Blackstone Executive Vice Chairman Tony James says he's less optimistic now than before that the U.S.-China trade war could be resolved, but even a smaller deal could help...World Economyread more
The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
* Asset manager says capex not aligned with Paris goals
* Sarasin sells $42 mln of shares, reviewing other holdings
LONDON, July 9 (Reuters) - London-based asset manager Sarasin & Partners has sold nearly 20% of its holdings in Royal Dutch Shell, saying the oil and gas company's spending plans are out of synch with international targets to battle climate change.
The 33.8 million pounds ($42.1 million) sale represents a fraction of Shell's $261 billion market value.
But it is a rebuke of Shell's strategy less than a year after the Anglo-Dutch company, together with a large group of investors including Sarasin known as Climate Action 100+, agreed on a landmark resolution outlining Shell's ambition to reduce carbon emissions.
Sarasin is reviewing its remaining holdings in Shell of around 120 million pounds, according to a spokesman.
"We have been supportive of your recent leadership in support of the Paris Climate Accord," Sarasin said in a July 8 letter to Shell Chairman Chad Holliday, seen by Reuters.
"However, we were extremely disappointed that, despite your public commitment to act on climate change, the strategy that Shell published at its Management Day on 4th June aims to deliver rising fossil fuel production to at least 2030."
Shell plans to increase its annual spending between 2021 and 2025 to $30 billion, excluding major acquisitions, compared with around $25 billion in recent years. Of the $30 billion, $2 to $3 billion will go towards power and renewables.
"While Shell cannot, of course, bring down global fossil fuel use on its own, it needs to ensure it is not contributing to the problem," the letter said.
News of the sale was first reported by the Financial Times.
Shell said the divestment was "disappointing".
"Shell plans to reduce the Net Carbon Footprint of the energy products we sell in step with society's progress towards meeting the Paris Agreement."
"We are very clear that this requires both sustaining investment in our core Upstream businesses as well as growing investment in our customer-facing transition businesses including Integrated Gas, Oil Products and Chemicals," it said.
Adam Matthews, director of ethics and engagement at the Church of England Pension Board who co-led negotiations with Shell on the climate resolution, said engagement with Shell was "very much ongoing."
"Clearly Shell are an industry leader, but we are keen to see further steps related to alignment of capital expenditure," Matthews said in a statement.
Catherine Howarth, chief executive of climate activist group ShareAction, welcomed Sarasin's move.
"Sarasin's forcefully argued challenge to Shell's board on their capital expenditure plans should reverberate across the wider investment community," Howarth said.
The Paris agreement seeks to reduce greenhouse gas emissions, most of which come from the burning of fossil fuels, to a net zero by the end of the century to limit global warming to "well below" 2 degrees Celsius.
($1 = 0.8029 pounds) (Reporting by Ron Bousso; Editing by Mark Potter)