BP Appoints Albert Manifold as New Chairman
Manifold, previously the boss of building materials company CRH Plc, replaces Helge Lund, who decided to step down amid pressure for change from activist shareholder Elliott Investment Management.
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Yahoo
4 hours ago
- Yahoo
New report reveals widespread trend of corporations falling short of crucial goals: 'It's not working out yet'
New report reveals widespread trend of corporations falling short of crucial goals: 'It's not working out yet' A report by Bloomberg has highlighted a trend of large corporations falling short of their sustainability commitments. What's happening? Voluntary action, Bloomberg explains, is making environmental responsibility optional while the planet continues to overheat. Peter Ford, former program lead of H&M Group's Sustainability and Energy Efficiency, shared his disappointment with the fashion industry's lack of progress in curbing pollution and waste. "As an industry, it's not working out yet," Ford said, per Bloomberg. Even with H&M's recent report of a 24% reduction in supply chain pollution, apparel pollution is projected to rise an additional 30% by the end of the decade, according to McKinsey & Co. According to the Science Based Targets initiative (SBTi), a corporate climate action organization that holds companies accountable in combating the climate crisis, almost 11,000 companies have announced sustainability commitments or set "science-based targets" — targets aligned with what climate science deems necessary to meet the climate goals of the Paris Agreement. The SBTi target dashboard tracks companies that have made climate pledges, as well as companies that have removed their commitments. According to the dashboard, more than 800 companies have since removed their commitments — Walmart being one of them. Earlier this year, Walmart announced its slow progress on reducing the company's pollution, admitting it was falling behind on its climate goals. Around the same time, oil and gas giant BP announced a plan to scrap renewable energy commitments, deciding to focus on dirty fuels instead. On the banking side, HSBC has been facing major backlash for going back on a promise to divest from oil and gas fields. It also raised over $1 million in funding for Glencore, a major coal producer. Voluntary action on environmental goals has made it easy for companies to backslide on sustainability pledges. As more companies drop out, others could be inclined to do the same. Why are climate goals important? A recent report by Sustainable Fitch found that 88% of the world's largest corporations and financial institutions either kept or expanded their climate pledges. However, that also means that 12% of companies, including the likes of Walmart, BP, and HSBC, lowered or dropped their commitments. Do you think America does a good job of protecting its natural beauty? Definitely Only in some areas No way I'm not sure Click your choice to see results and speak your mind. Among the many changes that the Trump administration has implemented are renouncements of climate programs and policies that worked toward reaching climate goals to help curb the planet's overheating. However, without the support of the government, climate responsibility becomes even more of a choice for large corporations that had previously pledged to do better. Meanwhile, the planet is rapidly overheating due to human-induced pollution of heat-trapping gases from burning dirty fossil fuels for energy. Rising global temperatures, linked to increased extreme weather events, have dire consequences for all life on Earth. What can I do to help? Forming a unified front in the fight against rising global temperatures and changing climates is key to achieving effective progress. However, change can also happen on an individual level. Being part of the solution requires first learning about critical climate issues and understanding how different aspects of your lifestyle may be contributing to the larger problem. Simple switches you can make to lower your carbon footprint include walking or biking instead of driving, or driving an electric vehicle instead of a gas-powered car. Shopping secondhand instead of buying things new and supporting brands that align with environmental values are other ways to help. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Solve the daily Crossword
Yahoo
5 hours ago
- Yahoo
AstraZeneca CFO talks tariffs & shifting focus to US market
AstraZeneca's (AZN) revenue hit a record high in the second quarter, driven by cancer drug sales and growth in the US market. AstraZeneca CFO Aradhana Sarin sits down with Market Catalysts host Julie Hyman and Yahoo Finance Senior Healthcare Reporter Anjalee Khemlani to discuss the company's strategy to focus on the US and the impact of tariffs. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts here. I wonder on the Obviously, the company is celebrating the fact that you hit the largest revenues reported for the quarter. That's really good news, especially as the stated goal is to grow by 2030, and half of that to be part of the US. Talk to me about that and the shift to being a quote-unquote American company now, rather than a sort of UK-based one that we've thought of all these years. Uh, so we, you know, last May, we set this ambition of achieving 80 billion in revenues by 2030, which was almost, you know, doubling our revenues from a 2023 base. Um, and, uh, the US is our our fastest growing market. Uh, when we stack, we don't stack very highly right now, uh, in the US when when you compare pharma revenues because a lot of the pharma companies in the US have much bigger sort of revenue base, but we're growing very fast and our hope is that we'll come, you know, in in in the top five and have half of our revenue. We also set an ambition to have 20 new medicines by 2030. And, um, we already have nine of them and, uh, we announced results for another five of them. So hopefully, uh, that shows that we're on track to to achieve that goal. Well, talk to me about why the US is growing that much far faster. Is it because the dynamics of the healthcare system help boost revenues with more prescribing the the way the PBM system is set up? What are the factors that are helping you grow and are helping you stay confident about achieving that goal? So, there are a bunch of different factors. Um, I think the US is still probably the the best market in the world that rewards innovation. Uh, and we are an innovation-driven company. And so, when new therapies come, you know, we we had a product for breast cancer in her two. Uh, we announced data for another breast cancer product. But as soon as new therapy comes, um, the US market is almost the first to provide access to patients for that new therapy. Uh, secondly, physicians are really, um, you know, we go to Congresses like ASCO where there's, you know, tens of thousands of oncology physicians. They're really into, um, looking at the data and making data-driven decisions. So, again, the, you know, the physicians want the best for their patients and patients are able to get access to medicines very quickly once, you know, drug is approved and so forth in the in the innovative space. In many other markets in the world, that whole process to get approval and then get access and reimbursement just takes a very long time. So that's one reason. Um, the second reason, uh, I think particularly beneficial for oncology medicines, uh, is the part D reform. Uh, so on one hand, the part D reform that was enacted hurts us because we are responsible for paying 20% in the catastrophic phase. But from a patient standpoint, if you're a patient, um, you know, in Medicare, your out of pocket is capped at $2,000. So you can get the best therapy and have no more to pay out of pocket, right? So being in that patient population and getting the best access to medicines and the best care and have your out of pocket limited, uh, is is also great for patients. Um, so I think it's it's where physicians and patients and innovation is rewarded. And that's why it's growing faster given our portfolio is all innovative medicines. So, so let's turn then to the manufacturing base rate and the investment that you're making in the US. And I have to ask about tariffs because we even as we discussed it this morning, this new EU sort of framework agreement, it's still sort of unclear. Are pharmaceuticals coming from the EU exempt? Are they not exempt? It seems a little unclear. So how under what assumption are you operating and how do you operate in that kind of environment? Um, yeah, so you know, I would say this is not a tariff is obviously new, but how we've been thinking about our strategic manufacturing, um, is probably goes back three, four years. So post COVID, we made a strategic decision because we're such a global company that we needed to have segregated supply chains. Um, so for example, uh, in in China and in the emerging markets, we supply a lot of that product from China. Um, in the US, majority of the product is supplied from the US and and so forth in Europe. There is, uh, you know, small minority of product, handful of products actually that we still import from Europe into the US. But we do have excess capacity in the US to manufacture those products. Uh, so what we're, you know, we have 11 manufacturing sites in in the US. So our intention once the tariffs, etc. were were announced and there was talks of tariffs, uh, in the short term was just manage through inventory, so build more inventory in in the US. Um, but we've also started tech transfers for those products which we do import and that those tech transfers would be completed, you know, within a within a year or so, so that we can be fully, you know, not just have the majority, but 100% of it being manufactured in in the US. Um, this new facility that we announced, uh, was part of the plan anyway, but that's a separate has nothing to do with tariffs. It's actually based on the demand that we see potentially for our cardiovascular for new cardiovascular medicine. So, um, but you know, you're right, I think there is a little bit of confusion on when the tariffs are going to be implemented. Um, there is from what I've heard, it is a 15%, but there's also talk that that's the cap. Uh, and, uh, the administration is sort of going to wait for the 232 investigation to actually put them into effect or decide. So, uh, in either case, I think we're very well prepared and and we probably have less exposure than than many companies. Related Videos Market's 'fuel' for further P/E expansion is 'nearing empty' Nvidia's TSMC order, Eli Lilly & Novo Nordisk sink, JPMorgan & Apple card Royal Caribbean, Merck, FuboTV: Trending Tickers Why Spotify stock is sinking double digits on Q2 earnings Sign in to access your portfolio
Hypebeast
6 hours ago
- Hypebeast
Tour The East London Office of an Architecture Communications Studio
In one of a few quiet spaces in East London's Shoreditch, architecture communications studioSALThas opened the doors to its new office space, which has been designed byTHISS Studio. With a brief to use 'as much reused material as possible', the design studio set about creating an open plan office that could transition into an event space or photography studio, with waste-saving solutions at its core. Expert-level scavenging was employed, with anything no longer needed being rehomed. The giant tables around which the space is centered are made from old steel catering tables, with the legs cut down to size and placed on casters. A worktop was crafted from leftover cork and white American oak trim – both saved from landfill. Rather than having a fixed meeting room, spaces are created with a huge linen curtain by London-based textile designerGeorgia Bosson, who sourced the end-of-roll fabric from an Irish mill. If not made from scratch from scrap material, furniture is second-hand, such as the bookcase shelving, which came via Gumtree and was once used in a butcher's. Colour is introduced across the columns and beams, which were coated in a rust-toned hue by sustainable paint brand Bleo. In a nod to the building's history, the floors have simply been sanded back and sealed with a matte varnish. 'We shared a commitment to minimising the use of virgin materials, and turning that ideal into reality required a collaborative, flexible design approach,' said Tamsin Hanke, Director at THISS Studio. 'The constraints actually became opportunities—introducing productive friction that sparked creativity and innovation, rather than assuming all materials were readily available.' 'Our new space is as much for our community as it is for SALT,' said Celeste Bolte, Founding Director at SALT. Head to the gallery above to take a look around.
