Shell says a court ruling on greenhouse gases will accelerate plans to cut emissions.


daily business briefing

June 9, 2021 at 9:47 am ET

June 9, 2021 at 9:47 am ET

Credits…Benoit Tessier/Reuters

Royal Dutch Shell will respond to a recent defeat in a Dutch court by accelerating efforts to reduce its carbon dioxide emissions, the company’s leader said on Wednesday.

Shell chief executive Ben van Burden said he was “disappointed” by the decision to require Europe’s largest oil company to move quickly in reducing greenhouse gases, but added that the company plans to do so. Was being

“For Shell, this decision does not mean a change, but an acceleration of our strategy,” Mr. Van Burden said in an article published on LinkedIn. “We’ll find a way In a way, reduce emissions even more It remains purposeful and profitable,” he said.

On 26 May, the District Court in The Hague ruled that Shell must reduce its global net carbon emissions by 45 percent by 2030 compared to 2019. The court said Shell has a duty of care to the citizens of the Netherlands, where the company is headquartered, to protect them from the consequences of global warming such as rising sea levels.

Mr Van Burden said his first reaction to the ruling was “surprise” as Shell was at the forefront of oil majors in setting emissions reduction targets, including customers who burn the company’s products in their cars or jet engines. Huh. He also said that if Shell decides to stop selling petrol and diesel today, people will turn to other providers for fuel. “It won’t help the world one bit,” he said.

Mr Van Burden said Shell still expected to appeal against the decision.

After reflection, however, Mr van Burden said he and his colleagues also felt “determined to rise to the challenge” posed by the court.

Shell officials may have felt that the ruling was a harbinger of pressures to come and that Shell, which has a long 19th-century history, need to do more on climate change if it wants to thrive in future decades.

Tourists arriving in Barcelona, ​​Spain on Monday.  The State Department has eased its pandemic travel warnings for several countries.
Credits…Emilio Morenatti / The Associated Press

Stocks on Wall Street rose higher on Wednesday and European stocks were mixed, as traders waited for more data on inflation.

The S&P 500 briefly climbed above its May 7 record in early trading, with an early gain of about 0.2 percent.

The momentum in the stock market has stalled recently as investors try to figure out whether consumer price hikes are a temporary hiccup as businesses reopen and welcome consumers ready to spend or if growth continues to cause problems. which central banks will have to address by easing stimulus measures.

there was a big jump in prices reported in china On Wednesday, as the government said prices charged by factories, farmers and other producers rose 9 percent in May from a year ago, when the pandemic slashed spending. But consumers remain largely unaffected: China’s consumer price index was up only 1.3 percent in May from a year earlier.

More light will be shed on Thursday, when closely observed consumer price Index Has been released with the latest figures for May. Its last monthly report showed prices rising at the fastest rate in a decade.

Prior to that report, yields on US government bonds fell, reflecting easing concerns in the bond market. The yield on the 10-year Treasury note came down to below 1.5 per cent.

Also on Thursday, the European Central Bank will weigh in on the debate, as it will announce whether it will continue its accelerated pace of buying bonds, a tool to reduce borrowing costs in the eurozone economy.

West Texas Intermediate, the US benchmark crude, soared above $70 a barrel, the highest in more than two and a half years. Analysts at ING said a fall in oil inventories in the United States helped propel prices further. He also noted that state Department Many countries had eased their pandemic travel warnings.

Last year, a Pennsylvania man called former President Donald J. He collected thousands of followers on Twitter by impersonating Trump’s relatives. in November, He also cheated on Mr Trump, who called the person “Love!” Thinking that he is writing to one of his sisters.

the new York Times The man was later identified as Josh Hall., a 21-year-old food-delivery driver and Trump supporter, and showed that he had used the accounts to collect thousands of dollars for a fake political group.

on Tuesday, Federal authorities arrest Mr. Hallo and accused him of fraud and identity theft.

US Attorney Audrey Strauss in Manhattan said Mr Hall pretended to be a member of the Trump family, “to fraudulently induce hundreds of victims to donate to a political organization that didn’t exist, and then use those funds.” kept in his pocket for his own use.” In a news release.

Credits…Josh Hall

Mr Hall’s arrest is a rare instance of criminal charges filed against someone for creating a fake account on social media. Facebook, Instagram, Twitter and other social networks are Crores are full of fake accounts, many of whom impersonate politicians, celebrities and soldiers To cheat people with money. But behind the fake some people sometimes have to face the consequences.

Mr Hall attracted the attention of the Federal Bureau of Investigation after posing as five members of Mr Trump’s family on Twitter, amassing more than 160,000 followers on the site. For over a year, he pretended to be, among others, Robert Trump, the president’s brother; Baron Trump, the president’s teenage son; And the White House coronavirus coordinator at the time, Dr. Deborah L. Birx.

He used the accounts to direct people to donate to a political group called Gay Voices for Trump. Mr Hall later told The Times that the group did not exist. He brought in over $7,300. The Justice Department said on Tuesday that Mr Hall had kept the money.

Mr Hall appeared in federal court in Harrisburg, Pa. on Tuesday, the Justice Department said. The department said he could face up to 22 years in prison.

Mr Hall could not be immediately reached on Tuesday. He told The Times last year that his fake accounts were clear parodies and that anyone reading some of his teen posts, including Mr Trump, should know.

“There was no nefarious motive behind this,” said Mr. Hall. “I was just trying to gather MAGA supporters and have fun,” he said, referring to an acronym for Mr. Trump’s slogan “Make America Great Again.”

  • Lordstown Motors, an electric vehicle start-up that aims to revive a closed General Motors factory in Ohio, said on Tuesday that it does not have enough cash to start commercial production Your electric pickup truck may need to have its doors closed. In a regulatory filing, Lordstown said it would not be able to begin “commercial-scale production” without raising more funding from investors and lenders. It said there was “substantial doubt about our ability to continue as an ongoing concern” — a legal phrase companies often use to alert investors that they may not survive.

  • Ohio’s Attorney General, Dave Yost, Case filed on Tuesday In search of a new attempt to declare Google a public utility and subject to government regulations. The lawsuit seeks to use more than a century-old law to regulate Google by enforcing the legal designation historically used for the search engine for railroads, electricity and telephones. If Google is declared a so-called common carrier like a utility company, it would prevent the company from prioritizing its products, services and websites in search results.

Independent Senator Angus King from Maine said that people were able to take the tax cut because “  The money never reached the charity it worked for.
Credits…J. Scott Applewhite/The Associated Press

A new bill being introduced on Wednesday will seek to ensure that the money promised for the charity reaches those who need it.

The bill, from Senators Angus King of Maine and Chuck Grassley of Iowa, would seek to hold money indefinitely in donor-advised funds, which are similar to 401(k)s for philanthropy, but with certain rules or requirements. Over $140 billion sits in these accounts. Another $1 trillion lives in endowments with private foundations like the Bill and Melinda Gates Foundation, which are required to pay only 5 percent of their assets each year, Nicholas Kulish reports for the New York Times.

The bill would close a loophole to speed up work donations: The foundation will no longer be able to meet the 5 percent annual payment requirement by giving to a donor-advised fund where there is currently no payment requirement. The bill would also prevent the foundation from counting the salary or travel expenses of a donor’s family members up to a minimum of 5 percent.

The proposed law would require that a payer who wants the full tax benefit immediately must ensure that the money is disbursed within 15 years. This includes a significant carving out for community foundations, which often support local institutions in small towns and cities across the United States. Under the bill, any donor can put up to $1 million in a community foundation without falling under the proposed new payout rules.



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