The Rockefeller Family Fund concluded there’s “no sane rationale” for companies to explore for oil as governments contemplate cracking down on carbon emissions, according to a statement on the website of the New York-based philanthropic foundation Wednesday.
ExxonMobil has been ordered by the Securities and Exchange Commission to include a shareholder resolution on climate change in its annual proxy statement to stockholders. The SEC said in a letter that XOM can’t block a vote on the proposal backed by New York’s comptroller at its annual meeting in May.
What’s more, the Rockefeller Family Fund concluded there’s “no sane rationale” for oil exploration as governments set out to cut carbon emissions. The now-green Rockefeller charity singled out XOM for allegedly “morally reprehensible conduct,” for covering up data showing global warming risks from as early as the 1970s, according to InsideClimate News‘ website. The Rockefeller Family Fund and the Rockefeller Brothers Fund both are financial backers of InsideClimate News. Old John D must be rolling over in his grave.
There was no blog yesterday because markets here were closed for Good Friday. There will be a blog Monday as US markets do not celebrate Easter Monday. Israeli markets are closed today for Purim, a happy festival which bizarrely overlaps with Christian solemnities this year.
More today from Austria, Britain, Canada, Chile, Brazil, Finland, the French Caribbean, Switzerland, and the USA. In a holiday-shortened week most of the news is about heavy industry.
Heavies
*Renishaw shares fell 8%+ in US trading after the UK precision measuring device maker warned that lower Asian demand meant it would not meet earlier forecasts of sales and earnings this year. It sells gauges used for metal cutting accuracy needed to make smartphones, which rose sharply last year. However, this year is not matching those sales. RSW has now cut its forecast for full-year revenue to a range of £420-£440mn from £440-£465mn and for pre-tax profits by ~20%, to £67-£85mn from £85-£105mn. Smartwatch maker Pebble is laying off a quarter of its staff, although UK RSW is still hiring.
Martin Ferera comments: This is still for me a long-term keeper. RSW doesn’t adjust its accounts with non-GAAP dressing up. The slowdown may persist for a while but it will come backup. The GI entry level was too high but patience will be rewarded. I am adding at the GBX1700 level. [ed: Now he tells us the entry level was too high!]
