FT : The utopian world where carbon and crypto meet

The utopian world where carbon and crypto meet
Plus, hedge fund lobbyists attack the SEC’s disclosure drive

Can carbon markets and blockchain technology be used in tandem to keep oil in the ground and stop deforestation?

Champions of the ReFi movement — or regenerative finance to those who do not lurk in crypto messaging groups — want investors and environmentalists alike to answer “yes” to this question.

But the collision of the two worlds is fast-moving and mostly unregulated. Verra, the biggest accreditation body for carbon credits, has recently opened a consultation on its approach to crypto instruments and tokens. Meanwhile, European Central Bank president Christine Lagarde is pushing the European Commission to include digital tokens in its draft regulation for cryptocurrencies.

This week we report on two examples of crypto-backed carbon projects in the Democratic Republic of Congo and Brazil — the world’s two largest rainforest areas.

Avoidance-based carbon offsets purport to account for each tonne of carbon that has not been emitted, using a given hypothetical scenario based on sometimes dubious projections of the deforestation or oil burning that would have otherwise occurred. Overlaying crypto markets and tokens (which create a digital representation of a physical asset) on top of this results in a heady mixture of the tangible and the unreal.

Also this week, Patrick reports on the mounting lobbying campaign against the SEC’s sustainability disclosure efforts — this time it is the hedge fund community warning that the agency could render the ESG acronym “meaningless”. (Kenza Bryan)

Trouble in the world’s first ‘non-fungible territory’
I was surprised to be told in a recent interview with the Democratic Republic of Congo’s hydrocarbons minister that it would allow some cryptocurrency and carbon credit start-ups to bid for exploration rights alongside oil and gas majors.

The DRC’s tender of oil and gas exploration blocks is controversial because some of the land on offer is in Virunga National Park — home to some of the world’s last mountain gorillas — or in the country’s carbon-rich rainforest and peatlands.

An online campaign is seeking to raise $50mn in cryptocurrency to buy at least one of the blocks and keep the oil in the ground — recouping the investment by issuing carbon credits to reflect the avoided emissions. Among its supporters is Flowcarbon, a new venture backed by WeWork founder Adam Neumann.

It’s an intriguing tale — and one that may be part of an emerging trend.

Across the Atlantic from the Congo Basin’s lush rainforests, another cryptocurrency start-up has been pursuing a similar track in Brazil — drawing the attention of prosecutors in the process.

Nemus sells non-fungible tokens (NFTs) — digital assets stored in a blockchain online — linked to parcels of the Brazilian rainforest, and says this can protect the area from deforestation by stopping rival buyers from snapping up the forest.

Buyers of the tokens receive a virtual card with unique geographical co-ordinates and depictions of plants and animals found in that part of the rainforest — a harpy eagle, a peacock flower or an Amazonian black scorpion, for example.

Tokens, which can be linked to land units as small as a quarter of a hectare, give the buyer the right to participate in future decisions about protecting the land (as well as online games). Those linked to larger parcels could give the owners the right to issue potentially lucrative carbon credits, according to Nemus’s website.

But the promise of a stake in a conservation project comes with risks.

The company’s website says it has claimed “possession” of 41,000 hectares of land near the city of Pauini in Amazonas state, and is in discussions to acquire a further 1.2mn hectares of bordering land. The land was acquired by a Brazilian subsidiary of Nemus, which says it intends to create well-paid jobs for the indigenous people who live there, and has plans to build eco-tourism lodges and a processing plant to revive the local Brazil nut industry.

Last month, however, the public prosecutor’s office in Amazonas state ordered Nemus to present deeds to this land. It questioned in a public statement whether Nemus had obtained consent from local people, and from the government’s indigenous people’s agency Funai, to act in the area.

The problem is that Nemus’s dreams extend beyond the digital world and into a territory so remote it can only be accessed by a 14-hour boat trip. It wants to encourage community members to use the company’s own planned cryptocurrency, and to build infrastructure including an airstrip and a road.

Apuriña indigenous people complained to the prosecutor that chestnut groves, a source of income, were at risk from Nemus’s building plans. They also said the company had asked illiterate members of their community to sign important documents.

To complicate matters for Nemus, Tasso Azevedo, a co-ordinator at satellite data imaging company MapBiomas and former head of the Brazilian forestry service, claims to have spotted recent deforestation on land that Nemus is planning to issue NFTs on later this year. Nemus did not respond to a request for comment, but said in an online post that the deforestation took place before the company was founded.

Responding to the prosecutor’s concerns about land ownership in another online post, Nemus said the land did not overlap with areas officially reserved for indigenous people. It wrote: “Everyone affiliated with Nemus is very respectful of the indigenous way of life and that will continue . . . The purchase will be finalised towards the end of 2022 from a private family-run organisation that has owned this property for almost 50 years.”

Deforestation in Brazil reached a record high in the first seven months of the year, according to preliminary data from the country’s national space institute INPE.

President Jair Bolsonaro pledged four years ago not to protect “one more centimetre” of indigenous land. Local groups say his government’s stance has hampered local people’s efforts to enforce historic claims to territory and opened it up to loggers, miners and ranchers who destroy the rainforest.

Nemus is not the first crypto-backed offsetting project in Brazil. The São Paulo-based Moss.Earth, for example, sells offsets to Gol, Brazil’s largest airline, and also issues NFTs linked to land in the Amazon, describing these as “encrypted digital ownership certificate[s].”

Nemus has gone in especially hard on the publicity front, however — including a promotional video which purports to rename the land in the company’s image. In the video, an indigenous person places his fingerprint on a document describing the land as a “non-fungible territory”, a twist on the name of the tokens being sold.


Danny Cullenward, head of policy at the non-profit organisation CarbonPlan, told me: “There’s an enormous amount of silly money sloshing around the crypto world causing people to do exuberant things a more sober investor would pause to consider.”

“This is a perfect illustration of why blockchain is a solution looking for a problem . . . as using it to record land claims does nothing to resolve the complexity of land tenure disputes.” (Kenza Bryan)

On Monday, we highlighted some pushback to the Securities and Exchange Commission’s initiative to toughen rules for funds using “green” or other sustainability buzzwords in their names.

But there is a second proposal the SEC is working on involving environmental, social and governance (ESG) investing that has also stirred up the investment community.

In May, the SEC proposed to push investment companies to divulge more information about their ESG strategies. Funds that consider ESG would need to disclose more about their strategies and how they vote at companies’ annual meetings. So-called impact funds would need to do even more — such as disclose greenhouse gas emissions.

(If this sounds to you like the European Commission’s sustainable finance disclosure regulation, you’re right. The SEC nodded to the SFDR in its proposal.)

Now, this SEC effort is under siege. On Tuesday, the lobbying group for hedge funds such as Bridgewater, AQR and DE Shaw criticised the rule, saying it would “render the term ESG meaningless”. 

The SEC’s plan to regulate funds that broadly consider ESG would probably yield too much information, the Managed Funds Association said. Because ESG covered such a wide swath of financial considerations, it claimed, the SEC risked classifying nearly everything as an ESG fund.

If a fund considered a company’s rate of employee retention as an investment factor, the MFA asked, is that a “social” factor that would trigger regulated ESG reporting? Or if a fund voted for a controversial merger, then is that a governance issue that would transform a merger arbitrage fund into an ESG vehicle?

The Investment Adviser Association, another Washington-based lobby group, also called for the proposal’s ESG integration category to be scrapped altogether.

When talking about ESG disclosures, SEC chair Gary Gensler likes to compare the issue to the information stickers on milk cartons. “In that case, you can see objective figures, like grammes of fat, which are detailed on the nutrition label,” he said in May. But for all Gensler’s efforts to paint this issue in simple terms, his battle with the industry lobbyists is looking increasingly complicated. (Patrick Temple-West)

Smart read
Here’s a disturbing piece from the FT’s Sarah O’Connor, on new academic research on the fallout from sexual harassment and violence in the workplace. After episodes of male-on-female violence, one economic study found, victims tended to suffer significantly worse harm to their careers than perpetrators. Yet this trend was less visible in companies with more senior female staff. “Female managers do one important thing differently: fire perpetrators,” the authors wrote.

>>> US Gapping down

Gapping down
In reaction to earnings/guidance
:

  • DNUT -8.1%, PLCE -5.6%, JKHY -4.7%, TGT -1.8%, ADI -1.4%, TJX -1.4%

Other news:

  • ASLE -13.5% (selling shareholders to offer 4.25 mln shares in secondary offering)
  • OPCH -6.9% (OPCH announces 11 mln share offering by WBA)
  • SNY -5.2% (is discontinuing the global clinical development program of amcenestrant, an investigational oral selective estrogen receptor degrader)
  • IMAB -4.5% (IMAB amends license and collaboration agreement with ABBV)
  • BE -4.5% (priced its underwritten public offering of 13 mln shares of Class A common stock at $26.00/share)
  • OSH -3.4% (files for stock offering by selling shareholders)
  • GSK -2.5% (FDA accepts New Drug Application for GSK's momelotinib for the treatment of myelofibrosis)
  • NOVA -2.1% (pricing of upsized offering of $500 million of 2.625% convertible senior notes)
  • DDOG -2% (announces expanded monitoring for Microsoft SQL Server and Microsoft Azure database platforms)
  • VRDN -2% (announces the pricing of an upsized underwritten public offering with gross proceeds of ~$270 mln)
  • FSM -1.5% (announces the voluntary resignation of Paul Criddle from the position of Chief Operating Officer - West Africa effective September 30, 2022)
  • HYZN -1.3% (to delay 10-Q filing)
  • SHEL -1.2% (to shut Gulf of Mexico crude pipelines, Odyssey and Delta, for two weeks, according to Reuters)

>>> US Gapping up

Gapping up
In reaction to earnings/guidance
:

  • A +5.6%, PFGC +3%, LOW +1.2%,

M&A news:

  • HIL +62.1% (to be acquired by Global Infrastructure Solutions Inc. for $2.85/share), MANU +5% (Elon Musk says he was joking about buying MANU)

Other news:

  • BBBY +42.5% (FCM BBBY Holdings LLC files amended 13G; no longer holds any shares of BBBY (prior filing showed a 6.21% stake))
  • SAVA +19% (discloses two insider purchases)
  • QTRX +4.8% (discloses insider purchases)
  • CCRN +3.1% (authorizes new $100 mln share repurchase program)
  • ICPT +2.9% (ICPT settles patent litigation with RDY) 

Buisness of Fashion : Dior and Chanel Run Their Own Beauty Lines. Why Not Gucci

Dior and Chanel Run Their Own Beauty Lines. Why Not Gucci Too?
Kering’s rumoured plan to someday bring its largest brand’s beauty business in house may take years to pull off, but is already sending shockwaves throughout the industry.

Kering has FOMO.

Rumours are percolating that the French luxury conglomerate is looking to take at least some of its beauty business in-house. Kering has long maintained tight control over the fashion businesses of its brands, which include Gucci, Bottega Veneta and Saint Laurent. But it’s relied on licencing deals to manufacture, market and sell fragrance, makeup and skin care (Coty for Gucci and Bottega Veneta, L’Oréal for Saint Laurent.)

There’s nothing unusual about a luxury fashion house outsourcing beauty. There are exceptions though: Dior and Chanel own and operate their beauty divisions. Both are thriving, especially in fragrance: the two companies sell more perfume than any other brands in the world.

It makes sense that Kering would want a similar setup. The company wants to build Gucci, which drives just over 50 percent of the group’s revenue and two thirds of profits, into a brand with €15 billion in annual sales. Category expansion, including a new emphasis on beauty, with Kering keeping all of the revenue, is one way to do that (the company is making similar moves in fashion, steering more Gucci sales to its own stores and away from third-party retailers).

This would be a cataclysmic loss for Coty, however.

Gucci is one of the most lucrative brands in Coty’s portfolio, which includes Chloé, Burberry, Marc Jacobs Perfume, Bottega Veneta and Calvin Klein. In May, Sue Nabi, Coty’s chief executive officer, called Gucci’s Flora Gorgeous Gardenia a “fantastic success,” listing it as one of three of the company’s leading fragrances, alongside Burberry Hero and Hugo Boss The Scent.

It’s mostly just industry gossip for now. WWD reported last week that buzz around Kering’s “potential entry into beauty keeps amplifying,” following the group’s earnings call last month and its dissatisfaction with how Coty handled Gucci’s beauty business (which was expressed prior to Nabi’s appointment).

In July, Kering hinted that its beauty business could follow in the footsteps of eyewear, a category it brought in-house through a partnership with Richemont.

“Our success with Kering Eyewear demonstrates that we can create a lot of value for the brands on the one side and as a consequence for the group by taking some disruptive and innovative approaches,” Jean-Francois Palus, Kering’s group managing director, said in a conference call. “So beauty is definitely an area where we could contemplate some in the future and all options are open.”

Kering and Coty declined to comment.

There’s a reason luxury brands that oversee every tiny detail of their fashion businesses typically opt to license their beauty lines, however. Perfume or lipstick costs less than a handbag or shoes, but margins are high and beauty is effective as a way to acquire new customers. Companies like Coty and L’Oréal have the infrastructure to make and sell fragrance, makeup and skin care products, expertise that doesn’t always come naturally to luxury fashion brands.

When it comes to licencing, fragrance is probably the most competitive of the beauty categories with a handful companies — led by Coty and L’Oréal — vying to control the largest brands in the category.

A single fragrance could yield hundreds of millions of dollars in sales per year for one of these companies. It’s rare for a lipstick or moisturiser to do that sort of volume. Typically, a brand launches one big scent per year, spending millions of dollars in marketing, including celebrity ambassadors; TV, outdoor and print ads; in-store activations, influencer campaigns and more.

The pressure to perform is enormous. Once, a president at a multibillion-dollar beauty conglomerate texted me pleading for “front page” placement in WWD for a fragrance launch, the company’s first in a new licencing deal with an iconic luxury brand.

It was an unusual display, but I understand why the executive felt the need to beg for a cover story: If that year’s scent is a dud, or underperforms, the brand’s fragrance ranking tanks. And if the licencing agreement isn’t performing to the brand’s liking, the brand will walk — and either sign another licencing deal with a competitor or take their beauty in-house.

The good news is that Coty has some time to work things out with Kering. Coty confirmed that “no major license [is] up for renewal in [the] next five years” in an investor update last spring, which means the earliest that Kering can bring beauty in-house, if it decides to do so, is in 2026.

Four years is a lot of time, and Coty is working fast to diversify its portfolio. Of course, four years is also enough time for Kering to build a beauty division of its own, too.

>>> US Research Calls

Research Calls

  • Upgrades:
    • Apple (AAPL) upgraded to Outperform from Neutral at Credit Suisse; tgt $201
    • Westlake Corporation (WLK) upgraded to Overweight from Neutral at JP Morgan; tgt $135
  • Downgrades:
    • Rockwell Automation (ROK) downgraded to Mkt Perform from Outperform at Bernstein; tgt $290
    • Stanley Black & Decker (SWK) downgraded to Hold from Buy at Deutsche Bank; tgt lowered to $111
  • Others:
    • 3D Systems (DDD) initiated with an Underperform at Credit Suisse; tgt $8
    • 3M (MMM) resumed with a Mkt Perform at Bernstein; tgt $155
    • Altair Engineering (ALTR) initiated with an Outperform at Wolfe Research; tgt $70
    • ANSYS (ANSS) initiated with an Outperform at Wolfe Research; tgt $320
    • AppLovin (APP) initiated with an Outperform at Wolfe Research; tgt $40
    • Aspen Tech (AZPN) initiated with a Peer Perform at Wolfe Research
    • Autodesk (ADSK) initiated with an Outperform at Wolfe Research; tgt $270
    • Bentley Systems (BSY) initiated with an Outperform at Wolfe Research; tgt $48
    • C3.ai (AI) initiated with a Peer Perform at Wolfe Research
    • Cadence Design (CDNS) initiated with an Outperform at Wolfe Research; tgt $210
    • CDW (CDW) initiated with an Outperform at Credit Suisse; tgt $202
    • CME Group (CME) initiated with a Sell at Rosenblatt; tgt $171
    • Corning (GLW) initiated with a Neutral at Credit Suisse; tgt $36
    • Danaher (DHR) resumed with an Outperform at Bernstein; tgt raised to $340
    • Dell (DELL) initiated with an Outperform at Credit Suisse; tgt $60
    • Desktop Metal (DM) initiated with a Neutral at Credit Suisse; tgt $2.80
    • Emerson (EMR) assumed with a Mkt Perform at Bernstein; tgt lowered to $100
    • Flex (FLEX) initiated with an Outperform at Credit Suisse; tgt $24
    • General Electric (GE) resumed with an Outperform at Bernstein; tgt lowered to $100
    • Hewlett Packard Enterprise (HPE) initiated with an Outperform at Credit Suisse; tgt $18
    • HP Inc. (HPQ) initiated with an Outperform at Credit Suisse; tgt $39
    • IBM (IBM) assumed with an Outperform at Credit Suisse; tgt raised to $163
    • Intercontinental Exchange (ICE) initiated with a Buy at Rosenblatt; tgt $164
    • ironSource (IS) initiated with a Peer Perform at Wolfe Research
    • Jabil (JBL) initiated with an Outperform at Credit Suisse; tgt $74
    • Markforged Holding Corp. (MKFG) initiated with a Neutral at Credit Suisse; tgt $2.70
    • Matterport (MTTR) initiated with a Peer Perform at Wolfe Research
    • NASDAQ (NDAQ) initiated with a Buy at Rosenblatt; tgt $241
    • NetApp (NTAP) initiated with an Outperform at Credit Suisse; tgt $87
    • Procore Technologies (PCOR) initiated with a Peer Perform at Wolfe Research
    • Pure Storage (PSTG) initiated with an Outperform at Credit Suisse; tgt $36
    • PTC (PTC) initiated with an Outperform at Wolfe Research; tgt $155
    • Roblox (RBLX) initiated with a Peer Perform at Wolfe Research
    • Roper (ROP) initiated with a Mkt Perform at Bernstein; tgt lowered to $490
    • Seagate Tech (STX) initiated with a Neutral at Credit Suisse; tgt $80
    • Stratasys (SSYS) initiated with an Outperform at Credit Suisse; tgt $24
    • Synopsys (SNPS) initiated with an Outperform at Wolfe Research; tgt $440
    • TD Synnex (SNX) initiated with a Neutral at Credit Suisse; tgt $115
    • The Trade Desk (TTD) initiated with a Peer Perform at Wolfe Research
    • Tradeweb Markets (TW) initiated with a Buy at Rosenblatt; tgt $91
    • Trimble (TRMB) initiated with a Peer Perform at Wolfe Research
    • Unity Software (U) initiated with an Outperform at Wolfe Research; tgt $70
    • Velo3D (VLD) initiated with a Neutral at Credit Suisse; tgt $5.40
    • Western Digital (WDC) initiated with a Neutral at Credit Suisse; tgt $52
    • Xerox (XRX) initiated with an Underperform at Credit Suisse; tgt $14

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up:
    • HIL +62.6%, SAVA +20.3%, A +6.6%, QTRX +3.6%, CCRN +3.1%, ICPT +2.9%, MANU +2.8%, LOW +1.8%
  • Gapping down:
    • ASLE -10%, DNUT -8.7%, SNY -5.7%, PLCE -5.6%, OPCH -5.1%, JKHY -4.7%, IMAB -3.5%, TGT -3.4%, OSH -3.3%, BE -2.9%, ADI -2.8%, GSK -2.1%, VRDN -2%, FSM -1.5%, HYZN -1.3%

FT : Ally/Warren Buffett: auto loan stake signals confidence in consumer credit

Ally/Warren Buffett: auto loan stake signals confidence in consumer credit
The world’s most famous investor clearly does not think the good times are over

It does not have quite the same lustre as the Golden Age of Athens. But 2020-21 will be remembered as halcyon days by US used car merchants if no one else.

Warren Buffett does not think the good times are quite over. Filings show Berkshire Hathaway tripled its stake in Ally Financial, an auto lending mainstay, to $1bn during the second quarter.

The world’s most famous investor evidently believes lending margins will remain robust and default rates low in consumer credit.

In the two pandemic years, shares in Ally rallied 57 per cent. The stock was buoyed by consumers flush with cash flocking to buy used vehicles. Auto manufacturers were unable to meet demand for new cars.

Ally shares, have fallen by a quarter so far in 2022. Wall Street is worried about the finances of the US consumer as well as a normalisation in the auto market. Ally says those worries remain overstated, a view that now has the implicit endorsement of a legendary investor.

Between the end of the 2019 and the start of 2022, the Manheim Used Vehicle Value Index increased by a vertiginous 70 per cent. Higher used car prices supported bigger loans at a time when there were virtually no concerns about immediate credit losses.

Net interest revenue increased substantially in the current quarter, compared with 2021. However, Ally was forced to accrue credit loss provisions so big that pre-tax income fell 40 per cent year on year. The company insists those provisions are simply a natural reversion to ordinary levels.

Ally’s internal models forecast used car prices falling by 30 per cent over the next couple of years. Still, lower prices are not a death knell and could lead to even steeper volumes of sales to buyers sidelined by elevated prices, according to Ally.

The company’s share price has fallen far enough to trade at near book value. This must have grabbed Berkshire’s attention. Buffett’s bet is a vote of confidence in consumer banking broadly, as well as auto loans.

>>> Europe : Brokers Upgrades & Downgrades - 17th of August 2022

>>> Up
* Eurocash Raised to Neutral at Citi; PT 12.70 zloty

>>> Down


>>> Initiation
* CME Group Rated New Sell at Rosenblatt Securities Inc; PT $171
* Dassault Systemes Rated New Underperform at Wolfe; PT 38 euros
* ICE US Rated New Buy at Rosenblatt Securities Inc; PT $164
* Nasdaq Inc. Rated New Buy at Rosenblatt Securities Inc; PT $241
* Petershill Rated New Buy at Peel Hunt; PT 310 pence
* Tradeweb Rated New Buy at Rosenblatt Securities Inc; PT $91


>>> Call

>>> What to look at today - 17th of August 2022

Stocks in Asia came off session highs on Wednesday, hampered by worries about a darkening economic outlook amid high inflation and tightening monetary policy. MSCI Inc.’s Asia-Pacific share index rose less than 0.5%, spanning a climb in Japan and a drop in China. S&P 500 and Nasdaq 100 futures fluctuated while European contracts edged higher.  The US stock market had posted a small gain on Tuesday, helped by robust earnings from Walmart Inc. and Home Depot Inc. Company profits have encouraged an equity rebound from June lows but are at risk of weakening as monetary settings tighten to fight price pressures.  Oil stabilized but was still in sight of a more than six-month low, underlining some of those concerns over the economic growth outlook. Treasury yieldsand the dollar were steady, while gold and Bitcoinwavered. In New Zealand, the central bank raised borrowing costs by a half-point as expected and said it remains appropriate to continue tightening at pace to curb inflation. The local currency strengthened. The revival in stocks from bear-market lows is in part a contentious bet that inflation and central bank hawkishness are peaking, making a recession less likely. The latest Federal Reserve minutes Wednesday will shed more light on whether those wagers are right. he latest US data were patchy. Home construction fell more than expected, while factory output increased in July for the first time in three months. In China, where challenges from a property-sector slump and Covid curbs are multiplying, Premier Li Keqiang asked local officials from six key provinces that account for 40% of the economy to bolster pro-growth measures. US After Hours A +6.4% higher on earnings; SAVA +21% higher on two insider purchases; JKHY -4.8% lower on earnings.

Nikkei +0,81% Hang Seng +0,78% CSI +0,67% Shanghai +0,32% Shenzen +0,47%

Eur$ 1,0173 CNH 6,7939 CNY 6,7843 JPY 134,15 GBP 1,2107 CHF 0,9494 RUB 61,1105 TRY 17,9510 WTI$ 87,10 Gold 1,775,61 BTC 24,040 ETH 1,896,60

S&P -0,04% Nasdaq -0,11% EuroStoxx +0,26% FTSE +0,21% Dax +0,21% SMI

Macro :
- US Gas Jumps to 14-Year High on Winter Concern, Europe Crisis

Keep an eye on :
- O5G GY : CPI Property Group Acquires 79.2% of S Immo at Purchase Tender
- CCL LN : Carnival Gains After Aug. 15 Bookings Update; Peers Follow
- EQNR NO : Venezuela Ends Offshore Gas License for Total, Equinor: Gazette
- IMPW SW : Implenia-Led JV Gets Gotthard Road Tunnel Order Worth CHF467M
- KOMN SW : Komax 1H Revenue Beats Estimates
- LULU US : Lulu’s Fashion Rises on In-Line Revenue and Reaffirmed Outlook
- MEKKO FH : Marimekko 2Q Adjusted EPS Beats Estimates
- NHY NO : Norsk Hydro Says 665 Hydro Sunndal Employees to Go on Strike
- NOVN SW : Novartis Granted FDA Orphan Drug Status for Sotuletinib
- SWTQ SW : Schweiter 1H Ebitda CHF57.0M Vs. CHF77.8M Y/y
- SLHN SW : Swiss Life 1H Net Income CHF636M Vs. CHF613M Y/y
- TECN SW : Tecan Sees FY Ebitda Margin About 20%
- TSLA US : Musk: Trying to Reduce Tesla Car Delivery Times Quickly
- UN01 GY : Germany Says Electricity Stability Stress-Test Ongoing
- WAWI NO : Wallenius Wilhelmsen 2Q Ebitda Beats Estimates