Thunberg rebukes politicians during UN climate address
The 16 year old Swedish climate change activist Greta Thunberg gave a stinging speech to world leaders at the UN General Assembly: “This is all wrong. I shouldn’t be up here. I should be back in school on the other side of the ocean, yet you all come to us young people for hope. How dare you?” Thunberg stated: “The eyes of all future generations are upon you. And if you choose to fail us I say we will never forgive you.” Later Indian PM Narendra Modi promised more renewable energy and German chancellor Angela Merkel pledged to phase out coal by 2038. Sources: BBC, Deutsche Welle, the Guardian, Marketwatch and Reuters.
European leaders agree with US on Saudi oil attacks
France, Germany and UK blamed Iran for a recent attack on Saudi oil facilities, and called for new talks between Tehran and Washington. Sources: CBC, Deutsche Welle and Reuters.
Coalition talks in Israel
Israeli PM Benjamin Netanyahu and opposition leader Benny Gantz are discussing the formation of a unity government after last week’s inconclusive elections. Sources: CNN, Haaretz and Reuters.
Wework CEO Neumann under pressure
Investors in the serviced office firm Wework, including Softbank and Benchmark Capital, are pushing to replace Adam Neumann as CEO, after Wework’s IPO was delayed and questions raised about the firm’s valuation and corporate governance. Sources: Financial Times, the Guardian, Reuters and Wall Street Journal.
Budweiser APAC IPO
AB Inbev, the world’s largest brewer, listed its Budweiser Asian unit on the Hong Kong bourse, raising about $5bn (about half of what it previously wanted). Sources: CNBC, Financial Times and Reuters.
Woodford suspension continues
The money manager Neil Woodford said investors would remained locked in his Woodford Equity Income Fund until at least December, while Woodford rebalances the fund to more liquid FTSE holdings. Sources: Citywire, the Guardian and Reuters.
Nissan and Ghosn settle SEC charges
The automaker Nissan agreed to pay a $15m penalty and its ex-CEO Carlos Ghosn agreed to pay $1m (and serve a 10 year directorship ban) to the US financial regulator SEC to settle charges that they hid a $140m compensation package from investors. Sources: AFP, CNBC and Financial Times.
Boeing offers 737 Max crash payments
Aircraft maker Boeing will pay $144,500 to each family of those killed in two fatal 737 Max crashes in Ethiopia and Indonesia. Sources: BBC, CBS News and Reuters.
Agenda
Tuesday 24-Wednesday 25 September: Association of the Luxembourg Fund Industry’s Global Distribution Conference. Thursday 26 September, 9pm-11pm: Open mic comedy at the Updown Bar. Tuesday 1 October, 5:30pm: Fondsfrauen conference on countering “unconscious bias” in financial sector. Until 6 October: “Mind the brain” sculpture exhibition to mark the 10th anniversary of the Luxembourg Centre for Systems Biomedicine.
Here are 4 finance & economy stories you may have missed
Venture capital: Pitchbook marked up Station F, the startup campus in Paris, and its tenants as a success. ICI Global study: A shift towards lower cost funds have sent fees tumbling by 15%-25% since 2013, per the Financial Times. NN Investment Partners study: Investors are too focussed on the “E” and not enough on the “S” and “G” in their ESG strategies, per Citywire Selector. Insurance: Climate change is squeezing insurers and reinsurers on both sides--managing risk and managing their investment portfolio, per The Economist.
Fifa awards
Lionel Messi and Megan Rapinoe were named Fifa players of the year, and Jürgen Klopp and Jill Ellis were named best football coaches. Sources: Deutsche Welle, Evening Standard and the Guardian.
Hangover is “illness”
A German court ruled that hangovers are an illness, in a case involving a product that made doubtful hangover cure claims. Sources: BBC, Deutsche Welle and the Guardian.
Today’s breakfast briefing was written by Aaron Grunwald