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New ‘anti-woke’ ETF makes Starbucks its first target

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New ‘anti-woke’ ETF makes Starbucks its first target

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A new fund aiming to punish “woke” companies will make Starbucks its first target, as politically motivated investors move to capitalise on Donald Trump’s election.

The actively managed fund, which Azoria Partners expects to launch early next year, will exclude S&P 500 companies that incorporate diversity, equity and inclusion considerations into their hiring processes.

The fund unveiled its Starbucks plan on Thursday at Trump’s Mar-a-Lago resort in Florida.

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The event was due to be attended by Cathie Wood and Kevin Roberts, the ideologue behind the Project 2025 blueprint for Trump’s government, according to an invitation seen by the FT. Wood and Roberts did not respond to requests for comment.

“Americans, whether they voted for president Trump or not, do not want to invest in companies running woke science experiments,” said James Fishback, one of Azoria’s founders, in an interview, referring to hiring practices that factor in diversity. “We are representing shareholders here, and human capital hiring quotas — that hurts all shareholders.”

The coffee chain, with a market capitalisation of about $110bn, denied in a statement to the Financial Times that it had “targets or quotas at any stage of the hiring process”. The chain said that policies cited by Azoria — which included reaching racial and ethnic diversity of at least 30 per cent among corporate employees — were aspirations not quotas, and that they recently expired and were not reinstated.

The new fund is the latest attempt by Trump-supporting investors to push back against DEI and environmental, social and governance initiatives by big US companies — and to profit from the coming change in government in Washington.

Shares in Starbucks, which has around 40,000 coffee shops globally, have lagged behind the broader market this year but have risen since August on hopes that newly appointed chief executive Brian Niccol would turn its struggling business around.

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The new “anti-woke” fund, created by Fishback and his Azoria co-founder Asaf Abramovich, has a list of about three dozen other companies it will exclude from the roster, unless they scrap their DEI policies.

Roberts, president of the Heritage Foundation think-tank, and Wood, founder of Ark Investment Management, were both scheduled to address the event at Trump’s resort on Thursday.

Fishback’s fund does not manage any money yet, meaning the Starbucks campaign lacks the financial heft to influence the retailer’s decisions. Powerful activist fund Elliott Management recently built a large stake in the chain, helping to spur replacement of its CEO earlier this year.

Unlike an activist hedge fund, which buys stakes in companies to agitate for change, Azoria will push its agenda by excluding companies from their index and publicly claim DEI policies are hurting their stock price.

The strategy borrows from so-called environmental, social and governance funds, which excluded investments in polluting industries and were attacked by many conservatives.

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Azoria’s new ETF is set to launch early next year under the ticker SPXM, which stands for S&P Meritocracy. In remarks at the Mar-a-Lago event, Fishback will claim the stocks of S&P 500 companies that factor diversity into hiring have underperformed their rivals.

Some research has contradicted that, including a McKinsey report last year that found companies in the top quartile of racial diversity were 39 per cent more likely to perform better than those in the bottom quartile.

Fishback, who previously worked at hedge fund Greenlight Capital and is mired in a legal dispute with its founder David Einhorn, is among Wall Street investors aiming to cash in on a conservative shift as Trump returns to the White House.

Other politically driven investors have punched far above their weight. The activist investor Engine No. 1 secured three board seats in 2021 at ExxonMobil by mounting a campaign against the oil major while only overseeing $240mn worth of assets.

Fishback argued hiring on ethnic and racial diversity grounds was a political act that would hurt shareholders.

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He said: “Cut that crap out. Hire the best and brightest. Don’t apologise for it, make money, give it to shareholders, and do the right thing.”

Additional reporting by Gregory Meyer and Antoine Gara in New York

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Video: Welcome to Rennie Harris’s Dance Floor

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Video: Welcome to Rennie Harris’s Dance Floor

new video loaded: Welcome to Rennie Harris’s Dance Floor

The acclaimed hip-hop choreographer Rennie Harris’s production “American Street Dancer” brought Detroit Jit, Chicago Footwork and Philly GQ to the stage. We invited cast members to showcase the three street dance styles.

By Chevaz Clarke and Vincent Tullo

January 5, 2026

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Trial begins for officer accused of failing to protect children during Uvalde shooting

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Trial begins for officer accused of failing to protect children during Uvalde shooting

Flowers and candles are placed around crosses to honor the victims killed in a school shooting, May 28, 2022, outside Robb Elementary School in Uvalde, Texas.

Jae C. Hong/AP


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Jae C. Hong/AP

CORPUS CHRISTI, Texas — One of the first police officers to respond to the 2022 school shooting in Uvalde, Texas, goes on trial Monday on charges that he failed to protect children during the attack, when authorities waited more than an hour to confront the gunman.

Adrian Gonzales, a former Uvalde schools officer, faces 29 counts of child abandonment or endangerment in a rare prosecution of an officer accused of not doing more to stop a crime and protect lives.

The teenage gunman killed 19 students and two teachers at Robb Elementary in one of deadliest school shootings in U.S. history.

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Nearly 400 officers from state, local and federal law enforcement agencies responded to the school, but 77 minutes passed from the time authorities arrived until a tactical team breached the classroom and killed the shooter, Salvador Ramos. An investigation later showed that Ramos was obsessed with violence and notoriety in the months leading up to the attack.

Gonzales and former Uvalde schools police chief Pete Arredondo were among the first on the scene, and they are the only two officers to face criminal charges over the slow response. Arredondo’s trial has not yet been scheduled.

The charges against Gonzales carry up to two years in prison if he is convicted. The trial, which is expected to last up to three weeks, begins with jury selection.

Gonzales pleaded not guilty. His attorney has said Gonzales tried to save children that day.

Police and Texas Gov. Greg Abbott initially said swift law enforcement action killed Ramos and saved lives. But that version quickly unraveled as families described begging police to go into the building and 911 calls emerged from students pleading for help.

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The indictment alleges Gonzales placed children in “imminent danger” of injury or death by failing to engage, distract or delay the shooter and by not following his active shooter training. The allegations also say he did not advance toward the gunfire despite hearing shots and being told where the shooter was.

State and federal reviews of the shooting cited cascading problems in law enforcement training, communication, leadership and technology, and questioned why officers waited so long.

According to the state review, Gonzales told investigators that once police realized there were students still sitting in other classrooms, he helped evacuate them.

Some family members of the victims have said more officers should be indicted.

“They all waited and allowed children and teachers to die,” said Velma Lisa Duran, whose sister Irma Garcia was one of the two teachers who were killed.

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Prosecutors will likely face a high bar to win a conviction. Juries are often reluctant to convict law enforcement officers for inaction, as seen after the Parkland, Florida, school massacre in 2018.

Sheriff’s deputy Scot Peterson was charged with failing to confront the shooter in that attack. It was the first such prosecution in the U.S. for an on-campus shooting, and Peterson was acquitted by a jury in 2023.

At the request of Gonzales’ attorneys, the trial was moved about 200 miles (320 kilometers) southeast to Corpus Christi. They argued Gonzales could not receive a fair trial in Uvalde, and prosecutors did not object.

Uvalde, a town of 15,000, still has several prominent reminders of the shooting. Robb Elementary is closed but still stands, and a memorial of 21 crosses and flower sits near the school sign. Another memorial sits at the downtown plaza fountain, and murals depicting several victims can still be seen on the walls of several buildings.

Jesse Rizo, whose 9-year-old niece Jackie was one of the students killed, said even with three-hour drive to Corpus Christi, the family would like to have someone attend the trial every day.

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“It’s important that the jury see that Jackie had a big, strong family,” Rizo said.

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Cuba says 32 Cuban fighters killed in US raids on Venezuela

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Cuba says 32 Cuban fighters killed in US raids on Venezuela

Havana declares two days of mourning for the Cubans killed in US operation to abduct Nicolas Maduro.

Cuba has announced the death of 32 ⁠of its ​citizens during the United States military operation to abduct and detain Venezuelan President Nicolas Maduro and his wife in Caracas.

Havana said on Sunday that there would be two days of mourning on ‌January 5 and ‌6 in ⁠honour of those killed and that ‌funeral arrangements would be announced.

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The state-run Prensa Latina agency said the Cuban “fighters” were killed while “carrying out missions” on behalf of the country’s military, at the request of the Venezuelan government.

The agency said the slain Cubans “fell in direct combat against the attackers or as a result of the bombing of the facilities” after offering “fierce resistance”.

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Cuba is a close ally of Venezuela’s government, and has sent military and police forces to assist in operations in the Latin American country for years.

Maduro and his wife have been flown to New York following the US operation to face prosecution on drug-related charges. The 63-year-old Venezuelan leader is due to appear in court on Monday.

He has previously denied criminal involvement.

Images of Maduro blindfolded and handcuffed by US forces have stunned Venezuelans.

Venezuelan Minister of Defence General Vladimir Padrino said on state television that the US attack killed soldiers, civilians and a “large part” of Maduro’s security detail “in cold blood”.

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Venezuela’s armed forces have been activated to guarantee sovereignty, he said.

‘A lot of Cubans’ killed

US President Donald Trump, speaking to reporters on board Air Force One on Sunday, said that “there was a lot of death on the other side” during the raids.

He said that “a lot of Cubans” were killed and that there was “no death on our side”.

Trump went on to threaten Colombian President Gustavo Petro, saying that a US military operation in the country sounded “good” to him.

But he suggested that a US military intervention in Cuba is unlikely, because the island appears to be ready to fall on its own.

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“Cuba is ready to fall. Cuba looks like it’s ready to fall. I don’t know how they, if they can, hold that, but Cuba now has no income. They got all of their income from Venezuela, from the Venezuelan oil,” Trump said.

“They’re not getting any of it. Cuba literally is ready to fall. And you have a lot of great Cuban Americans that are going to be very happy about this.”

The US attack on Venezuela marked the most controversial intervention in Latin America since the invasion of Panama 37 years ago.

The Trump administration has described Maduro’s abduction as a law-enforcement mission to force him to face US criminal charges filed in 2020, including “narco-terrorism” conspiracy.

But Trump also said that US oil companies needed “total access” to the country’s vast reserves and suggested that an influx of Venezuelan immigrants to the US also factored into the decision to abduct Maduro.

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While many Western nations oppose Maduro, there were many calls for the US to respect international law, and questions arose over the legality of abducting a foreign head of state.

Left-leaning regional leaders, including those of Brazil, Colombia, Chile and Mexico, have largely denounced Maduro’s removal, while countries with right-wing governments, from Argentina to Ecuador, have largely welcomed it.

The United Nations Security Council plans to meet on Monday to discuss the attack. Russia and China, both major backers of Venezuela, have criticised the US.

Beijing on Sunday insisted that the safety of Maduro and his wife be a priority, and called on the US to “stop toppling the government of Venezuela”, calling the attack a “clear violation of international law“.

Moscow also said it was “extremely concerned” about the abduction of Maduro and his wife, and condemned what it called an “act of armed aggression” against Venezuela by the US.

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