Unlikely activists: Money managers push for climate, social good

NEW YORK (Reuters) – If you are looking to save the environment, address racial or gender discrimination, fight for human rights or tackle corruption, it looks like you have some unlikely allies: Money managers.

Do not scoff. The biennial Report on US Sustainable, Responsible and Impact Investing Trends is out, and the numbers are eye-popping.

There is now $12 trillion in money being managed in the United States with an eye to Environmental, Social and Governance (ESG) criteria, according to the report by the US SIF, a nonprofit hub for sustainable investing. That is up 38 percent in just two years, from $8.7 trillion in 2016.

To put that in perspective, more than one in four dollars – or 26 percent of the $46.6 trillion in total U.S assets under professional management – consider ESG factors in investment selection.

That is hardly a “niche” investment approach – and seems it is not going away anytime soon.

“I’m struck by the fact that we are seeing growth across all types of investment vehicles, asset classes and styles of investing,” says Meg Voorhes, US SIF’s research director.

“ESG is becoming accepted practice – part of investors and money managers simply doing their jobs.”

So what specific factors are driving ESG-oriented investment strategies? The reason most often cited by money managers was climate change, with $3 trillion in assets being steered with that issue in mind; followed by tobacco ($2.89 trillion), conflict risk such as repressive regimes ($2.26 trillion), human rights ($2.2 trillion), and transparency ($2.2 trillion).

Institutional investors noted a similar list of concerns -repressive regimes, tobacco and climate change were their top three – while also paying keen attention to governance, such as board issues ($1.73 trillion) and executive pay ($1.69 trillion).

“What I find fascinating is that 20 years ago, the corporate community was way ahead of the investment community on ESG,” said Robert Eccles, visiting professor of management practice at Oxford University’s Said Business School, and one of the world’s foremost authorities on the subject.

“That has flipped over the last five years. Investors are noticing that companies which do better on ESG issues, have better financial performance. The evidence just continues to accumulate. This stuff matters.”

Indeed, the report found that what is driving ESG investment is not some fuzzy, kumbaya interest in social justice. It is, not surprisingly, self-interest: Money managers are responding to client demand, as well as seeking to improve returns, minimize risk and fulfill their fiduciary duty.

Of course it is one thing to be concerned by environmental or social issues, and another to actually do something about it. In the investing world, that often takes the form of peppering a company’s management with shareholder resolutions.

The US SIF report found that from 2016 through the first half of 2018, 165 institutional investors and 54 investment managers controlling a total of $1.8 trillion in assets filed shareholder resolutions on ESG issues. The subjects of those resolutions ranged from proxy access (the ability to nominate directors), to climate change, to corporate political spending.

“Many of these money managers and institutions, concerned about racial and gender discrimination, gun violence, and the federal government’s rollbacks of environmental protections, are using portfolio selection and shareowner engagement to address these important issues,” the report’s authors write.

http://dieselgasoil.com/money/unlikely-activists-money-managers-push-for-climate-social-good/

Barbed Wire Border – Troops lay 1000 ft of Concertina Wire at Rio Grande

Troops have been putting up a barbed wire border at the Rio Grande River. But it’s not like the rusty old barbed wire that we used to sneak through as a kid…it’s concertina wire or razor wire.

They have laid about 1,000 feet of the wire along the Rio Grande River, as well as under the McAllen-Hidalgo International Bridge. The idea is to dissuade the Migrant caravans from crossing at that point in the river. The Rio Grande is a common place for illegal immigrants to enter the United States. The Border Patrol stated that the wire was part of “necessary preparations” for the arrival of the migrants.

So far, according to the New York Post, there are about 900 active duty troops in the area of the border from California to Texas.There are at least three separate caravans headed toward the United States at this point.

At a rally in Belgrade, Montana on Saturday, the President said “barbed wire, used properly, can be a beautiful sight” according to Fox32Chicago.

Estimates for how many will actually arrive vary wildly from only 20% of them to thousands. Though left-leaning news services are complaining about the deployment, and using disparaging terms for the President’s assessment that it’s an “invasion,” the behavior of many in the caravan has shown it to be correct.

These are not vetted people. There are criminals among them, some who have been previously deported for crimes or who have committed crimes in their home nations. They violently attacked police officers with rocks, firebombs, etc at the border of Guatemala and Mexico, as we previously reported.

https://www.dcclothesline.com/2018/11/05/barbed-wire-border-troops-lay-1000-ft-of-concertina-wire-at-rio-grande/

>>3742932

moar logical then the little green men fantasy

Policeman found dead in French prime minister’s garden

A police officer was found dead on Monday on the grounds of the French prime minister’s official residence in Paris in a death officials said was being treated as a suicide.

Last year 51 policemen killed themselves in France, according to police union figures, and 24 more have committed suicide so far this year.

Additionally, some 20 gendarmes have committed suicide this year, according to media reports.

One killed himself on September 18, and another on Sunday.

https://www.scmp.com/news/world/europe/article/2171839/policeman-found-dead-french-prime-ministers-garden

Unirule economist barred from leaving China for Harvard event on ‘national security’ grounds

The director of an independent Chinese think tank has been barred from leaving the country to attend a seminar at Harvard University on the grounds that he would “endanger national security”, as Beijing continues to silence liberals critical of its policies.

Sheng Hong, executive director of the prominent Unirule Institute of Economics, was due to attend a symposium at the American university reflecting on China’s 40 years of reform and opening up.

But the liberal economist was stopped at Beijing Capital International Airport from leaving for his flight to Boston on Thursday morning.

“They told me I would endanger national security and was not allowed to leave the country,” Shen told the South China Morning Post on Monday. “I was completely shocked. How can my attendance at an academic conference affect national security? This is absolutely absurd,” he said.

https://www.scmp.com/news/china/politics/article/2171808/unirule-economist-barred-leaving-china-harvard-event-national

The Children's Place Stock Throws A Tantrum As Two Execs Exit

The Children's Place (PLCE) stock is plunging Monday as two top executives announced that they're leaving the apparel retailer amid consolidation of management roles.

"As we approach the last phase of our major systems implementations, the opportunity exists for significant efficiencies across the organization, and today we are announcing a more streamlined senior leadership structure," said CEO Jane Elfers in a statement.

Children's Place Global Product Head, CFO To Exit

Pamela Wallack and Anurup Pruthi are departing to "pursue other opportunities."

Wallack had been the president of global product since mid-2017, a then-newly created position. She had previously served as CEO of David's Bridal and president of Gap Kids & Baby, among other senior-level roles. Elfers said she will now be directly responsible for product.

Mike Scarpa will "permanently reassume" Pruthi's CFO title. Pruthi's experience in retail had included Mumbai-based Reliance Retail, Burberry and Liz Claiborne, among others, before becoming Children's Place CFO in late 2014.

Elfers reiterated profit guidance for the third quarter. She said every month during the quarter has led to positive comparable sales, and that the company has a high-single-digit comp for the quarter. Children's Place in August offered up EPS outlook of $2.97 to $3.07 based on a mid-single-digit comp.

Children's Place Stock Technical Analysis

Shares fell nearly 13% to 138.06 in the stock market, moving toward the 50-day and 200-day moving average. Children's Place stock had been setting up a nine-month-long cup-shaped base and approaching a 161.75 entry point.

Though its relative strength line is taking a hit Monday, the key level had hit a new high last week. The RS line tracks a stock's performance relative to the S&P 500 index.

Shares of rival children's clothing retailer Carter's (CRI) slid 2%.

https://www.investors.com/news/childrens-place-stock-down-executive-departures/

Wage Growth Hits 3.1%, Cinching Fed Rate Hike In December

The U.S. economy added 250,000 jobs in October as the unemployment rate held at 3.7%, the Labor Department reported on Friday. Wage growth, the key number for investors worried about Fed rate hikes, accelerated more than expected to 3.1%, the fastest since early 2009. The momentum for wage growth virtually locks in another Fed rate hike in December.

Wall Street economists expected 190,000 jobs, 3.7% unemployment and 3% average hourly wage growth.

While there's one more jobs report before the Fed meeting on Dec. 18 and 19, the big wage hike announced by Amazon (AMZN) last month should ensure that wage growth doesn't relapse in the next report.

On Oct. 2, Amazon embraced a $15 minimum wage, responding to political pressure. Then, facing pressure from blowback from moderate-earning employees, Amazon bumped up pay for those making close to $15. Wage hikes were set to take effect on Nov. 1.

This week's earnings reports offered more evidence that wage pressures are finally bubbling up. Texas Roadhouse (TXRH) reporting wage inflation of 5.3%. President Scott Colosi noted on an earnings call that "the competition for employees and wage rate pressure is more intense than they (managing partners) can remember and it seems likely to continue in 2019."

Other evidence of broad wage pressures emerging in recent months included Microsoft (MSFT) reportedly handing out six-figure bonuses amid competition over cloud-computing employees. Costco (COST) hiked its starting pay by $1 an hour in June. Cheesecake Factory (CAKE) has said its wage growth has jumped to a range of 6% to 7% vs. prior expectations of 5%. Walt Disney (DIS) theme park workers in Florida recently approved a contract that will hike their starting wage by 50% to $15 over three years.

https://www.investors.com/news/economy/jobs-report-wage-growth-9-year-high/