Union Investment cuts TotalEnergies stake over East Africa allegations
Germany's Union Investment has dropped French oil major TotalEnergies from its sustainability funds and called for an independent human rights audit following fresh allegations of abuses at a $15bn (R268.66bn) project in East Africa.
The move by Union, a top-20 investor according to LSEG data, comes ahead of TotalEnergies' annual shareholder meeting on Friday and could potentially undermine its standing among investors focused on environmental, social and governance issues.
TotalEnergies denied the allegations made by non-profit Just Finance International (JFI) concerning the Kingfisher oil site in Uganda, part of the East African Crude Oil Pipeline (EACOP) project in which Total has a 62% stake.
A spokesperson for the oil major added it was in talks with Union Investment about its African projects.
Union declined to confirm the scale of its divestment. Data from industry tracker Morningstar Direct showed Union held around 50 million euros worth of TotalEnergies shares and bonds across its sustainable funds, and still holds a stake of around €900m (R18.28bn) across other funds.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Eyewitness News
2 hours ago
- Eyewitness News
Reimagining Africa's economic power through integration and innovation
Kopano Mohlala 27 June 2025 | 13:15 The question is no longer whether the continent has potential, but how that potential can be turned into wealth for Africans. Acclaimed journalist Crystal Orderson, who specialises in economic and political affairs concerning the African continent, joins 702's Bongani Bingwa to discuss the strategies, forces, and changes that are transforming Africa's place in the world economy. With a young, growing population and untapped resources, Africa holds structural advantages that many global economies are looking toward. With 1.3 billion inhabitants and a combined GDP of more than $3 trillion, the continent is establishing itself as a significant force in a world shaken by geopolitical unrest. "We have critical minerals. We have a youth population. And despite global uncertainties, African economies are finding ways to move forward." - Crystal Orderson, Journalist The African Continental Free Trade Area (AfCFTA) aims to increase intra-African trade, support local production, and unite disparate markets into a single trading bloc. Akinwumi Adesina, outgoing President of the African Development Bank, asserts that to achieve scaled growth, Africa must "produce local, buy local." Remittances, which are frequently undervalued, are now a vital component of economic stability. In 2024, over $100 billion was sent home by Africans living overseas, significantly surpassing traditional donor aid to the continent. "A big thing is Africa's remittances. There's really a sense Ubuntu when it comes to remittances, and for many Africans, it is a lifeline, but also it then creates that extra money to start the business…" - Crystal Orderson, Journalist Meanwhile, foreign direct investment overtook traditional donor aid in 2023, reaching $52 billion. This momentum is being harnessed by countries like Ghana and Ivory Coast to enhance agro-processing and reduce their dependence on food imports. In 2024, Ghana's "Planting for Food and Jobs" programme alone contributed to a 30% decrease in food imports. African leaders have now approved the African Financial Stability Mechanism, a pioneering initiative led by the African Development Bank, to reduce reliance on external financial systems. The aim is to boost resilience. According to Orderson, the fund will assist with debt management and serve as a buffer during liquidity crises. Africa has only recently established its own financial safety net, unlike regions such as Europe or Asia. The facility will feature its own credit rating agency, enabling nations to access capital markets on their own terms. Preliminary estimates suggest that debt servicing costs for African countries could be reduced by $20 billion. "This facility will give African countries that financial cushion, because we don't have it, unlike Europe or Asia, who have that kind of mechanism in place." - Crystal Orderson, Journalist The story of Africa is changing. A new economic chapter is emerging, marked by financial integration, the expansion of the private sector, the strategic use of remittances, and audacious continental policies. "We learn lessons from the past, but it's about how we add value to all of this. As the world changes, as geopolitics shift, and everyone looks to the continent again." - Crystal Orderson, Journalist
TimesLIVE
4 hours ago
- TimesLIVE
New Afreximbank president vows to stick to the script
Incoming president of the African Export-Import Bank (Afreximbank), George Elombi said he would dedicate efforts in his new role towards achieving the institution's mandate of transforming Africa's trade configuration to drive long-term economic development. Elombi, a Cameroonian with an LLM and PhD in law from the University of London, addressed journalists in Abuja, Nigeria, on Saturday after a meeting where he was elected to succeed outgoing president Benedict Oramah. Elombi's term is set to begin in September. The Afreximbank AGM ran from Wednesday to Saturday. After his election Elombi said he planned to reinvent the wheel once he takes the helm at the institution. He said shareholders were pleased with the work the institution had done over the past decade. In 10 years, Afreximbank's value in assets surged from $4bn to $40bn. 'The key mandate of Afreximbank ... is to change the structure of our trade so we can face development head-on. That we started doing very boldly in the past few years, and that we cannot relinquish. Deal with the port, deal with the power stations, deal with the infrastructure. Once you solve that, the development will come.' 'The shareholders met today and made a series of decisions. But what emerges from that series of decisions is two things. One, an affirmation of the work Afreximbank has been doing for the last 10 years. They are pleased with the financial position of the institution, and they are pleased with the projects of the institution. They want us to carry on. 'Those messages were repeatedly made clear throughout the week, from seminars to panels to side events, those were the two clear messages. The third thing was the resounding round of applause given to you Mr Oramah for the work that you have done in enhancing the work and the relevance of the institution.' Outgoing president Oramah said the 2025 Afreximbank annual meeting had fruitful engagements for business leaders, African government officials, and the remainder of the more than 7,000 delegates in attendance. 'We made very important decisions ... The first is that we had a very smooth process of appointing my successor, George Elombi. The vote went smoothly and he received unanimous support, getting 100% of the vote. They also elected two new board members to replace those who retired.' Oramah said Afreximbank was in a sound financial, governance and operational position after the AGM and had delivered on its fiduciary obligations as a multilateral development finance institution. 'We also approved the annual report and financial statements for 2024. We also approved the dividend declarations as prescribed by the shareholders.' Asked what he would do after stepping down as president of the multilateral development finance institution, Oramah simply said: 'The next job is to rest.' He said he would build stronger relationships and 'become a better family man'.
eNCA
a day ago
- eNCA
China's top diplomat to visit EU, Germany, France next week
China's top diplomat Wang Yi will head to Europe next week for talks with counterparts from the European Union, Germany and France, Beijing said on Friday as it seeks to shore up fraught ties with the bloc. Beijing has sought to improve relations with Europe as a counterweight to superpower rival United States, though frictions remain over trade and China's close ties with Russia despite its war in Ukraine. China and the European Union will also host a summit next month marking 50 years since Beijing and Brussels established diplomatic ties. Wang's trip will take him to Brussels, France and Germany and last from next Monday to Sunday, Beijing said. "The world is undergoing an accelerated evolution of a century-old change, with unilateralism, protectionism and bullying behaviour becoming rampant," foreign ministry spokesman Guo Jiakun said -- a thinly-veiled swipe against the United States under President Donald Trump. China's top diplomat will meet with EU counterpart Kaja Kallas at the bloc's headquarters in Brussels for "high-level strategic dialogue", he said. In Germany he will hold talks with Foreign Minister Johann Wadephul on diplomacy and security -- his first visit since Berlin's new conservative-led government took power in May. China looks forward to "strengthening strategic communication, enhancing pragmatic cooperation, and promoting new developments of the China-Germany comprehensive strategic partnership," Guo said. Ties between Berlin and Beijing, he added, were "injecting certainty, stability, and positive energy into a turbulent world". In France, Wang will meet minister for Europe and foreign affairs Jean-Noel Barrot, who visited China in March. "Foreign Minister Wang Yi will exchange views with the French side on the international situation, China-France ties and China-Europe relations," Guo said. And in Brussels Wang will also hold talks with Belgium's Prime Minister Bart De Wever and Deputy PM and Foreign Minister Maxime Prevot, Beijing said. - Trade spat - Ties between Europe and China have strained in recent years as the bloc seeks to get tougher on what it says are unfair economic practices by Beijing and the yawning trade imbalance between them. After the European Union placed tariffs on Chinese EV imports, China retaliated with its own duties, including on French cognac. An agreement on cognac has been reached with Beijing but not yet formally approved by the Chinese Ministry of Commerce, a source in the French Economy Ministry told AFP. The source said finalization was partially linked with the EU's ongoing negotiations over electric vehicles. Tensions mounted last week after the European Union banned Chinese firms from government medical device purchases worth more than five million euros ($5.8 million), in retaliation for limits Beijing places on access to its own market. The latest salvo in trade tensions between the 27-nation bloc and China covered a wide range of healthcare supplies, from surgical masks to X-ray machines, that represent a market worth 150 billion euros ($176 billion) in the EU. In response, China accused the EU of "double standards". Another tricky point has been rare earths. Beijing has since April required licences to export these strategic materials from China, which accounts for more than 60 percent of rare earth mining production and 92 percent of global refined output, according to the International Energy Agency. The metals are used in a wide variety of products, including electric car batteries, and there has been criticism from industries about the way China's licences have been issued. China has proposed establishing a "green channel" to ease the export of rare earths to the European Union, its commerce ministry said this month. By Mary Yang
