Report shows the extent of Republican efforts to sabotage democracy

Ed Pilkington in New York 

THE GUARDIAN

The Republican assault on free and fair elections instigated by Donald Trump is gathering pace, with efforts to sabotage the normal workings of American democracy sweeping state legislatures across the US.

© Provided by The Guardian Photograph: Paula Bronstein/AP

A year that began with the violent insurrection at the US Capitol is ending with an unprecedented push to politicize, criminalize or in other ways subvert the nonpartisan administration of elections. A year-end report from pro-democracy groups identifies no fewer than 262 bills introduced in 41 states that hijack the election process.

Of those, 32 bills have become law in 17 states.

Related: Alarm as Texas quietly restarts controversial voting program

The largest number of bills is concentrated in precisely those states that became the focus of Trump’s Stop the Steal campaign to block the peaceful transfer of power after he lost the 2020 presidential election to Joe Biden. Arizona, where Trump supporters insisted on an “audit” to challenge Biden’s victory in the state, has introduced 20 subversion bills, and Georgia where Trump attempted to browbeat the top election official to find extra votes for him has introduced 15 bills.

Texas, whose ultra-right Republican group has made the state the ground zero of voter suppression and election interference, has introduced as many as 59 bills.

“We’re seeing an effort to hijack elections in this country, and ultimately, to take power away from the American people. If we don’t want politicians deciding our elections, we all need to start paying attention,” said Joanna Lydgate, CEO of the States United Democracy Center which is one of the three groups behind the report. Protect Democracy and Law Forward also participated.

One of the key ways that Trump-inspired state lawmakers have tried to sabotage future elections is by changing the rules to give legislatures control over vote counts. In Pennsylvania, a bill passed in the wake of Trump’s defeat that sought to rewrite the state’s election law was vetoed by Democratic governor Tom Wolf.

Now hard-right lawmakers are trying to bypass Wolf’s veto power by proposing a constitutional amendment that would give the legislature the power to overrule the state’s chief elections officer and create a permanent audit of election counts subject to its own will.

In several states, nonpartisan election officials who for years have administered ballots impartially are being replaced by hyper-partisan conspiracy theorists and advocates of Trump’s false claims that the election was rigged. In Michigan, county Republican groups in eight of the 11 largest counties have systematically replaced professional administration officials with “stop the steal” extremists.

Several secretaries of state, the top election officials responsible for presidential election counts, are being challenged by extreme Republicans who participated in trying to overturn the 2020 result. Trump has endorsed for the role Mark Finchem in Arizona, Jody Hice in Georgia and Kristina Karamo in Michigan who have all claimed falsely that Trump won and should now be in his second term in the White House.

Jess Marsden, Counsel at Protect Democracy, said that the nationwide trend of state legislatures attempting to interfere with the work of nonpartisan election officials was gaining momentum. “It’s leading us down an anti-democratic path toward an election crisis,” she said.

Exxon Cuts Baytown Refinery Rates After Extinguishing Fire


Barbara Powell and Francesca Maglione
Fri, December 24, 2021



(Bloomberg) -- Exxon Mobil Corp. says an overnight fire at its Baytown, Texas, refinery that injured four people has been extinguished.

The blaze occurred at 1 a.m. local time at the plant, which is the fourth-largest in the U.S., capable of processing more than half a million barrels of oil a day. Gasoline trading in New York jumped as much as 4 cents per gallon on the New York Mercantile Exchange.

The fire at units involved in gasoline production comes as U.S. stockpiles of the fuel hit their lowest for this time of year since 2015. Gasoline futures, meanwhile, are at their highest seasonally in eight years. Prices rose 1.8% to settle at $2.2061 per gallon in New York.

The blaze broke out in a unit called a reformer feed hydrotreater, according to Wood Mackenzie’s Genscape unit. Other units impacted include a toluene benzene unit and a nearby cooling tower, according to a person familiar with operations.

Reformer feed hydrotreaters remove sulfur from partially refined oil to help the finished gasoline meet clean-air rules. The units process feedstock used by reformers to make high-octane gasoline. The toluene unit extracts aromatics from feed sent to it by the reformer. If the fire impact is prolonged, it could affect prices of premium gasoline.

Exxon spokeswoman Julie King said Baytown is adjusting rates at other Baytown facilities to focus on stabilizing the affected units, but did not discuss the impact on fuel production.

The injured workers are in stable condition after being transferred to a local hospital, said Casey Cook, a public information officer at the Baytown Fire Department.

A Baytown woman who allegedly suffered injuries during the refinery explosion near her home has filed a lawsuit against Exxon, Potts Law Firm said Friday in a statement. The lawsuit, filed in Harris County, alleges that Tona Credit suffered hearing loss and related balance issues resulting from the concussive force of the blast at the gasoline-producing refinery unit.

It’s the second such blaze at Baytown in the last two years. In 2019 a fire on the plastic-producing side of the industrial complex injured about 37 people.

Air quality monitoring at the site and fence line has shown no adverse impact so far, King said.

Exxon on Wednesday reported a leak at one of Baytown’s sulfur-removal units, according to a filing with a state regulator. The leak was discovered at around 10 p.m. Tuesday, according to the filing.

NEUVO BATMOBILE
Meet the Thundertruck, an All-Electric 800 HP 4×4 Concept With ‘Bat Wing’ Solar Panels

Demetrius Simms
Thu, December 23, 2021


With the electric revolution upon us, solar power can often seem like an afterthought in the auto industry, relegated to quirky student-design projects. But Wolfgang LA, a creative agency in, yes, Los Angeles, aims to change that with a new electric, all-terrain pickup concept.

Meet the Thundertruck, a battery-powered 4×4 that looks like something out of a sci-fi flick—and a would-be rival to the Cybertruck. Unlike the Tesla, though, this EV truck incorporates solar power directly into its design: A solar-enabled “Bat Wing Awning” expands above the truck to capture the sun’s rays and power accessories like a built-in induction stove, fridge and, of course, the A/C. You can also use it to keep your satellite phone charged when you’re off grid.


The Thundertruck with its solar panels expanded. - 

Credit: Courtesy of Wolfgang LA

The retractable solar awning would, in theory, free up the EV’s 180kWk battery to power its substantial mill. That’s no small feat. According to the agency, the Thundertruck will feature a dual motor drivetrain that makes 800 hp with 800 ft-lbs of torque. The setup would propel the truck from zero to 60 mph in just 3.5 seconds, despite its hefty 6,120 pounds. The EV will also have a towing capacity of 7,500 pounds and a cargo bed with up to six feet of space. That kind of payload has the potential to drain power and range. Nevertheless, Wolfgang claims the truck will be able to travel 400 miles on a single charge, a figure that would immediately place it among the market leaders. If true, of course.

Aside from its solar super power, the Thundertruck is designed to be a fully fledged all-terrain vehicle. Like the Cybertruck, the body is decidedly geometric, eschewing curves for angular lines. In renders, the EVs exterior is sleek and black, which allows those blue light-emitting headlights to pop. And because this vehicle is made for overlanding, it comes equipped with extendable loading ramps in the rear for two- to four-wheel bikes.

The drivers seat of the Thundertruck shows holographic instrumental displays

. - Credit: Courtesy of Wolfgang LA  

NOTE THE STEERING WHEEL IS ON THE RIGHT HAND SIDE

The noir theme continues inside. The studio hasn’t revealed many details about the cabin, but the renders show a monochrome interior with “head up” holographic instrumentation displays that project your speed, temperature and fuel levels onto the windshield so you can keep your eyes on the road—or lack thereof. There’s also a sizable touchscreen to the side of steering wheel, which would likely control the infotainment system.

For those who crave even more power, Wolfgang’s TT Range Extender can be added to your 4×4 model to transform it into a beastly 6×6. The larger model promises an even more robust 560 miles of range, operates on a bigger 210 kWK battery pack and delivers more grunt, too—a whopping 940 hp with 1200 ft lbs of torque. All that with an expanded 10-foot cargo bed.

The six-wheel version of the Thundertruck. - Credit: Thundertruck

Thundertruck

The downside is, of course, that the Thundertruck is only a concept at this point—and, notably, not one by an established automaker. Wolfgang LA founders—Mike Geiger, Seema Miller, and Colin Jeffery—point out that they have all partnered with carmakers like BMW, Kia and Chevrolet before starting the agency. Will that translate into a full production version of the Thundertruck? We, for one, hope it does.

See inside a 958-foot cargo ship, from the crew's living quarters to the massive engine room

Grace Kay
Thu, December 23, 2021

A view of the Maersk Ohio from above. Courtesy of Bryan Boyle

A merchant mariner captured life at sea on a video tour of a Maersk container ship.


The video shows the everyday life of cargo ship crew as they spend holidays and months on end at sea.


Second mate Bryan Boyle said workers celebrate the holidays on board through festive meals and community.

A merchant mariner gave a tour of a 958-foot cargo ship in 2019 that showed the intricacies of hulking freighters that haul 90% of the world's goods.

In the video, second mate Bryan Boyle records the vast array of machinery that keeps the ship moving, as well as the crew's and officers' living quarters on the Maersk ship, which was built in 2006.

Though the video was taken in 2019, Boyle told Insider it provides insight into the lives of shipping crew today as hundreds of cargo ships wait to dock in US ports.

The merchant mariner said it can be difficult to be away from family for months on end, especially during the holidays, but crew find ways to celebrate even as they work through Thanksgiving and Christmas.

"I recall a few unique experiences such as singing and playing music together on Christmas since one of the Able Bodied Seaman onboard was a skillful harmonica player," Boyle told Insider. " Another time we were anchored in Dubai on New Years' Eve surrounded by many ships. We were counting down to the new year and then many of the ships started to blow their whistles in celebration as fireworks were being launched from shore in front of us."

Entertainment options for the ship's crew of 20 to 25 people are limited on the cargo ships. Boyle said that workers' time off can include a mix of movies and games, as well as gym time.

The video shows the officers' lounge, which has a pingpong table and TV, as well as the general crew's lounge, which has a poker table. During Thanksgiving, Boyle said he and other officers gathered to watch a football game in the lounge, using a satellite television.

Take a look at a view of the crew's mess hall below.

Courtesy of Bryan Boyle

In the ship's voyage, it sets out from Norfolk, Virginia, making several stops in the US before heading toward Belgium, Germany, and the Netherlands.

"I've had the opportunity to work on some interesting vessels," Boyle told Insider. "I've gotten to go to places that the average person wouldn't even know about. It's one of the most appealing aspects of the job."

Boyle said that there's a thrill to arrive at new destinations, remembering how he spent over a month in Africa on one trip. But the amount of time that crews get to explore new destinations has dwindled over the years, he said, as ships rush to get in and out of ports as fast as possible and early COVID-19 restrictions set limits to crew excursions.

The video shows Boyle's living quarters, as well as a movie locker that holds hundreds of titles.

Boyle's living quarters on the ship.Courtesy of Bryan Boyle

The video also highlights the mix of old and new technology that helps keep the supply chain moving, pairing engine control rooms that look like they belong on a spaceship with a massive gyrocompass.

The engine control room.Courtesy of Bryan Boyle

The navigation bridge also provides an unrestricted view of the waters ahead and operates as a space where the captain and officers can man the entire operations of the vessel.

The navigation bridge.Courtesy of Bryan Boyle

The ship has a massive gyrocompass that helps guide its course.

The first seaworthy gyrocompass was produced in 1908. It operates as a type of nonmagnetic compass that uses a fast-spinning disc and the rotation of the Earth to find geographical direction.

The ship's gyrocompass.Courtesy of Bryan Boyle

The video shows the engine room and the combustion engine that helps power an equally giant propeller.

The engine.Bryan Boyle

Boyle takes viewers on a tour of the exterior of the ship as well, labeling individual parts of the ship and even touring the ship's lifeboat.

A lifeboat on the ship.Courtesy of Bryan Boyle

The video ends by showing how the ship pulls up to a dock in Germany.

Cranes discharge containers from the ship. More cranes gradually reload fresh containers before the Maersk Ohio heads back to Norfolk.

A crane takes containers off the ship.Courtesy of Bryan Boyle

Watch Boyle's full video on YouTube.

GREEN CAPITALI$M
A $180 Billion Green-Debt Boom Grows Faster Than Its Impact

Greg Ritchie and Priscila Azevedo Rocha
Wed, December 22, 2021

(Bloomberg) -- The green debt market is growing at a faster pace than the real-world projects it was created to support, thanks to some financial engineering.

While no official estimate exists for the difference between green finance and actual green business, a growing chorus of auditors, researchers and climate activists warn that the numbers provided by bankers offer an exaggerated picture of their role in fighting climate change.

“Financial institutions can paint a picture of themselves which makes their contribution to the climate transition more meaningful than it actually is,” said Stanisław Stefaniak, a sustainable finance researcher at the Warsaw-based think-tank Instrat.

The concern centers on the reselling of green loans, whereby the finance industry’s contribution to an underlying project gets counted as often as the original debt is refinanced. After issuing green loans, bankers can bundle them into a green bond that can then be sold on to another financial institution. Both can claim they are financing the climate transition.

The accounting conundrum means the amount of green financial assets on banks’ and asset managers’ balance sheets outstrips real-world green capital expenditures. This year, financial institutions printed a record $180 billion in green bonds, more than any other private sector.

“It is difficult to put a number on the level of double counting that will happen due to the private nature of the loan market,” said Maia Godemer, a sustainable finance analyst at BloombergNEF. The “caveat,” however, is that we risk ending up with a “brighter picture about the actual decarbonization that is enabled by credit institutions,” she said.

The repackaging and restructuring of debt is a well-established and fully legal form of financial engineering. Though there are examples to show that such models can backfire if applied without restraint -- the subprime mortgage meltdown being a case in point -- rebundling debt can also add liquidity and bring more stakeholders into a market to help it grow.

Since banks are under pressure from regulators, particularly in Europe, to make their lending greener, this kind of refinancing serves them well. But the disconnect from actual green business may complicate efforts to track their contribution to the urgent decarbonization needed to avoid a climate catastrophe.

“If the bank has a legitimate exposure that it is able to report but then sells or repackages the loan, there is a risk that the purchaser getting the credit could be viewed as benefitting from financial engineering as opposed to representing the sustainable money going into the real economy,” said Tim Conduit, a partner at Allen & Overy. “It is a question of how the different green exposures are reported.”

Policy makers are starting to counter this potential for greenwashing in the debt market. Proposed amendments to the European Union’s green bond standard include a clause that would prevent “the creation of green bonds out of thin air” by continuous refinancing, according to Paul Tang, a lawmaker responsible for guiding the legislation through the European Parliament.

Wes Bricker, who co-leads PwC LLP’s trust solutions practice, says that if the EU’s goal is to use the green asset ratio reported by banks “to identify the volume of investment into green projects so that policy makers and society can understand if we are transitioning at a sufficiently rapid pace, we can get an inaccurate signal by inflating.”

“It depends on what we want from that number, who is using it and for what purpose,” Bricker said.

Even established asset classes such as green bonds have a questionable climate impact. They often provide money to refinance completed green projects and the label doesn’t oblige the issuer to use the freed-up capital on another green project. And this year saw the emergence of green derivatives and repos, which regulators have warned may be prone to greenwashing as they race to design a rulebook for such products.

The EU’s regulatory packages are global in scope, and affect non-EU firms if they target clients in the bloc. The idea is to steer capital away from activities that hurt the planet and into projects that protect the environment and social justice.

Frédéric Hache, who heads the Brussels-based Green Finance Observatory, says European policy makers should be guided by the vision articulated during the climate summit in Scotland last month. He proposes that any bank refinancing its green loan book via green securities not count the loans toward its green asset ratio.

“COP26 has recently highlighted the crucial importance of avoiding the double counting of carbon credits for environmental integrity and credibility purposes,” he said. “The same applies to green claims.”

Runaway ESG Debt Issuance Poised for Fresh Boost From Junk Sales

Caleb Mutua and Olivia Raimonde
Thu, December 23, 2021



(Bloomberg) -- Investors racing to buy debt tied to environmental, social and governance goals are expected to propel issuance to fresh highs next year, boosted by leveraged finance.

Sales of green, social, sustainability and sustainability-linked bonds from corporations and governments worldwide surpassed $1 trillion for the first time this year. Underwriters of the bonds and loans, who’ve been on a hiring spree to keep up with demand, are braced for another surge.

A 50% increase in sustainable bond issuance is possible in 2022 and high yield has “a lot of room to run,” according to Amanda Kavanaugh, head of sustainable financing for the Americas at Mitsubishi UFJ Financial Group Inc.

The Japanese lender also expects a rise in sustainability-linked leveraged loans next year. “There is going to be a significant uptick,” Kavanaugh said.

Citigroup Inc. has a “pretty healthy” pipeline of sustainability-linked bonds for the first-quarter, said Philip Brown, managing director of global sustainable debt capital markets. Brown projects about $1.3 trillion in global sales of green, social, sustainability and sustainability-linked bonds alone next year, including more junk and emerging market issuance.

“Many corporations across sectors are making commitments to sustainability and that is going to precipitate further issuance,” said Brown in a telephone interview Dec. 10. “We see larger order books, a greater degree of oversubscription and therefore a greater price tension.”

Brown expects a two-to-three basis points pricing advantage -- a so-called greenium -- for issuers on average across most sectors in 2022, allowing them to cut borrowing costs. Citi is the third largest underwriter of green bonds, according to Bloomberg data.

Read more: BofA Sees Strong Growth in ESG Debt Next Year Despite ‘Pains’

BNP Paribas SA, the second biggest underwriter, foresees a busy January, boosted by Latin American issuers that had been waiting for a window to sell labeled bonds abroad, Anne van Riel, head of sustainable finance capital markets for the Americas at BNP, said in a telephone interview on Dec. 3.

Inflection Point

BNP expects sales of green bonds alone to hit a record $880 billion by the end of 2022. That’s up from $505 billion issued this year, according to data compiled by Bloomberg.

Morgan Stanley estimates $750 billion to $950 billion of green bonds, driven by the European Union. That would include 238 billion euro equivalent from the EU’s NextGeneration Green Bond program.

France meanwhile plans net bond issuance of 260 billion euros that will include two new 10-year benchmarks. It’s also considering a rare inflation-indexed green bond.

“We think we will get pretty close to $1 trillion mark just on green alone next year. This is going to be the inflection point year,” Trevor Allen, sustainable research analyst at BNP, said in a telephone interview Dec. 3.

Barclays Plc projects around 40% of Euro-denominated investment-grade issuance to come with an ESG label, 14% of dollar high-grade debt and 33% of the sterling market.

Significant growth in sustainability-linked bonds, which hike borrowing costs if borrowers don’t meet specified targets, is also expected.

Barclays expect SLB volume to overtake use-of-proceeds bonds in 2023. “Theoretically all bonds issued could come in a sustainability-linked structure,” strategists led by Charlotte Edwards wrote in a note earlier this month.

Read more: Sustainability-Linked Bond Issuance Hit Record High in November

Greenwashing Hazard

Even if there’s another issuance surge, it probably won’t be enough to satisfy demand. Global sustainable fund assets almost doubled from March to September, to $3.9 trillion, boosted by new disclosure rules in Europe, according to Morningstar. Sustainable fixed income funds pulled in $35 billion during the third quarter, up from about $20 billion in the corresponding period of 2020.

Excess cash will keep costs in borrowers’ favor. It could also give companies an incentive to misrepresent or inflate sustainability claims, according to James Rich, a senior portfolio manager at Aegon Asset Management.

“Investors are definitely getting better at scrutinizing labeled bonds, which is helpful,” said Rich in an interview. “But until that greenium closes, there is a financial incentive to greenwash.”

Meanwhile, pressure is increasing on managers of ESG-labeled investment funds to show they’re being truthful with customers about what they’re selling. Europe enforced its Sustainable Finance Disclosure Regulation in March -- an ambitious framework designed to fight greenwashing -- and is working on substantial updates.

In the U.S., the Securities and Exchange Commission is planning rules that require corporations to publicly disclose risks from climate change.

“Investors will always need to have their guard up a bit, as what constitutes being a ‘green’ project is subjective and even varies by geography,” said Lisa Abraham, senior ESG fixed income research analyst at Brown Advisory.

There are also doubts as to whether sustainable finance has any real impact on the environment or society, according to Bradford Cornell, emeritus professor of finance at UCLA Anderson School of Management.

“Wall Street can make more fees by doing that,” he said, referring to underwriting ESG-linked debt. “I don’t think it has much social benefit, but if they can sell more that way, they’re going to do it,” Cornell said in a Dec. 10 phone interview.

Environmental, Social and Governance  

Hedge Funds in the U.S. and U.K. Are Told to Meet ESG Rule for EU Sales

Frances Schwartzkopff
Wed, December 22, 2021


(Bloomberg) -- Europe’s main investment management association says U.S. and U.K. hedge funds will need to meet a higher ESG reporting bar than many in the industry had expected, if they want to continue selling to clients in the EU.

The European Fund and Asset Management Association (EFAMA), whose members include BlackRock Inc., the asset management arm of JPMorgan Chase & Co. and Pacific Investment Management Co., said recent guidance from policy makers means hedge funds and private equity funds targeting EU clients need to state whether their actions -- in any part of their business -- might harm the environment.

The sub-clause in question -- the Principal Adverse Impact (PAI) rule -- is part of Europe’s Sustainable Finance Disclosure Regulation enforced earlier this year. Hedge funds based outside Europe had hoped that PAI only applied to the products they sold to European clients, not to their entire business. But Europe’s rulebook for environmental, social and governance investing is proving more far-reaching in its scope than many investment managers had anticipated.

Dominik Hatiar, EFAMA’s regulatory policy adviser for sustainable finance, says the stricter interpretation of European ESG rules follows discussions between his association and the European Commission.

“In practice, this would mean that the non-EU manager needs to publish its sustainability risk policy and make a comply or explain decision on the PAI regime,” he said. For managers with more than 500 employees, “the PAI reporting regime would be mandatory,” he said.

Many hedge funds outside Europe are already turning to their lawyers for help. Attorneys at Simmons & Simmons LLP and Dechert LLP have said they’re advising clients not to assume the stricter regulation will apply to them just yet, given the far-reaching consequences of doing so.

EFAMA also says it would still like clearer guidance from the European Commission. “We hope that this question will be further clarified,” Hatiar said. He expects the commission to provide more information in the form of an updated Q&A in the first half of next year.

A European Commission spokesperson who handles SFDR questions hasn’t responded to a request for comment.

Hedge Funds Hit by ‘Onerous’ ESG Rule Turn to Lawyers

John Ainger and Frances Schwartzkopff
Wed, December 22, 2021


(Bloomberg) -- An obscure rule covering environmental, social and governance investing in Europe has prompted hedge-fund managers in the U.S. and U.K. to turn to their lawyers.

At issue is whether they need to comply with one of the most complicated corners of Europe’s Sustainable Finance Disclosure Regulation. The sub-section in question -- the so-called Principal Adverse Impact rule -- requires investment firms to state whether their actions might in any way harm the environment. U.S. and U.K. hedge funds had thought the rule applied only to products marketed in Europe. But it now seems they must state PAI risks for their entire firm, even those parts that don’t target European clients.

“It’s a very difficult issue,” according to Lucian Firth, an attorney at the London-based law offices of Simmons & Simmons LLP who advises investment managers all over the world. PAI “is one of the most difficult and onerous parts of SFDR.”

Firth has spent much of the year helping international hedge funds and private equity firms comply with Europe’s sustainable finance rulebook, which was enforced in March. He says confusion around the Principal Adverse Impact clause -- the biggest item on a list of compliance areas that has non-EU managers scratching their heads -- has the potential to upend business models across the industry.

Caymen Funds

In anticipation of the requirement, some major hedge funds outside Europe -- specifically those with more than 500 employees -- are now looking into restructuring their operations to create separate legal entities that would protect the bulk of their business from the regulation, according to Firth.

“They want to keep marketing their Cayman hedge funds in Europe, but they don’t want to be forced into doing Principal Adverse Impact disclosures across the whole of their business because that is just too burdensome and they won’t do it,” he said.

Mikhaelle Schiappacasse, a lawyer at Dechert LLP’s London office, says the current guidance from Europe around PAI is unclear. Both she and Firth point to a Q&A document on the website of the European Commission as the origin of the confusion:

“Where an AIFM (alternative investment fund manager) from a third country enters the market of a given Member State by means of a National Private Placement Regime, that AIFM must ensure compliance with Regulation 2019/2088, including the financial product related provisions.” Until this statement by the commission, fund managers outside the EU had assumed compliance only stretched as far as products marketed to EU clients. Now, they’re not so sure.

A European Commission spokesperson who handles SFDR questions hasn’t responded to a request for comment.

European regulators, meanwhile, say there’s little doubt that fund managers outside the bloc are expected to live up to the PAI clause under SFDR, not just for individual investment products marketed to EU clients, but for their entire business.

According to Dan Nacu-Manole, a spokesman for the European Securities and Markets Authority, alternative asset managers based outside the EU are “required to file entity level SFDR disclosures.”

And fund industry representatives also suggest it’s risky to interpret the commission’s guidance in any other way.

“For me, it’s clear that the requirement applies to both entity and product related requirements,” said Marc-Andre Bechet, deputy director general of the Association of the Luxembourg Fund Industry, which represents Europe’s largest hub for fund managers. “Some people might not be happy about having to comply,” but “it’s not like you pick and choose.”

Dangerous Bet

For now, however, lawyers aren’t advising their hedge-fund clients to draw that conclusion.

“We think it would be dangerous” to do so, “without thinking through the implications,” Schiappacasse said. She points out that non-EU investment firms “will already be disclosing how ESG risks are integrated into the management of the particular project” under existing SFDR rules. “Why and on what basis would such disclosure be required across the investment manager’s non-EU activities?”

The view at Dechert is therefore that “it would seem more appropriate” to apply the approach taken with Europe’s Alternative Investment Fund Managers Directive, “which is that to the extent it relates to a product marketed into the EU, the product-based disclosure and reporting requirements apply, but not the broader firm level requirements.”

Firth said he hopes the European Commission will provide further clarification. Until that happens, firms should sit tight and not make any major adjustments to how they operate, he said.

“My large clients are concerned about this,” Firth said. “They don’t want to be doing PAI for all of their U.S. business and so they are watching this space very carefully.”

(Adds comment from Dechert LLP)

Most Read from Bloomberg Businessweek

MEXICO DIRTY ENERGY
Pemex Secures $500 Million Bridge Loan for Refinery Takeover

Amy Stillman and Nacha Cattan
Thu, December 23, 2021,


(Bloomberg) -- Barclays, SMBC and Banorte are providing a $500 million bridge loan to Petroleos Mexicanos to help finance its takeover of Royal Dutch Shell’s Deer Park refinery in Texas.

The commercial bank bridge loan will help cover the total purchase cost of $1.6 billion, a sum that includes refinery assets, inventories and debts, according to people familiar with the situation who asked to remain anonymous because the information isn’t public.

The other $1.1 billion will be allocated to Pemex, as the state oil company is known, from Mexico’s National Infrastructure Fund, FONADIN, according to documents seen by Bloomberg.

A spokesman for Pemex did not immediately respond to a request for comment. Banorte and Barclays declined to comment. SMBC did not immediately return multiple requests for comment sent outside normal business hours.

The takeover comes as Mexico President Andres Manuel Lopez Obrador seeks to increase state control of the country’s energy markets, boost Pemex’s reserves, and expand its refining capacity. Pemex’s acquisition of the Houston Ship Channel refinery would secure critical fuel supplies for the state oil company.

But the purchase could also strain Pemex’s finances, which are so dismal the government recently announced it would inject billions of dollars into the company. Pemex had $113 billion of debt at the end of the third quarter, more than any other oil producer in the world.

Charges no longer proceeding against journalists arrested at B.C. pipeline protest

JOURNALISTS SHOULD CHARGE FALSE ARREST

PRINCE GEORGE, B.C. — Charges are no longer being pursued against two journalists who were arrested last month while reporting on the RCMP's enforcement of an injunction at a pipeline construction site in northern British Columbia.

Documents filed with B.C. Supreme Court this week show the company building the Coastal GasLink pipeline filed notices to discontinue the proceedings against photojournalist Amber Bracken and documentary filmmaker Michael Toledano.

The pair had been charged with civil contempt of court and were conditionally released by a judge three days after they were arrested along with members of the Gidimt'en clan, who oppose the construction of the natural gas pipeline in Wet'suwet'en territory.

Bracken and Toledano are no longer required to appear in court in February or to comply with the terms of the injunction first granted in December 2019.

Opposition among Wet'suwet'en hereditary chiefs to the 670-kilometre pipeline sparked rallies and rail blockades across Canada last year, while the elected council of the Wet'suwet'en First Nation and others nearby have agreed to the project.

The pipeline would transport natural gas from Dawson Creek in northeastern B.C. to a processing facility in Kitimat.

It is more than halfway finished with almost all the route cleared and 200 kilometres of pipeline installed, Coastal GasLink has said.

This report by The Canadian Press was first published Dec. 24, 2021.

The Canadian Press

Concordia University of Edmonton faculty association to strike in new year

Concordia has recorded surpluses of more than $7 million for the past two years.

Madeleine Cummings

Faculty at Concordia University of Edmonton will be on strike in the first week of January unless their union reaches a deal with the school's bargaining team over the next two weeks.

The Concordia University of Edmonton Faculty Association (CUEFA) submitted a formal strike notice to the university's administration on Wednesday morning.

The strike, which would be a first for faculty associations in Alberta and affect more than 2,500 students, would start on January 4 at 9 a.m.

After months of negotiation, according to the websites for both parties, the school and faculty association have signed off on more than half of 41 articles of a new collective agreement.

CUEFA interim president Glynis Price told CBC News on Thursday that both sides have now agreed on faculty workload — should the new agreement be ratified, faculty will be expected to teach fewer courses to make up for an increase in research.

But the association is still concerned about discipline and job security, workload for non-faculty staff members, and salaries, among other issues.

"We are seeking fair compensation for our members that is comparable to other universities," Price said.

© John Shypitka/CBC 

Concordia has recorded surpluses of more than $7 million for the past two years.

According to the university's most recent annual report, the school recorded a net surplus of $11.5 million in March and a $7.8 million surplus the previous year.

Price said Concordia administration had received approval to take lockout action against the faculty association but it would need to give 72 hours notice.

Strike and lockout actions must go through the Alberta Labour Relations Board.

An emailed statement from the school's bargaining team said it remains hopeful a fair agreement can be reached and it "will maintain a constructive approach at the bargaining table in the hope of avoiding a strike."

Student support group formed

Ashley Callahan, a third-year student studying history at Concordia, started a student group that supports the faculty association.

As of Thursday afternoon, 70 people had signed her petition expressing support for faculty.

Callahan said she understands and shares fellow students' concerns about the effects of a strike but she also feels an obligation to support her teachers.

"Our faculty has done everything possible to get us through the last two years of this pandemic and the least that we can do is stand by them to negotiate a fair wage deal," she said.

Callahan said she and her peers took note of students' recent advocacy at the University of Manitoba, where some students protested in support of a striking faculty association. That five-week-long strike ended earlier this month and semesters were extended to make up for lost class time.

Callahan said students in her group plan to participate in more solidarity movements if talks between Concordia and the faculty association deteriorate.

Price said bargaining will continue over the holidays.

More than 50 Apple employees have reportedly walked off the job on Christmas Eve and urged customers to boycott the iPhone maker

htan@insider.com (Huileng Tan,Juliana Kaplan,Sindhu Sundar) 

 An Apple store. Spencer Platt/Getty Images

A group of more than 50 Apple retail employees reportedly walked out on Christmas Eve, demanding better work conditions.

The group's demands include a more respectful workplace and paid sick time.

Most Apple stores in the US are open until 6 p.m. on Christmas Eve and closed on Christmas Day.

A group of Apple employees has walked off their jobs on Christmas Eve and are urging a customer boycott on the day — when much last-minute holiday shopping takes place.

The worker advocacy group, Apple Together, called for a walkout on Thursday. Its demands include a more respectful workplace and paid sick time. More than 50 retail employees across several states have already participated in the walkout, according to a HuffPost report.

Apple Together also urged customers to boycott the company during the walkout period. "Don't shop in stores. Don't shop online," the organization tweeted. Information on Apple's website said most stores in the US would be open until 6 p.m. local time on Christmas Eve and closed on Christmas Day.

In a follow-up tweet, the group outlined requests that included protections from abusive customers, COVID-19 safety measures, and hazard pay.

One worker at an Apple Store in Jacksonville, Florida, told Insider that about 15 people walked out of his store on Friday, motivated partly by the company's response to recent aggression by customers.

"Last week, a customer came in and spit on one of our team members," this person said, adding that the customer was then serviced by the store's leadership despite the incident. These types of events have continued, despite calls to leadership for new policies, he said. "There needs to be a different protocol."

An Apple spokesperson did not respond to a request for comment.

The walkout is the latest employee action in a year that has seen unprecedented activism from Apple workers, who have called on the company to change certain working conditions for both corporate and retail employees.

One key issue has been worker safety amid the COVID-19 pandemic. Employees at Apple's corporate offices have pushed back on the company's mandatory return-to-office policy, which has been delayed several times this year, and was most recently planned for January. Last week, the company delayed its return-to-office plan indefinitely, citing the spread of the Omicron coronavirus variant. Apple retail workers have also spoken out against unsafe conditions at the company's stores, with several telling NBC News that employees who were feeling sick were forced to work Black Friday, despite COVID-19 prevention policies.

Employees at the iPhone maker have also publicly organized around other working conditions. This summer, a group of 15 Apple corporate and retail employees created #AppleToo, a website for employees to share their stories of mistreatment at the company. Apple then fired two of the employees involved in those efforts. In October, it reportedly fired Janneke Parrish, a leader of the #AppleToo movement, and in September it fired Ashley Gjovik, who had spoken out about harassment and sexism at Apple.

Apple employees plan to walk off their jobs on Christmas Eve, urge customers to not buy anything amid the last-minute shopping rush

Huileng Tan
Thu, December 23, 2021, 10:33 PM


A group of Apple employees is planning a workout on Christmas Eve, demanding better work conditions.


Most Apple stores in the US are open till 6 p.m. on Christmas Eve and closed on Christmas Day.


Their demands include a more respectful workplace and paid sick time.

A group of Apple employees is planning to walk off their jobs on Christmas Eve and are urging a customer boycott on the day — when much last-minute shopping takes place.

The worker advocacy group Apple Together called for a walkout on Twitter. Their demands include a more respectful workplace and paid sick time.

It also urged customers to "demand that Apple upholds its image with your wallet. Don't shop in stores. Don't shop online."

According to information on its website, most Apple stores in the US are open until 6 p.m. on Christmas Eve and closed on Christmas Day.

The Apple Together tweet also informed workers who walk off that they can apply for strike funds via the Coworker Solidarity Fund, a nonprofit. According to the fund's webpage, it's now accepting only waitlist applications for stipends of up to $5,000.

The tech sector faces increased employee activism around toxic work conditions and environments.

In June, about 80 Apple employees pushed back after the company announced its return-to-office policy would require them back in the workplace by September, The Verge reported. The company last week pushed back its return-to-office indefinitely due to the spread of the Omicron variant of the coronavirus.

And in August, a group of Apple employees launched a website for coworkers to share their experiences of mistreatment at the tech giant.

Apple didn't immediately respond to Insider's request for comment.