These box office numbers do not include the cost of production or marketing costs. They also don't count the billions in merchandising that Disney has made over the last...Entertainmentread more
Instagram began tests that hide "like" counts on posts. That means influencers who market products on Instagram will have to rely on different metrics to show success.Technologyread more
Peter Neupert worked for Microsoft and Amazon-backed Drugstore.com, where he got to know Jeff Bezos. He now advises start-ups.Technologyread more
Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that...Market Insiderread more
Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
The firing of the tear gas was the latest confrontation between police and protesters who have taken to the streets for over a month to fight a proposed extradition bill and...China Politicsread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
Gluskin Sheff's David Rosenberg is painting a painful picture for stocks as earnings season goes into full gear.Futures Nowread more
Rossello is facing public furor over an obscenity-laced online chat that showed the governor and his close advisers insulting women and mocking constituents, including victims...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)