The Woke Street Journal
A new kind of shareholder activism is rattling companies: “anti-woke” agitators.
Shareholders at dozens of big companies, from GE Aerospace GE 0.57%increase; green up pointing triangle to UPS, are voting on proposals opposing environmental and social initiatives this year. Investors backed by conservative groups are suing Target TGT 1.73%increase; green up pointing triangle and other companies for their progressive stances. And companies are muting their focus on diversity, equity and inclusion initiatives as DEI programs come under legal and political threat.
Market
A lot going on yesterday and we haven’t even gotten to the good stuff:
S&P quarterly rebalancing
NVDA stock split
Apple developer conference
EU parliamentary elections
AAPL has rallied into the conference so a bit of profit taking could be expected yesterday. Interesting comments out of Elon though…
"If Apple integrates OpenAI at the OS level, then Apple devices will be banned at my companies. That is an unacceptable security violation... And visitors will have to check their Apple devices at the door, where they will be stored in a Faraday cage." In response to comments that Apple has a history of protecting privacy, Musk tweeted "It's patently absurd that Apple isn't smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy! Apple has no clue what's actually going on once they hand your data over to OpenAI. They're selling you down the river."
ESG
Europe is hell bent on forcing US companies to go woke and it has a new law to do just that-Fox News
Under the law, large businesses will be forced to adopt left-wing environmental and social justice rules. In America, we refer to these as environmental, social, and governance (ESG) metrics, but in Europe, they are commonly called "due diligence."
Resolution round up: Is the 'arterial bleed' on ESG proposal support over?-Responsible Investor
DEI
Things That Get Blamed for Climate Change
“Many in the fossil fuel industry have shamelessly greenwashed—even as they have sought to delay climate action,” Mr. Guterres said. “I urge every country to ban advertising from fossil-fuel companies. And I urge news media and tech companies to stop taking fossil-fuel advertising.”
The Fall of Germany’s Greens European voters are souring on the costs of net-zero climate policies.-WSJ
The larger explanation for the Green Party flop is flagging voter interest in climate change—and exasperation with the costs of Green policies. Five years ago, climate ranked among the top voter concerns. A pandemic, European war, energy-price crisis and inflation wave later, not so much. Security policy and immigration now top the list of voter priorities.
Because they want you to stop eating beef and eat Bill Gates lab grown stuff instead. Some Scientists are Newly Worried About Bird Flu in Beef. Here’s Why.-Barron’s
Politics
But it turns out that it isn’t the American electorate our cultured European friends most have to fear. It’s their own people. It isn’t the loud-mouthed New Yorker with his deplorable views on fossil fuels, immigration and national security, but the rising tide of populist leaders in their own countries that pose the largest threat to Europe’s comfortable establishment.
Hmmm…..
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