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Glass Lewis, a proxy adviser, sticks to diversity advice and will flag up risks
Glass Lewis, a proxy adviser in the United States, will continue to take boardroom diversity into account when advising clients how to vote during annual meetings of U.S. companies. However, Glass Lewis plans to make it clearer what the opposing argument is for crucial vote recommendations so that clients can avoid increasing political risks. Under threat of legal action from the U.S. Justice Department, corporations in the United States have been retreating from their efforts to promote diversity, equity, and inclusion. Glass Lewis' decision to stay largely committed in its commitment to diversity comes after a review of their policies, and Institutional Shareholder Services, a rival proxy advisor firm that made boardroom recommendations last month, announced it would not consider diversity anymore. Glass Lewis, in an email to clients, said that it would stand by the benchmark guidelines 2025 for U.S. Companies, including voting against directors of some of the biggest U.S. firms whose boards do not have gender, racial, or LGBTQ diversity. Glass Lewis says that when it recommends voting against a director for any reason related to diversity it will also provide information which could be used by a client as a basis for recommending he vote differently. Glass Lewis said that "this approach allows Glass Lewis the deliver the vote recommendations clients expect while also clearly flagging potential risks that may result from a vote AGAINST decision and providing a path for some clients to choose to vote FOR this proposal." Glass Lewis' spokeswoman stated that it will also likely provide more context in its recommendations regarding diversity-related shareholder proposal. Glass Lewis and ISS are the two companies that dominate the U.S. marketplace for recommending how investors should vote in corporate meetings, such as on boardroom elections or executive compensation. Glass Lewis has 1,300 clients worldwide, including pension funds, mutual funds, and asset managers who collectively manage more than $40 trillion. Investors, including pension funds and mutual funds that may not have resources to perform due diligence on each company in their portfolio, use these policies. Glass Lewis's note stated that "certainly, we would not have preferred to have to deliberate over long-standing policies on board diversity and DEI shareholders proposals. However, the U.S. Administration’s opposition to DEI forces companies, institutional investors, and their proxy advisers to consider changing, either now or in future." This move is similar to the steps taken by asset managers such as BlackRock and Vanguard who faced criticism over their voting choices and sought to give their clients more control. (Editing by Simon Jessop & Chizu Nomiyama).
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Sources say that Kazakh overproduction influenced OPEC+ to approve a production increase.
Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first of planned monthly increases that will unwind nearly 6 million barrels a day of reductions, which equals nearly 6% global demand. OPEC+ Member Kazakhstan has reached a new record of production, far exceeding its original target. This was agreed upon with the producer group following the completion of a major expansion by U.S. oil giant Chevron at Kazakhstan's Tengiz Oilfield. Three OPEC+ members told us that several other members, including Saudi Arabia as the top producer in the group, were upset by the increasing output from Kazakhstan. Three OPEC+ sources refused to identify themselves due to the sensitive nature of the issue. OPEC headquarters, the Saudi government's communications office and Alexander Novak's office as Russian Deputy Premier did not respond immediately to comments. Three sources told us that the argument within OPEC+ is that it doesn't make sense to keep limiting production if OPEC+ members themselves are overproducing. One source said, "This is a very bad thing for the discipline within OPEC+. They (OPEC+), will push Kazakhstan hard to compensate." The compliance of OPEC+ member countries with their individual production targets under the collective agreement has deteriorated in the last year. Saudi Arabia's de-facto leader in OPEC, Saudi Arabia has been irritated by the oversupply of oil from Kazakhstan, Iraq and Russia. Saudi Arabia has adhered to its production target and has made the most drastic cuts. OPEC+ has been able to meet its targets since 2022. The group has asked those members who have produced too much to make deeper cuts over the next few months. On Monday, OPEC+ announced that its members had pledged to better comply with the agreement and compensate for excess production. In February, Kazakhstan's crude and condensate production reached a new record of 2,12 million bpd. The OPEC+ quota does not regulate condensate and the quota set for crude production is 1.468million bpd. OPEC+ named Kazakhstan as one of the countries that consistently produce more crude oil than their quota. Chevron, Exxon Mobil and BP are the two largest oil companies in Kazakhstan. The government decides the export volumes. TRUMP FACTOR Trump's renewed pressure on OPEC to lower prices led to OPEC+'s decision. In his campaign for president, he pledged to lower pump prices in the United States. Sources said that Trump's public call for more oil to be supplied by OPEC+ did not play a role in the discussions of the group. Sources said that the production increase suited certain members, such as the United Arab Emirates (UAE) and Russia. UAE is pushing for an increase in the last two years, as it wants to make use of its increasing spare production capacity. Two sources stated that Russia believed the OPEC+ would improve its relationship with the U.S. by allowing the increase to go forward. Helima Crockt, RBC Capital Markets, said that Moscow can appear to be aligned with Washington without fundamentally breaking ranks from OPEC. Trump changed the U.S. foreign policy towards Ukraine and Russia when he took office in January. He began talks with Moscow to end the war. If Trump eased sanctions against Moscow as part of the peace process, Russia could benefit from increased revenue and possible exports. (Reporting and editing by Dmitri Zohdannikov and Simon Webb, with additional reporting and editing by Ahmad Ghaddar. Additional reporting and editing by Olesya Almakhova, Vladimir Soldatkin and Maha El Dahan.
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Israeli forces kill West Bank Hamas leader
Israeli forces killed Hamas leader in Jenin, a West Bank city in Jenin, on Tuesday. They were continuing a week-long offensive against militant groups that had forced tens and thousands of Palestinians to flee their homes. In a gunfight that also saw the death of another Hamas agent, the military claimed to have conducted a raid in order to arrest Aysar Al-Saadi. It said that three other Hamas members had been arrested. The militant group based in Gaza, which also has a strong presence in the West Bank occupied, confirmed al-Saadi's death, but stated that it wouldn't affect their commitment to fighting Israel. The West Bank Operation, which began January, as the fighting in Gaza was stopped following a ceasefire deal brokered by Qatari and Egyptian mediators, is one of the largest operations in the region in recent years. It followed an increase in violence in the area since the beginning of the Gaza war in 2023. Israeli troops demolished houses and infrastructure in refugee camps located in Jenin, Tulkarm, and Tubas in the northern West Bank. Tens of thousands of people were forced to flee, taking with them only the things they could carry. The military cut off the power and dug up roads in eastern parts of Jenin on Tuesday. The military has said that it does not forcefully evacuate Palestinians, but allows residents who wish to leave the combat zones to do so through designated crossings. Palestinians claim that Israeli operations have forced them to leave their homes after they cut off water and electricity and destroyed dozens of houses.
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Canada strikes back at Trudeau's remarks that Trump's tariffs are "very stupid"
On Tuesday, Prime Minister Justin Trudeau said that President Donald Trump's new tariffs against Canadian imports was "a very stupid thing to do", and Ottawa would strike back immediately. Trudeau said that Canada would impose immediate 25% tariffs against C$30 billion of U.S. imported goods and, if necessary, another C$125 Billion in 21 days. Trudeau said to reporters that there was no need for the tariffs and Canada would contest them at the World Trade Organization as well as through the U.S. Mexico-Canada Trade Agreement. Trump claimed Canada failed to do enough in order to stop the flow of deadly fentanyl and its precursor chemicals to the U.S. Trudeau referred to this argument as "completely false, completely bogus". Trudeau warned Canadians of the coming tough times. He will step down from his position as Prime Minister after Sunday's election for a new leader by the ruling Liberal Party. Economists believe that Canada, which exports 75% of its goods to the United States will be thrown into recession if the tariffs on those products are not lifted. They also claim that Americans will suffer, due to the tight connection between the two economies. The Wall Street Journal stated in late January that if Trump went ahead, he would launch "the dumbest war of trade history." Trudeau stated, "It is not my habit to agree, but the Wall Street Journal points out that, even though you are a smart guy, it's a dumb thing to say." Trump's actions were unprecedented and could severely harm the relationships between the three trading partners. Canada's largest provinces, Quebec, and Ontario, have removed U.S.-made alcohol from their provincially owned liquor stores. Canadian sports fans are now booing U.S. team players. We're going try to buy Canadian goods and will forgo bourbon, and other classic American items. Trudeau added, "And yeah, we will probably continue to boo the American anthem." "But let's tell Americans that we are not booing them, their teams, or players. We are booing an anti-American policy. We're angry and insulted... and we will fight to win. (Reporting and editing by Andrea Ricci, Nia Williams and David Ljunggren)
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Trump's tariffs cause economic worry
The major stock indexes fell sharply on Tuesday. The Nasdaq Composite Index was down 10% since its record high in December, and Treasury yields declined as well. This is because the United States imposed steep tariffs on Canada, Mexico, and China, which has fueled investor concerns about the economic impact. The S&P 500 fell more than 1% while MSCI's global stock index dropped by 13.14 points or 1.54% to 842.67. The Nasdaq dropped 10% from the record high it reached on December 16, into correction territory. Wall Street was hit by a broad selloff, as all major sectors fell. Financials fell the most, by 3.9%. The news cycle moves so quickly and there are so many things happening. Tariffs broke the camel’s back. Jake Dollarhide is CEO of Longbow Asset Management, Tulsa. He said that tariffs are a major concern for consumers about rising prices. "This economy was driven and saved by consumers. He said that the increase in grocery costs was a concern for consumers. The new 25% tariffs imposed by President Donald Trump on imports from Mexico, Canada and China and the doubling in duties on Chinese imports may cause a disruption of nearly $2.2 trillion worth of annual trade between the U.S. and its three biggest trading partners. China responded immediately with 10%-15% of tariffs on some U.S. exports starting March 10, and a number of new restrictions on the export of certain U.S. entities. Meanwhile, Justin Trudeau, Canadian Prime Minister announced that Ottawa would impose 25% of tariffs on C$30 Billion ($20.72 Billion) of U.S. imported goods. The Dow Jones Industrial Average dropped 764.08 or 1.75 % to 42,434.53, while the S&P 500 fell 99.56 or 1.68 % to 5,750.16, and the Nasdaq Composite declined 258.57 or 1.39% to 18,094.61. The STOXX 600 pan-European index fell 2.2%. In Asia, the Nikkei index of Japan fell by 1.2% while Taiwan's benchmark index lost 0.7%. Government bond yields fell. The yield on the benchmark U.S. Treasury note fell 3.8 basis points, to 4,142% from its previous low of 4.115%. Amid growth and tariff concerns, the dollar fell to its lowest level in three months. Investors flocked to safe-haven currencies such as the Japanese yen or Swiss franc. The dollar index (which measures the greenback in relation to a basket including the yen, the euro and other currencies) was down by 0.32%, at 106.20. Meanwhile, the euro rose 0.4%, at $1.0528. The dollar fell 0.65% against the Japanese yen to 148.55. Bitcoin, which fell 3.43% to $82,365.83, was also affected. Investors are anxiously awaiting Friday's nonfarm payrolls data for February. Investors were also shocked by Trump's decision to suspend military aid for Ukraine after his confrontation with Ukrainian President Volodymyr Zelenskiy in the Oval Office on Friday. U.S. crude oil fell by 1.46%, to $67.37 per barrel. Brent was down to $70.25 a barrel on the same day. (Additional reporting from Tom Wilson in London, and Kevin Buckland, in Tokyo. Additional reporting from Iain Withers. Editing by Sonali, Christina Fincher and Gareth Jones. Jan Harvey.
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EU ends tax breaks on fossil-fuel corporate cars
According to a draft document to be released on Wednesday, the European Commission wants to increase demand for electric cars (EVs) within corporate fleets by focusing on ending tax incentives for petrol and diesel powered company cars. After a month-long discussion with industry executives, the EU executive will unveil its auto industry plan to ensure that EU car manufacturers can electrify and modernize their fleets in order to compete with U.S. or Chinese competitors. EU automakers claim they are bringing new models to market, but the consumer response is low. According to the automaker association ACEA, the market share for EVs in Europe will drop by a percentage to 13.6% in 2020. However, it did increase to 15% in January. According to the draft communication seen by, corporate fleets account for about 60% of all new vehicle registrations in Europe. It says that removing subsidies for fossil-fuelled vehicles from corporate fleets is crucial to ensuring a sufficient uptake of zero-emission vehicles. According to the draft paper, the Commission plans to propose legislation by the end the year to decarbonise fleets of corporates and to encourage the demand for electric cars. The Commission will also make recommendations on Wednesday to national, local and regional authorities about how they can accelerate the uptake of EVs. ACEA said that the limited charging infrastructure was partly responsible for low demand. Nearly 60% of all charging stations are located in only three countries. The abrupt end of German subsidies, coupled with a lack of affordable EVs up until now, has also dampened demand. Reporting by Kate Abnett, Philip Blenkinsop and Alexandra Hudson.
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Miner Teck intends to sell in Asia to avoid US tariffs
Jonathan Price, the CEO of Canadian miner Teck, said that Teck is developing plans to export zinc to Asia rather than to the U.S. in order to avoid tariffs imposed by President Donald Trump on Canadian imports. Price, who spoke at the PDAC mining conference in Toronto, said that Teck has been working for months on a contingency planning. Price stated that "we have been reserving warehouse capacity and looking to reserve spaces in ports for exporting the metals to Asia." We will find buyers, and the prices will adjust. A company representative confirmed that the additional warehouse and port space would be located in Canada. Trump's 25% tariffs against imports from Canada and Mexico went into effect on Tuesday. This sparked a new round of trade disputes with the United States’ three largest trading partners. Economists believe that U.S. businesses will be responsible for the tariffs. Teck produces approximately 260,000 metric tonnes of refined zinc per year. According to the International Lead and Zinc Study Group, this is less than a quarter of the total U.S. consumption in 2024, when it was 848, 000 metric tons or 6% of global demand. BNP Paribas estimates the United States imports 62 percent of its zinc requirements, mostly from Canada and Mexico. Price stated that he expected the tariffs would increase the cost of commodities, drive inflation and "there is little upside". Mark Cutifani, Vale Base Metals' Chair, said that the company is also looking at ways to adapt to tariffs. He told reporters that he was "talking to everyone" to resolve the issue.
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EU discusses support for Europe’s steel industry in the face of U.S. tariffs
Ursula von der Leyen, the European Commission's chief, hosted executives from the steel industry on Tuesday to discuss how to maintain its future health in light of high energy costs and decarbonisation as well as impending U.S. Tariffs. The debate will examine how the EU can respond to unfair trade practices, including in China, and global overcapacity. It was launched eight days prior to President Donald Trump's planned 25% tariffs. In a press release published following the meeting, Stephane Sejourne (Commissioner for Industrial Strategy) announced that he would present on March 19th a plan with additional sector-specific priorities and long-term actions to replace the trade safeguard measures which expire in June 2026. Participants included executives from ArcelorMittal, the second-largest steelmaker in the world, and ThyssenKrupp, as well as leaders from global union federation IndustriALL and the major steel users from carmaking and construction. The key question is how to protect EU producers against a possible flood of imports of steel diverted from the U.S. market into the more liberal European market. The 18 million tons that the US imports today with the exemptions (...), will have to go somewhere else. They are looking for a market open, and the European Union is it," said Axel Eggert. Since 2018, when Trump introduced metal import tariffs during his first term, the EU has provided safeguards for steel in the form of quotas that are tariff-free per quarter and country. According to World Trade Organization regulations, these safeguards are only valid for eight years. They will expire during Trump's second presidential term, which is mid-2026. The European Commission (which oversees EU Trade Policy) has stated that it is looking at extending safeguards or setting up an alternative mechanism. The current system could be tightened. Eggert stated that, in order to comply with WTO rules the Commission could not alter the total import quotas, but it could better control sudden surges of steel imports which negatively impact the EU market. He added, "The rest is the world protects its domestic steel industry while Europe simply looks at an open market and does not react with firm measures. This will change now." The EU steel market is expected to be down for the second year in a row by 2024. Despite the reduction of capacity and the elimination of 18,000 jobs, steel plants in the European Union support more than 2.5 million jobs. According to Eurostat, the EU's statistics office, iron and steel exports to the U.S. totaled 5.4 billion euro, while iron and steel imports to the EU totaled 39.5 billion euros. The Commission will also seek to understand the views of industry on energy prices. This includes potential for low carbon hydrogen as fuel, supply of raw materials, and how to best promote low-carbon steel demand and secure investment.
Ola Electric, India, receives government notice after missing target for battery plant installation
The Indian two-wheeler manufacturer Ola Electric was sent a letter by the federal government for failing to meet a critical milestone in setting up its battery "gigafactory".
Ola has been selected for the 2022 government production-linked incentive scheme (PLI). This will allow the company to build a local battery manufacturing plant of 20 gigawatts in Tamil Nadu, a southern state.
The 181 billion rupees ($2,07 billion) scheme required that companies set up manufacturing plants within two years. Ola Electric had previously stated that it would start commercial operations at its manufacturing facility by April.
The company's statement on Tuesday said that it was in active contact with the relevant authorities but didn't provide any details regarding the missed milestone, or what the government might do next.
Ola Electric's market value has dropped by 40% since it went public last year. High costs, low demand, and deep discounts have all contributed to the loss of jobs.
Mukesh Ambani's Reliance New Energy Solar Limited received a letter similar to this one earlier in the day for failing to meet the deadline set by the federal government when it came time to build a manufacturing facility under the same scheme.
Reliance reported that its penalties stood at 355 293 rupees (31 million rupees) as of March 3. It also said it had requested more time from the government to establish its manufacturing facility.
Ola has not yet revealed the amount of potential fines.
(source: Reuters)