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The Latest Breaking News from BlackRock

The right's anti-ESG crusader

Vivek Ramaswamy is vying to be the anti-BlackRock — and wants state pensions to work with him instead.

Axios

How Wall Street’s fossil-fuel money pipeline undermines the fight to save the planet

Big banks and investment firms have joined the ranks of companies making "net-zero" pledges. But their huge stakes in oil and gas projects are undermining their climate promises.

Fortune

Montana governor announces ban on ESG considerations in state investments

The office of Montana Gov. Greg Gianforte (R) released the following statement on January 18 announcing that Montana has joined several other states in prohibiting non-financial considerations, including considerations related to ESG, in the state’s investments:

Ballotpedia

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Davos 2023: Ukraine courts cash for post-war rebuild now, not later

As Ukraine attempts to secure more modern arms from its allies, it has stepped up a parallel effort to lock in financial support from business leaders in Davos to help rebuild the country.

Reuters

Keir Starmer to invoke Blair as he tells Davos the UK is ‘open for business’

Labour leader to meet bosses of Goldman Sachs, Morgan Stanley, JP Morgan and BlackRock

The Independent UK

Larry Fink, the face of ESG, says ‘the attacks are now personal’ for the first time in his career. ‘They are trying to demonize issues.’

“It’s hard—because it’s not business anymore, they’re doing it in a personal way,” Fink said at the World Economic Forum in Davos.

Fortune

Democrats push back against the ESG pushback

In response to House Republicans’ plans to use their new majority to investigate the ESG movement, three Democratic senators penned an op-ed accusing their GOP colleagues of overstepping. The three senators—Sheldon Whitehouse (D-R.I.), Brian Schatz (D-Hawaii), and Martin Heinrich (D-N.M.)—also accused Republicans who oppose ESG of being anti-capitalist:

Ballotpedia

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Bank of America tops stakeholder capitalism rankings

Under Brian Moynihan, the bank has increased the minimum wage, expanded parental leave, and avoided layoffs.

Fortune

The 50 best UK companies to work for in 2023

Employment website Glassdoor has put together its list of the top businesses in the country to work for this year

Birmingham Post

Kentucky Threatens To Divest From 11 Banks Over Environmental And Social Policies

Kentucky State Treasurer Allison Ball (R) notified 11 banks that their ESG policies had harmed the state’s economy.

Zenger

ASX rallies to five-week high on hopes US inflation numbers will show rate rises working — as it happened

The ASX and Wall Street rally as investors hope that US inflation has cooled and will prompt the Fed to scale back its interest rate rises. Look back on the day's events and insights from our business reporters on the ABC News live markets blog.

ABC News

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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Salon

The GOP war on green investing

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

Ballotpedia

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.

Financial Times

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

Tribune News Service

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.

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Chicago Tribune

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,…

Ballotpedia

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…

Fortune

The ESG investment craze might be over

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

Ballotpedia

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

Welcome to the Friday, December 16, Brew.

Axios

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.

The Texas Tribune

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.

Ballotpedia

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:

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