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The Latest Breaking News from BlackRock

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

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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

Wall Street reneges on climate promises

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

Salon

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.

Tribune News Service

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.

Fortune

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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.

Los Angeles Times

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

They want companies to stay out of politics.

Fortune

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 Philadelphia Inquirer

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

The Guardian - UK

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:

Ballotpedia

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.

Fortune

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.

Miami Herald

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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.

Bangkok Post

FTX missing billions remain a mystery

Mystery continues to shroud the missing billions at the bankrupt crypto exchange FTX after its disgraced founder Sam Bankman-Fried denied trying to perpetrate a fraud while admitting to grievous managerial errors.

Fortune

BlackRock's Fink predicts most crypto firms will go under

BlackRock CEO Larry Fink thinks that most crypto companies won't survive in the wake of Bankman Fried's FTX collapse.

Fortune

Aging boomers are making it harder to tame inflation

Older Americans aren’t returning to the workforce, and that has major implications for inflation and the U.S. economy long term.

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The Guardian - UK

Revealed: more than 70% of English water industry is in foreign ownership

Guardian unpicks complex web of investment firms, wealth funds and tax haven-based businesses that own most of sector

The Guardian - UK

‘You’ll have to talk to the UK staff’: can global water investors be held to account?

Will Malaysia’s YTL, US-based BlackRock and Hong Kong’s CK Hutchison Holdings answer questions about environmental damage?

Newcastle Herald

'Why can't we reuse them?': Stokes promotes mine rehab for development

"Sure we rehabilitated, but we rehabilitated them for new use. We didn't rehabilitate them for no use whatsoever.

Kiplinger

How to Find the Best Growth Stocks

Growth stocks can create significant returns for investors, but what are they and how do you find the best ones? We take a closer look here.

The Guardian - UK

Major funds exposed to companies allegedly engaged in Uyghur repression in China

Report finds stock indexes provided by MSCI include companies using forced labour or constructing surveillance state in Xinjiang

Ballotpedia

Midterm results could strengthen state opposition to ESG

Republican midterm gains could strengthen state opposition to ESG according to Roll Call

ABC News

Andrew Forrest pledges $744 million towards rebuilding Ukraine, aims to attract investors

The mining magnate invests in a fund that will pour money into primary infrastructure, including energy and communications, in the country.

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