SEC Floats Mandatory Disclosure of Climate-Change Risks, Emissions [WSJ]
The Securities and Exchange Commission formally offered a 534-page proposal Monday that would force publicly traded companies to report greenhouse-gas emissions from their own operations as well as from the energy they consume, and to obtain independent certification of their estimates.
In some cases, companies also would be required to report greenhouse-gas output of both their supply chains and consumers, known as Scope 3 emissions. An SEC official said most companies in the S&P 500 would likely have to report Scope 3 emissions. Companies would have to include the information in SEC filings such as annual reports.
Berkshire to buy insurer Alleghany for $11.6 billion in Warren Buffett’s biggest deal in years [CNBC]
This transaction would mark Berkshire’s biggest acquisition in six years when the conglomerate bought industrial company Precision Castparts for $37 billion, including debt…. “Berkshire will be the perfect permanent home for Alleghany, a company that I have closely observed for 60 years,” Buffett, Berkshire’s chairman and CEO, said in a statement.
Kohl’s Asks Goldman to Coordinate With Bidders for Retailer [Bloomberg]
Kohl’s said in a statement Monday that it has received multiple preliminary indications of interest that are nonbinding and don’t have committed financing. Separately, the company told shareholders that the board’s review of alternatives and dialogue with potential bidders will be weighed against the potential value that could be created under its standalone plan…. The company’s actions have drawn the attention of activist investor Macellum Capital Management, which is seeking to take control of Kohl’s board. On Monday, Kohl’s told shareholders that directors nominated by Macellum are less qualified than those the retailer has proposed, and that the activist’s efforts are “unjustified and unwarranted and highly concerning given Macellum’s intentions to engineer short-term financial actions that could damage the long-term future of the company.”
Tiger Global Closes on $12.7 Billion for Latest Growth Fund [WSJ]
The multistrategy firm raked in more than $11 billion for its latest growth-investment fund, Tiger Global Investment Partners XV LP, in less than four months, a regulatory filing shows.
Truce Bets Have Traders Pouncing on Some Ukrainian Debt [Bloomberg]
The wagers are paying off. Despite conflicting news about progress in peace negotiations, the bonds are among the biggest gainers this week as emerging-market debt heads for its first weekly advance since January…. This is “one of the most interesting buying opportunities since the global financial crisis” in 2008, [Legal & General’s Uday] Patnaik said. “On the ceasefire, I should say that things appear to be moving in the right direction, albeit slowly.”
Andurand Floats Idea of 100% Tax for Squeezing Russian Oil Cash [Bloomberg]
Countries that don’t find alternative supplies would buy Russian cargoes at a discount of 50% -- to make up for the tax hit. That would curtail Russia’s revenues while tempering the squeeze global oil markets face from the loss of barrels.
Of course, any steps to pull Russian supply from the market could benefit bulls like Andurand, who sees prices surging as high as $200 a barrel this year.