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Deutsche Bank not financing controversial African oil pipeline, source says

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© Reuters. FILE PHOTO: The logo of Deutsche Bank is pictured on a company’s office in London, Britain July 8, 2019. REUTERS/Simon Dawson

By Tom Sims

FRANKFURT (Reuters) – Deutsche Bank (ETR:DBKGn) is not financing a pipeline in Africa that environmental campaigners have said will displace thousands of families and disrupt nature reserves, a person with knowledge of the matter said on Sunday.

Germany’s largest lender has come under pressure to clarify its stance on the financing of the planned $3.5 billion East African Crude Oil Pipeline (EACOP), which would stretch more than 1,400 kilometres from Uganda to Tanzania.

Deutsche has so far not commented on the project despite the pressure increasing ahead of the bank’s annual general meeting on Thursday. The environmental activist group 350.org is organising a series of protests in the coming days.

“Many major banks and insurers have already pulled out of this devastating project. We’re raising the pressure on Deutsche Bank, as one of the only major banks in Europe that has not yet withdrawn their support for EACOP,” 350.org has said ahead of the planned protests.

The French energy giant Total, which is developing the pipeline with China National Offshore Oil Corporation, has said it was taking steps to mitigate the environmental and human impact of the project.

In recent years, Deutsche Bank has marketed itself as a bank that companies can turn to as they transition to a greener future.

“We have placed sustainability at the core of our strategy,” Chief Executive Officer Christian Sewing said last year.

Deutsche Bank has never been involved in the financing of the pipeline, said the person, speaking on condition of anonymity.

Deutsche Bank said in a statement that it doesn’t comment on clients, but that it “supports the transition to a low-carbon economy” and its policies prohibit it from knowingly financing projects that clear primary forests, areas of high conservation value and peatlands.

The campaign called #STOPEACOP https://www.stopeacop.net/home says on its website that the pipeline puts at risk water for millions of people, and will cut through land critical for elephants, lions and chimpanzees.

Stock Markets

Plotkin’s Melvin Capital to Wind Down – Report

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© Reuters Plotkin’s Melvin Capital to Wind Down – Report

Gabe Plotkin’s Melvin Capital Management, a hedge fund that lost billions after its bearish wagers were caught up in a Reddit-fueled rally of buying stocks including GameStop (NYSE:GME), announced its plans to wind down funds and return cash to investors, Bloomberg News reported.

Plotkin wrote to investors about his decision to step away from managing external capital, noting they have not been able to deliver the returns investors should expect.

“The past 17 months has been an incredibly trying time for the firm and you, our investors,” Plotkin wrote to investors. “I have given everything I could, but more recently that has not been enough to deliver the returns you should expect. I now recognize that I need to step away from managing external capital.”

By Davit Kirakosyan

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Chevron, Schlumberger withdraw request for California carbon-capture permit

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© Reuters. FILE PHOTO: The logo of Chevron Corp is seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba, Japan April 4, 2017. REUTERS/Toru Hanai

2/2

By Liz Hampton and Sabrina Valle

(Reuters) – Top U.S. energy companies Chevron (NYSE:CVX) and Schlumberger (NYSE:SLB) have withdrawn an application to capture carbon dioxide emissions and store them deep underground in central California, spokespeople said on Wednesday, putting the clean-energy project on hold after U.S. environmental regulators questioned it.

Burying industrial gases has become a focus for energy companies seeking to show investors they are willing to reduce emissions and help fight climate change. Their permit was one of more than a dozen filed with the U.S. Environmental Protection Agency (EPA), which requested the application be withdrawn.

In a March 25 letter, the EPA said the application was “substantially incomplete,” citing changes to the application and the failure to supply financial assurances.

The companies had formed a venture to revive an idled biomass-fueled power plant and generate “carbon negative power” in Mendota, near Fresno, California. The project included an underground carbon sequestration site and would remove about 300,000 tons of carbon dioxide a year.

“The EPA did the right thing by hitting the brakes on the Mendota carbon capture project,” said Victoria Bogdan Tejeda, an attorney for the Center for Biological Diversity. “Carbon capture is risky, expensive, and incompatible with environmental justice.”

Chevron and Schlumberger said they elected to withdraw the permit application and the group would continue “to gather and evaluate project information.”

“The team remains committed to developing lower carbon solutions and doing so in an environmentally and socially responsible manner,” spokespeople said.

Separately, Chevron on Wednesday said it was launching a carbon-capture and storage project in the San Joaquin Valley aimed at reducing emissions from its own operations in California.

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Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

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© Reuters. Synopsys Shares Up 4% Following Q2 Beat, Upbeat Guidance

Synopsys (NASDAQ:SNPS) shares were trading more than 4% higher after-hours following Q2 results, with EPS of $2.50 coming in better than the consensus estimate of $2.37. Revenue was $1.28 billion, compared to the consensus estimate of $1.26 billion.

The company expects Q3 non-GAAP EPS in the range of $2.01- $2.06 and revenue in the range of $1.21 billion – 1.24 billion. This is better than the consensus of $1.61 and $1.14 billion, respectively.

For the full 2022-year, the company expects EPS in the range of $8.63 – $8.70 and revenue in the range of $5 billion – $5.05 billion. This compares favorably to the consensus of $7.90 and $4.81 billion, respectively.

Shares of Synopsys were down 26% year-to-date going into the results.

By Davit Kirakosyan

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