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...Frankfurt-based asset manager Deka, which is a top 10 shareholder in Munich Re and a top 20 shareholder in BASF according to data from S&P Global, last year adopted a similar voting policy to ISS....
...BASF, the world’s biggest chemical group and a major investor in China, is also expanding its US operations....
...BASF has announced an additional €1bn of cost cutting at its home site in Ludwigshafen, intensifying a planned downsizing in Germany due to low demand and “structurally” higher energy prices....
...Sales and profits tumbled at BASF last year, as the world’s biggest chemicals group struggled with high energy prices and a slowdown in global demand....
...BASF outlined the new cost cuts in annual results, which confirmed a decline in sales and profits set out in preliminary earnings....
...BASF has also announced a permanent downsizing of its plant in Ludwigshafen, instead doubling down on a big bet on China, where it is currently building a €10bn state-of-the-art petrochemicals plant....
...BASF’s decision in Xinjiang follows a recent controversy surrounding an independent human rights audit for Volkswagen’s plant in the region....
...BASF has appointed Markus Kamieth to take over as chief executive, picking a candidate closely associated with the world’s largest chemical group’s Chinese expansion plans....
...China is still today the world’s largest chemical market, but slowing growth and lagging demand in the country has come at a time when BASF is facing cost pressures in Europe due to its continued reliance...
...Investment manager M&G has reported a 28 per cent rise in profits for 2023, in the first annual results for chief executive Andrea Rossi, who has pledged to transform the company....
...BASF is preparing for a smaller domestic industry. A new €10bn Zhanjiang plant in China is expected to start operating in 2025....
...The group is split into an active asset management arm, a life insurance and pensions business and a financial advice business. M&G’s share price rose by about 2 per cent in morning trading....
...BASF stressed that audits of its Chinese ventures had never found any indication of human rights violations in its operations in Xinjiang — a region where Beijing has committed widespread human rights abuses...
...“There are risks from a further decline in volumes and a stronger price reduction than expected,” said chief executive Martin Brudermüller....
...BASF has been criticised for investing €10bn into a state of the art petrochemicals plant in China, at a time when Berlin has been calling for industries such as chemicals to reduce their reliance on the...
...The relationship, which spans Germany’s largest groups including Volkswagen and BASF to small and medium-sized companies of the country’s Mittelstand, was long seen as a pillar of the country’s economic...
...That’s a fundamentally different question. Richard G Little Visiting Research Scholar Industrial and Systems EngineeringRensselaer Polytechnic InstituteTroy, NY, US...
...There is a scene close to the end of Andrey Kurkov’s The Silver Bone in which the novel’s hero, Samson, a young police investigator, has finally cornered a key suspect in his hide-out....
...VW is pouring €5bn into China’s electric vehicle sector, while BASF is spending €10bn on a state of the art chemical plant. “This is a very opportune time to get out,” Zenglein says....
...Shareholder adviser Institutional Shareholder Services is locking horns with BASF and Munich Re on this issue. Champions of combined roles can point to some academic support....
...Criticism of the strike also came from BASF, the German chemicals giant....
...P&G took a $1.3bn non-cash impairment charge against the value of its Gillette shaving brand, citing the weakening of several currencies against the US dollar, and reported a 15 per cent organic fall in...
...BASF said its preliminary second quarter sales were a quarter lower than the previous year, and adjusted earnings declined 57 per cent from a year ago....
...While some tales take place explicitly in the UK — in a historic Tudor house museum in Margate, a Victorian swimming complex, a patch of countryside resembling Somerset — others are in a kind of fairytale...
...BASF said its preliminary second-quarter sales were a quarter lower than the previous year. Adjusted earnings declined 57 per cent from a year ago....
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