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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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European leaders to meet in Ukraine for ‘coalition of the willing’ talks – and issue call to Russia

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European leaders to meet in Ukraine for 'coalition of the willing' talks - and issue call to Russia

Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.

The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.

It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.

Follow latest updates on the Ukraine war

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
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Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters

Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
Image:
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.

“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”

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Putin’s Victory Day parade explained

The leaders said they were “ready to support peace talks as soon as possible”.

But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.

“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.

“We will continue to increase our support for Ukraine.”

Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire

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The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.

They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.

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The ‘tricky balancing act’ facing Starmer over US trade deal – and the real challenge to come

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The 'tricky balancing act' facing Starmer over US trade deal - and the real challenge to come

If you want a very visual representation of the challenges of transatlantic diplomacy in 2025, look no further than Oslo City Hall.

Its marbled mural-clad walls played home to a European military summit on Friday.

In December – as it does every year – it will host the Nobel Peace Prize ceremony. It’s an award Donald Trump has said he deserves to win.

But while the leaders gathering in the Norwegian capital may not say it publicly, they all have a very different perspective to the US president on how to win the peace – particularly when it comes to Ukraine.

Sir Keir Starmer at a summit in Oslo. Pic: PA
Image:
Sir Keir Starmer at a summit in Oslo. Pic: PA

So far, Sir Keir Starmer has managed to paper over these foreign policy gaps between the US and Europe with warm words and niceties.

But squaring the two sides off on trade may be more difficult.

The US-UK deal announced on Thursday contained no obvious red flags that could scupper deeper trade links with the EU.

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PM defends UK-US trade deal

However, that’s in part because it was more a reaction and remedy to Mr Trump’s tariff regime than a proactive attempt to meld the two countries together.

Laced with party-political venom, yes, but the Tory leader Kemi Badenoch is getting at something when she says this agreement is “not even a trade deal, it’s a tariff deal and we are in a worse position now than we were six weeks ago”.

There may be more to come though.

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How good is the UK-US deal?

The government will talk up the possible benefits, but there are risks too.

Take the Digital Services Tax – much hated by the Trump White House as an unfair levy on US tech firms.

Despite the apparent pitch-rolling from the government, that was left untouched this week.

But asked to rule out changes in the future, the prime minister was non-committal, simply saying the current deal “doesn’t cover that”.

Read more:
Key details of UK-US trade deal
Not the broad trade deal of Brexiteer dreams – analysis

For trade expert David Henig, the potential flashpoints in the transatlantic Venn diagram Downing Street is trying to draw around food standards, digital regulation and services.

“It is a tricky balancing act, at this stage it looks like the UK will go more with the EU on goods regulations, but perhaps a little bit more with the US on services regulations,” he said.

For veterans of the post-2016 Brexit battles, this may all sound like Labour embracing the Boris Johnson-era mantra of “cakeism” – or trying to have it both ways.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

It’s ironic indeed, given Sir Keir is a politician who supported the Remain campaign and then called for a second referendum.

But what matters now is what works – not for Downing Street but for the swathes of voters who have abandoned Labour since they took office.

That’s why the prime minister was once again trying to humanise this week’s trade deals.

These are agreements, he said, that would be measured in the “many thousands of jobs” they would safeguard across the country.

That’s the real challenge now, taking the work done in the marbled halls of the world’s capitals and convincing people at home why it matters to them.

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European leaders to meet in Ukraine for ‘coalition of the willing’ talks – and issue call to Russia

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European leaders to meet in Ukraine for 'coalition of the willing' talks - and issue call to Russia

Sir Keir Starmer will join other European leaders in Kyiv on Saturday for talks on the “coalition of the willing”.

The prime minister is attending the event alongside French President Emmanuel Macron, recently-elected German Chancellor Friedrich Merz and Polish Prime Minister Donald Tusk.

It will be the first time the leaders of the four countries will travel to Ukraine at the same time – on board a train to Kyiv – with their meeting hosted by President Volodymyr Zelenskyy.

Follow latest updates on the Ukraine war

Britain's Prime Minister Keir Starmer meets with French President Emanuel Macron and German Chancellor Friedrich Merz on board a train to the Ukrainian capital Kyiv where all three will hold meetings with Ukrainian President Volodymyr Zelensky, May 9, 2025. Stefan Rousseau/Pool via REUTERS
Image:
Sir Keir Starmer, Emmanuel Macron and Friedrich Merz travelling in the saloon car of a special train to Kiev. Pic: Reuters

Military officers from around 30 countries have been involved in drawing up plans for the coalition, which would provide a peacekeeping force in the event of a ceasefire being agreed between Russia and Ukraine.

Ahead of the meeting on Saturday, Sir Keir, Mr Macron, Mr Tusk and Mr Merz released a joint statement voicing support for Ukraine and calling on Russia to agree to a 30-day ceasefire.

Sir Keir Starmer and Volodymyr Zelenskyy during a meeting in March. Pic: AP
Image:
Sir Keir and Volodymyr Zelenskyy during a meeting in March. Pic: AP

“We reiterate our backing for President Trump’s calls for a peace deal and call on Russia to stop obstructing efforts to secure an enduring peace,” they said.

“Alongside the US, we call on Russia to agree a full and unconditional 30-day ceasefire to create the space for talks on a just and lasting peace.”

Please use Chrome browser for a more accessible video player

Putin’s Victory Day parade explained

The leaders said they were “ready to support peace talks as soon as possible”.

But they warned that they would continue to “ratchet up pressure on Russia’s war machine” until Moscow agrees to a lasting ceasefire.

“We are clear the bloodshed must end, Russia must stop its illegal invasion, and Ukraine must be able to prosper as a safe, secure and sovereign nation within its internationally recognised borders for generations to come,” their statement added.

“We will continue to increase our support for Ukraine.”

Read more:
Russia’s VE Day parade felt like celebration of war
Michael Clarke Q&A on Ukraine war
Ukraine and Russia accuse each other of breaching ceasefire

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The European leaders are set to visit the Maidan, a central square in Ukraine’s capital where flags represent those who died in the war.

They are also expected to host a virtual meeting for other leaders in the “coalition of the willing” to update them on progress towards a peacekeeping force.

This force “would help regenerate Ukraine’s armed forces after any peace deal and strengthen confidence in any future peace”, according to Number 10.

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