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The Latest Breaking News from BlackRock

Fed rate hikes, recession fears and political backlash leave ESG investors at a crossroads

The Federal Reserve raised interest rates again on May 3, 2023, by a quarter point, making it the Fed’s 10th rate hike since March 2022 in an ongoing fight to tame inflation. These rate hikes have been reverberating through the economy, raising prospects of a recession amid heightened concerns about…

The Conversation

First Thing: 20,000 Russian troops killed in eastern offensive failures, says US

Russian casualties mark acceleration even when compared with first days of the war, says White House national security council spokesperson. Plus, all the coverage from the Met Gala

The Guardian - UK

Green investment funds pushing money into fossil fuel firms, research finds

BlackRock and L&G among asset managers using funds with ESG label to invest in coal, oil and gas

The Guardian - UK

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Fashion House Smcp’s Bondholders Expect Initial Bids for Their Stake by Mid-may - Sources

Bondholders in French fashion group SMCP (SMCP.PA), the owner of labels such as Sandro and Maje, are expecting first-round, non-binding bids for their 37% stake in the company by mid-May, said two people with knowledge of the transaction. The bondholders, which include asset manager BlackRock and private equity firm Carlyle…

Asharq Al-Awsat

They wield huge power over your day-to-day life, without consent or oversight. Who are they? Asset managers

We need to shine a spotlight on the acquisition of such basics as housing, schools and water networks, says Brett Christophers, a professor of economic geography

The Guardian - UK

Finance companies ‘may make $30bn’ by delaying debt relief for five countries

Exclusive: Debt Justice says hardline stance is preventing progress on alleviating poverty

The Guardian - UK

Earnings Season Will be a Test for Tech Stock Rally

This year’s rally of more than +20% in with the Nasdaq 100 Stock Index ($IUXX ) (QQQ ) will be tested by results from the Q1 earnings season that begins later this week. Technology stocks rallied sharply in Q1 as investors rotated out of financial stocks amid the turmoil in...

Barchart

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Pension reform protesters briefly invade Paris BlackRock building

Dozens of trade unionists railing against French President Emmanuel Macron's pension overhaul briefly invaded the central Paris building in which U.S.-based investment firm BlackRock has an office, chanting slogans and setting off firecrackers.

Reuters

No, BlackRock is not leading a Marxist assault on capitalism

Five years ago it would have been unimaginable, but today there is a global movement convinced the world’s largest corporations are engaging in stealth warfare to transform liberal democracies into neo-communist dictatorships.

The Conversation

Economy and Society, April 4, 2023: Ballotpedia launches database of asset management companies that contract with state pensions

Economy and Society is Ballotpedia’s weekly review of the developments in corporate activism; corporate political engagement; and the Environmental, Social, and Corporate Governance (ESG) trends and events that characterize the growing intersection between business and politics.

Ballotpedia

Adani group officials met Pimco, BlackRock for potential private bond placement

MUMBAI: Adani group executives met US investors, including from BlackRock Inc, Blackstone Inc and Pacific Investment Management Co, as part of its plans to market privately placed bonds for some of its group companies, according to people familiar with the matter.

The Times of India

Does Elon Musk Now Have Fewer Tesla Shares Than Index Funds?

Elon Musk spent much of 2022 selling off Tesla stock, though he remains the company’s largest individual stakeholder. However, many firms have plenty of shares.

InsideEVs

BlackRock CEO Larry Fink walks tightrope on climate investing

In his annual letter, Fink places climate change as a somewhat lower priority than in year's past.

Axios

BlackRock's Larry Fink sees the possibility of a broader banking crisis on the horizon: 'Are the dominoes starting to fall?'

Larry Fink, chief of the largest asset managers in the world, compared the SVB fallout to a "slow rolling crisis" similar to the Savings and Loan crisis.

Fortune

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The Guardian - UK

SVB collapse may be start of ‘slow-rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise

Fortune

World’s largest asset manager warns Fed may not stop hiking until rates hit 6%

Should BlackRock’s prediction prove true, borrowing costs would hit their highest level since 2001.

Axios

Conservative group takes anti-ESG campaign to the next level

It calls ESG an "existential threat to our liberty."

Ballotpedia

Congress rejects ESG in retirement plans

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Tribune News Service

Texas’ next ESG target will be insurers: ‘We’re gonna teach them some manners’

Texas’ fight against environmental, social and corporate governance policies may soon expand to another front: insurance companies.

The New Daily

Michael Pascoe: Paying dearly for dud management

A funds management company with less gall would be embarrassed to charge fees for what BlackRock has done to its clients.

Ballotpedia

House to vote this week on Department of Labor’s ERISA/ESG rule

Fox News reported on February 24 that the U.S. House will vote this week on a measure opposing the Labor Department’s rule allowing ESG consideration in ERISA-governed retirement funds:

The Conversation

The American right has gone to war with 'woke capitalism' – here's what they get wrong

Ron DeSantis, Florida’s Republican governor and likely future presidential contender, has opened up a new front in his party’s war on “woke capitalism”. He is proposing to change the rules around how public bodies within Florida borrow from the markets by issuing bonds.

Fortune

This week in the metaverse: BlackRock's new ETF, Titanic artifacts as NFTs, and a Snow Crash Sotheby’s auction

The new BlackRock ETF invests in a bundle of public companies, including Meta, Nvidia, and Apple.

Capital & Main

Colorado Lawmakers Eye Climate-Friendly Pension Reform

If OK'd, measure would be the first nationwide to require climate impact analysis in investment decisions.

The Texas Tribune

Texas’ teacher pension fund divested from investment firms accused of “boycotting” oil and gas industry

The Teacher Retirement System of Texas was following a new state law targeting investment firms that seek to invest in companies that don’t worsen climate change.

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