‘A Quantum Leap in Its Ambition’: Europe’s Investment Bank Will Stop Funding Fossil Fuel Projects

The European Investment Bank adopted an unprecedented strategy to end funding for fossil fuel energy projects, in a move expected to support Europe’s plans to become the first climate-neutral continent. The board of the Luxembourg-based lending arm of the European Union decided at a meeting on Thursday to approve a new energy policy that includes
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Hon Hai Precision Industry Co. reported quarterly profit above analysts’ estimates, indicating solid demand for Apple Inc.’s iPhone 11 range. The assembler of most of the world’s iPhones and iPads posted net income of NT$30.7 billion ($1 billion) for the September quarter, compared with an average estimate of NT$27.7 billion. Apple last month forecast holiday revenue that
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Goldman Sachs Group Inc., stung by losses in Uber Technologies Inc. and WeWork, has a message for investors in growth stocks: profit matters. After years of pursuing revenue growth at all costs, driven by cheap money, markets are increasingly focusing on whether companies can translate top line expansion into profitability, Chief Executive Officer David Solomon
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Wall Street’s main regulator is pursuing a crackdown on shareholder campaigns that corporate chieftains say are a nuisance. Few top executives would cheer the move louder than Jamie Dimon. Dimon has been a frequent target of social activists who want companies to take an aggressive stand on issues such as climate change and human rights
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In the wee hours of a sweltering Saturday in September, a volley of missiles and aerial explosives pierced the heart of Saudi Arabia’s oil industry. The attacks knocked out about 5% of global oil production almost immediately, yet one month later, they might as well never have happened. Saudi Aramco says it’s currently pumping 9.9 million barrels
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WeWork is considering a valuation for its initial public offering that may be below $20 billion, Dow Jones reported, citing people familiar with the matter. The office-sharing company has plans to begin a roadshow for new investors as early as Monday. But its parent company, We Co., and its underwriters are planning to hold meetings
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Porsche chose Niagara Falls, a Chinese wind farm and a solar site in Germany to unveil its first all-electric sports car, underscoring the new Taycan’s central role in turning parent Volkswagen AG into the world’s leading seller of battery-powered vehicles. After a bumpy start for sister brand Audi’s e-Tron, the Taycan, expected to be priced at around $90,000,
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Global electric-car sales fell for the first time in modern history in July after China scaled back purchase subsidies, highlighting the role government assistance is having on the burgeoning market. Monthly sales worldwide fell 14% to about 128,000 plug-in passenger electric vehicles, Sanford C. Bernstein said in a report Tuesday. Sales declined in China and
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Johnson & Johnson shares rose as much as 5.4% after an Oklahoma judge ordered the company to pay far less than some investors expected in the first trial by a state seeking compensation for the public-health crisis spawned by opioid painkillers. Judge Thad Balkman ruled Monday that J&J created a “temporary” public nuisance by duping
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Denmark and Greenland have agreed to strengthen their cooperation on security and defense, with officials citing the growing strategic role of the Arctic region as thawing ice opens up new trade routes and improves access to the island’s natural resources. “The presence of Defense Command Denmark in the Arctic and north Atlantic will be even
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