BAKU, Azerbaijan & SINGAPORE--(BUSINESS WIRE)--Nov 18, 2024--
At the UN Climate Change Conference (COP29), Ant International, a digital payment and financial technology leader, announced the launch of AquaViva, its new global programme for marine conservation, which aims to support healthy marine ecosystems through the company’s digital innovations and open collaborative partnerships. Ant International will focus on marine conservation as a key aspect of its environmental sustainability efforts.
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The ocean represents our greatest ally against the impacts of climate change. It generates 50 percent of the oxygen we need, absorbs 25 percent of all carbon dioxide emissions and captures 90 percent of the excess heat generated by these emissions. Although over 190 countries adopted the Kunming-Montreal Global Biodiversity Framework – an international commitment to better protect the planet, only 8% of the ocean is protected so far, short of the 30% target necessary to sustain the ocean’s benefits for our people and environment.
Ant International leverages innovation and partnerships to drive positive change
Ant International aims to leverage its expertise in tech innovation and reach via digital platforms to mobilise the global community that its businesses serve or intersect with, towards adopting a sustainability mindset and supporting eco-friendly initiatives that benefit marine ecosystems. Taking an open collaborative approach, Ant International will work with partners across public and private sectors to drive collective impact and aims to make more progress towards climate sustainability, MSME inclusion and digital enablement ahead of COP30.
With an ecosystem comprising over 90 million merchants, of which many are MSMEs, and 1.6 billion digital users, Ant International will leverage these extensive digital channels to reach global users to motivate them to take sustainable and meaningful actions towards marine conservation.
For example, Ant International has supported its ecosystem partner, GCash in the Philippines, with its GForest initiative, to encourage its users with eco-friendly activities and support tree planting.
Leiming Chen, Chief Sustainability Officer, Ant International, said: “Digital innovation can play such a substantive role in sustainability awareness and action, as we have seen from the very successful forest initiative by our partner GCash. Ant International decided to focus on marine conservation and biodiversity due to the huge impact that the ocean has, not just to the climate but to so many local communities and livelihoods, particularly here in Asia Pacific, where many communities are impacted by coastal changes. By leveraging our digital ecosystem and partners, we can effectively reach millions of users, and together with our knowledge partners, drive large-scale information sharing and incentivise users to take action and track their progress.”
AquaViva partners with Conservation International for whale shark conservation
Conservation International, a global organisation with over 25 years of experience in Asia Pacific (APAC) conservation, joins as AquaViva’s first key partner, contributing their deep expertise to protect oceans and enhance ecosystem health. Ant International and Conservation International will join hands to drive marine conservation efforts from Singapore, where both organisations have established presence, to the APAC region.
The inaugural joint project will focus on whale shark conservation in Indonesia. Led by Conservation International's main implementing partner Konservasi Indonesia, the project will engage with Indonesian authorities and communities to develop and implement ecotourism policies and practices that support whale shark-friendly, sustainable tourism around key habitats in Saleh Bay, Sumbawa; Gorontalo, Sulawesi; and Kaimana, West Papua.
Dr Richard Jeo, Senior Vice-President, Asia-Pacific Field Division, Conservation International, commented: “Oceans are the lifeline of our planet's survival, yet their immense importance is often overlooked. Over 600 million people rely on the ocean for food and livelihoods, and it plays a critical role in regulating and stabilizing Earth’s climate. Protecting our oceans is essential for human survival. Initiatives like AquaViva are crucial in raising awareness about the ocean’s often-overlooked role in climate regulation, food security, and the emerging blue economy.”
The two parties will also further explore partnerships where Conservation International can enhance its research capacity on furthering their marine conservation work, leveraging Ant International’s digital solutions to draw more insights from the research data they collect.
AquaViva will leverage Ant International’s digital capabilities to raise awareness, educate communities, and foster a global mindset toward marine sustainability. This includes leveraging data analytics and outreach platforms to support Conservation International’s research and deepen insights into conservation efforts. Through these advanced digital tools, the partnership aims to inspire a broad audience, bringing together governments, corporations, and individuals to drive eco-friendly practices that benefit marine life.
About Ant International
Headquartered in Singapore, Ant International powers the future of global commerce with digital innovation for everyone and every business to thrive. In close collaboration with partners, we support merchants of all sizes worldwide to realise their growth aspirations through a comprehensive range of tech-driven digital payment and financial services solutions.
About Conservation International
Conservation International protects nature for the benefit of humanity. Through science, policy, fieldwork and finance, we spotlight and secure the most important places in nature for the climate, for biodiversity and for people. With offices in 30 countries and projects in more than 100 countries, Conservation International partners with governments, companies, civil society, Indigenous peoples and local communities to help people and nature thrive together. Go to Conservation.org for more, and follow our work on Conservation News, Facebook, Twitter, TikTok, Instagram and YouTube.
AquaViva introduced at the Singapore Pavilion at COP29 (Photo: Business Wire)
OMAHA, Neb. (AP) — Revered investor Warren Buffett shocked an arena full of his shareholders Saturday by announcing that he wants to retire at the end of the year.
Buffett said he will recommend to Berkshire Hathaway’s board Sunday that Greg Abel should become CEO at the end of the year.
"I think the time has arrived where Greg should become the chief executive officer of the company at year end,” Buffett said.
Abel has been Buffett's designated successor for years, and he already manages all of Berkshire's noninsurance businesses. But it was always assumed he wouldn't take over until after Buffett's death. Previously, the 94-year-old Buffett has always said he has no plans to retire.
Buffett announced the news at the end of a five-hour question and answer period and didn't take any questions about it. He said the only board members who knew this was coming were his two children, Howard and Susie Buffett. Abel, who was sitting next to Buffett on stage, had no warning.
Abel returned to the stage an hour later without Buffett to conduct the company's formal business meeting, and he responded to the news.
“I just want to say I couldn’t be more humbled and honored to be part of Berkshire as we go forward,” Abel said.
Many investors have said they believe Abel will do a good job running Berkshire, but it remains to be seen how good he will be at investing Berkshire's cash. Buffett also endorsed him Saturday by pledging to keep his fortune invested in the company.
“I have no intention — zero — of selling one share of Berkshire Hathaway. I will give it away eventually,” Buffett said. “The decision to keep every share is an economic decision because I think the prospects of Berkshire will be better under Greg’s management than mine.”
Thousands of investors in the Omaha arena gave Buffett a prolonged standing ovation after his announcement in recognition of his 60 years leading the company.
CFRA research analyst Cathy Seifert said it had to be hard for Buffett to reach this decision to step down.
“This was probably a very tough decision for him, but better to leave on your own terms,” Seifert said. “I think there will be an effort at maintaining a ‘business as usual’ environment at Berkshire. That is still to be determined.”
In many respects, Abel has already been running much of the company for years. But he hasn't been managing Berkshire's insurance operations or deciding where to invest all of its cash. He will now take those tasks on, but Vice Chairman Ajit Jain will remain to help oversee the insurance companies.
Investment manager Omar Malik of Hosking Partners in London said before Buffett’s announcement that he wasn’t worried about Berkshire’s future under Abel.
“Not really (worried). He’s had such a long time alongside Warren and a chance to know the businesses,” Malik said about Abel.
The question is will he allocate capital as dynamically as Warren? And the answer is no.
“But I think he’ll do a fine job with the support of the others,” Malik said.
Cole Smead of Smead Capital Management said he wasn't surprised Buffett is stepping down after watching him Saturday because the 94-year-old wasn't as sharp as in past years. At one point, he made a basic math mistake in one of his answers. At other points, he got off track while telling stories about Berkshire and his investing without answering the question he was asked.
Abel is well regarded by Berkshire's managers and Buffett has praised his business acumen for years. But he will have a hard time matching Buffett's legendary performance, and since he doesn't control 30% of Berkshire's stock like Buffett does, he won't have as much leeway.
“I think the challenge he’s going to have is if anyone is going to give him Buffett or (former Vice Chairman Charlie) Munger’s pass card? Not a chance in God’s name," Smead said. Buffett always enjoyed a devoted following among shareholders.
Buffett has said that Abel might even be a more hands-on manager than he is and get more out of Berkshire’s companies.
“I think we’ll get a more hands-on manager and that could be that a good thing,” Steven Check, who runs Check Capital Management, said beforehand. But he said Abel also knows that those managers enjoy the freedom to run their businesses and Abel isn’t going to do anything to turn them off.
Earlier, Buffett warned Saturday about the dire global consequences of President Donald Trump's tariffs while telling the thousands of investors gathered at his annual meeting that “trade should not be a weapon” but "there's no question that trade can be an act of war.”
Buffett said Trump's trade policies have raised the risk of global instability by angering the rest of the world.
“It’s a big mistake in my view when you have 7.5 billion people who don’t like you very well, and you have 300 million who are crowing about how they have done,” Buffett said as he addressed the topic on everyone's mind at the start of the Berkshire Hathaway shareholders meeting.
While Buffett said it is best for trade to be balanced between countries, he doesn't think Trump is going about it the right way with his widespread tariffs. He said the world will be safer if more countries are prosperous.
“We should be looking to trade with the rest of the world. We should do what we do best and they should do what they do best,” he said.
Buffett said he just doesn't see many attractively priced investments that he understands these days, so Berkshire is sitting on $347.7 billion in cash, but he predicted that one day Berkshire will be “bombarded with opportunities that we will be glad we have the cash for.”
Buffett said the recent turmoil in the markets that generated headlines after Trump's tariff announcement last month “is really nothing.” He dismissed the recent drop in the market because he's seen three periods in the last 60 years of managing Berkshire when his company's stock was halved. He cited when the Dow Jones industrial average went from 240 on the day he was born in 1930 down to 41 during the Great Depression as a truly significant drop in the markets. Currently the Dow Jones Industrial Average sits at $41,317.43.
“This has not been a dramatic bear market or anything of the sort," he said.
Buffett said he hasn't bought back any of Berkshire's shares this year either because they don't seem to be a bargain either.
Investor Chris Bloomstran, who is president of Semper Augustus Investments Group, told the Gabelli investment conference Friday that a financial crisis might be the best thing for Berkshire because it would create opportunities to invest at attractive prices.
“I’m sure he’s praying that the trade war gets worse. He won’t say that publicly, but Berkshire needs a crisis. I mean Berkshire thrives in crisis,” Bloomstran said.
The meeting attracts some 40,000 people every year who want to hear from Buffett, including some celebrities and well-known investors. This year, Hillary Rodham Clinton also attended. Clinton was the last candidate Buffett backed publicly because he has shied away from politics and any controversial topic in recent years for fear of hurting Berkshire’s businesses.
Haibo Liu even camped out overnight outside the arena to be first in line Saturday morning. Liu said he worries that this year could be Buffett’s last meeting since he is 94, so he made it a priority to attend his second meeting.
“He has helped me a lot,” said Liu who traveled from China to attend. “I really want to express my thanks to him."
FILE - Berkshire Hathaway Vice Chairman Greg Abel checks out the flight simulators offered by one of Berkshires companies, Flight Safety as he toured the exhibit hall Friday, May 3, 2024, in Omaha, Neb. ahead of Saturday's meeting. (AP Photo/Josh Funk, File)
FILE - Berkshire Hathaway shareholders line up to take selfies with Greg Abel Friday, May 3, 2024, in Omaha, Neb. (AP Photo/Josh Funk, File)
FILE - Berkshire Hathaway Vice Chairman Greg Abel poses for pictures with shareholders while touring the booths Berkshires companies set up, Friday, May 3, 2024, in Omaha, Neb. (AP Photo/Josh Funk, File)
FILE - Berkshire Hathaway Vice Chairman Greg Abel is seen at the CenturyLink Center in Omaha, Neb., on May 5, 2018. (AP Photo/Nati Harnik, File)
FILE - Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview with Liz Claman on Fox Business Network's "Countdown to the Closing Bell," May 7, 2018, in Omaha, Neb. (AP Photo/Nati Harnik, File)
Nicolas Bustamante of San Francisco, CEO of fintool.com, holds a sign reading, "We miss Charlie Munger," alongside several others as shareholders arrive outside CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Sean DeFendi of Virginia Beach, left, watches over the GEICO Gecko as he uses the Flight Safety International flight simulator in CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Kevin Gao of San Francisco sorts through his bag of Squishmallows from the Jazwares booth in CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Marcy Gomez of Pasadena, Cal., does yoga with fellow See's Candies employees before doors open to shareholders at CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Boxes of See's Candies featuring an image of Warren Buffett at a campsite with See's Candies' namesake Mrs. See in CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Squishmallows in the likeness of Warren Buffett, left, and Charlie Munger sit on display and for sale in the Jazwares booth at CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Shareholders arrive outside CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
Shareholders wait in line outside CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. (AP Photo/Rebecca S. Gratz)
From front, shareholders Haibo Liu, Liyang Jiang and Cheng Guo of China rest in sleeping bags outside CHI Health Center Omaha for the Berkshire Hathaway annual meeting Saturday, May 3, 2025, in Omaha, Neb. The group arrived at 11 p.m. the night before to retain a spot at the front of the line. (AP Photo/Rebecca S. Gratz)
