FT : Ciao bello: masters of the universe move to Milan

Ciao bello: masters of the universe move to Milan


Why the wealthy are flocking to Milan

Goldman Sachs vice-chair Richard Gnodde, Egypt’s richest man Nassef Sawiris and CVC Capital co-founder Rolly van Rappard: Milan has assembled quite the collection of mega-rich residents in recent years.

A friendly tax regime and Milan’s dolce vita charm have lured wealthy foreigners to Italy’s second city.

The influx has accelerated over the past 12 months after the UK abolished its “non-dom” tax regime, exposing overseas assets, income and gains to UK taxes.

Italy’s tax scheme allows new foreign residents to pay a flat tax of €200,000 a year on any global income and assets for up to 15 years and avoid inheritance tax on non-Italian assets during that period.

The so-called Bel Paese has also become more attractive for private equity types who don’t adhere to the €200,000 flat tax, by levying a 26 per cent rate on most capital gains. That’s significantly better than in the UK, which recently raised taxes on carried interest — the key source of income for buyout executives — from 28 per cent to 34 per cent.

Those tax considerations have drawn thousands of people to the city, but the flood of wealthy expats has created friction. Regular folks are being pushed out of trendy neighbourhoods as property and rental prices have skyrocketed. 

As of July, home prices in Milan have risen nearly 60 per cent over the past decade to €5,540 per square metre, while in Rome they have remained largely flat at about €3,600, according to data from Immobiliare.it. Rents in Milan have also surged, increasing 50 per cent in the same period from €15 to €22.50 per square metre.

The booming real estate market has brought other troubles: a corruption probe is under way in the city with prosecutors alleging a system of bribes drove some of the redevelopment.

The Milanese elite, meanwhile, have other complaints.

One banker said new arrivals at his company were on London salaries, frustrating locals who earned far less. He criticised a flurry of new members’ clubs, saying they were “not really the Italian way of doing business”. International members club Casa Cipriani launched its Milan branch in 2022 and Soho House is setting up its own outpost in the city.

A second local was rather more frank in his assessment: he dismissed the new clubs as being full of bankers and PE executives who wouldn’t make it into the city’s old-school patrician haunts.

>>> US After Hours Summary: ESTC +18.2%, AMBA +17.9%, AFRM +13.5%, ADSK +10.3%,

After Hours Summary: ESTC +18.2%, AMBA +17.9%, AFRM +13.5%, ADSK +10.3%, S +8.7% higher on earnings; MRVL -9.8%, DELL -6.3%, GAP -5.9% lower on earnings

After Hours Gainers:

Companies trading higher in after hours in reaction to earnings/guidance: ESTC +18.2%, AMBA +17.9%, WOOF +17.3%, AFRM +13.5%, IREN +13% (also secures NVDA Preferred Partner status and procures B300s), ADSK +10.3%, S +8.7%, ULTA +2.3%

Companies trading higher in after hours in reaction to news: OPEN +4% (President bought 30000 shares), EMN +2.9% (several insider buys disclosed), DOMO +2.5% (partners with Altis for marketing AI agents), DSGN +1.4% (Point72 Asset Mgmt discloses 5.2% stake), GCL +1.2% (partners with KuCoin to accept crypto payments), CCJ +0.9% (operational update), AIR +0.6% (new defense distribution agreement with AmSafe Bridport), DIS +0.3% (files mixed securities shelf offering), RTX +0.2% (awarded a $1.7 bln modification to Army contract)

After Hours Losers:

Companies trading lower in after hours in reaction to earnings/guidance: MRVL -9.8%, DELL -6.3%, GAP -5.9%

Companies trading lower in after hours in reaction to news: CAT -3.5% (updates tariff impact at $500-600 mln for Q3 and $1.5-1.8 bln for 2025), SF -1.9% (July operating data), LRCX -0.4% (increases dividend), URI -0.3% (expands digital platform), RKLB -0.2% (opens Launch Complex 3), SKX -0.1% (receives all regulatory approvals to close acquisition), GNK -0.1% (CEO also named as Chairman)

>>> US Close Dow +0.16% S&P +0.32% Nasdaq +0.53% Russell +0.19%

Closing Market Summary: S&P 500 captures record highs following NVIDIA's earnings
The stock market's advance pushed the S&P 500 (+0.3%) to record intraday (6,508.23) and closing (6,501.90) highs for the second consecutive day, while the Nasdaq Composite (+0.5%) came up just shy of its own closing high, and the DJIA (+0.2%) finished with a more modest gain.

Stocks saw a decent opening push that followed an upbeat Q2 GDP revision and another low initial jobless claims report, but an early 2.5% slide in NVIDIA (NVDA 180.17, -1.43, -0.79%) made for a bumpy morning that seated the major averages in negative territory.

NVIDIA's Q2 results, which were reported yesterday after the close, were a mixed bag. While both earnings and revenue exceeded expectations, the upside relative to consensus estimates was relatively modest. The company's guidance for Q3 matched analysts' forecasts, breaking from its usual pattern of beating and raising targets. Data Center revenue jumped 56% year-over-year to $41.1 billion but fell short of Street estimates due to a $4 billion sequential decline in H20 revenue, which was impacted by export restrictions. No H20 sales to China occurred in Q2, and none are anticipated for Q3.

The stock would ultimately close much improved from its session lows, bolstering an otherwise strong day from chipmakers that saw the PHLX Semiconductor Index finish with a 0.5% gain. The broader information technology sector advanced 0.7% as well.

The communication services sector (+0.9%) finished as the best-performing S&P 500 sector, with strength in its mega-cap components Alphabet (GOOG 212.37, +4.16, +2.00%) and Meta Platforms (META 751.11, +3.73, +0.50%) underpinning the gain.

Mega-cap strength played a key role in today's record-setting advance, as the market-weighted S&P 500 (+0.3%) outperformed the S&P 500 Equal Weighted Index (-0.1%). The Vanguard Mega Cap Growth ETF finished with a 0.6% gain.

Outside of the mega-cap space, the energy sector (+0.7%) rounded out the top three S&P 500 sectors, benefitting from crude oil futures settling today's session $0.48 higher (+0.8%) at $64.62 per barrel.
The consumer discretionary (+0.3%), financials (+0.2%), and industrials (+0.2%) sectors also captured modest gains. The materials sector finished flat.

Losses in declining sectors were relatively modest today. The defensive-oriented utilities (-0.9%), consumer staples (-0.6%), and health care (-0.5%) sectors were the biggest losers, while the real estate sector (-0.3%) also retreated.

Retailer stocks were another point of relative weakness after a slate of household names, such as Best Buy (BBY 72.66, -2.79, -3.70%), Dick's Sporting Goods (DKS 215.08, -10.93, -4.84%), Dollar General (DG 111.71, +0.51, +0.46%), and Five Below (FIVE 150.03, +5.62, +3.89%), reported earnings. The SPDR S&P Retail ETF (-0.9%) improved throughout the session with the broader market, closing 0.4 percentage points above its session lows.

With the market successfully navigating NVIDIA's earnings, attention now turns to tomorrow's PCE report, the Fed's preferred inflation gauge. The probability of a 25-basis point rate cut at the September FOMC meeting remained steady at 87.2%, according to the CME FedWatch tool.

Speaking of the next FOMC meeting, Bloomberg reported that Fed Governor nominee Stephen Miran's confirmation process may be fast-tracked to appoint him before the gathering. In related news, Fed Governor Lisa Cook filed a suit challenging her dismissal by President Trump, with Bloomberg reporting that Ms. Cook's lawyers suggest a "clerical error" is behind the mortgage issues. An initial hearing is scheduled for tomorrow morning.

U.S. Treasuries of most tenors climbed on Thursday while the 2-year note underperformed after yesterday's show of relative strength. The 2-year note yield settled up two basis points to 3.64%, and the 10-year note yield settled down three basis points to 4.21%.
  • Nasdaq Composite: +12.4% YTD
  • S&P 500: +10.6% YTD
  • DJIA: +7.3% YTD
  • Russell 2000: +6.7% YTD
  • S&P Mid Cap 400: +4.8% YTD

Reviewing today's data:
  • Q2 GDP - Second Estimate 3.3% (consensus 3.0%); Prior 3.0%, Q2 GDP Deflator - Second Estimate 2.0% (consensus 2.0%); Prior 2.0%
    • The key takeaway from the report is that the Q2 strength revolved around the decrease in imports (-29.8%), which is a subtraction in the calculation of GDP. The next exports component contributed 4.95 percentage points to Q2 GDP growth versus 4.99 points with the advance estimate.
  • Weekly Initial Claims 229K (consensus 236K); Prior was revised to 234K from 235K, Weekly Continuing Claims 1.954 mln; Prior was revised to 1.961 mln from 1.972 mln
    • The key takeaway from the report is that initial jobless claims—a leading indicator-- continue to run at low levels, refuting the notion that the labor market is weak. Granted, the labor market has softened a bit, but it is not weak.
  • July Pending Home Sales -0.4% (consensus 0.3%); Prior -0.8%

WWD : Parisian Cashmere Brand Kujten to Open First U.S. Store on Sept. 9

Parisian Cashmere Brand Kujten to Open First U.S. Store on Sept. 9
The Paris-based men's and women's luxury cashmere brand operates more than 50 stores globally.

Kujten, a Paris-based luxury cashmere brand, will open its first U.S. flagship on Madison Avenue this fall.

The company, founded by Carole Benaroya and Stéphanie Eriksson, has inked a deal for a three-level, 4,400-square-foot store at 831 Madison Ave. The space, on 69th Street, had formerly housed Akris. It is expected to open on Sept. 9, right before the kickoff of New York Fashion Week.

Kujten was created in 2012 by Benaroya and Eriksson, who had met in school as teenagers. Benaroya opted for a career in finance and began her career at Goldman Sachs in London while Eriksson studied fashion and joined the British fashion brand Joseph.

The friends reconnected in their 30s and decided to create a high-end brand focused on basic and statement cashmere pieces offered in an array of colors. They named it Kujten after the highest peak in Mongolia, a spot the founders visit several times a year to hand-select the finest raw materials.


It aims to offer timeless, modern, elegant pieces that can be worn every day. As Eriksson said: “I’ve always been a little frustrated that I only had three or four colors to choose from when I was buying cashmere. With Kujten, we have a beautiful color palette so our items can be worn every day.”

Among its key pieces are sweaters, sweatshirts, vests, cardigans, capes, jackets, dresses, pants, shorts and hoodies for women and men as well as accessories and a children’s collection.

Sustainability is also a hallmark of the brand and in 2021, Kujten obtained the Sustainable Fibre Alliance ranking that certifies a company’s respect for the environment and social responsibility. In 2019, the brand launched Kujten Organic, an eco-responsible men’s and women’s line that uses no dyes or chemical components and promotes the manufacture of organic cashmere in Mongolia.

The brand operates more than 50 stores in Europe but this marks the first move into the U.S. market, which makes up a sizable portion of its international sales. The brand created a capsule with the L.A. tattoo artist Dr. Woo last year.

“The search for the ideal location was complex as the vacancy rate on Madison Avenue has been decreasing drastically over the past few years,” said Eric Le Goff, head of luxury for Retail by MONA, the retail leasing and advisory firm that represented Kutjen. “It was a challenge to identify the perfect space for Kutjen that combined the right square footage, premier storefront, and most importantly, the right neighbors for the brand such as Toteme and Khaite.”

Le Goff said if the store is successful, the plan is to continue to open stores around the country.

FT : Trump-Intel deal designed to block sale of chipmaking unit, CFO says

Trump-Intel deal designed to block sale of chipmaking unit, CFO says
US chipmaker has faced pressure to sell lossmaking foundry business struggling to compete with TSMC

The Trump administration’s investment in Intel was structured to deter the chipmaker from selling its manufacturing unit, its chief financial officer said on Thursday, locking it into a lossmaking business it has faced pressure to offload.

The US government last week agreed to take a 10 per cent stake in Intel by converting $8.9bn of federal grants under the 2022 Chips Act into equity, the latest unorthodox intervention by President Donald Trump in corporate America.

The agreement also contains a five-year warrant that allows the government to take an additional 5 per cent of Intel at $20 a share if it ceases to own 51 per cent of its foundry business — which aims to make chips for third-party clients.

“I don’t think there’s a high likelihood that we would take our stake below the 50 per cent, so ultimately I would expect [the warrant] to expire,” CFO David Zinsner told a Deutsche Bank conference on Thursday.

“I think from the government’s perspective, they were aligned with that: they didn’t want to see us take the business and spin it off or sell it to somebody.”

Intel has faced pressure to carve off its foundry business as it haemorrhages cash. It lost $13bn last year as it struggled to compete with rival TSMC and attract outside customers.

Zinsner’s comments highlight how the deal with the Trump administration ties the company’s hands.

Analysts including Citi, as well as former Intel board members, have called for a sale — and Intel has seen takeover interest from the likes of Qualcomm.

Intel’s board ousted chief executive Pat Gelsinger, the architect of its ambitious foundry strategy, in December, which intensified expectations that it could ultimately abandon the business.

White House press secretary Karoline Leavitt told reporters on Thursday the deal was being finalised. “The Intel deal is still being ironed out by the Department of Commerce. The T’s are still being crossed, the I’s are still being dotted . . . it’s very much still under discussion.”

Zinsner said the warrants in the Trump deal could be viewed as “a little bit of friction to keep us from moving in a direction that I think ultimately the government would prefer we not move to”.

He said the direct government stake could also incentivise potential customers to view Intel on a “different level”.

So far, the likes of Nvidia, Apple and Qualcomm have not placed orders with Intel, which has struggled to convince them it has reliable manufacturing processes that could lure them away from TSMC.

As Intel’s new chief executive Lip-Bu Tan seeks to shore up the company’s finances, the government deal also “eliminated the need to access capital markets”, Zinsner explained.

Given the uncertainty over whether Intel would hit the construction milestones required to receive the Chips Act manufacturing grants, converting the government funds to equity “effectively guaranteed that we’d get the cash”.

“This was a great quarter for us in terms of cash raise,” Zinsner added. Intel had also recently sold $1bn of its shares in Mobileye, and was “within a couple of weeks” of closing a deal to sell 51 per cent of its stake in its specialist chips unit Altera to private equity firm Silver Lake, he noted.

SoftBank also made a $2bn investment in Intel last week. Zinsner pushed back against the idea that it had been co-ordinated with the government, as SoftBank chief executive Masayoshi Son pursues an ever-closer relationship with Trump.

“It was coincidence that it fell all in the same week,” Zinsner said.

WWD : Castore Acquires Belstaff, Aims for International Growth

Castore Acquires Belstaff, Aims for International Growth
Belstaff's parent company Ineos, a U.K.-based manufacturer of petrochemicals, in return will make a significant strategic investment in Castore at a holding company level.

LONDON — Castore, a U.K.-based performance brand for global sports teams, has agreed to acquire a full stake in the century-old British fashion label Belstaff on a debt-free, cash-free basis.

The financial terms of the team were undisclosed.

At the same time, Belstaff’s parent company Ineos, a U.K.-based manufacturer of petrochemicals, will make a significant strategic investment in Castore at a holding company level.

The union between two British brands is aimed at driving future growth across premium categories by capitalizing on Castore’s direct-to-consumer and online retail networks, supply chain, growing global retail footprint and roster of professional sports team partnerships, including McLaren F1, Oracle Red Bull Racing, England Cricket Board and BWT Alpine Formula 1 Team.


Ashley Reed, chairman of Belstaff, said the two brands come together through shared qualities of “purpose-led design and entrepreneurial spirit.”

“Castore is disrupting the sportswear market and has demonstrated phenomenal growth and resilience in recent years. Having witnessed their journey, we saw a unique opportunity to join forces and accelerate Belstaff’s transformation through shared knowledge and resources,” Reed added.

Tom Beahon, chief executive officer and cofounder of Castore, said he has personally been a huge fan of Belstaff for a long time and is delighted that Ineos is investing in Castore.

“Ineos and the management team at Belstaff have done a phenomenal job in steering the company back to profitability following a challenging period for the retail sector. To have the opportunity to take Belstaff through the next stage of its growth journey is a dream come true and a huge privilege,” Beahon added.

Founded in Liverpool in 2016 by brothers Tom and Phil Beahon, Castore’s business model combines premium performance apparel with a vertically integrated digital commerce platform and supply chain platform for top sports teams and leagues.

Castore raised 7.5 million pounds from private investors, including tennis star Andy Murray, in 2020, and received a 145 million pound investment in a funding round led by Raine Partners, the growth equity arm of The Raine Group, an advisory and investment firm focused on media, entertainment and sports in 2023.

Under Ineos’s backing, the motorcycling and windproofing outerwear specialist celebrated its centenary last year with a retrospective exhibition in Stoke-on-Trent, a city in England’s Midlands, and the birthplace of the brand.

The brand operates 11 permanent stores and has plans to expand through pop-ups, with a focus on the U.K., Germany, and potential growth in Asia and North America.

Last year, it launched a street-meet-luxury collaboration with Manchester-originated fashion label Represent. Belstaff has also teamed with 1TRL, a subbrand of Merrell, on two sneakers and partnered with Grenson on a trio of service boots.

>>> EU Commission confirms tariff reductions to implement EU-US deal (78.72 +0.0

EU Commission confirms tariff reductions to implement EU-US deal
  • "Today, the European Commission is putting forward two proposals paving the way for the implementation of the EU-US Joint Statement of 21 August 2025. These proposals are the first steps in said implementation and ensure tariff relief by the US for the vital EU automotive sector starting retroactively from 1st of August.
  • These steps contribute to restoring stability and predictability in EU-US trade and investment relations, to the benefit of business, workers and citizens on both sides of the Atlantic.
    The first act concerns a proposal to eliminate tariffs on US industrial goods and provide preferential market access for a range of US seafood and non-sensitive agricultural goods. The second one proposes to prolong the tariff-free treatment of lobster, now including processed lobster.
  • The Commission will continue to engage with the US to lower tariffs, including in the context of negotiations on a future EU-US Agreement on Reciprocal, Fair, and Balanced Trade.
  • The Commission proposals constitute the necessary legislative step to enact the EU's tariff reductions set forth in Section 1 of the EU-US Joint Statement. The Parliament and Council will now have to approve the two proposals under the ordinary legislative procedure before the EU's tariff reductions can enter into force.
  • In line with Section 3 of the EU-US Joint Statement, the US is expected to implement the agreed 15% US tariff ceiling to EU cars and car parts.
    These tariff reductions from 27.5% to 15% are expected to be effective from the first day of the same month in which the European Union's legislative proposals are introduced, i.e. 1 August 2025. This will save car makers more than €500 million in duties that would have otherwise been paid for exports in one month only.
  • The US also committed to zero or near to zero tariffs on certain product categories for which only the most-favoured nation (MFN) tariff will apply, starting on 1 September (unavailable natural resources, including cork, all aircraft and aircraft parts, generic pharmaceuticals and their ingredients and chemical precursors). Both sides have agreed to work on expanding this list further."

FT : Why oil and gas M&A is ‘losing steam’

Why oil and gas M&A is ‘losing steam’
After a record two years of merger and acquisition activity, things have slowed down

Global oil and gas M&A plummets after record run
After a record two years of merger and acquisition activity in the global oil and gas industry, a slowdown is taking hold.

Deal values in the exploration and production sectors fell by a third to $82bn in the first half of the year, when compared with the same period in 2024. The decline was driven by a sharp drop in activity in North America, where the region’s share of global deal value fell to 51 per cent, down from above 70 per cent a year earlier, according to a new report by Rystad.

The consultancy said the big decline in deal value reflected a “natural pause” in transactions after a more than $200bn splurge in consolidation in the US shale oil sector over the previous two years led by ExxonMobil’s $60bn takeover of Pioneer Natural Resources. Macroeconomic uncertainty linked to the Trump administration’s tariff policies and geopolitical tensions had caused volatility in oil prices and a reduction in M&A activity, Rystad said.

“Upstream M&A is losing steam in 2025 as macroeconomic turbulence widens the gap between buyers and sellers. Oil price swings are stretching negotiations and extending timelines, leaving both parties leery of pulling the trigger on large deals,” said Atul Raina, Rystad’s vice-president of oil and gas research.


A sharp fall in oil prices had led to the cancellation of deals and withdrawal of several sale processes, according to the consultancy. It cites the example of Amplify Energy’s decision to terminate its proposed $306mn acquisition of Rocky Mountain assets from Juniper Capital.

David Rockecharlie, chief executive of Crescent Energy, told investors there was a “dislocation” in M&A markets during a conference call on August 5.

“The punch line is 75 per cent or more of the asset sale processes we saw in the Eagle Ford [shale basin in Texas] were pulled and never transacted as a result of volatility that we saw in the second quarter.”

“So, our view is the market’s functioning right now, and we’re able to get some things done, but there’s just a lot out there in our view that’s still sitting on the sidelines.”

Deal value in Eagle Ford fell by 58 per cent to about $980mn in the first half of the year, compared with the second half of 2024. In the Permian Basin, the largest US oilfield, M&A declined by about a quarter to $6.8bn over the same period. There had been no activity in the Bakken so far in 2025, said Rystad.


Crescent is one of a handful of US shale operators that have clinched multibillion-dollar deals this year. On Tuesday the Houston-based company announced it had agreed a $3.1bn all-stock transaction to buy Vital Energy, which owns acreage in the Permian Basin.   

The US is not the only global region to suffer a slowdown in M&A, with Africa, Asia and the Middle East also seeing a reduction in deal value. Increased activity in Oceania, South America and Europe was not enough to offset the overall downturn.

But it's not all doom and gloom for dealmakers. The slowdown in M&A in the US shale oil sector stands in contrast to a rise in gas-focused transactions.

Strong demand for natural gas from liquefied natural gas terminals, as well as forecasts of surging demand for gas-fired power plants to fuel the AI boom, is attracting buyers. Deal value in pivotal US shale gas producing areas, including Marcellus/Utica and the Haynesville/Bossier, surged to $9.1bn in the first half of the year, up from $1.8bn in the second half of 2024, said Rystad.

EOG Resources, Citadel and EQT all announced multibillion-dollar shale gas deals in the first half of 2025.    

“Gas deals are up as operators look to gain size and scale to participate in the rush to build new gas fired generation, which is now supported by the federal government,” said Andrew Gillick, a managing director at energy research group, Enverus.

“In the shale oil sector there just aren’t that many companies left to buy after the last two years of aggressive dealmaking. Also, the remaining companies are reticent to sell with where crude prices are today.”

FT : Exxon escalates attacks on EU’s ‘high-regulation’ climate policies

Exxon escalates attacks on EU’s ‘high-regulation’ climate policies
US supermajor warns Europe’s approach has driven up energy costs and eroded public backing for green transition

ExxonMobil has stepped up its campaign against Europe’s climate policies, saying they have caused energy prices to soar and undermined public support for the low-carbon technologies required to meet the continent’s emissions reduction targets.

The US supermajor’s Global Outlook report, released on Thursday, included a section titled “Lessons from Europe”, which slams the EU’s “high-regulation, high-cost” approach to lowering emissions, which it claimed had “hurt” the bloc’s economy.     

“Under Europe’s decarbonisation approach: Industrial production, a critical sector in Europe’s economy, is declining. Energy prices in heavy industry and commercial transportation are rising. As a result, public support for lower emissions technology needed to reach EU climate goals is wavering,” Exxon said.

Exxon has consistently lobbied against European regulations in the climate and sustainability area, arguing that it threatens to undermine the continent’s competitiveness and entangle US companies in bureaucracy that erodes their global competitiveness.

Darren Woods, Exxon chief executive, last month called for US President Donald Trump to use trade talks with Brussels to fight a European directive requiring non-EU companies to ensure their supply chains do not harm the environment or human rights.

Exxon’s Global Outlook, which makes forecasts about the global energy market up to 2050, said politicians needed to consider affordability when setting energy policies because voters would lose confidence in the economy and their administrations if prices increased rapidly.

“I don’t want it to come across as . . . the energy transition can’t happen or shouldn’t happen,” Chris Birdsall, director of Exxon’s economics and energy division, told reporters in a conference call. “Our point is, you need to need to be smart about it.”  

He said the EU had tried to “push through” climate policies too quickly in the mistaken belief that the energy transition would result in cheaper energy for the continent because, at present, it imports a lot of oil and gas.

But this transition period could take up to 30 years and low-carbon investments were significantly more expensive than existing energy sources, said Birdsall.

“We do think high-income countries like the US and EU, over time, can afford more lower emissions solutions, but that has to play out over time. One, keep growing your economy and, number two, keep investing in technology,” he said.

The outlook said climate policies had “largely failed”, as the world was not on track to meet emissions targets, and forecast oil and natural gas would remain key to powering the economy in 2050.

Exxon’s attack on European climate rules has drawn criticism from environmental groups, which claim the company is seeking to undermine global efforts to tackle the climate crisis.

Mark van Baal, founder of Follow This, a Dutch shareholder activist group, said Exxon’s claims were further proof that the oil and gas industry was putting enormous effort into resisting change.

“Exxon is blind [to] the inevitable disruptive innovation of clean energy. With or without climate policy, oil and gas demand will structurally fall in the next decade, and Exxon is not prepared,” he said.

“If the company continues to ignore the reality that many markets are transitioning to a diversified energy mix, their shareholders will ultimately intervene,” van Baal added.

Exxon sued Follow This in the US last year, claiming that a climate petition the activist group filed against it breached US securities rules. The lawsuit was dismissed by a Texas judge.

The supermajor has faced criticism in the US, where it is being sued by several states over allegations that it misled the public about climate change and the dangers of fossil fuels. The company denies these claims.