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The Latest Breaking News from BlackRock

Kentucky threatens to divest from 11 banks over ESG policies

On January 2, Kentucky State Treasurer Allison Ball (R) issued a statement notifying 11 banks that their ESG policies amounted to energy boycotts that harmed the state’s economy according to definitions passed into law last spring. The statement says the banks have 90 days to stop what Kentucky argues are…

Ballotpedia

America might just do the impossible and avoid a recession, according to top economist Mark Zandi

Moody’s chief economist says a “soft landing” for the U.S. economy is in the cards. But BlackRock’s Rick Rieder warns, “Policymakers’ ability to stick this landing for the economy and markets is still very much up in the air.”

Fortune

If you think your company isn't a software company, you're mistaken, according to McKinsey

Traditional companies realize they must look, think, and act like a software company to stay competitive, research finds.

Fortune

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The GOP war on green investing

From the U.S. House to state governments, the GOP takes aim at pro-climate finance strategies

Salon

Federal opposition to ESG in 2023

From state treasurers divesting pension and operating funds from BlackRock and other ESG providers to state attorneys general investigating the same providers over the impact of ESG on assorted policy matters, state officials led the pushback against environmental, social, and corporate governance investing in 2022.

Ballotpedia

Business trends, risks and people to watch in 2023

What to look for this year in the corporate world in sectors from energy to private capital and technology

Financial Times

Republicans ramp up anti-ESG campaign for 2023

The investing strategy known as ESG is under attack, and virtually no one expects the backlash to die down.

Tribune News Service

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Editorial: Economic downturns hurt Americans. They can kill Somalis

Federal Reserve Chair Jerome Powell kicked off the holiday season with another interest-rate increase. He also lit the fuse for a sell-off in the stock market by telling the world, “We have more work to do,” signaling additional rate hikes in 2023. A year-end “Santa Claus Rally” could still materialize,…

Chicago Tribune

Republicans map out their agenda on ESG and antitrust

The Republican Party’s majority in the House of Representatives will take office in January, and some members and committees have already started laying out their ESG agendas for the new Congress. Among those are members of the Judiciary Committee, who have indicated that they would like to understand better how…

Ballotpedia

The ESG investment craze might be over

ESG investments are coming under greater scrutiny, and some analysts say the acronym’s days are numbered.

Fortune

Voters approved 71% of constitutional amendments on the ballot in 2022

Welcome to the Friday, December 16, Brew.

Ballotpedia

Dept. of Labor ESG rule targeted by GOP Congressmen

The move is one of many steps top conservatives are taking to dismantle financial ESG policies.

Axios

GOP lawmakers accuse investment firms of breaking a law that prohibits divesting from oil and gas

At a senate committee hearing in Marshall, Texas Republican lawmakers accused investment firms of pulling back on fossil fuels, running afoul of a 2021 law that prohibits the state from contracting with or investing in companies that “boycott” oil, natural gas and coal companies.

The Texas Tribune

Vanguard announces exit from net zero climate investment alliance

On December 2, the Federal Reserve’s board of governors released its proposed rule on climate risks for big banks, including its proposed environmental stress tests. The board asked for public comments:

Ballotpedia

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Salon

Wall Street reneges on climate promises

Vanguard, the world’s second-largest asset manager, announced it is resigning from a global net-zero initiative

Tribune News Service

BlackRock facing more blowback over ESG as GOP pressure mounts

It’s been a tough couple weeks for BlackRock Inc., the world’s largest money manager, which endured fresh blows from Republican officials sharply critical of ESG.

Fortune

The largest asset manager in the world says we’re headed for a whole new economic regime characterized by these three major global shifts

BlackRock warned investors to expect a recession, persistent inflation, and an era that requires a more “nimble” approach in its 2023 Global Outlook this week.

Los Angeles Times

Michael Hiltzik: The GOP's war on green investing is bad for the climate — and investors

That was quite the bill of particulars that Mark Brnovich and Doug Peterson laid against BlackRock, the world's largest money management firm, back in August.

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Fortune

Pro-ESG and anti-ESG activist investors have more in common than you might imagine

They want companies to stay out of politics.

The Philadelphia Inquirer

Joseph N. DiStefano: 13 pro-fossil fuel states seek to block Vanguard utility buys, cite ties to green ‘activism’

Vanguard Group, the investment giant whose offices in Malvern, Pennsylvania, have been targeted by environmentalists demanding it pressure companies to stop burning carbon fuels, now faces backlash from states who say its efforts to address climate change threaten investment profits for pension funds and other clients.

The Guardian - UK

BlackRock CEO faces call to step down amid claims of hypocrisy

Hedge fund says company still too attached to fossil fuels as it promotes eco-conscious strategy

Ballotpedia

Florida divests from BlackRock

Last week, the state of Florida, at the direction of Governor Ron DeSantis (R) and State Chief Financial Officer (CFO) Jimmy Patronis, became the latest state to divest funds from BlackRock over its sustainability and ESG policies:

Fortune

Even BlackRock is too woke for Florida

The sunshine state's conservative CFO is pulling $2 billion of taxpayer assets from BlackRock for promoting environmental, social, and governance (ESG) principles.

Miami Herald

Florida pulls $2B from BlackRock, cites differences in investing philosophy

Florida will pull $2 billion from the largest asset-management firm in the world over ideological differences.

Fortune

3 takeaways on SBF, Mark Zuckerberg, and Larry Fink from DealBook’s buzzy Summit

The former FTX CEO took the lawyerly route, while the Meta chief blasted Apple and the BlackRock leader forecasted change in tech.

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