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A new “anti-woke” investment fund is eyeing an activist raid on Starbucks — with executives reportedly set to unveil their blueprint for taking on the java giant at Donald Trump’s Mar-a-Lago resort on Thursday.

The fledgling startup’s fund, named the Azoria Meritocracy ETF, will invest in companies in the S&P 500 with the exception of a few dozen that its managers conclude employ quantitative commitments to diversity when recruiting employees, its CEO James Fishback said in an interview.

Fishback and his Azoria Partners co-founder Asaf Abramovich have drummed up a list of some three dozen companies it will blacklist over their alleged “wokery.”

The Financial Times reported on Thursday that one of Azoria’s targets is Starbucks.

Starbucks has denied that it has “targets or quotas at any stage of the hiring process,” according to the FT.

The company told the FT that a supposed goal to reach racial and ethnic diversity of at least 30% among its staff was merely an aspiration.

Starbucks shares were down less than 1% Thursday, at just under $100.

Fishback, who previously worked for David Einhorn’s Greenlight Capital as a trader until an acrimonious split in the summer of 2023, aims to raise $1 billion by the end of 2025.

Americans, whether they voted for President Trump or not, do not want to invest in companies running woke science experiments, Fishback told the Financial Times.

“We are representing shareholders here, and human capital hiring quotas that hurts all shareholders,” he added. Cut that crap out. Hire the best and brightest. Dont apologize for it, make money, give it to shareholders, and do the right thing.

The incoming Trump administration has vowed to crack down on the controversial DEI initiatives across the entire federal government and some companies fear that they too could be targeted.

The event at the president-elect’s private members resort will feature speeches from Kevin Roberts, president of the Heritage Foundation, a prominent right-wing think tank, and Cathie Wood, founder of Ark Investment Management.

Starbucks stock has spiked roughly 20% since August after the company appointed ex-Chipotle boss Brian Nicol as its new CEO to turn around the floundering business.

Elliott Management, the activist fund owned by Wall Street titan Paul Singer, built a stake in the coffee giant that eventually led to the ouster of ex-chief executive Laxman Narasimhan.

Self-styled woke capitalists have irked Republicans and their allies on Wall Street in recent years, with former presidential candidates Ron DeSantis and Vivek Ramaswamy taking aim at so-called ESG policies.

Environmental, social and governance strategies focus on elements such as racial justice and climate change, but conservatives say they harm investments made by ordinary Americans.

Two industry analysts who declined to be named were skeptical of whether it is possible to demonstrate a correlation between any underperformance and a company’s recruiting policies.

Others questioned whether the ETF would gain traction and said ESG-focused funds may not be out of favor.

“Investors may turn further to ESG ETFs because they believe the government will not fully support their personal objectives,” said Todd Rosenbluth, head of ETF research at VettaFi.

He declined to comment on the Azoria ETF.

Bryan Armour, ETF analyst at Morningstar, said a small ETF may struggle to exert leverage on corporate America.

“It will be really hard to gain power and influence,” Armour said.

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Pope Francis has ‘initial, mild’ kidney problem and still in critical condition, says Vatican

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Pope Francis has 'initial, mild' kidney problem and still in critical condition, says Vatican

The Pope remains in a critical condition and is now showing an “initial, mild” kidney problem – but is “vigilant” and took part in Mass in hospital with those caring for him.

The Vatican statement said Francis hadn’t had any more “respiratory crises” since Saturday evening.

However, a problem with his kidneys has emerged, with blood tests showing “an initial, mild, renal insufficiency, which is currently under control”, according to the update.

The 88-year-old Pope is still having “high-flow oxygen therapy” into his nose, while his hemoglobin value has increased after being given blood transfusions on Saturday.

The Pope has been at Rome’s Gemelli hospital since 14 February and is being treated for double pneumonia and chronic bronchitis.

Sunday evening’s statement said he was “vigilant and well oriented”, but due to the complexity of his case the prognosis is “reserved”.

“During the morning, in the apartment set up on the 10th floor, he participated in the Holy Mass, together with those who are taking care of him during these days of hospitalization,” the update added.

On Sunday morning, the Vatican said the Pope had a “tranquil” night and confirmed he would not lead prayers for the second week running.

Instead, Francis, who has been Pope since 2013, prepared words to be read on his behalf at the recitation of the Angelus.

‘I ask you to pray for me’

The Pope’s message said: “I am confidently continuing my hospitalisation at the Gemelli Hospital, carrying on with the necessary treatment; and rest is also part of the therapy!

“I sincerely thank the doctors and health workers of this hospital for the attention they are showing me and the dedication with which they carry out their service among the sick.

“In recent days I have received many messages of affection, and I have been particularly struck by the letters and drawings from children.

“Thank you for this closeness, and for the prayers of comfort I have received from all over the world! I entrust you all to the intercession of Mary, and I ask you to pray for me.”

The message is understood to have been written in the last few days.

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‘The Pope is like family to us’

On Saturday night, the Vatican said the Pope was in a critical condition after a “prolonged respiratory crisis” that required a high flow of oxygen.

It said he’d had blood transfusions after tests revealed thrombocytopenia, which is associated with anaemia.

Millions around the world have been concerned about his increasingly frail health – and his condition has given rise to speculation over a possible resignation.

Faith is never lost but it feels optimism is fading

By Lisa Holland, Sky correspondent in Vatican City

It’s hard to imagine a Sunday in the Vatican City without the Pope. Every week – unless he’s travelling – he is a constant, appearing at the same Vatican windows to deliver his message.

Instead, his written words were distributed by Vatican officials. In his message, the Pope thanked his doctors and people around the world for their good wishes.

But it seems the upbeat message was written before the dramatic downturn in the Pope’s health, which has left him in a critical condition. The business and the events of the Church are continuing in his absence.

Faith is never lost but it feels like optimism is fading and we are living through the last days of Pope Francis.

In St Peter’s Square the sun shone – and a gentle light fell on the ancient stone of the basilica.
The beauty and pageantry of columns of deacons and visitors filing in for a special mass as part of the Catholic Church’s jubilee year sat awkwardly with the prognosis of the Pope’s ailing health.

The visitors and deacons who’d come from around the world to take part, and hoped to see the Pope, were left disappointed. Though they said they felt his presence. “It is what it is,” said one.

They know the Pope is an 88-year-old man who has spent the last few years assisted by a wheelchair and walking stick. Throughout his life he has been dogged by lung issues.

It leaves an almost philosophical mood ahead of what the coming days may bring.

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Doctors said on Friday that he was “not out of danger” and was expected to remain in hospital for at least another week.

They also warned that while he did not have sepsis, there was always a risk the infection could spread in his body.

Sepsis is a complication of an infection that can lead to organ failure and death.

Pope Francis has a history of respiratory illness, having lost part of one of his lungs to pleurisy as a young man. He also had an acute case of pneumonia in 2023.

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Volvo Penta set to show off its new BESS subsystem at bauma 2025

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Volvo Penta set to show off its new BESS subsystem at bauma 2025

Volvo Penta will debut its latest modular and scalable battery energy storage system (BESS) platform for the off-grid construction and mining industries at the bauma equipment show – here’s what you can expect.

Best-known for its marine engines and gensets, Volvo Penta is the power production arm of the Volvo Group, specializing in putting energy to work. Operating under the tagline, ‘Made to Move You’, Volvo Penta is headed to bauma 2025 with a plan to keep construction, port shipping, and mining operations moving productively and competitively throughout their transitions to battery and (in theory, at least) hydrogen power.

To that end, the company will show off a job site ready version of the scalable and modular BESS subsystem concept shown last year.

Volvo says its new, modular BESS subsystem will enable other OEMs and third party system integrators to seamlessly deploy electric power to meet the ever-exceeding energy needs in construction and mining.

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“Our modular and scalable battery-electric platform is designed to support the electrification ecosystem—combining high-performance drivelines with the crucial energy storage subsystems for efficient charging and operation in construction and mining,” says Hannes Norrgren, President of Volvo Penta Industrial. “We want to meaningfully collaborate with our customers on value-added customization that will enable them to stay productive, efficient, and future-ready.”

The Penta substation at bauma will be built around the company’s “Cube” battery pack, an energy-dense solution with a favorable C-rate designed to make it easy for BESS manufacturers to offer more compact job site solutions capable of charging and discharging energy with high levels of speed and efficiency, enabling both stationary and mobile BESS configurations that can change and grow to meet the evolving needs of a given asset fleet or project.

A Volvo Penta-developed DC/DC unit converts the voltage from the Cube battery packs (600 V) into lower voltage (24 V) for powering auxiliaries and portable offices.

Electrek’s Take

BESS concept packed with Penta Cube batteries; via Volvo.

Volvo Penta has always provided power. Historically that’s been from combustion, but the company is looking ahead, developing products that will bring energy to job sites, tractors, and more long after the last ICE engine shuts down.

SOURCE | IMAGES: Volvo Penta.

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Exit poll may appear decisive – but path to coalition is not clear yet

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Exit poll may appear decisive - but path to coalition is not clear yet

Initial exit polls appear to confirm what we have known for weeks: that the conservative Christian Democrats (CDU) and their Bavarian sister party the Christian Social Union (CSU) have got the most votes in the federal election, with Friedrich Merz most likely to be the next chancellor.

While this result isn’t a surprise, it doesn’t mean the path to power will be easy.

First off, the CDU-CSU don’t have a majority so they need to try to build a coalition.

The first exit polls are displayed on a screen next to Willy Brandt monument at the headquarters of the Social Democratic Party (SPD), in Berlin, Germany, February 23, 2025. REUTERS/Liesa Johannssen
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The first exit polls displayed on a screen at the SPD’s headquarters in Germany. Pic: Reuters

Their most obvious choices as partners are the third-place Social Democrats. A two-party coalition is preferred as it can avoid excess bickering but the SPD and CDU disagree on several key points including sending long-range Taurus cruise missiles to Ukraine.

Follow live: Germany’s election results

Forming a government can take months but Mr Merz is keen to speed up the process – aware of the pressing issues both at home and abroad.

One of those is the rise of the far right, with the Alternative for Germany (AfD) party celebrating historic results.

The initial results suggest that for the first time since the Second World War, a far-right party has got the second highest number of votes.

That could also cause serious issues for the next government.

As a result of Germany‘s Nazi history, mainstream parties have a long-running pact known as the “firewall” which says they will not work with the far right.

Even before the polls had closed, AfD leader Alice Weidel echoed Donald Trump and released a video statement urging people to “observe” the ballots being counted and to “protect democracy”.

23 February 2025, Berlin: Alice Weidel, federal chairman and candidate for chancellor of the AfD, waves a German flag at the AFD election party at the AfD federal office. On the left is Tino Chrupalla, national chairman of the AfD, and on the right is Bj'rn H'cke (AfD). The early election to the 21st German Bundestag took place on Sunday. Photo by: S'ren Stache/picture-alliance/dpa/AP Images
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The AfD’s Alice Weidel celebrating after the exit poll result. Pic: AP

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How will Germany election impact Europe?

Many of the AfD’s supporters have said not allowing the second most popular party into government is undemocratic, threatening to take to the streets.

The US vice president JD Vance also sparked outrage when he spoke out against the firewall at the recent Munich Security Conference and suggested the new Trump administration would be ready to work with the AfD.

Conversely, in the run-up to the election, hundreds of thousands of Germans have protested to demand that the firewall remains.

German Chancellor Olaf Scholz of the Social Democratic Party (SPD) gestures after the exit poll results are announced for the 2025 general election, in Berlin, Germany, February 23, 2025. REUTERS/Lisi Niesner
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German chancellor Olaf Scholz of the Social Democratic Party after the exit poll results. Pic: Reuters

In January, Mr Merz caused controversy when a draft motion got through parliament with AfD support, he’s since vowed he will not go into government with them.

If he sticks to that pledge then he is likely to see right-wing demonstrations as well becoming a target of prominent AfD backers including Elon Musk.

Read more on Germany election:
Who is Friedrich Merz – Germany’s likely next leader?
German elections are usually dull affairs – this time is different

The AfD’s result also cannot be ignored. While some of the vote may be a protest, the party has expanded its traditional base in the east to pick up support in the west.

Dissatisfaction over migration, the economy, rocketing prices and the war in Ukraine have all helped to grow its ranks as people feel ignored by mainstream parties.

Mr Merz has already tried to win back some of its voters by proposing tough migration reforms including permanent checks on the borders and potentially turning away some asylum seekers when they try to enter.

If he fails to deliver on these promises then the AfD will continue to make gains.

Other urgent to dos for the next government include sorting out Germany’s economy following two years of recession and restoring its position at the centre of the EU.

Ministers must also face up to the fact their traditional allies are no longer guaranteed.

The Trump administration appears to be ripping up the rule book when it comes to being a protector of Europe and its ongoing support for Ukraine.

If America steps back, as Europe’s largest power and Ukraine’s largest European backer, Germany will have to step up.

Again, that’s going to be a big challenge as its military needs to be transformed.

The final results are not even confirmed yet but whatever form it takes, the next government knows it has four years to fix Germany, if it fails then populists are highly likely to ride to power in 2029.

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