Canada’s 3rd Largest Pension Fund makes commitment for net-zero carbon emissions by 2050
Ontario’s Teacher Pensions Plan (OTPP) confirmed in a press statement on September 16th, 2021 its plans to ensure its portfolio reaches a net-zero carbon emission index by 2050. OTPP currently manages a worldwide investment portfolio comprising an overall asset value of USD 180 billion.
The overall environmentally friendly commitment involves interim measures to reduce emissions intensity by 45% in 2025 and 67% by 2030, which OTPP plans to achieve by diversifying its investments into a larger number of clean-energy companies, as well as firms offering software and services that allow other companies to transition to a lower carbon economy.
OTPP’s commitment follows another Canadian investment fund Caisse de dépôt et placement du Québec’s equally bold commitments for net-zero emissions made in October 18th, 2017. ... See MoreSee Less
CSRC proposing rules requiring approval for offshore IPO’s of local companies
China’s securities regulator, the China Securities Regulatory Commission, is believed to be in the progress of drawing up rules which may require local entities, including the Variable Interest Entity, to require pre-approval before moving offshore for the purposes of raising finance through initial public offerings.
In Hong Kong, there has been an estimated USD 35.3 billion raised through offshore fund raising by way of initial public offering of which 96.3% is via Chinese companies.
The proposed new rules are understood not to exclude Hong Kong and will therefore add concerns and extra layers to investments which hitherto have been unhindered permitting investments into traditionally ringfenced industries such as media and telecommunications in China. ... See MoreSee Less
US Treasury Department Meets with Cryptocurrency Panel of Experts concerning Stablecoins
According to anonymous sources, the US Treasury has held discussions with a number of industry participants in the cryptocurrency space to discuss the impact of the cryptocurrency stablecoin market.
Stablecoins are a type of cryptocrrency which, unlike bitcoin and other cyrptocurrencies, is pegged against traditional currencies such as the United States Dollar. Stablecoins account for around 6.25% of the entire cryptocurrency market estimated to be in the value of around USD 2 trillion.
The US Treasury is expected to publish its findings in an official report on the benefits and risks posed by cryptocurrencies vs traditional currencies in the coming months. ... See MoreSee Less
SMIC confirms USD 8.8 billion investment into new manufacturing plant in Shanghai
Following China’s plans to establish a world call electronics/microchip industry, Semiconductor Manufacturing International Corp has confirmed plans to set up a manufacturing plant in the Lin Gang Special Area of Shanghai.
Lin Gang was created as a free trade zone in 2013 to attract investment and technological innovative enterprises.
The proposed enterprise will be a joint venture between SMIC and the Chinese Government aiming to produce around 100,000 nano chips per month aimed at the automotive industry’s increased demand for electric vehicles of the present and future.
This announcement by SMIC, follows its previous disclosed plans to set up a similar enterprise capable of producing 40,000 12-inch wafers per month in Shenzhen, south China. ... See MoreSee Less
White House approves emergency crude oil stocks from Strategic Petroleum Reserve
Following the extensive damage caused by Hurricane Ida in August to early September this year, the White House of the United States has agreed to provide 1.8 million barrels of crude oil to Exxon Mobil Corp and Placid Refining Company for production of gas.
Around 93% of oil production and 86% of gas production was put offline during the impact of Hurricane Ida.
Around nine refineries owned by Exxon Mobil Corp and Placid Refining Company are expected to be brought back only within the next fortnight, claims Robert Campbell, head of oil products research at consultancy Energy Aspects. ... See MoreSee Less