Glacier FarmMedia COVID-19 & the Farm

Global Markets: Oil giants face major setbacks

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– A shareholder group led by climate activist investment fund Engine No. 1 won two seats on ExxonMobil’s board of directors on Wednesday, which could help steer the company towards a more climate-conscious culture. BlackRock Inc., ExxonMobil’s second-largest shareholders, supported three of Engine No. 1’s nominees. Meanwhile, Chevron Corp. shareholders voted 61 per cent in favour of cutting emissions generated by its own products. The company, however, did not set any targets and a motion to prepare a report on how Chevron would be affected by net-zero carbon emissions by 2050 was defeated. On the same day, a Dutch court ordered Royal Dutch Shell to reduce its carbon emissions to 45 per cent lower than 2019 levels by 2030, which could force the company to accelerate its green transition. The company plans to appeal the ruling.

– Four major Canadian banks have beaten fiscal second quarter profit expectations. TD Bank Group reported on Thursday it earned C$3.7 billion in net income during the three-month period ended April 30, a 144 per cent increase from the year before when the COVID-19 pandemic started. Meanwhile, Royal Bank of Canada (RBC) also reported today it earned C$4 billion in the second quarter, compared to C$1.5 billion last year. On the same day, Canadian Imperial Bank of Commerce (CIBC) earned C$1.7 billion compared to C$392 million at this time last year. Yesterday, Bank of Montreal’s (BMO) net income rose to C$1.3 billion during the second quarter, an increase from C$689 million a year earlier.

– The amount of unemployment insurance claims in the United States fell for the fourth straight week to 406,000 for the week ended May 22, according to the U.S. Labor Department. While the downturn in claims is indicative of a recovering economy, multiple states have recently announced plans to pull out of federal unemployment benefit programs, claiming the programs are making it more difficult for employers to hire workers.

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