Kumi Naidoo, the global head of Greenpeace, is losing patience with the ability of companies and financial institutions to move away from their destructive behaviour.
While he recognises that there are a few progressive business leaders who share his concerns, Naidoo says he is planning to step up his campaign to hold them to account.
The sector most clearly in his sights is finance, given its power to support the transition to a green economy or continue to fund the destructive fossil-fuel industry.
He accepts that the NGO community made a mistake by not targeting the sector earlier and this was because it shied away from the complexity of the financial markets. But no more.
For the past two years Greenpeace has been working to understand not only how the financial markets really work, but also the leverage points where it can be most effective in seeking change.
Speaking on the day when he told the Guardian that Greenpeace is moving to a war footing as a result of the failure of negotiators at Rio+20 to agree clear policies and targets, he said: "We did not understand the financial markets but you have to appreciate that they are made not to be understandable. I know even financial journalists struggle to fully get it because its durability is based on opaqueness and a lack of transparency.
"We have been investing a lot of effort over the past couple of years to understand the industry and where the leverage points are and I think we are close to this point and finance institutions should be put on notice that not only Greenpeace but others are going to be putting them under much greater scrutiny.
"Our aim is to get all banks to say we won't make loans to oil, coal, gas and deforestation-related activity. We want to shut off the flow of capital. The time is right because the banks are at their most vulnerable in terms of public legitimacy."
It's not just the banks that will be targeted but also the pension funds. Naidoo, who was an anti-apartheid activist from the age of 15 and arrested and charged for violating state of emergency regulations in 1986, said it was simply unacceptable that pension funds invested money in activities that the owners of the money would not find acceptable.
While he supports the work of Fair Pensions in the UK, he warned City firms that Greenpeace intends to take campaigning "to a completely different scale."
Beyond the finance sector, Greenpeace plans to increasingly instigate consumer boycotts of consumer-facing brands but said the real environmental criminals were the companies largely invisible to ordinary people, such as commodity traders.
A primary target is likely to be Shell, despite the fact that the oil giant recently sought injunctions against each Greenpeace office around the world.
"We will be intensifying the pressure and if need be we will go after the brands and actually severely undermine them," he says. "With Shell we are taking the risk and we know they can come after us as they have an injunction against us but we will go after them."
While he admires corporate leaders who are prepared to stick their necks out, he says that even they are constrained by the system in which they operate.
While he believes the only answer to the current crisis is to have a complete redefinition of the notion of growth, he recognises that business cannot fundamentally change its ways in the absence of governments changing the rules of the game.
He said: "We have been engaging aggressively with business trying to provide them with technical expertise and to give them guidance on how to act more in more environmental ways.
"Big business is starting to understand that they have as much to lose if the whole planet goes to pot, but we have to ensure business leaders are not strangulated by the tyranny of quarterly reporting cycles which is what the situation is right now.
"I met with the senior management team at Macro, which is the third largest retailer in the US, and I said Greenpeace is more committed to its business in the long term than they are.
"They were shocked and asked what I meant. I told them that fish forms part of their product line and if they continue sourcing fish from unsustainable sources then the end result will be to kill their product line. We are not against palm oil or fishing but against what is unsustainable."
Naidoo says there is still a great deal companies can do in the absence of government intervention; stop selling products people do not need, break the conspiracy with marketing companies to promote wasteful consumption, and look at their entire supply chains, including the energy they buy, the materials they use and the way workers are treated.
He also called for companies to get more involved in political advocacy. When asked if he would campaign alongside companies he said: "That is not outside the realms of possibility but the reality is that at the moment it happens less directly."
He pointed out, however, that when Greenpeace unveils its campaign later this week against Arctic oil exploration, two senior business leaders will be in attendance and several other are expected to sign their declaration.
This content is brought to you by Guardian Professional. Become a GSB member to get more stories like this direct to your inbox
VOLTA FINANCE - MAY MONTHLY REPORT - Reuters
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES
*****
Guernsey, 19 June 2012 - Volta Finance Limited (the "Company" or "Volta Finance" or "Volta") has published its monthly report. The full report is attached to this release and is available on Volta Finance Limited's financial website (www.voltafinance.com).
Gross Asset Value
At the end of May 2012, the Gross Asset Value (the "GAV") of Volta Finance Limited (the "Company", "Volta Finance" or "Volta") was EUR165.6 m or EUR5.30 per share, an increase of EUR0.27 per share (or 5.4%) from EUR5.03 GAV per share at the end of April 2012.
Year to date 2012 performance, including dividend payments is a positive 26.7% for the first 5 months.
The May mark-to-market variations* of Volta Finance's asset classes have been: +54.7% for ABS investments, -1.3% for mezzanine debt of CDO investments, +4.4% for equity positions in CDO investments and -7.1% for Corporate Credit investments. The GAV increase in May was mainly due to the sale of one of the ABS position with a significant gain (see details in Interim Management Statement published the 1st of June) and from the appreciation of USD against Euro.
Volta's assets generated the equivalent of EUR2.8m of cash flows in May 2012 (non-Euro amounts converted to Euro using end-of-month cross currency rates and excluding principal payments from debt assets as well as the gain on the ABS sale) bringing the total cash generated during the last six months to EUR16.0m. It can be compared with EUR13.3m for the previous six-month period ended in November 2011 (the most recent comparable period considering the seasonality of payments).
In May 2012, the Company purchased, for EUR2m, one asset, Alpine-Taurus, a synthetic corporate transaction arranged by a major European bank under the supervision of AXA Structured Finance.
At the end of May, Volta held EUR13.7m in cash, including EUR1.5m posted in respect of the currency hedge transactions and net of the most recent sale and purchase which have not as yet settled. Considering the pace at which cash flows are generated, Volta's capacity for new investments amounts to EUR13m.
MARKET ENVIRONMENT
In May 2012, credit spreads widened almost every where as a result of the increasing uncertainties brought about by the renewed Euozone sovereign crisis and with some modest deterioration in the overall economic situation. The spread of the 5 year European iTraxx index and of the 5 year iTraxx European Crossover Index (series 17) went respectively, from 140 and 650 bps at the end of April 2012 to 180 and 720 bps at the end of May 2012. During the same period, credit spreads in the US, as illustrated by the 5y CDX main index (series 18), also widened from 95 to 123 bps at the end of May 2012. According to the CSFB Leverage Loan Index, the average price for USA liquid first lien loans decreased from 94.76% at the end of April 2012 to 93.77% at the end of May 2012.**
VOLTA FINANCE PORTFOLIO
In May 2012, no particular event materially affected the situation of the Corporate Credit holdings. However, the first loss positions in this bucket (ARIA III and the residual positions in JAZZ III) remain highly sensitive to any new credit event, especially to debt of financial institutions considering the significant exposures to banks held through these positions.
As regards the Company's investments in residual and mezzanine debt of CDOs, at the end of May 2012, all 54 positions in residual or mezzanine debt of CDOs are currently paying their coupons. No particular event materially affected the situation of these positions. Again, Volta received from one of its original Euro BB tranche of CLO an earlier repayment of principal. With this new payment, Volta cumulatively received, years in advance, in excess of 30% of the original par amount of this deal that was purchased mid-2008 at 55% of par.
As regards the Company's ABS investments, at the end of May 2012, nothing special affected the largest position (Promise Mobility). Regarding the other investments in this bucket (UK non-conforming residual positions), as already disclosed in the latest Interim Management Statement, one of these positions have been sold with a EUR5.4m gain to its end of April valuation. Most of the 5 other transactions paid some form of cash flows in June. The valuation of these deals has not as yet been revised since the end of March revision (following March cash flows) as we await to receive the after-payment trustee report to reassess the situation of each deal separately.
Please find in the table below the market value and average prices of Volta's main buckets (the ABS bucket is excluded as it is comprised of different asset types and its average price is meaningless):
The significant widening of credit spreads modestly affected the average price of Volta assets.
The Company considers that opportunities could arise in several structured credit sectors in the current market environment. Amongst others, mezzanine or senior tranches of CLOs, European or US ABS as well as tranches of Corporate Credit portfolios could be considered for investment. Potential investments could be made depending on the pace at which market opportunities could be seized and cash is available. Depending on market opportunities, the Company may aim to take advantage of the current volatility in prices to sell some assets in order to reinvest the sale proceeds on assets representing, at the time of purchase, what the Company considers a better opportunity.
* "Mark-to-market variation" is calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at month-end, payments received from the assets over the period, and ignoring changes in cross currency rates Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.
** Index data source: Markit, Bloomberg.
(Full monthly report in attachment or on www.voltafinance.com)
*****
ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Laws, 1994 to 1996 (as amended) and listed on Euronext Amsterdam. Its investment objectives are to preserve capital and to provide a stable stream of income to its shareholders through dividends. For this purpose, it pursues a multi-asset investment strategy targeting various underlying assets. The assets that the Company may invest in either directly or indirectly include, but are not limited to: corporate credits; sovereign and quasi-sovereign debt; residential mortgage loans; automobile loans. Volta Finance Limited's basic approach to its underlying assets is through vehicles and arrangements that provide leveraged exposure to some of those underlying assets.
Volta Finance Limited has appointed AXA Investment Managers Paris, an investment management company with a division specialised in structured credit, for the investment management of all its assets.
ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with EUR512 billion in assets under management as of the end of December 2011. AXA IM employs approximately 2,367 people around the world and operates out of 21 countries.
CONTACTS
Company Secretary
State Street (Guernsey) Limited
volta.finance@ais.statestreet.com
+44 (0) 1481 715601
Portfolio Administrator
Deutsche Bank
For the Investment Manager
AXA Investment Managers Paris
Serge Demay
serge.demay@axa-im.com
+33 (0) 1 44 45 84 47
*****
This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). Volta Finance has not registered, and does not intend to register, any portion of any offering of its securities in the United States or to conduct a public offering of any securities in the United States.
*****
This document is being distributed by Volta Finance Limited in the United Kingdom only to investment professionals falling within article 19(5) of the Financial Services and Market Act 2000 (Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated, falling within article 49(2)(A) to (E) of the Order ("Relevant persons"). The shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the shares will be engaged only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.
*****
This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. Volta Finance does not undertake any obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.
*****
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.
Source: Volta Finance Limited via Thomson Reuters ONE
Greece: Former Finance Minister Key to Gov't Talks - ABC News
Evangelos Venizelos has worn many hats during the Greek crisis: point man in international bailout talks, inheritor of a once-dominant political force whose popularity crumbled under austerity, and now, possibly, kingmaker in arduous post-election efforts to form a ruling coalition.
That last role makes Venizelos a critical figure in the debate about whether Greece can generate enough political and economic stability to stay in Europe's currency union, reassure international creditors and stave off spillover effects that undercut major economies around the world.
The socialist PASOK party led by Venizelos, a 55-year-old constitutional law expert, may be in sharp decline, but it stands at the center of urgent talks on forming a new government after Sunday's vote.
"What's really important at this time is to expedite the process because we have to send abroad a message of stability and credibility about the country, and send to the Greek people a message of security and of positive prospects because the Greek people have to start smiling again," said Venizelos, whose party is seen as a bridge between the election victor, New Democracy, and another possible coalition partner, Democratic Left.
Antonis Samaras, head of the conservative New Democracy, is courting both smaller parties because he needs to form an alliance in order to govern. A deal with Venizelos alone would give Samaras the necessary support, but he seeks a broader coalition to boost the credibility of any mandate.
However, the statesmanlike talk from Venizelos belies the fluid, complex nature of Greek politics, overseen for decades by the dueling PASOK and New Democracy parties, now reviled by many Greeks for supporting the bailout deal that required wage cuts and other tough measures in exchange for billions of dollars in funding. Greek parties failed to form a coalition after an inconclusive election on May 6, though this time around, the stakes for Greece, and the global economy, appear even higher. And there is a greater sense of urgency about the need to compromise.
The heavyset Venizelos, a distinctive presence on the political scene who is known for his keen intelligence, forceful delivery in speeches and occasional loss of temper, was a challenger within the PASOK party to former Prime Minister George Papandreou, who resigned in 2011 as Greece sank deeper into crisis and the leadership plummeted in popularity. As an overseer of some of the arrangements with foreign creditors that enraged Greeks, Venizelos was reviled by many people who saw him as a symbol of political corruption and callousness.
In the May election, he was heckled on his way to a polling station by residents in nearby apartment buildings. Some shouted: "Thieves out!"
Venizelos fumed on a television talk show in the run-up to the vote on Sunday when a man in the audience questioned him about alleged bribes paid by German industrial giant Siemens AG to secure major telecoms and security contracts before the 2004 Athens Olympics. He said the questioner was acting on behalf of the Syriza, the anti-bailout, radical left group that siphoned support from PASOK, came second in the vote and refuses to join a coalition.
"You come and govern," Venizelos shouted at the questioner. "You think that this is some kind of enjoyment for anyone to be in government and to do this job?"
Forex Trading Experts Offer an Alternative Online Trading Tool - Int'l Business Times
Like us on Facebook
He shares that unlike the other online trading platforms JFX.com was designed and formulated to cater to different client-investors needs whether from the institutional investment groups, as a private investor, or as a market professional craving for by-the-minute technical analyses.
"We at JFX.com can find a suitable tool and solution that are tailored to your trading style and money management preferences," notes Mr. Sabet.
He further adds that the continuous integration of the prices of nine key players in the sector (including Deutsche Bank, BNP, Royal Bank of Scotland, HSBC, Barclays, JP Morgan, Citibank and Bank of America) gives you the advantage over using a single reference with regards to prices.
JFX also distinguishes itself from the other market players as they charge low transaction fees and has a 24-hour technical support system that allows for a stable, secure and innovative trading environment. Transactions could also be paid via credit cards and accounts could be opened in 5 minutes.
To contact the editor, e-mail:
Forex: USD/JPY pushes above 79.00 after JP Trade Balance data - FXStreet.com
No comments:
Post a Comment