|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||64.13 - 64.67|
|52 Week Range||46.85 - 66.74|
|Beta (5Y Monthly)||1.04|
|PE Ratio (TTM)||15.72|
|Forward Dividend & Yield||2.19 (3.38%)|
|Ex-Dividend Date||Feb 04, 2020|
|1y Target Est||78.51|
As Australia's bush fires burn, so does anger there over global warming. On Friday (January 10), thousands took to the streets of its cities to protest. While on Monday (January 13), the latest to feel the heat was Siemens. The German engineering company - facing protests back home - has nonetheless decided to go ahead With its support of a controversial mining project in the Australian outback. That despite pleas from Greta Thunberg and other environmentalists not to. Like German climate activist Luisa Neubauer. (SOUNDBITE) (German) GERMAN CLIMATE ACTIVIST, LUISA NEUBAUER, SAYING: "That's unacceptable, Siemens can't do that, especially as a company which always emphasises how important the climate is to them and how much they want to be responsible." Neubauer was speaking ahead of the Siemens decision. CEO Joe Kaeser said on Friday (January 10) he would listen to concerns. But just a few days later, was saying Siemens must as a supplier - in this case of rail tech - stick to contractual commitments. The project - led by Indian conglomerate Adani - has been mired in controversy. Since even before Australia gave it the green light last year ... Bondi Beach was one of 45 'Stop Adani' protest locations in October 2017. For Siemens, February 5th 2020 could now be a key date over the issue. That's when it holds its AGM - when it could face a shareholder backlash. Siemens is kidding itself, one environmentalist told Reuters, if it thinks its decision will end the matter.
Jan.13 -- Siemens says it will go head with a contract to supply an Australian coal mine. Environmental protesters in Germany had called on the company to abandon the project for signaling systems for a mine in Queensland, especially as bushfires linked to climate change ravage the continent. Bloomberg’s Richard Weiss reports on “Bloomberg Markets: European Open.”
Climate activist Greta Thunberg called on German engineering group Siemens AG to stop, delay or interrupt the building of a controversial coal mine in Australia on Saturday (January 11). The 17-year-old, who was named Time Magazine's 'Person of the Year' in 2019, tweeted-- "On Monday they will announce their decision. Please help pushing them to make the only right decision. #StopAdani". Siemens CEO Joe Kaeser said the engineering giant will decide by Monday (January 13) on its involvement in the development of the coal mine being built by India's Adani. The Australian government last year approved the construction of the new coal mine in the state of Queensland by Adani that is expected to produce 8-10 million tonnes of thermal coal a year. Thunberg's call comes as Australia continues to battle through one of its most destructive bushfire seasons. Since October, 27 people have been killed as huge fires scorched more than 10.3 million hectares (25.5 million acres) of land, an area roughly the size of South Korea. On Friday (January 10) thousands took to the streets of the country's major cities to protest against government inaction on climate change.
Amazon.com, AT&T Inc., DHL Express USA Inc. and other select companies with major delivery fleets — and their accompanying heavy carbon footprints — are banding together for an electric-vehicle collaboration.
Joe Kaeser, the camera-friendly boss of Siemens and de facto ambassador for Germany industry, makes his annual pilgrimage to the World Economic Forum this week, where he will again join executives banging the drum for the role business must play in protecting the planet. An outcry over a minor contract (roughly 0.02 per cent of annual revenue) to provide rail signalling on the periphery of a controversial Australian coal mine has generated thousands of negative headlines, and could end up causing millions of euros of reputational damage. A co-ordinated cross-border campaign, spearheaded in Germany by the Fridays for Future environmental movement and endorsed by Greta Thunberg, appealed directly to Mr Kaeser to abandon the contract, which they argued would facilitate the use of fossil fuels for decades to come.
(Bloomberg) -- Sign up here to receive the Davos Diary, a special daily newsletter that will run from Jan. 20-24.IBM called for rules aimed at eliminating bias in artificial intelligence to ease concerns that the technology relies on data that bakes in past discriminatory practices and could harm women, minorities, the disabled, older Americans and others.As it seeks to define a growing debate in the U.S. and Europe over how to regulate the burgeoning industry, IBM urged industry and governments to jointly develop standards to measure and combat potential discrimination.The Armonk, New York-based company issued policy proposals Tuesday ahead of a Wednesday panel on AI to be led by Chief Executive Officer Ginni Rometty on the sidelines of the World Economic Forum in Davos. The initiative is designed to find a consensus on rules that may be stricter than what industry alone might produce, but that are less stringent than what governments might impose on their own.“It seems pretty clear to us that government regulation of artificial intelligence is the next frontier in tech policy regulation,” said Chris Padilla, vice president of government and regulatory affairs at International Business Machines Corp.The 108-year-old company, once a world technology leader, has lagged behind the sector for years. In its fight to remain relevant, IBM has pegged its future on newer technologies like artificial intelligence and cloud services. But it’s yet to show significant revenue growth from those areas.The IBM recommendations call for companies to work with governments to develop standards on how to make sure, for instance, that African-Americans are guaranteed fair access to housing despite algorithms that rely on historical data such as zip codes or mortgage rates that may have been skewed by discrimination. In the U.S., that would likely occur through the National Institute of Standards and Technology within the U.S. Department of Commerce.Read more: A QuickTake explains algorithmic biasRometty is hosting the panel, which includes a top White House aide, Chris Liddell, OECD Secretary-General Jose Angel Gurria and Siemens AG CEO Joe Kaeser.IBM also suggests that companies appoint chief AI ethics officials, carry out assessments to determine how much harm an AI system may pose and maintain documentation about data when “making determinations or recommendations with potentially significant implications for individuals” so that the decisions can be explained.Spearheading the AI regulatory debate gives IBM a chance to come back into the spotlight as a leader in cutting-edge technology, a position it hasn’t held for years.The AI proposals are intended to stave off potential crises that could enrage customers, lawmakers and regulators worldwide -- similar to what happened with Facebook Inc. in the Cambridge Analytica data scandal, when the personal data of millions of Americans was transferred to the political consulting firm without their knowledge.“I don’t think we’re yet in the same place on AI,” he said. “So I don’t think it’s too late to try this approach.”Concerns about AI and machine learning -- software tools that use existing data to automate future analysis and decision-making -- range from identifying faces in security-camera footage to making determinations about mortgage rates. AI is central to the future of many technology companies, including IBM’s, but has spurred worries that it could kill jobs and spread existing disparities in areas such as law enforcement, access to credit and hiring.IBM has been working with the Trump administration since last summer on its approach to AI regulation. Earlier this month, the White House issued guidelines for use of the technology by federal agencies, which emphasized a desire not to impose burdensome controls. Last week, a bipartisan group of U.S. senators unveiled a bill designed to boost private and public funding for AI and other industries of the future.The European Union is considering new, legally binding requirements for developers of artificial intelligence to ensure the technology is developed and used in an ethical way. IBM advised a European committee of academics, experts and executives that recommended avoiding unnecessarily prescriptive rules.The EU’s executive arm is set to propose that the new rules apply to “high-risk sectors,” such as health care and transport. It also may suggest that the bloc update safety and liability laws, according to a draft of a so-called white paper on artificial intelligence obtained by Bloomberg. The European Commission is due to unveil the paper in mid-February and the final version is likely to change.For More: Europe Mulls New Tougher Rules for Artificial IntelligenceWhile Rometty has touted the growth potential for new offerings in cloud services, the company’s third-quarter earnings report in October missed Wall Street estimates. It was IBM’s fifth-consecutive quarter of shrinking sales despite its July acquisition of open-source software provider Red Hat, designed to bolster its hybrid cloud-services strategy. The company is set to report fourth-quarter results Tuesday at the market close.Padilla said compliance with standards could become a selling-point for companies and perhaps help lower their legal liability.“If we take a just-say-no approach, or we just wait, the chances are higher that governments will react to something that happens,” he said. “Then you will get more of a prescriptive, top-down regulation.”\--With assistance from Natalia Drozdiak.To contact the reporters on this story: Ben Brody in Washington, D.C. at email@example.com;Olivia Carville in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Sara Forden at email@example.com, Paula DwyerFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Scoutbee, a recommendation engine that helps companies find suppliers, has raised $60 million in a second funding round from venture capital backers including Atomico, Lakestar and Siemens' investment arm Next47. Berlin-based Scoutbee, founded in 2015 by a group of German-based operations managers, has scraped millions of company websites around the world and built a platform solution to help buyers find the right supplier. For Lakestar partner Christoph Schuh, the investment represents a new bet on logistics and procurement industries whose global turnover of $30 trillion exceeds that of financial services.
Moody's Investors Service has upgraded the rating of Energy Northwest - Nine Canyon Wind Project (WA)'s (Nine Canyon or Project) revenue bonds to A1 from A2. Nine Canyon's upgrade to A1 from A2 reflects the project's matured profile and its ability to maintain O&M costs well below the O&M cost cap while maintaining strong availability. The upgrade also considers Nine Canyon's unrestricted liquidity that has grown to a robust 912 days in addition to a 12 month debt service reserve.
(Bloomberg Opinion) -- If you’re jazzed about the environmental, social and governance, or ESG, investing thing, then the energy sector is probably way down your list of priorities. On the other hand, if, like Larry Fink, you’re trying to wield a $7 trillion cudgel in the interest of getting folks to pay attention to this stuff, then energy is a top target.The BlackRock Inc. CEO’s letters and associated media blitz on Tuesday morning can be summed up as one long, thinly veiled threat. Fink acknowledges climate change is real and its consequences potentially catastrophic and, therefore, capital markets will shift accordingly — whether individual investors and companies are prepared for it or not. So best get on with it. Moreover, should companies fail to adequately take the initiative, BlackRock “will be increasingly disposed to vote against management and board directors.”There has always been a hefty dose of moral suasion at the heart of the (amorphous) ESG investing theme. Shame can be a powerful tool. BlackRock’s move appears to be at least partly a response to criticism it wasn’t living up to its earlier rhetoric. And it comes days after the CEO of Siemens AG felt the need to issue a response to climate critics that was both extraordinarily long and edited to a standard I can only describe as anguished (see my colleague David Fickling’s detailed take here).When it comes to energy companies, though, the moral suasion approach has been playing out for decades already. Moreover, as my colleague Mark Gilbert points out here, roughly two thirds of the assets managed by BlackRock are in index trackers that can’t shift money away from climate laggards, whatever Fink thinks. Indeed, given the sheer unpopularity of energy stocks, it seems likely much of the money still in there is passive.But that doesn’t mean BlackRock is powerless.That energy has shrunk to only about 4% of the S&P 500 has at least as much to do with the sector’s recent past as it does with concern about the future. The past decade delivered, simultaneously, the biggest surge in U.S. oil and gas production ever and investment returns that lagged the market by a mile. The ultimate culprit for this is skewed incentive packages for the executives running the companies, rewarding growth at any cost and largely shielding managers from the decline in oil prices that inevitably results from such growth (see this, this and this).Doug Terreson, the lead energy analyst at Evercore ISI, has been tracking shareholder (mis)alignment at oil and gas firms since 2017. He found that, across the five years through 2018, Big Oil and E&P CEOs earned 123% and 116% of their target bonus on the back of annual total shareholder return of 1.2% and negative 11%, respectively. That compares with an average payout for S&P 500 CEOs of just 76% but on the back of an annual return of 8.4%.Fixing this disconnect may seem disconnected from the objectives laid out in Fink’s letter (who in ESG circles wants to make oil stocks more attractive?), but there is much to be gained by bolstering the E via the G. Pushing oil and gas firms to prioritize returns would go a long way in dealing with the worst excesses of breakneck growth. An obvious example is flaring of excess gas production, especially in the Permian basin, where the Railroad Commission of Texas has effectively abdicated its responsibilities. It is of course ridiculous that so many firms decrying the burden of regulation ignore the fact that (a) shale gas production has surged regardless of White House occupant and (b) they’re literally venting or burning a fuel that could be sold.Analysts at Sanford C. Bernstein track Permian flaring on a quarterly basis and find that small-and-mid-cap E&P firms tend to flare a higher proportion of their gas and on a more consistent basis. This fits with a growing divide between smaller producers and the majors moving into the shale patch when it comes to setting hard targets on methane emissions. It also speaks to the reality that the long tail of smaller producers are at a structural disadvantage versus their larger peers in terms of unit costs and cost of capital, making them even less inclined to take a long view, slow their growth and invest more in mitigating their environmental impact. While activists have been pressing for consolidation, entrenched management and seeming disinterest from the investing heavyweights have largely blunted such efforts.Yet Fink’s own logic dictates that rising risk premiums related to climate change will exacerbate the economic disadvantage for many smaller oil and gas producers. That means BlackRock has perfectly aligned incentives on both ESG and straight financial grounds to be much more aggressive in voting down the skewed pay packages and chummy board structures that have blighted the industry for so long. The majors may well capitalize on this via consolidation of struggling competitors. However, they also face higher risk premiums, which translate already into a demand they disburse, rather than invest, a higher proportion of their cash flow. And they also have to secure votes come proxy season.BlackRock is bound to put its clients’ money where they want it to go, passive or otherwise. The test of Fink’s words is whether he is willing to use the power that still comes with that.To contact the author of this story: Liam Denning at firstname.lastname@example.orgTo contact the editor responsible for this story: Mark Gongloff at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
In his letter Fink wrote climate change has become a defining factor in companies’ long-term prospects, and the evidence on climate risk is compelling investors to reassess core assumptions about modern finance.
(Bloomberg Opinion) -- “If I’d had more time,” the French mathematician Blaise Pascal once wrote, “I’d have written with more brevity.” Joe Kaeser, the chief executive officer of German industrial giant Siemens AG, should have heeded that dictum.His 1,800-word open letter this week explaining Siemens’s decision to provide rail signaling for the controversial Carmichael coal project in Australia must count as one of the strangest pieces of executive communication since Elon Musk last opened his mouth. Almost twice the length of “The Love Song of J. Alfred Prufrock,” it’s a stream-of-consciousness that veers in the space of a few paragraphs between lecturing, grovelling, evasion and soul-searching. The effect, which you should really experience yourself, doesn’t resemble the blandly polished platitudes issued by corporate boardrooms so much as an anguished love letter. The reason for all this is the storm of protest that Siemens has run into since announcing its contract with Carmichael, a thermal coal pit being developed by Adani Enterprises Ltd., part of the sprawling ports-to-power conglomerate run by Indian billionaire Gautam Adani.The project, as we’ve argued, doesn’t really make sense economically. Its product is too low-quality and expensive to find a place in a global thermal coal market that’s in terminal decline. Generation division Adani Power Ltd., the likeliest destination for the soot, has lost 92.4 billion rupees ($1.3 billion) over the last three years, despite paying around 4,500 rupees ($64) per metric ton for its fuel — prices well below what it would cost per ton to develop Carmichael, on our estimates.Still, as someone who’s been cheering the decline of coal power for some time, I have to confess to finding Kaeser’s dark night of the soul almost more disturbing than a forthright defense of his decision-making would have been.Siemens has been central to the fossil-fired electricity industry since its inception in the late 19th century, with a role providing turbines for coal, oil and gas-fired power plants scarcely less significant than that of its U.S. rival General Electric Co. As recently as 2014, the gas and power unit accounted for about 30% of operating income and was presented as a key future profit-maker in the company's vision of itself in 2020. “We are very, very positive about gas,” Kaeser told one 2014 investor conference.That bullishness turned out to be badly mistaken. Both GE and Siemens have struggled in recent years as the slumping cost of renewables cratered the market for conventional power plants. Kaeser has cut nearly 10,000 jobs from the power and gas division in recent years. With 2020 now dawning, the unit has fallen so far from his vision of Siemens’s future that he plans to spin off as much as 75% as a separate company.Still, at least he has owned that mistake, and acted decisively to correct it.The Carmichael decision is more mysterious. The contract is worth 18 million euros ($21 million) and margins for the transport division tend to bounce around 10%; against all the revenue lines in Siemens's expansive business operation, this contract is likely to account for a fiftieth of 1% or so of operating income.That may not amount to much — but it's the responsibility of a corporate boss to set a direction and pay attention to the detail of getting there. Carmichael already has a history of open-ended delays and disputes with contractors that should have raised red flags with any potential business partner. Given Siemens’s attempt to position itself as a pioneer of sustainable industry in an era of climate change, it shouldn’t have needed Greta Thunberg and Fridays for Future protests to draw the boardroom’s attention to the damage such a minor contract could do to its attempted green makeover. Kaeser’s defense — that having signed the contract, he was obliged to uphold it — is reasonable. That doesn’t absolve him from the lack of foresight of signing in the first place, given the agreement was inked just over a month ago.The rapid changes we’re seeing in power technology and the politics of climate change are likely to wrong-foot many executives and politicians in the years ahead. The collapse of the gas turbine industry is a potent demonstration that falling behind the curve as the world’s economy decarbonizes isn’t just a moral failing — it’s a business risk, too. That’s what's most egregious about Kaeser’s handling of this case. What should matter to Siemens's shareholders is not the state of his soul, but whether he’s making the right decisions to safeguard the future of the company. The motivated reasoning and hand-wringing of his letter suggest that's in shorter supply than you’d hope.“Securing our planet for the future is not just about experts,” he writes at one point, in a wounded valediction to climate activist Luisa Neubauer, who turned down his offer of a place on the board. “This is mostly about leadership.”There’s a lesson in that for Kaeser, too.To contact the author of this story: David Fickling at firstname.lastname@example.orgTo contact the editor responsible for this story: Rachel Rosenthal at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
This refusal to accept personal responsibility, adopting instead an attitude of “the situation is very serious and somebody needs to do something”, seems to be shared by A-list celebrities right down to anonymous Extinction Rebellion activists interviewed for vox pops on local news channels, and comes with the rider that if “somebody”, for example an oil company executive, does actually propose “something”, for example a transition strategy or zero carbon target, then they will still be told it is the wrong answer, with seldom any hint of what the practical right answer may be.
Analyst Nicole DeBlase has a Hold rating on General Electric (ticker: GE) shares, but she put a “short term” Buy rating on the stock Monday, saying earnings figures to be released at the end of the month—and a call with management for analysts and investors—will trigger gains. GE shares ended the day at $12.14 on Jan. 6, the highest closing level in a year. “We see the potential for GE to deliver a beat in [fourth quarter] and 2020 guidance,” wrote DeBlase in a Monday research report.
(Bloomberg) -- Siemens AG said it intends to honor a controversial contract to supply signaling systems to an Australian coal mine, defying the demands of activists and triggering more protests across Germany on Monday.The company will establish a sustainability committee that will have the power to stop or escalate projects, but the company will ultimately continue with the Adani contract, Chief Executive Officer Joe Kaeser said in a statement on Sunday.“I do realize, most of you would have hoped for more,” Kaeser said in the statement. “While I do have a lot of empathy for environmental matters, I do need to balance different interests of different stakeholders.”Fridays for Future activists, including Greta Thunberg, put pressure on Siemens to renounce the contract and not work with Adani Power Ltd. on the planned Carmichael coal mine in Queensland.“Siemens’ announcement that it will continue working on Adani’s coal mine while bushfires rage in Australia is nothing short of shameful,” environmental lobby group Australian Conservation Foundation said in a statement. “The company has shown its true colors with this decision. It has a climate change policy, but it is hollow and empty.”Kaeser had met with German activist Luisa Neubauer on Friday, and in private talks offered the 23-year-old a seat on the supervisory board of Siemens Energy, which she turned down. Siemens Energy creates gas turbines and wind turbines, while the Adani contract will be supplied by Siemens Mobility, a different division.‘Unbelievably Angry’Protesters staged demonstrations at 15 Siemens locations in Germany on Monday, after large-scale protests on Friday.“I’m unbelievably angry,” Matylda Bobnis, a Fridays for Future activist, said in an interview outside the company’s headquarters in Munich. “I want to stand in front of Siemens today and show them that I’m not going to let this pass unnoticed.”Fridays for Future has not yet decided on next steps, but Bobnis said she and others intend to maintain pressure on the company.Australian Resources Minister Matt Canavan had urged Kaeser last month “not to be intimidated by the noisy anti-coal minority.”“If the protesters achieve their goals of ending coal mining by bullying companies into submission, the result would be millions more people without a home, without access to electricity and without as much hope as they otherwise could have,” Canavan said.(Updates with activist quote from seventh paragraph)\--With assistance from James Thornhill and Iain Rogers.To contact the reporter on this story: Oliver Sachgau in Munich at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Chris ReiterFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
(Bloomberg) -- The Indian conglomerate coming under increasing pressure over its controversial coal mine in Australia said it won’t let protests dissuade it from completing the project.The group, controlled by billionaire Gautam Adani, is responding to an uptick in scrutiny over the Carmichael development, including from high-profile teen activist Greta Thunberg. While the mine and rail project has been a target of environmentalists since it was proposed in 2010, its facing fresh global attention as Australia suffers unprecedented brushfires and as Germany’s Siemens AG comes under attack for its contract to provide rail signaling systems. The Munich-based company said Sunday that it will honor that commitment, defying demands of demonstrators in Germany.Increasingly dire warnings over climate change and more extreme weather have sparked greater calls for action, with particular focus on projects such as Adani Group’s Carmichael thermal coal project, which will boost the global supply of the most carbon-intensive fossil fuel.“With construction of the Carmichael project well and truly underway, we have repeatedly demonstrated that we will not be intimidated or deterred from delivering on our promises,” India’s Adani Group said in a statement Monday. Those promises, it said, include to “people in developing nations who desperately need affordable energy to help lift them out of poverty.”The pressure on the German engineering giant piled up as Australia, the world’s driest inhabited continent, faces a crisis of unprecedented scale. More than 10 million hectares (25 million acres) -- larger than the U.S. state of Indiana -- have been destroyed by the raging fires. Distressing images of injured or dead native animals, including koalas and kangaroos, have been flooding social media streams, while the human death toll stands at around 28.Thunberg, who has inspired other protesters, told her Twitter followers on Jan. 11 to help push Siemens to make the “only right decision.”“While I do have a lot of empathy for environmental matters, I do need to balance different interests of different stakeholders,” Siemens Chief Executive Officer Joe Kaeser said in a statement, affirming his decision to go ahead with the Adani contract.Australia has also pushed back against calls from some of its neighbors to ditch its commitment to coal mining to help combat climate change, saying those countries need to respect the country’s reliance on the industry.Coal ranks as Australia’s second-biggest commodity export, and became a battleground issue in elections last May, exposing divisions caused by Adani’s Carmichael project. Prime Minister Scott Morrison, who leads the ruling coalition, once brandished a lump of coal in parliament to show his support for the industry.Billionaire Adani Doubles Down on Controversial Coal MineIn a July interview, fresh from winning the project, Adani said his group entered Australia with goals -- contributing to energy security in India and creating job opportunities for Australians. Doubling down on coal, he said India’s development is linked to the availability of more power and the low-cost commodity will play a big role. The tycoon’s net worth is almost $11 billion, according to the Bloomberg Billionaires Index.In a Dec. 18 letter to Kaeser, Australia’s Resources Minister Matt Canavan urged Siemens not to be intimidated by the “noisy, anti-coal minority.”“If the protesters achieve their goals of ending coal mining by bullying companies into submission, the result would be millions more people without a home, without access to electricity and without as much hope as they otherwise could have,” Canavan said in the letter.\--With assistance from Oliver Sachgau.To contact the reporter on this story: P R Sanjai in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Nagarajan at email@example.com, Ramsey Al-RikabiFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
German engineering group Siemens said it would fulfil its contractual obligations to a controversial coal mining project in Australia's outback, attracting criticism from environmental groups on Monday. Siemens was awarded a contract last year to provide signalling technology for a railway line to transport coal from a remote coal mine run by India's Adani Group in northern Queensland state. On Saturday, teenage climate activist Greta Thunberg called for Siemens to review its role in the project.
Siemens is facing a backlash from climate campaigners and key institutional investors, after it refused to rip up a contract to provide infrastructure for a controversial Australian coal project. , environmental activists and some of Siemens’ own employees had called on the company to abandon an agreement to build rail signalling systems for the proposed A$2bn Carmichael mine in Queensland. In a blog post, chief executive Joe Kaeser said there was “no legally and economically responsible way” for Siemens to pull out of the contract, worth roughly €18m, which was signed with the Indian company Adani in December.
Environmental activists are concerned that the continued use of coal as will lead to higher emissions of carbon dioxide, a gas which is linked to global warming. Engineering giant Siemens has said it will decide by Monday on its involvement in the development of the mine which is being built by India's Adani Power, its CEO Joe Kaeser said on Friday. The Australian government last year approved the construction of a new coal mine in Queensland by Adani that is expected to produce 8-10 million tonnes of thermal coal a year.
Engineering giant Siemens will decide by Monday on its involvement in the development of a controversial Australian coal mine being built by India's Adani, CEO Joe Kaeser said on Friday. Speaking after meeting climate activist Luisa Neubauer in Berlin, Kaeser told journalists he had offered her a seat on the supervisory board of the group's new Siemens Energy division. Neubauer did not join the news conference.
(Bloomberg) -- Siemens AG is considering the future of a controversial contract to supply signaling systems to a new Australian coal mine under pressure from environmental activists, who staged German-wide protests against the company on Friday.Chief Executive Officer Joe Kaeser met with Fridays for Future activist Luisa Neubauer in Munich, and the company plans to announce a decision by Monday.Climate protesters, inspired by Swedish activist Greta Thunberg, have been targeting Siemens for months. Their goal was to prod the icon of German industry into joining a list of 60 companies that have pledged not to work with Adani Power Ltd. on the planned Carmichael coal mine in Queensland, Australia.With large-scale bush fires in Australia gaining worldwide attention, pressure on Siemens intensified in recent weeks, prompting CEO Kaeser to say on Twitter that he is taking the concerns “seriously” and would review the contract.“I just can’t understand how people who know what’s happening in the world and know what Australia looks like right now, how they could still do this,” Matylda Bobnis, another Friday’s for Future activist, said as more than 100 fellow demonstrators rallied outside Siemens’s headquarters in Munich -- one of 40 protests around Germany.The Carmichael mine was approved by the Queensland state government in June after years of struggles. Siemens won the contract to supply rail signaling systems in December, but protesters want the company to renege on the agreement.“We want to show Siemens that we’re not going to stand by and let them just do this,” said Bobnis. “The company brags about being climate neutral by 2030, while on the other hand they’re evaluating such an environmentally damaging deal.”To contact the reporter on this story: Oliver Sachgau in Munich at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Palazzo at email@example.com, Chris ReiterFor more articles like this, please visit us at bloomberg.com©2020 Bloomberg L.P.
The chief executive of Siemens has offered a 23-year-old German climate activist a seat on the supervisory board of the company’s soon-to-be created energy business, in response to a string of protests against the industrial giant’s involvement in the development of a controversial Australian coal mine. Joe Kaeser extended the offer to Luisa Neubauer during a meeting in Berlin on Friday, while environmental campaigners took to the streets in 40 German cities, as well as outside Siemens’ headquarters in Munich. Ms Neubauer is one of the key figures in Germany’s Greta Thunberg-inspired Fridays For Future movement, which orchestrates weekly school strikes across the country.
General Electric is making major changes after a brutal couple of years. Here is what the fundamentals and technical analysis say about buying GE stock now.