Richer nations fail to deliver on climate finance pledge
According to an analysis by the Organization for Economic Co-operation and Development (OECD), the richest countries failed to fulfill their pledge of $100 billion a year to developing countries to help them meet their climate goals. In 2020, $83.3 billion in climate finance was given to the poorest countries, 4% more than the previous year, but still below the proposed target. The UN-backed payment plan was first agreed in 2009 to help poorer nations adapt to the effects of climate change and reduce emissions. The commitment, which was initially set up as an annual commitment from its inception until 2020,…
Read More »BlackRock marks the climate proposals
BlackRock backed fewer climate-related shareholder proposals this year. In a report released on July 26, the asset manager said it voted in favor of 24% of shareholder environmental and social proposals during this year’s proxy voting season, down from 43% last year. ‘last year. The company said the decline was partly due to a crop of “more prescriptive” shareholder proposals. Some of the proposals, BlackRock said, sought to “dictate the pace of companies’ energy transition plans without considering the disruption caused to their financial performance, given continued customer demand.” In a memo in May, the company signaled it would support…
Read More »Dow gains 400 points as Powell hints Fed may slow pace of rate hikes, Nasdaq up 4%
Stocks rallied on Wednesday after the Federal Reserve announced its long-awaited 0.75 percentage point rate hike to fight inflation, but hinted it may slow the pace of its rate hike at some point . The Dow Jones Industrial Average rose 436.05 points, or nearly 1.4%, to 32,197.59. The S&P 500 gained 2.62% to close at 4,023.61. The Nasdaq Composite rose 4.06% to 12,032.42. Tech stocks led gains a day after quarterly results from Alphabet and Microsoft. Stocks hit session highs in the afternoon as Fed Chairman Jerome Powell left the door open on the size of the central bank’s rate…
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Investors have reason to hope
Investors were desperate for even the tiniest bit of good news from Jay Powell, and it shows. Fund managers were pretty sure the US Federal Reserve would raise interest rates this week by a hike that would have sent us all out just a few months ago. It duly offered an increase of 0.75 percentage points, the second in a row. Those old quarter-point steps are for the weak (and for policymakers who aren’t addressing inflation sailing toward double digits). The real action, however, was always going to be in Powell’s statement and comments. It didn’t disappoint. “As the stance…
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West Haven could lose grants, credit rating amid financial scandal
The financial scandal that has engulfed West Haven over the past year has cost the city access to state grant funding and now threatens the township’s ability to borrow money for future capital projects. West Haven, a coastal city of about 55,000, had hoped earlier this year to receive state aid for a local flood and stormwater project that would have been financed through the State Bond Commission. But before that proposal could be considered, Gov. Ned Lamont’s administration informed West Haven’s legislative delegation that it was reluctant to commit money to the city in the wake of an ongoing…
Read More »Roku shares fall 24% after missing earnings
In this photo illustration, a hand holding a TV remote points to a screen displaying the Roku logo. Rafael Henrique | light rocket | Getty Images Shares of Roku fell more than 25% on Friday, a day after the company reported second-quarter earnings that missed both top and bottom estimates. The company reported earnings of 82 cents a share and revenue of $764 million, both below consensus estimates, as ad and device sales remain under pressure. Roku also issued a third-quarter forecast that’s $200 million below expectations and said it was pulling back its full-year growth estimate. Roku attributed the…
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Global stocks rebound in July after dismal first half of 2022
Global stocks were on track for their best month since late 2020, recovering from a wild first half of 2022, as reduced rate hike expectations and upbeat earnings from big tech groups they drove a broad rebound. The FTSE All-World index of developed and emerging market shares rose more than 6 percent in July, with sentiment boosted this week by resilient quarterly updates from US tech titans that indicated the tech sector mainstream US equities could withstand an economic slowdown. The good performance in July contrasts with the first six months of this year, when the global stock index fell…
Read More »AM Best affirms Sammons Financial Group, Inc.’s credit ratings. and its subsidiaries
OLDWICK, NJ–(BUSINESS THREAD)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) for Midland National Life Insurance Company ( Midland National) and North American Company for Life and Health Insurance (North America) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed the long-term ICR of “a-” (Excellent) and the long-term issuance credit ratings (long-term IRs) of Sammons Financial Group, Inc. (Delaware). Additionally, AM Best has affirmed Sammons Financial Group Global Funding’s Long-Term ICR of ‘aa-‘ (Outperform). The outlook for these credit ratings (ratings) is…
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