaction with Woods’ strategy, despite the stock’s almighty rally this year, up more than 40% due to surging oil prices.

Woods should be able to continue improving Exxon’s financial performance as cash flows recover, securing the S&P 500’s third-largest dividend and leaving behind 2020’s record loss, the first in four decades. But the bigger question concerns Exxon’s energy transition strategy, considered by many shareholders to be well behind its European peers.

Exxon’s environmental record and unwillingness to embrace the transition to cleaner energy quickly enough was a key criticism in the six-month old proxy campaign. San Francisco-based Engine No. 1 was scathing in its assessment of Exxon’s long-term financial performance, calling it “a decade of value destruction.”

Rather than pivot toward low-carbon fuels and selling power like its some of its rivals, Exxon is betting heavily on carbon capture and sequestration, a technology that it says needs substantial government support to be viable.

Engine No. 1 said Exxon’s marquee CCS hub in Houston “lacks any real substance” and generated nothing more than an “advertising blitz.” The fund also said Exxon’s climate targets were “distorting its long-term emissions trajectory” and its claim of being aligned with the Paris Agreement “fails the basic test of logic.”

It remains to be seen how Exxon pivots, if at all, but the message from shareholders is clear: The status quo cannot continue.



Source – www.aljazeera.com

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Ethiopia’s Abiy Ahmed: The Nobel Prize winner who went to war

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This feeling of marginalisation, particularly among the country’s largest ethnic group, the Oromo, fuelled a wave of demonstrations. Mr Abiy, an Oromo himself, was promoted to the top job and immediately set about addressing concerns in a dizzying period of reforms.



Source – www.bbc.co.uk

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600 doses of stolen COVID-19 vaccines recovered at 2 private clinics

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Police have recovered 600 doses of AstraZeneca coronavirus vaccine from two private pharmacies in Kampala. 10 suspects were also arrested in the two-day operation following a tip-off from a concerned citizen.    

A police officer, who was involved in the operation, intimated to URN that they carried out raids on First Pharmacy Mulago-Wandegeya and Victoria Pharmacy in Ntinda. He explains that they first sent operatives to both facilities under the disguise that they were travellers looking for Covid-19 vaccination and certificates and got assurance that the service was available.    

“We swiftly stormed these places in Wandegeya and Ntinda, and the stolen vaccines were found there and of course arrested some suspects from there,” he said.

He says that during the raid on First Pharmacy, they intercepted one of the employees who was running away with some materials in the bag.  

“We forced him to open the bag for searching. Upon opening, documents that looked like Covid-19 vaccination certificates dropped down,” he said.

He says that they searched the pharmacy where they recovered some exhibits and arrested some suspects. According to police, they also conducted another raid on Victoria Pharmacy, recovered several doses of COVID-19 vaccines, and arrested five suspects. 

Kampala Metropolitan deputy police spokesperson, Luke Owoyesigyire confirmed the arrests but declined to reveal the identities of the suspects. 

“It’s true about that operation intelligence in Bukoto, we found 600 doses of the vaccine, in these two pharmacies and also ministry of Health vaccination cards and other documents” said Owoyesigyire’’. 

He says the suspects are locked up at the Special Investigations Unit (SIU) Kireka. According to police, similar operations are still ongoing after discovering that unscrupulous people stole Covid-19 vaccines from the ministry of Health storage facility and are now busy selling them to the public on the black market.

At a press conference held today, however, First pharmacy demanded an apology from the police, claiming no raid was conducted at their facility or vaccines recovered. 

More than 50 pe rcent of the 964,000 doses of AstraZeneca Covid-19 vaccines donated by Covax Facility and India have already been used. Recently, President Museveni in his televised address said that the government is preparing to get Johnson and Johnson vaccines from the USA and Cuba since India suspended exports. Unicef announced that another 170,000 doses would be arriving in the country in two weeks. 

 



Source – observer.ug

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Pakistan FM accuses previous gov’t of ‘mishandling’ Jadhav case | India News

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Shah Mehmood Qureshi says the bill passed by Parliament last week aims at bringing Pakistani laws in line with orders from the International Court of Justice.

Pakistan’s foreign minister has blamed the country’s previous government for “mishandling” the case of Kulbhushan Jadhav, an Indian national convicted for spying by a Pakistani military court four years ago, as legislation related to the cases passes up to Pakistan’s Senate.

Speaking to the media in the Pakistani city of Multan on Sunday, Foreign Minister Shah Mehmood Qureshi said a bill passed by the lower house of parliament last week was aimed at complying with orders from the International Court of Justice (ICJ) and to deprive India of an opportunity to have Pakistan “dragged back” to the court.

“The PML-N are the ones who mishandled the Kulbhushan Jadhav case,” he said, referring to former Prime Minister Nawaz Sharif’s Pakistan Muslim League-Nawaz party, a main opposition political party.

“The steps we have taken are in order to comply with the International Court of Justice’s orders and recommendations.”

Qureshi’s comments follow a noisy debate on the bill in Parliament on Thursday, with both treasury and opposition benches accusing each other of incompetence in the handling of the case.

Jadhav was arrested by Pakistani security forces in March 2016, and convicted a year later by a military court for espionage and facilitating attacks by armed groups on Pakistani soil.

At the time of his arrest, the military released a video of Jadhav appearing to confess to having operated a network of operatives to conduct attacks in Pakistan’s southwestern Balochistan province.

In July 2019, after a petition lodged by India, the ICJ ordered Pakistan to allow Jadhav full and unimpeded consular access to Indian officials but rejected an Indian plea for his conviction to be dismissed.

The court also ordered that Jadhav be given the right of review and reconsideration of his conviction before a civilian court.

The bill passed by Pakistan’s lower house of parliament on Thursday gives foreign nationals convicted by military courts in Pakistan the right to file an appeal before a high court, as well as to file petitions seeking consular access.

India’s government has not so far remarked on the passage of the bill, which will also have to be voted on by the upper house of parliament before it becomes law.

In August 2020, India’s foreign ministry said New Delhi had asked Pakistan to allow an Indian lawyer to represent Jadhav in his appeals.

In defence of the bill, on Sunday, Qureshi said: “India wants that [Jadhav] not be given consular access, and on that excuse, Pakistan be dragged back into the International Court of Justice,” he said.

“This is what India wants. I hope that our opposition members will not misunderstand things and will understand India’s plan.”

India’s foreign ministry has not commented on Qureshi’s accusation.



Source – www.aljazeera.com

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