Wells Fargo overturns emissions target
Wells Fargo $WFC (-0.65%) has abandoned its goal of achieving net zero emissions for its financed portfolio by 2050. This decision is part of a comprehensive reassessment of sustainable lending in the banking industry. The bank stated that the conditions were not right for its clients to transition to greener business practices. The move comes at a time when the political mood in Washington is changing, particularly since President Donald Trump withdrew from the Paris Agreement. Critics such as Ben Cushing of the Sierra Club call the decision irresponsible and risky for the planet.
Super Micro share price falls sharply
Super Micro $SMCI (+2.17%) experienced a drop of over 26% this week. This is part of a long period of volatility as investors weigh the company's growth opportunities in artificial intelligence against concerns over questionable accounting practices and increasing competition. The stock's decline has partially erased gains from a rally earlier this month. Despite the challenges, Super Micro remains a major player in the AI server market, particularly through its partnerships with companies such as Meta. However, analysts warn that the company's recurring financial problems could affect its risk perception.
Trump: tariffs on cars would hit German steel industry twice
The announcement of higher US tariffs on cars could have a significant impact on the German steel industry. The steel industry is already affected by tariffs on steel of 25 percent and could be hit twice if further tariffs on cars were to follow. These tariffs could affect the competitiveness of German car manufacturers and steel producers and put the industry under pressure. Friedrich Merz, the new CDU chairman, faces major challenges in politics as he tries to drive forward the necessary changes. The debate about Germany's political course is further fueled by the measures taken by the US government.
Sources:
https://finance.yahoo.com/news/wells-fargo-drops-financed-emissions-202700466.html