BNP Paribas is a French bank and financial services company with headquarters in Paris and global headquarters in London. It was formed through the merger of Banque Nationale de Paris and Paribas in 2000 and is one of the largest banks in the world. Based on 2012 information BNP Paribas was ranked as the third-largest bank in the world, as measured by total assets, by Bloomberg and Forbes.The firm is a universal bank split into three strategic business units: Retail Banking, Corporate and Investment Banking and Investment Solutions . BNP Paribas's four domestic markets are France, Italy, Belgium, and Luxembourg. It also has significant retail operations in the United States, Poland, Turkey, Ukraine, and North Africa, as well as large-scale investment banking operations in New York, London, Hong Kong, and Singapore.BNP Paribas escaped the 2007–09 credit crisis relatively unscathed reporting a €3 billion net profit for the year of 2008, and €5.8 billion for 2009, both years boosted by profits from trading in its Corporate and Investment Banking division.In June 2014, BNP Paribas was fined $8.9 billion by US government for violating US sanctions, which was a record amount at that time. Wikipedia.
Ghoshray A.,University of Bath |
Trifonova T.,BNP Paribas
Energy Journal | Year: 2014
This paper examines the dynamic adjustment of crude oil price differentials formed by a wide range of popularly traded crude oils which include non-benchmark crudes of different quality. Recent studies have pointed out the fact that the adjustment of oil price spreads is asymmetric in nature. This paper makes a contribution in many ways. Employing econometric procedures that are more powerful than recently applied methods, and on a much wider selection of crude oil pairs than previous studies we establish that the results obtained for price differentials between benchmark crudes are not representative of the behaviour of nonbenchmark pairs. Further, our results show that the adjustment of price differentials cannot be fully explained by the quality differentials which are commonly approximated by the difference in API gravity. Finally, we find that short run and long run dynamics do not show a pattern that could be linked to quality differentials. Copyright © 2014 by the IAEE. All rights reserved. Source
German wind company Nordex NRDXF ) is the first Schuldschein issuer to label its issue as green.The green issue is verified under the Climate Bonds Standard and sector specific Wind Standard. Assets include wind power manufacturing and infrastructure around the world. Nordex employed DNV GL to verify the green Schuldschein against the Climate Bonds Standard.The deal was split across four tranches with 3, 5, 7 and 10 year tenors. The joint underwriters were Unicredit, Bayerische Landesbank, BNP Paribas, Commerzbank and HSBC.You may be wondering at this point – “but what is a Shuldschein?”Schuldschein are privately placed debt instruments similar to bonds and loans, except investors almost always hold them to maturity. They can have either a fixed or a variable coupon (interest rate).(However, it is worth noting that a Schuldschein can be traded in the private and bilateral market where there’s a buyer and willing seller.)Because of these differences an issuer may opt for financing via a Schuldschein rather than bonds.Historically, German government institutions were the main issuers of Schuldschein loans followed by financial institutions. In recent years’ German corporates have increasingly been getting in on the act followed by international issuers Banks, insurance companies and increasingly institutional investors are the main buyers of Schuldschein.This certified green Nordex issue is the first green Schuldschein to date.And with a total issuance of corporate Schuldschein loans of more than EUR19bn in 2015 there is plenty of potential for additional green issues in the market in the near future.Nordex!——— The Climate Bonds Team includes Sean Kidney, Tess Olsen-Rong, Beate Sonerud, and Justine Leigh-Bell. The Climate Bonds Initiative is an "investor-focused" not-for-profit promoting long-term debt models to fund a rapid, global transition to a low-carbon economy.
FILE - In this Thursday, June 4, 2015, file photo, Jazmin Donati counts cash given to her by a customer after making a sale at Panther Coffee, in Miami. On Tuesday, March 15, 2016, the Commerce Department releases retail sales data for February. (AP Photo/Lynne Sladky, File)More WASHINGTON (AP) -- U.S. retail sales slipped last month, pulled down by sharply lower gas prices, and Americans spent much less in January than previously estimated. The figures suggest that consumers remain cautious about spending despite steady hiring. Retail sales fell 0.1 percent in February, the Commerce Department said Tuesday. Excluding the volatile gas and auto categories, sales rose 0.3 percent. Overall sales were revised sharply lower in January, from a 0.2 percent gain to a drop of 0.4 percent. Americans' reluctance to open their wallets could hold back growth in the first three months of this year. Economists had hoped that solid hiring and lower gas prices would entice consumers to spend more, yet Americans seem to be pocketing much of the savings from cheaper gas. The weak data could make it more likely that the Federal Reserve will hold off on raising the short-term interest rate it controls. Most economists have reduced their forecasts for rate hikes this year from four to two. Fed policymakers are meeting Tuesday and Wednesday. "Today's report is decidedly negative for both the economy and the probability of a near-term rate hike from the Fed," said Bricklin Dwyer, an economist at BNP Paribas. The retail report provides the first indication each month of Americans' spending, which drives 70 percent of the economy. Yet retail sales account for only about one-third of all spending, with services such as haircuts and Internet access making up the other two-thirds. Americans are spending more on services such as health care, education and mobile data, so overall purchases may rise faster than the retail data suggests. Sales were generally weak across the board: Auto dealers, electronics and appliance stores, grocery stores and department stores all reported lower sales. Gas station sales plunged 4.4 percent. Americans cut back in a category that includes catalog and online sales, which slipped 0.2 percent. That was its worst showing in 13 months. Shoppers did spend more in some areas: Sales at home supply, clothing, and sporting goods stores all rose. And people are still eating out. Sales at restaurants and bars jumped 1 percent. Healthy consumer spending is a key component of growth this year. It is expected to offset drags from slower growth overseas and a strong dollar, which are cutting into exports and corporate profits. As a result, economists and policy makers will be paying close attention to retail sales data and other measures of Americans' willingness to spend. Other reports in the past few weeks have suggested that Americans are opening their wallets and pocketbooks. In January, total consumer spending rose by the most in eight months. Incomes rose by the most since June. Gas prices, meanwhile, fell 27 cents in mid-February to an average of $1.70 a gallon nationwide. Since then, they have rebounded by 24 cents to $1.94, according to AAA.
US energy giant ExxonMobil is facing an onslaught from environmentalists and some shareholders alleging it hid what it knew about the effects of fossil fuels on climate change. (AFP Photo/KAREN BLEIER) New York (AFP) - US energy giant ExxonMobil is facing an onslaught from environmentalists and some shareholders alleging it hid what it knew about the effects of fossil fuels on climate change. In an ironic twist: among the opponents is the Rockefeller Family Fund, built on the fortune amassed by John D. Rockefeller, founder of Standard Oil, which became Esso, then Exxon and then, in 1999, ExxonMobil. The RFF met last January, in secret, in Manhattan with environmental nongovernmental groups "to establish in the public's mind that Exxon is a corrupt institution that has pushed humanity (and all creation) towards climate chaos and grave harm," according to an internal document on the meeting seen by AFP. "We hosted a meeting with leading advocates to understand their thoughts on how to best respond to the outrageous conduct," Lee Wasserman, the director of RFF, told AFP. They adopted a strategy to attack ExxonMobil on legal grounds, by convinci ng authorities to launch investigations and by filing lawsuits. In other words, replicating the tactics used against the tobacco industry in the 1990s. "This is a conspiracy to deliberately misrepresent the company position and to tear down the company," Alan Jeffers, a spokesman for ExxonMobil, told AFP. According to a person close to the situation who requested anonymity, certain members of the Rockefeller family have privately expressed opposition to the campaign against ExxonMobil. Bill McKibben, founder of the NGO 350.org who participated in the January meeting, has pushed for investigations into whether ExxonMobil broke the law. "We want everyone we can think of to know it broke every kind of moral law," McKibben said in an email. The ecologist led the ultimately successful opposition against the Keystone XL pipeline, which would have brought Canadian oil sands production from Alberta to the US Gulf states. The ExxonMobil critics accuse the oil company of having, since 1977, research showing that fossil-fuel energy has a harmful impact on climate, but that it kept the information to itself. Denouncing the critics charges as "inaccurate" and a "conspiracy", ExxonMobil insists that it had acknowledged the risks of climate change as soon as it was possible, that is, in the 2000s. Accusing the Rockefeller organization of influencing the media and the authorities, the Texas firm has pledged to publicly defend its positions, although until now it has maintained a certain discretion about the subject. The change in attitude is due to the power of the Rockefellers, who not only have the colossal financial means to contest ExxonMobil on all battlegrounds, but also the influence of their powerful family name. The RFF has based its opposition on two separate investigations, by the InsideClimate News and the journalism school at Columbia University in New York, that found ExxonMobil knew in the 1970s that fossil fuels were a major source of climate change. InsideClimate, like the Columbia school, received financing from the Rockefellers. The RFF also criticizes ExxonMobil's support of think tanks "which helped create doubt about the profound risks associated with climate change." That includes the lobbying group the American Legislative Exchange Council, which is financed by companies including ExxonMobil, Jeffers acknowledges. Cynthia Bergman, an executive at the oil group, is a member of ALEC's advisory council. Since the probe revelations, a number of states have launched investigations into whether it lied about climate change. The state of New York, for example, has requested documents related to the allegations and a list of associations and NGOs financed by the company. While Jeffers says the company is cooperating with these investigations, ExxonMobil is fighting a legal battle over an investigation launched by the US Virgin Islands as the group of Caribbean islands faces the threat of rising water levels blamed on climate change. The activists and the RFF could score a first victory on May 25 if ExxonMobil shareholders approve a resolution requiring the company to disclose the impact of climate change on its business, a policy agreed at the climate summit in Paris last year. A dozen shareholders, including the huge California state pension fund CalPERS, French bank BNP Paribas and insurer AXA, are backing approval of the measure.
News Article | December 9, 2015
Energetica Eólica: más barata que el carbón, el gas y la nuclearLa electricidad que procede de la eólica terrestre en Europa ya cuesta menos que el carbón, que la nuclear y que el gas, lo que proporciona a los gobiernos una gran oportunidad para acelerar la descarbonización de la economía. De hecho, la Agencia Internacional de la Energía (AIE) pronostica que las renovables serán la principal fuente de nueva energía de aquí a 2040. Ese año, la eólica estará entre las principales fuentes de electricidad y doblará a la solar, según asegura la AIE en su World Economic Outlook (WEO). La Comisión Europea espera que la eólica represente al menos entre un 43 y un 45% de toda la energía renovable que se produzca hasta 2030. Esto supondría un aumento de la potencia instalada hasta 260 GW en 2019 y 590 GW en 2024.De ahí el interés de las empresas por la eólica. “La inversión en parques eólicos tiene lógica empresarial. La eólica es ilimitada, renovable y gratis y ayuda a mantener nuestros costes bajos, lo que encaja en la visión de Ikea. Nuestra estrategia de renovables nos da más control y nos permite cubrirnos frente a la volatilidad de los precios de la energía y al final eso nos permite mantener los precios lo más bajos posible para nuestros clientes”, afirma Doug Greenholz, presidente para EE UU de Ikea Property.El sector financiero está de acuerdo: bancos como BNP Paribas o Bank of America están desinvirtiendo en combustibles fósiles y aumentando las inversiones en renovables. Citibank dice incluso que al “hacer la transición hacia una economía limpia habremos ahorrado unos 1,8 billones de dólares en 2040”.“La lógica de invertir en energía eólica descansa en tres pilares: una tecnología madura con una trayectoria de éxito en introducir evoluciones tecnológicas, un flujo de ingresos predecible basado en tarifas reguladas y prudentes previsiones, y el incremento en la competitividad de la eólica”, señala Jean-Laurent Bonnafé, CEO de BNP Paribas.The post Eólica: más barata que el carbón, el gas y la nuclear appeared first on GWEC.