Ceos increasingly see sustainability as path to profitability

Share to Twitter Share to Linkedin As a group of invited oil company CEOs prepare for Thursday’s scheduled meeting with Energy Secretary Jennifer Granholm and other Biden administration officials, the heads of two U.S. majors, ExxonMobil XOM and Chevron CVX , made stage-setting public remarks on Tuesday. In a public letter to President Biden, Chevron CEO Mike Wirth detailed investments his company has made to raise both production levels and refinery throughputs in the U.S. in recent months. Wirth pointed to the fact that, in the Permian Basin alone, Chevron expects its crude oil output to reach 750,000 barrels of oil per day (bopd), an increase of 15% over its 2021 levels. Wirth also pointed to the fact that “Chevron’s U.S. refinery input grew to 915,000 barrels per day on average in the first quarter of this year from 881,000 in the same quarter last year.” Acknowledging that high prices for oil, natural gas and gasoline have been impacted by … [Read more...] about Chevron, ExxonMobil CEOs Set The Stage For Thursday Meeting With Biden Officials

Tunku Alizakri Alias (Photo by Patrick Goh/The Edge) - A + A KUALA LUMPUR (June 23): Companies should consider setting up a sustainable unit or department to help them better understand the elements of the sustainable and responsible investment (SRI) and environmental, social and governance (ESG). Malaysia Venture Capital Management Bhd chairman Tunku Alizakri Alias has said creating driven leaders and talent is essential to creating goals for the organisation and in identifying sustainable metrics. "The younger generation are driven by solutions, and by giving them a purpose, which links back to profits [which] do not harm the planet and also the people, we will see the impact in our children's time," he said at the SRI Virtual Conference 2022 titled "Preserving the Climate through Sustainable Business and Living" on Thursday. Tunku Alizakri, who is former Employees Provident Fund (EPF) chief executive officer (CEO), said a meaningful key performance … [Read more...] about Ex-EPF CEO: Businesses should consider setting up sustainable unit

Share to Twitter Share to Linkedin With consumers increasingly rejecting “fast fashion,” buying quality over quantity and making eco friendly purchases, the fashion industry is trying to act more responsibly for the sake of the planet and future generations. Every brand talks about “sustainability” with many actually making significant changes. And for international fashion showcases like Oslo Runway , sustainability is the core focus. CEO Elin Carlsen says “as a national display platform, we have a commitment to contribute and shape new mindsets and practices for a more sustainable industry.” Sustainable fashion brands use materials from natural or recycled fabrics that require less or even no chemical treatment, less water and energy. And linen, hemp, organic cotton and tencel (made from wood) are biodegradable. But sustainability isn’t just about materials. It’s about changing the ways of thinking and practices of design, production, communication, … [Read more...] about 3 Key Sustainable Fashion Trends To Follow This Year

Share to Twitter Share to Linkedin Deloitte today announced the creation of Making Accounting Diverse and Equitable (MADE), a commitment to generate more advisory, auditing, and tax career opportunities for the next generation of certified public accountants. The initiative combines both financial support and the depth of resources an organization of Deloitte’s size can bring to attract diverse individuals into the accounting field and support them as they chart their pathway from high school to business professional to leadership in the profession. Filling A Gap: Deloitte has stated its goal of increasing the number of Black and Latinx professionals in its overall US workforce by 50% by 2025. This is encouraging — because today, Black and Latinx talent constitutes 6.6% and 6.5% of the firm’s workforce respectively, Deloitte’s 2021 DEI Transparency report suggests. These levels drop further when segmented along senior leadership roles: … [Read more...] about Deloitte’s New Initiative Commits $75 Million To Increase Diversity In Accounting

Share to Twitter Share to Linkedin Ever since I walked into Naadam’s store in Hudson Yards (in pre-pandemic New York), I have been a complete fan of this supercool, sustainable Mongolian cashmere brand. I caught up with the amiable and articulate Cofounder Matt Scanlan to find out more about his insane journey that started with getting lost in the Gobi desert, $3 million cash in plastic bags and 150 tonnes of cashmere. For Part One of this article, please click here . Afdhel Aziz: Wow. So, there are so many questions I have right now. Let me try to unpack a few of them. How did it change how you were able to help the tribesmen? Matt Scanlan: The reality is we're helping so many more people that we feel like we're literally changing the economic circumstances for regions of nomadic Mongolians. You go to some of the areas where we're purchasing, and there are schools and playgrounds and hospitals and roads. We build parks. We bring … [Read more...] about How Naadam Created A $100 Million+ Sustainable Luxury Cashmere Brand That Is Helping Mongolian Communities (Part Two)

U.S. stocks were little changed ahead of another big day for earnings and economic news, while Peloton Interactive Inc. ( PTON ) shares are up more than 10% after the company announced job cuts and the departure of the CEO. The company also announced its new CEO: Silicon Valley veteran Barry McCarthy. Key Takeaways Stocks are little changed ahead of earnings and economic news; Pfizer fell after reporting revenue that missed estimates. Peloton shares advance after the company announced 2,300 job cuts and the departure of CEO and co-founder John Foley. Crude oil's rally halted with the price falling to less than $90 a barrel for the first time since last week. Among the companies reporting earnings today are BP Plc, Chipotle Mexican Grill Inc., DuPont de Nemours Inc. ( DD ), KKR & Co. Inc. ( KKR ), and Lyft Inc. ( LYFT ). The yield on the 10-year Treasury note this morning crossed 1.96%, the highest level since 2019. Oil prices backed off seven-year highs, … [Read more...] about Peloton Jumps on CEO Departure, Job Cuts, Barry McCarthy to Take Top Spot

- A + A KUALA LUMPUR (June 24): VS Industry Bhd’s net profit for the third quarter ended April 30, 2022 (3QFY22) dropped 30.1% year-on-year to RM51.29 million, from RM73.38 million previously, weighed by rising inflation, labour and material costs, as well as supply chain and logistics disruptions. Earnings per share declined to 1.34 sen from 1.95 sen the prior year. Quarterly revenue fell 13.69% to RM927.59 million from RM1.07 billion previously, VS Industry’s filing with the local bourse on Friday (June 24) showed. Earnings were impacted by lower shipments of orders to key customers due to labour shortages, as well as a protracted disruption to the global supply chain that affected the delivery of components, the group said. VS Industry said its Malaysian segment continued to be impacted by a combination of factors that included increases in labour and raw materials costs, as well as higher depreciation incurred for new facilities, while mass production for a … [Read more...] about VS Industry’s 3Q net profit drops 30% to RM51.3m, declares 0.4 sen dividend

Share to Twitter Share to Linkedin The transformation of AMD from a PC microprocessor challenger to a semiconductor industry leader has been nothing short of remarkable. Under CEO Lisa Su’s leadership, the company has increased its market value to $150 billion from $10 billion in the last five years. At her side has been John Taylor, the company’s CMO since 2017. Taylor recently shared the highlights of this transformation success story. Here are the highlights. John Ellett: How has AMD changed since you took over as CMO? John Taylor: I was appointed CMO of AMD in 2017, and at that time more than 90% of the company’s revenues were from the PC and gaming markets (consoles and graphics). Our products were in the mid-range and value segments of the PC market, and we were perceived as a bang-for-the-buck brand. Our market capitalization as a publicly traded company was about $10 billion. In 2017, we introduced a new CPU architecture called “Zen” and … [Read more...] about AMD’s CMO Shares Transformation Journey That Increased Company Value 1500%

President Joe Biden accused Chevron CEO Mike Wirth of being “mildly sensitive” Tuesday after Wirth accused the administration of vilifying the gas and oil industry. The comment came shortly after Wirth sent a response letter to Biden in which he argued the administration must change their approach if they want to lower gas prices. Wirth also said the Biden administration tries to “criticize, and at times vilify, our industry.” “He’s mildly sensitive,” Biden said later Tuesday when confronted with Wirth’s accusation. “I didn’t know they’d get their feelings hurt that quickly.” The president continued on to argue that the country needs “more refining capacity.” He also suggested the “idea that they don’t have oil to drill and to bring up” is false. (RELATED: ‘An Incredible Transition’: Biden Suggests Soaring Gas Prices Are Part Of Green Agenda) WATCH: “We ought to be able to work something out whereby they’re able to increase refining capacity and still not … [Read more...] about Biden Dismisses Chevron CEO As ‘Mildly Sensitive’ After He Says Administration Tends To ‘Vilify The Industry’

YES Bank is in the process to form the proposed asset reconstruction company (ARC) and transfer its entire pool of gross non-performing assets (GNPA) amounting to Rs 27,976 crore to the ARC by June 30, the bank’s Managing Director and Chief Executive Officer Prashant Kumar told reporters in a post-earnings press conference. The private bank on April 30 reported its January-March net profit at Rs 367 crore as against a loss of Rs 3,788 crore in the same period last year. This was led by lower provisions, higher net interest income and an improvement in asset quality. “We would be expecting that in next financial year (FY23), we would be able to have slippages within 2 percent. Our recoveries and upgrades would outnumber credit cost on account of lower slippage or ageing of NPAs and this we have been able to demonstrate in the last two financial years also,” Kumar said. Giving more guidance on advances growth for the present fiscal, Kumar said YES Bank will achieve an overall … [Read more...] about YES Bank to set up ARC by June, raise capital as buffer against uncertainties in FY23, says CEO Prashant Kumar