The shares tumbled as much as 9.1%, the biggest intraday drop since November 2017. They traded at $47.14 at 12:05 p.m. in New York, down 7.9%. Rivals Blackstone Group Inc. and KKR & Co. were down roughly 2%.

Margins should also be similar to last year, executives said on the company’s fourth-quarter conference call.

The comments came after the firm reported earnings that exceeded estimates. Private equity firms are raking in record sums as yield-starved investors seek to bolster returns. Apollo took in $10.5 billion in capital during the period, bringing fundraising for the year to $64 billion, according to a statement Thursday.

Apollo, led by billionaire Leon Black, managed to benefit from asset sales during a period of high valuations. The New York-based company returned $5.5 billion to investors in the quarter, more than double the year-earlier period. The increase was driven in part by the sale of digital infrastructure company Presidio Inc. for $2.2 billion.

Yet as asset prices rise it has become more difficult for buyout firms to put their money to work. Dry powder, or uncommitted capital, at Apollo stood at $46.4 billion, the company said.

The stock almost doubled last year as the company switched from a partnership to a corporation.

Here are some additional earnings results:

– Total assets under management climbed to $331 billion driven by $10.5 billion of inflows during the quarter, primarily from growth of Athene and across the credit platform.

– Distributable earnings rose to $1.10 cents a share, beating the average analyst estimate of 73 cents.

– Apollo’s private equity portfolio appreciated 4% in the quarter and 16% for the year.

– Credit strategies took in $40 billion of fee-generating capital during the year.

The companies’ mid-term plans will be disclosed around May, they said in a statement Thursday following a meeting in Japan, adding that the alliance is “essential” for growth. Nissan will be the so-called reference for China, Renault for Europe and Mitsubishi for Southeast Asia, while one company will lead development for each key technology, they said.

“We are not performing as expected” in the alliance, Nissan Chief Executive Officer Makoto Uchida told reporters after the meeting.

The Franco-Japanese partnership, which came close to collapse last year following the arrest of former leader Carlos Ghosn, also had to digest some sobering news when confirmation came Thursday that their sharp drop in combined unit sales last year had pushed them behind industry leader Volkswagen and No. 2-ranked Toyota. The meeting of their senior leadership was the first since Ghosn’s dramatic escape last month from Japan, where he faced charges for alleged financial crimes during his tenure, and Renault named a new CEO.

Combined global deliveries for the alliance fell 5.6% to 10.2 million vehicles in 2019, below Toyota’s 10.7 million vehicle sales for the first time since 2016 and the 10.9 million sold last year by Volkswagen. Toyota’s sales climbed 1.4% and VW’s gained 1.3%.

“We all share the sense of urgency,” Jean-Dominique Senard, Renault’s chairman, told reporters, adding that the meeting took a close look at what was going well and what can be improved in the partnership.

Senard has made patching up differences within the alliance a priority, and has said new governance and management at Nissan have improved their working relationship. The ouster of Ghosn, the former chairman of all three automakers, revealed long-simmering tension stoked by Renault and Nissan’s lopsided cross-shareholdings.

Yet Nissan has shown few signs of willingness to move on, vowing to pursue legal action against its former boss who kept the partnership together. But as the largest and most profitable member of the alliance, Nissan risks distracting from efforts to revitalize its troubled operation should its management spend their energy settling scores with its former leader.

“Nissan already has a lot of problems with its core business and the focus on Ghosn is a big distraction for management,” said Christopher Richter, CLSA’s deputy head of Japan research.

Shares of Nissan have declined about 40% since Ghosn’s arrest in November 2018, erasing 1.74 trillion yen ($16 billion) in market value, while Renault has declined about 45% or 8.5 billion euros ($9.4 billion).

Turning around sales in the U.S. and Japan is all the more urgent due to the spread of a deadly virus in China that may further depress already weak demand in the world’s largest car market, which accounted for 28% of Nissan’s global sales last year. The outbreak originated in Hubei province, one of China’s major auto hubs and home to assembly plants operated by Nissan, Honda Motor Co., Peugeot-maker PSA Group and General Motors Co.

“Nissan has large exposure to China,” said Tatsuo Yoshida, a Bloomberg Intelligence analyst. “China is a major source of profits, while Nissan’s businesses in other parts of the world are barely making money.”

In its home country of Japan, Nissan dealers say the Ghosn scandal has tarnished the company’s image and hurt sales. A steady drip of Ghosn-related news, as well as the recent departure of one of the company’s chief operating officers, have dominated headlines over the past month.

On Thursday, prosecutors issued another arrest warrant for Ghosn, saying that he left the country illegally when he snuck aboard a private jet in Kansai International Airport and flew to Lebanon.

American dealers want the company to close the chapter on the Ghosn era and concentrate on rebuilding the once highly profitable but now sagging U.S. business.

“You wonder what the hell is going on, but it doesn’t affect our relationship with customers. I haven’t had one customer come in and mention Ghosn. That’s old history,” said Rhett Ricart, owner of a Columbus, Ohio-based auto dealer group with a Nissan franchise.

Nissan’s Uchida received an earful in a 90-minute meeting in Nashville earlier this month, where U.S. dealers sounded off about the company’s ill-fated attempt to grab market share with aggressive incentive spending and Nissan’s aging product line.

“The dealers said what they had to say and it got rough at times, but it was respectful,” Geri Lynn, owner of a Nissan dealership near New Orleans, said she heard from two people with first-hand knowledge of the meeting.

Azusa Momose, a spokeswoman for Yokohama-based Nissan, declined to comment.

“One of the things dealers have not been happy about is that the product has gotten a bit stale,” Lynn said, adding that is expected to change this year with several model changes.

The long-awaited series of new vehicle launches aims to reinvigorate one of the industry’s oldest product line-ups, including a restyled version of Nissan’s best-selling Rogue compact SUV.

A manager of a dealership in central Tokyo, who asked not to be identified, said his franchise has been forced to rely on steep discounts and sales of add-on options to make ends meet amid a drought of new product. The Ghosn affair has also hurt business by damaging the company’s image, he said.

The power vacuum resulting from a series of management shake-ups in the wake of Ghosn’s arrest in late 2018 has slowed decision-making and unnerved dealers in the U.S. and Japan. Uchida took over Nissan in October and Renault on Tuesday appointed former VW executive Luca de Meo as its next CEO, starting in July.

This strategic move will not only accelerate the expansion of Grab’s business operations to a total of 30 provinces within this year, but also more importantly, expand the benefits of 4.0 and the digital economy to millions of local micro-entrepreneurs, as well as Micro, Small and Medium-sized Enterprises (MSMEs).

Grab will open up business opportunities for these MSMEs to set up Mini-GCs and serve as Grab official agents to recruit, oversee and support driver, delivery and merchant-partners.

This will allow Grab to meet the hyperlocal needs of its partners more effectively, and at the same time, enhance their service quality so that they can continue to outserve Grab users nationwide.

Tarin Thaniyavarn, Country Head of Grab Thailand, commented: “2019 was a golden year for Grab Thailand. We experienced phenomenal growth across all business verticals, from on-demand ride-hailing to food and package delivery services”.

“We are also playing our part in driving the cashless economy through our GrabPay mobile wallet. We have constantly innovated and introduced many new services in response to today’s consumer needs including GrabCar Premium that offers classy, comfy rides at affordable prices for business users, Grab Drive Your Car – a personal car driver service, and on-demand grocery delivery services through partnership with Tops Supermarket,” he added.

Grab is currently operating across 20 provinces, and we look forward to uplifting the livelihoods of more Thais with our expansion, he said.

For the online food delivery industry valued at Bt35 billion, GrabFood has played a significant role in empowering MSMEs to tap on the growth opportunities of the booming digital economy.

In response to strong consumer demand, Grab Thailand spearheaded its expansion with GrabFood service to secondary cities outside Bangkok last year, reaching 14 provinces across Thailand in less than one year.

At present, one third of the total food orders via GrabFood are from users in secondary cities.

“This year, we will continue to expand our services across 30 provinces through Mini-GC. We believe that this model will allow us to scale our successful hyperlocal approach nationwide and better adapt to the different needs of our partners and users in different provinces”.

“Thailand is the first country for Grab leveraging this innovative business model to create long-term, sustainable growth while offering better opportunities for local MSMEs to own and grow their businesses,” added Tarin.

Maythinee Anavachkul, head of Bike-Hailing Operations and Mini-GC of Grab Thailand, said that owners of mini-GCs will take responsibility of recruiting and onboarding driver, delivery and merchant-partners smoothly, with Grab providing oversight and support.

Training and technological support will also be provided while a dedicated Grab team will work closely with each centre to set the bar for the highest service quality standards.”

The three key criteria for the selection of a Mini-GC owner include:

Financial stability – having a certain capital to operate their own business.

Ability to source proper location and set up the centre.

Entrepreneurial mindset – possessing strong business acumen that aligns with Grab business philosophy.

The mini-GC model has been piloted since the end of 2019. This initiative has proven effective in business expansion and received positive feedback from our driver-partners. Currently, 24 Mini-GCs have been successfully set up in Bangkok and its vicinity, and Grab plans to double the number of the centres within this year.

The reserve-to-production (R/P) ratio also rose to 7.5 years, ensuring steady growth of the company and energy security of Thailand in the long run. PTTEP targets to raise sales volume by 11 per cent in 2020.

Phongsthorn Thavisin, president and chief executive officer, said total revenue last year amounted to $6.413 billion, increasing from $5.459 billion in 2018 or a rise of 17 per cent, resulting mainly from the acquisitions of Murphy Oil Corporation’s assets in Malaysia and Partex Holding BV.

Consequently, the average sales volume last year reached 350,651 barrels of oil equivalent per day (BOED) or an 15-per cent increase from 305,522 BOED in 2018.

Meanwhile, the average selling price also slightly improved from $46.66 per barrel of oil equivalent (BOE) in 2018 to $47.24 BOE in 2019.

Due to the higher sales volume in 2019, PTTEP’s net profit hit $1.569 billion, a 40-per cent increase from US$1.120 billion in 2018.

PTTEP’s financial position remains strong with operating cash flow of $3.540 billion while Earnings before Interest, Tax, Depreciation, and Amortization (EBITDA) margin stands at 71%.

Phongsthorn said the “expand” strategy which included both domestic and international acquisitions and winning bids, drove the average sales volume to reach an record high of 350,651 BOED last year.

This successful strategy also improved the company’s proven reserves (P1) from 677 million BOE (MMBOE) to 1,140 MMBOE, representing a 68 per cent surge from 2018 and at the same time, pushing up the R/P ratio from 5 to 7.5 years.

“In addition to higher petroleum sales volume, we have also increased petroleum reserves as targeted. We are capable of adding more reserves in the future if our exploration projects are proved successful. This is not only building growth for PTTEP but also elevating the country’s energy security in the long term. This year, PTTEP targets to raise the average sales volume by 11 per cent,” said Phongsthorn.

Based on the company’s performance, the board of directors on Thursday (January 30) approved a total dividend payment of Bt6 per share for 2019.

PTTEP had already paid an interim dividend for the first six months of Bt2.25 per share. Dividend for the second half of 2019 will be paid at Bt3.75 per share on April 10, 2020, after obtaining approval from the 2020 Annual General Shareholders’ Meeting.

Share registration date for the right to receive the dividend is scheduled for February 14, 2020.

In 2020, PTTEP will focus on smooth transitions of the newly-acquired projects, especially the G1/61 (Erawan) and G2/61 (Bongkot), to ensure timely delivery of petroleum as stated in the profit-sharing contracts.

The preparation includes drilling plans, construction of production platforms and gas pipelines, as well as other related activities.

For the Erawan field, PTTEP is now working closely with the existing concessionaire and the Department of Mineral Fuels to ensure production continuity during the transition period.

PTTEP also plans to accelerate exploration activities in high potential areas including Malaysia and Myanmar, such as the Myanmar MD-7 project and the Lang Lebah-1RDR2 exploration well in Malaysia’s block Sarawak SK410B, where it made the biggest gas discovery in the company’s history. Also a priority is the other nearby exploration projects in Malaysia which PTTEP plans to develop as a cluster.

Furthermore, PTTEP will focus on utilising technology to maximise the value of existing projects and proceeding with the developments of the Mozambique Area 1 and the Algeria Hassi Bir Rekaiz projects in line with the long-term growth strategy of the company.

The bank said it would use excess liquidity to repurchase up to Bt4.6 billion worth of shares, ensuring a strong capital fund and sufficient liquidity to support long-term operations.

The dividend payment from 2019 operating results will be Bt5 per share, up from Bt4 in 2018.

Chairman Banthoon Lamsam said directors had approved the repurchase in order to manage liquidity for the utmost benefit to the bank and its shareholders, with the number of shares not exceeding 1 per cent of the total paid-up capital.

The repurchase will be conducted on 10 consecutive business days beginning on February 14.

The repurchase price must not exceed the average closing price in the five consecutive business days prior to each repurchase date, plus 15 per cent of the average closing price.

KBank also has a capital adequacy ratio of at 19.62 per cent, sufficiently sturdy to support the implementation of strategic plans and businesses, Basel IV, and factors with potential future impacts.

And it still has sufficient financial liquidity with unappropriated retained earnings of up to Bt299.2 billion.

The share repurchase will lower the bank’s liquid assets and the book value of the shareholders’ equity and enable it to maximise efficiency of its excess liquidity and capital management.

Liquid assets and equity book value will be lowered by the amount equivalent to the repurchased amount, raising the return on equity and the earning per share ratios.

The directors might later decide to resell the repurchased shares through the SET or a public offering, whichever is more appropriate at the time. This would take place between six months and three years of completing the repurchase.

The directors resolved to concur with the dividend payment from 2019 operating results to ordinary shareholders at the rate of B5 per share, of which the bank paid an interim dividend of Bt0.50 per share last September 26.

The bank will on April 10 announced the names of shareholders entitled to be paid the remainder. The dividend payment will be discussed at the shareholders’ annual general meeting and payments will be made on April 30.

The South Korean tech giant recorded 230.4 trillion won ($194.85 billion) in sales last year, down 5.48 percent from a year earlier, while obtaining 27.7 trillion won in operating profit. The total net profit stood at 21.7 trillion won, down 50.98 percent.

The company’s most lucrative business unit, chipmaking, brought in a total of 14 trillion won for the whole year, accounting for 51.8 percent of its total operating profit. That figure had plunged from around 80 percent over the past two to three years.

The company’s mobile business division earned 9.27 trillion won in total. The consumer electronics division brought in 2.61 trillion won, the data showed.

In the final quarter of 2019, Samsung posted 59.88 trillion won in sales and 7.16 trillion won in operating profit, a slight improvement from the previous quarter.

Samsung said in a statement that its fourth quarter profit had dropped 33.7 percent compared with the same period in 2018 due to the continued fall in memory chip prices and weakness in display panels.

But improving demand for memory in servers and mobile products, as well as solid sales of flagship smartphones, mitigated the decline in its overall earnings, according to the company.

Of the 7.16 trillion won Q4 profit, the semiconductor division accounted for 3.45 trillion won, the mobile business division 2.52 trillion won and the consumer electronics division 0.81 trillion won.

By Song Su-hyun (song@heraldcorp.com)

Nordstrom said it will begin selling secondhand apparel online and in its New York flagship store, the latest attempt by the 119-year-old company to appeal to changing consumer tastes and capitalize on one of the few bright spots in retail. It joins Macy’s, JCPenney, Madewell and others in carving out a place for used clothing, shoes and handbags alongside new ones.

Resale sites such as ThredUp, Poshmark and The RealReal have gained ground in recent years as eco-friendly alternatives to fast fashion. And as the trend becomes more mainstream, clothing is making its way from the back of closets onto store shelves.

“We want our customers to feel good not only about what they’re buying but how they’re buying it,” said Olivia Kim, Nordstrom’s vice president of creative projects. She said the new initiative, See You Tomorrow, will be formally announced Thursday.

Starting Friday, racks of secondhand clothing will fill a space formerly occupied by Burberry in the company’s Manhattan store. Nordstrom will also begin allowing customers to drop off used clothing, handbags, shoes, jewelry and watches there in exchange for gift cards. Those items will be cleaned and repaired as necessary before being resold. Nordstrom said it will soon begin accepting merchandise by mail as well.

Macy’s and JCPenney have partnered with online reseller ThredUp to offer secondhand items in department stores across the country, while Madewell is offering used pairs of its jeans for $50 a pop. Neiman Marcus, meanwhile, has begun buying back “preloved” handbags. Even the Kardashian-Jenner family has gotten into the game, with the launch of Kardashian Kloset, where they offload Max Mara jumpsuits, Valentino handbags and other designer apparel.

“Through extensive research over many months, we know consumers appreciate new brands,” said Michelle Wlazlo, JCPenney’s chief merchandising officer. “The customer demand for secondhand is strong.”

The resale market, currently valued at about $7 billion, is expected to triple by 2023, according to a report prepared for ThredUp by the research firm GlobalData. The company says 56 million women bought secondhand items in 2018, up from 44 million a year earlier.

ThredUp, founded in 2009, has processed more than 100 million pieces of clothing in the past decade, according to its president, Anthony Marino. The site’s most loyal shoppers, he said, range from teenagers to 40-somethings.

“Whether you’re shopping at Target or Walmart or Nordstrom or Macy’s, customers are saying we’d love to see secondhand products here because we’re buying it anyway,” he said. “Retailers are realizing that the person who buys secondhand clothing is not somebody else’s customer – it’s their customer.”

Hundreds of secondhand items were on display at a Macy’s store in downtown Washington on a recent morning. The ThredUp section – nestled in the women’s department between Guess Jeans and Anne Klein – was filled with items commonly found in America’s shopping malls: a J. Crew shirt dress (marked $34.99), an American Eagle sweater ($11.99) and silver Victoria’s Secret bag ($24.99).

Analysts said those items are illustrative of modern retail, where fast fashion and faster-changing consumer tastes have led to an endless churn of flimsy clothing. But taken together, Macy’s says they represent a growing opportunity. The company now sells used clothing and handbags at 40 of its 630 Macy’s stores.

But not all consumers think it’s a good idea – and analysts say department stores such as Macy’s and JCPenney could risk alienating loyal shoppers. Kimberly Ross, 57, who lives Baton Rouge, Louisiana, says she was perplexed when secondhand handbags began popping up at her local Dillard’s store a few years ago. Though she sometimes sells items to consignment stores, she says selling used items alongside new ones tarnishes the reputation of the retailer.

“Bottom line for me is that used merchandise does not belong in a department store,” she said. “I’m not wealthy, but when I decide to treat myself to an overpriced designer bag, I want it to be brand new.”

Others, though, said combining new with used is long overdue. After all, car dealers have been doing it for years.

“It’s not a zero-sum game,” said Tony Drockton, whose line of Hammitt handbags are often sold alongside used designer bags at Dillard’s and Von Maur department stores. “I own plenty of different brands of jeans and jackets and shirts and shoes. The smart consumer wants a nice assortment of new and secondhand.”

Monica Ricci says she buys almost everything secondhand. She scours thrift stores, yard sales and a growing crop of online shops such as Tradesy, Poshmark and ThreadUp for gently used items in search of a new home.

It saves money, the 54-year-old says – and more importantly, keeps clothing out of landfills.

“There is such glut of cheap, disposable fashion out there,” she said. “The last thing I want to do is contribute more waste.”

In a set of commonly agreed guidelines on how to mitigate risks stemming from the roll-out of next generation telecoms networks, the EU said companies based in non-democratic countries could be excluded from the procurement of certain core components, following assessments by security agencies.

But despite intense U.S. lobbying, the so-called toolbox of measures released Wednesday doesn’t recommend a preemptive blanket ban of Chinese equipment, a decision that follows the U.K. on Tuesday allowing Huawei components into non-core networks. EU member states have until April 30 to implement the mitigating measures included in the toolbox.

The EU’s position reflects a balancing act between concerns about the risk of Chinese espionage and the bloc’s reluctance to pick a fight with its second-biggest trading partner, which has been increasingly infiltrating the continent with large-scale investment projects over the past decade. The fudge is an effort to navigate between Beijing’s warnings of repercussions if companies like Huawei were banned, and U.S. threats of sanctions, such as cuts in intelligence sharing, if Chinese equipment is used.

The policy document urges EU member states to apply ad hoc restrictions on merit for certain suppliers of key 5G components, including core, network management, access network, and orchestration functions. The assessment criteria, already published in December, include “a strong link between the supplier and a government,” and the lack of “legislative or democratic checks and balances” in the home-country of the company.

While these guidelines may encourage some governments to restrict the participation of Huawei and other Chinese companies in parts of their next-generation broadband, they also leave room for interpretation and don’t call for a de facto ban. Decisions are left to individual member states, as the EU doesn’t have the competence to regulate centrally in this area.

The proposals also include bolstering the role of national authorities, audits of telecom operators and measures to ensure diversity of suppliers for any single telecommunications company. In addition, the EU proposes stricter screening of foreign direct investment in the area of 5G and possible anti-dumping duties and other penalties for companies benefiting from state subsidies.

“Today we are equipping EU Member States, telecoms operators and users with the tools to build and protect a European infrastructure with the highest security standards so we all fully benefit from the potential that 5G has to offer,” EU Commissioner in charge of the bloc’s internal market rules, Thierry Breton, said in a statement.

An EU diplomat said the bloc’s countries can also use other legislation, such as rules for procurement in the areas of defense and security, to further limit the use of Huawei’s equipment. The bloc is also preparing beefed up rules that would raise the price of bids placed in Europe by companies based in countries with protectionist procurement legislation, such as China.

Still, the overall stance, first reported by Bloomberg News on Jan. 22, may come as another blow to the U.S. a day after the U.K. risked a rift with President Trump by giving Huawei the green light to help develop Britain’s 5G networks. U.S. officials expressed regret at the decision even though the U.K. announced it would keep high-risk vendors out of the most sensitive core parts of its networks.

U.S. officials have long urged European governments to exclude Huawei from all sections — core and non-core — of their networks, arguing it threatens their national security. The EU partly shares these concerns, as 5G will connect everything to networks, making societies more susceptible to sabotage and espionage.

In a review published in October, the bloc warned against a nightmare scenario whereby hackers or hostile states assume control of everything from electricity grids to police communications and even home appliances.

Huawei and Chinese officials have repeatedly denied the company poses a spying risk.

Fourth-quarter earnings excluding one-time items were 89 cents a share. Analysts had predicted 87 cents, according to estimates compiled by Bloomberg. The company, which operates DirecTV, the largest U.S. TV service, lost 1.2 million subscribers, more than the 782,000 decline analysts expected, according to data compiled by Bloomberg.

The record annual loss of 4.1 million U.S. TV subscribers that AT&T reported for last year highlights the challenge facing the company as cord cutters switch to streaming services like Netflix Inc. and Hulu. AT&T has also tried to widen margins in its entertainment business by eliminating discounts, further accelerating the exodus.

HBO Max, launching in May, will be a primary focus for AT&T as it tries to bolster its appeal to its whole universe of customers. Revenue for the existing HBO premium service rose 1.9% on gains in digital customers, but it’s an open question whether millions of people will want to subscribe to HBO Max for the same $15 monthly cost, even with expanded content.

The company raised a net $18 billion last year through moves like selling real estate and tower rent payments, helping it pay down debt and lower its leverage ratio as it had promised investors such as activist Elliott Management Corp. AT&T expects to sell a further $5 billion to $10 billion in assets this year.

AT&T shares fell 3.4% to $37.28 in New York trading at 12:01 p.m. The stock was up 37% in 2019, outpacing the 9% gain by peer Verizon Communications Inc. and topping the 29% increase in the S&P 500 Index.

The fund is reviewing 27 miners that earn at least 10% of revenue from mining thermal coal that’s burned by power plants to produce electricity, either directly for industries or to supply power grids. The companies under review include Peabody Energy, Anglo American and Coal India.

“We are assessing minimum standards for transition readiness at coal mining companies first, because they face the greatest risk as the world turns to cleaner and renewable energies,” Comptroller Thomas DiNapoli said in a statement Wednesday.

The review is part of DiNapoli’s Climate Action Plan, which seeks to cut the carbon footprint of the pension plan’s investments. DiNapoli has asked the miners for relevant information, and the companies have until mid-February to respond. The review process will take several months to finish, the pension plan said.

The New York pension fund managed about $210 billion as of the end of March 2019, and its investments in the 27 coal miners are worth about $98 million, according to spokesman Matt Sweeney.

The standards being assessed include companies’ measures to align their business models with the Paris Agreement’s emissions goals, reducing capital expenditures on coal and setting long-term targets to cut their greenhouse gas emissions.

The pension fund said it may divest from miners that fail the state plan’s assessment and are unable to show their readiness to transition to a low-carbon economy.

State Sen. Liz Krueger, a Democrat who has sponsored legislation to push the New York pension fund to divest its fossil fuel investments, described its moves as “incremental.”

“I continue to urge the Comptroller to reach the logical conclusion of today’s announcement, and move swiftly to fully divest the pension fund from all oil, gas, and coal producers,” she said in a statement.