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Change-makers meet to build ocean investment community – Deutsche Bank

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More of the world’s ultra-high net worth individuals are getting behind ocean conservation and impact, as seen this week when Deutsche Bank’s International Private Bank (IPB) and the Ocean Risk and Resilience Action Alliance (ORRAA) host more than 100 influential investors, entrepreneurs and philanthropists in Mallorca, Spain to accelerate ocean sustainability.

The inaugural Deutsche Bank x ORRAA Ocean Conference aims to build an investment community to support the sustainable blue economy, starting with Deutsche Bank’s clients.

As one of Europe’s leading private banks with global reach, Deutsche Bank’s International Private Bank services over 3.3 million clients worldwide, including many of the world’s leading entrepreneurial families, philanthropists and ultra-high net worth individuals. Those attending the conference collectively represent tens of billions of euros in capital and are actively seeking to support and create impact in ocean health for its long-term sustainability.

Over three days, international ocean advocates and experts will convene to address some of the most pressing challenges facing the Ocean, with guest speakers including:

  • Sir Ben Ainslie CBE, Olympic sailor
  • Ralph Chami, Assistant Director, Financial Policies Division, Institute for Capacity Development, IMF
  • José María Figueres Olsen, Costa Rican businessman and politician who served as President of Costa Rica from 1994 to 1998
  • Louise Heaps, Head of Sustainable Blue Economy, World Wildlife Fund
  • Prof. Callum Roberts, lead scientist on the Future Climate Coral Bank project
  • Lewis Pugh, OIG, British/South African endurance swimmer and United Nations Patron of the Oceans
  • Her Excellency Ilana Seid, UN Ambassador for Palau;
  • Her Excellency Aminath Shauna, Minister of Environment for the Maldives
  • Dr. Richard Spinrad, Undersecretary of Commerce for Oceans and Atmosphere, NOAA Administrator, Government of the United States of America

Global Head of the IPB and Chief Executive Officer of EMEA, Claudio de Sanctis said: “Seventy five percent of our clients say they wish to leave a legacy that has a positive impact in the world. A healthy ocean ecosystem is vital for a healthy planet, so supporting sustainable ocean solutions is an investment in the future like no other. Deutsche Bank is committed to accelerating sustainable solutions for the ocean by enabling private capital into ocean finance to create lasting impact for future generations.”

ORRAA Executive Director Karen Sack said: “We need a step change in how we go about channeling investment into ocean and coastal resilience. Crucially, we also have to develop the pipeline of projects and companies from around the world and, in particular, the Global South which need access to investment. This is something which ORRAA is focused on delivering. The conference we are co-hosting with Deutsche Bank is a crucial staging post to growing the investment community in the Ocean.”

The Deutsche Bank x ORRAA Ocean Conference brings together ocean impact startups, private capital, NGOs, and ocean science experts to accelerate investment into the ocean ecosystem.

Ocean impact startups joining the conference include EcoSubsea, Ocean Bottle, Matter, Avant Meats, Biofeyn, Coral Vita, ECOncrete, and Bound4Blue.

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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