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Plenty of companies are reining in their rhetoric and in some cases action on issues such as sustainability and diversity. Over the past decade, many corporations have at least professed to take a more active role in social issues, under pressure from their customers and, more importantly, employees. After last year's Bud Light debacle, which was a real blow to its business, executives fear they'll be the next target of some anti-woke outcry. For the fourth quarter of 2020, 131 companies mentioned ESG, and 34 mentioned DEI or diversity and inclusion. This may be a great un-wokening, but maybe corporate America was actually never that committed to the idea in the first place.
Persons: Paul Polman, It's, Naomi Wheeless, Eventbrite, Donald Trump, Larry Fink, George Floyd's, ESG, Andrew Jones, there's, Bud Light, influencer Dylan Mulvaney, haven't, Philip Mirvis, Bud, they'll, they'd, Jones, it's, Fink, FactSet, — we're, wasn't, Alison Taylor, University's, we've, Roe, Wade, Taylor, isn't, Dylan Mulvaney, Bud Light's, Kenneth Pucker, Emily Stewart Organizations: Unilever, Unilever wasn't, Unilever isn't, Companies, Business, Sporting Goods, Conference Board's ESG, Morningstar, Babson, AIG, Amazon, ExxonMobil, University's Stern School of Business, Anheuser, Busch, Fletcher School, Tufts University Locations: Plenty, America, ESG, New, Charlottesville
In an interview with CNBC's Jim Cramer, BlackRock CEO Larry Fink expressed optimism about the next generation despite a looming retirement crisis. "I am bullish on these young people," Fink said. But Fink stressed the seriousness of the retirement crisis, echoing sentiments he wrote about in his annual letter to BlackRock shareholders. "No other force can lift more people from poverty or improve quality of life quite like capitalism," Fink wrote in his letter. Fink said investing is an essential part of helping people save enough money to live well when they stop working.
Persons: CNBC's Jim Cramer, Larry Fink, " Fink, Fink Organizations: BlackRock Locations: U.S
He said access to investing can help solve this conundrum, while also pondering if the expectation for everyone to receive Social Security benefits at age 65 has become archaic. Worsening the outlook is a Social Security system that's said it will not be able to pay full benefits by 2034. The 71-year-old believes the American retirement system has entered such a deep crisis that it has become a once-in-a-generation issue. That's because this both can benefit individuals and help ensure the long-term health of Social Security. Increasing lifespans create further difficulties when trying to improve the retirement system, Fink said.
Persons: Larry Fink, Fink, that's, it's, Organizations: BlackRock, Social, Census Bureau, Security, Social Security Locations: America, Ottoman Empire
Larry Fink, a kinetic photographer whose intimate black-and-white on-the-fly portraits of rural Pennsylvanians, Manhattan society figures, Hollywood royalty, boxers, musicians, fashion models and many others were both social commentary on class and privilege and an exuberant document of the human condition, died on Saturday at his home in Martins Creek, Pa. The cause was complications of kidney disease and Alzheimer’s disease, said his wife, the artist Martha Posner. Mr. Fink was a Brooklyn-born lefty whose early work, in the late 1950s, chronicled the second-generation Beats who were his cohort in the East Village, where he lived for a time, along with the jazz musicians he adored (he played the harmonica) and the protagonists of the civil rights and antiwar movements. But in the early 1970s he turned to overt social commentary, infiltrating the society benefits, debutante parties and watering holes of Manhattan’s privileged tribes and their hangers-on. He was fueled, he once wrote, both by curiosity and by his own rage at the privileged class — “its abuses, voluptuous folds, and unfulfilled lives.”
Persons: Larry Fink, Martha Posner, Fink, Locations: Manhattan, Martins Creek, Pa, Brooklyn, East
NEW YORK (AP) — Larry Fink, an acclaimed and adventurous photographer whose subjects ranged from family portraits and political satire to working class lives and the elite of show business and Manhattan society, has died at 82. Robert Mann, owner of the Robert Mann Gallery, told The Associated Press that Fink died Saturday at his home in Martins Creek, Pennsylvania. Mann did not cite a specific cause of death, but said that Fink had been in failing health. “Of course the revolution didn't quite get there so I was left with a career,” he told Blind Magazine in 2021. Fink's survivors include his second wife, the artist Martha Posner, and a daughter, Molly, from his marriage to painter Joan Snyder.
Persons: — Larry Fink, Robert Mann, Fink, Mann, ” Mann, , Robert Frank, Ansel Adams, Larry, , Fink's, Meryl Streep, Natalie Portman, Kate Winslet, George W, Bush, John Simon Guggenheim, Lisette, Martha Posner, Molly, Joan Snyder Organizations: Associated Press, Museum of Modern, The, Times, Whitney Museum, Philadelphia Museum of Art, Blind Magazine Locations: Manhattan, Martins Creek , Pennsylvania, Long, Martins Creek, The New York, Martin, Greenwich, New York City
The money management giant is looking for a new Washington, DC-based head of US government affairs and public policy as well as a new head of state government affairs, wrote John Kelly, BlackRock's global head of corporate affairs, in a previously unreported company memo last week. The overhaul, which includes reshuffling positions and a renamed government affairs and public policy group, reflects the tremendous pressure BlackRock is under in the public eye. Reshaping the key policy groupA string of roles in the public policy group are changing to meet this new reality. The firm's public policy group has about 40 people, some 25 of whom are on Cound's team focused on international policy. Novick launched the firm's public policy efforts in 2009.
Persons: John Kelly, BlackRock's, Kelly, BlackRock, Larry Fink, Fink, Samantha DeZur, Joanna Cound, Rachel Barry, Kate Fulton, Bryan Wood, Barbara Novick, Rob Kapito, Susan Wagner, Novick, Sheila Kindig, Jim Badenhausen, Kindig Organizations: BlackRock, Business, Republican Party, Texas Republicans, Bloomberg Locations: BlackRock, Washington, DC, Florida , Texas , Louisiana, South Carolina
Reuters GraphicsTIPPING THE SCALESThe shift to low-fee products helped BlackRock’s assets under management swell to more than $9 trillion at the end of September. BlackRock’s history with Blackstone means a reunion with Stephen Schwarzman’s $110 billion firm is a persistent Wall Street rumor. BlackRock’s funds operate under a single name, so uniting with Carlyle (CG.O) or Apollo Global Management (APO.N) would pose a branding challenge. Fink might covet MSCI (MSCI.N), the $38 billion firm which aggregates many of the benchmarks tracked by BlackRock’s ETFs. Given Fink’s long record of pulling off opportunistic and transformational deals, it would be foolish to bet against him springing one last surprise.
Persons: Larry Fink, Fink, Merrill, Rowe Price, Janus Henderson, Blackstone, Stephen Schwarzman’s, Carlyle, covet, MSCI, Michael Bloomberg, doesn’t, LSEG –, Peter Thal Larsen, Thomas Shum, Streisand Neto Organizations: CNBC, New York Stock Exchange, Reuters, BlackRock, Blackstone, Barclays Global Investors, Credit Suisse, UBS, nab, Graphics, Apollo Global Management, London Stock Exchange, Thomson Reuters, New, Bloomberg, Wall Street, New York Times, LSEG – Bloomberg, Thomson Locations: New York City, U.S, BlackRock, Boston, Swiss, New York, United States
BlackRock’s Larry Fink squares off with Uncle Sam
  + stars: | 2023-10-13 | by ( ) www.reuters.com   time to read: +2 min
Laurence Fink, founder and chief executive officer of BlackRock, Inc. speaks during the Reuters Global Investment Outlook Summit in New York, U.S., November 13, 2017. REUTERS/Lucas Jackson Acquire Licensing RightsNEW YORK, Oct 13 (Reuters Breakingviews) - BlackRock (BLK.N) calls every dollar it manages a “unit of trust” expressed by clients. The trouble for the investing behemoth led by Larry Fink is that there’s an increasingly reliable custodian of such assets these days: Uncle Sam. Even so, $644 billion has crowded into retail money-market funds this year, crimping BlackRock’s all-important stock portfolios. Fink has been bulking up in infrastructure, credit and other investments that are harder to trade, but which also generate higher fees.
Persons: Laurence Fink, Lucas Jackson, , Larry Fink, Uncle Sam, Fink, crimping, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: Inc, Reuters Global Investment, REUTERS, Reuters, BlackRock, Graphics, Treasury, X, Infosys, Thomson Locations: BlackRock, New York, U.S, Europe
6 Podcasts for the Spooky Season
  + stars: | 2023-10-03 | by ( Emma Dibdin | ) www.nytimes.com   time to read: +2 min
There’s an adage about horror movies, often attributed to Alfred Hitchcock: What you don’t see is more frightening than what you do. This makes audio dramas excellent vehicles for the horror genre, because the absence of visual storytelling forces listeners to fill in the gaps. Starter episodes: “Omelet”Have you ever read the Wikipedia page for a horror movie you’re interested in, but too afraid to watch? You’re not alone — this one-degree-removed method of horror consumption is common, and it’s the linchpin of this fun and addictive recap podcast. Sammy Smart is a horror aficionado who watches the movies so her more fearful co-hosts, Emily Gonzalez and Henley Cox, don’t have to.
Persons: Alfred Hitchcock, Joseph Fink’s enthralling, Fink, , , Alice Isn’t, Jasika Nicole, “ Alice Isn’t, You’re, Sammy Smart, Emily Gonzalez, Henley Cox, Jordan, Ari Aster’s “, Nicolas Cage, — Gonzalez, Cox, Smart Organizations: Vale
For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business. So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy. It’s the latest example of the increasingly difficult situation Mr. Fink finds himself in: His championing of E.S.G. has drawn accusations of “woke” capitalism from the right while his embrace of energy companies has upset those on the left. The political blowback has made it more challenging for Mr. Fink to do his day job of finding new sources of money that BlackRock — which oversees $9 trillion in assets — needs to drive growth and keep shareholders happy.
Persons: Larry Fink, Amin Nasser, Fink, , Giuseppe Bivona, Fink’s, Organizations: BlackRock, Aramco, Bluebell Locations: America, London
There's a paradox about applying for jobs: You need experience to get the job, but in many cases, you need the job to get experience. But it hasn't been easy, since most of his work experience has taken place in a pool, not an office. As a result, when he set out on a job hunt, he was bound to encounter the employment experience paradox. He says he entered the candidate pool "with a resume that's not very robust when it comes to real-world engineering experience." But Fink managed to land a job at Quanta Utility Engineering Services, where he has worked as an assistant project manager since March.
Persons: Nic Fink, Fink Organizations: U.S ., CNBC, University of Georgia, Georgia Institute of Technology, Services
Parts of Europe and the southern United States are expected to experience record-breaking highs, with consequences for human health and economic activity. As China faces sweltering heat, John Kerry, the U.S. climate envoy, met with the country’s premier to urge cooperation in fighting climate change. Microsoft and Activision reportedly plan to extend a deadline for their deal. The Competition and Markets Authority, which had previously moved to block the transaction, has set an Aug. 29 deadline for the talks. Under new rules negotiated by the Treasury Department, American businesses now have until 2026 before other countries can start imposing new levies on corporations deemed to have paid too little in the United States.
Persons: Fink, Jamal Khashoggi, John Kerry, isn’t, Elizabeth Warren, Tesla, Elon Musk, Biden Organizations: Investment Initiative, Northern, Microsoft, Activision, Bloomberg, The, Markets Authority, Massachusetts Democrat, Elon, Twitter, Treasury Department Locations: Saudi, Europe, United States, China, U.S, Massachusetts
"BlackRock has posted industry-leading organic growth over the last year while most of our competitors are experiencing persistent outflows," a company spokesperson told Insider. I criticize the way they defended it," Seifert told Insider. "Given no mortal can fill Larry's shoes, there is a high risk they pick some Jeff Immelt equivalent," Keeley told Insider. Fink chose to make his letters public, which leads to concerns that Fink wrote them as a PR exercise. However, the most effective engagement is typically private," Edmans told Insider.
Persons: Larry Fink, It's, Fink, hasn't, Larry, BlackRock, BlackRock's, Terrence Keeley, , it's, Ron DeSantis, GIORGIO VIERA, Erik McGregor, Keeley, They're, Cathy Seifert, Seifert, Rob Kapito, Mark Wiedman, Martin Small, Rachel Lord, Susan Wagner, Jack Welch, Jeff Immelt, Welch, Electric's, Immelt, Tim Buckley, Abby Johnson, Ron O'Hanley, Jamie Dimon, Alex Edmans, Edmans, Michael M, he's, I've, Rob Organizations: BlackRock, Republicans, GOP, Bloomberg, CNBC, Florida Gov, Getty, UBS, Environmental, CFRA Research, Company, JPMorgan, Citi, GE, Vanguard, Fidelity, London Business School Locations: BlackRock, Texas, Florida, Fink
Around the office, at his Atlanta-based engineering job, Nic Fink's coworkers call him "The Fish." It's an apt nickname for the 30-year-old who moonlights as a swimmer on the U.S. national team and has competed at Olympic tournaments. But for the average 9-to-5 worker, adding in a professional swim training schedule might seem nearly impossible — at least, without barreling toward burnout. Here are two tips he keeps in mind to make it happen:'There is time for everything'Fink typically starts his day at 5:30 a.m. to make it to his two-hour morning swim training. As he ping-pongs from the pool to the office back to the pool, Fink relies on to-do lists and strict scheduling to keep himself organized.
Persons: Nic Fink's, Fink, Melanie Margalis, Fink's, It's Organizations: U.S ., CNBC, Georgia Institute of Technology, U.S, Georgia Tech Locations: Atlanta, what's
July 14 (Reuters) - BlackRock Inc (BLK.N), the world's biggest asset manager, handily beat second-quarter profit estimates but showed a slowdown in money inflows, sending shares down about 2%. Net inflows for the quarter were $80 billion, down from $89.6 billion a year ago and $110 billion in the first quarter, amid heightened economic uncertainties. "The firm's flow mix remains skewed toward lower fee strategies, which continue to weigh on organic base fee growth," Goldman Sachs said in a note to clients. Citigroup described the results as "a bit of a mixed quarter," given BlackRock's profit beat but lower-than-expected inflows. Shares in BlackRock are up 2.85% this year, underperforming the S&P 500 index (.SPX), which is up almost 18%.
Persons: Refinitiv IBES, Kyle Sanders, Edward Jones, Goldman Sachs, BlackRock, Larry Fink, Fink, Martin Small, Jaiveer Singh, Chizu Nomiyama, Mark Potter, Anna Driver Organizations: BlackRock Inc, BlackRock, Citigroup, CNBC, Thomson Locations: New York, BlackRock, Bengaluru
Not surprisingly, Mr. Buffett has become a target for progressive institutional investors. (A resolution calling for Mr. Buffett to step down as board chairman, though not as C.E.O., fared the worst.) CalPERS, which manages retirement funds in California, demands that Berkshire publish an annual “assessment” on how it manages climate risks. (This is a good place to note: I’m not only a Warren Buffett biographer, I’m also a long-term Berkshire stockholder.) Mr. Buffett was the son of a conservative Republican who served four terms in Congress.
In payments, specifically, its made progress via Apple Pay, the Apple Wallet, and the Apple Card. On Monday, Apple took another step deeper into financial services, announcing the launch of a high-yield savings account (4.15%) via its Apple Card. And now, as Goldman tries to salvage what's left of its consumer dreams, Apple continues to roll on. What's not clear, though, is what type of terms Goldman gets for serving as the back-end partner partner. Click here to read more about the top eight executives shaking up payments, including a key leader at Apple Pay.
Insider's Carter Johnson has a story on one executive whose profile continues to rise: Jamie Dimon. Carter's story got me thinking: Who's the most powerful person in finance? Warren Buffett: Before you jump down my throat, realize this is a list of the most powerful people in finance not on Wall Street. Place your vote here — or name someone else — for who you think is the most powerful person in finance. The bank was hit with a nearly $100 million fine for letting a foreign bank make prohibited transactions, The Wall Street Journal reports.
"There are no material changes in our approach to these themes, and our engagement with companies will continue the dialogue on material risks and opportunities relevant to their business models and sectors that we had in 2022," it said. It said that environmental issues it would consider include "water use, land use, waste management and climate risk." The statements were in line with recent comments by BlackRock Chief Executive Laurence Fink in his recent annual letter. Fink said BlackRock has been vocal in seeking company disclosures about their plans to navigate the energy transition, but that "it’s not our place to be telling companies what to do." Reporting by Simon Jessop in London and by Ross Kerber in BostonOur Standards: The Thomson Reuters Trust Principles.
Laurence "Larry" Fink, chairman and chief executive officer of BlackRock Inc., pauses as he speaks during the BlackRock Asia Media Forum in Hong Kong, China. Justin Chin | Bloomberg | Getty ImagesAsset managers like BlackRock are not "the environmental police," Larry Fink said in his annual chairman's letter to investors, which was published on Wednesday. In fact, it's hard to find a part of our ecology – or our economy – that's not affected," Fink wrote. Blackrock has customers who want to invest in the energy transition and others who do not, Fink said, and Blackrock serves both types. BlackRock is investing in natural gas pipelines, with efforts made to mitigate methane emissions from those natural gas pipelines, Fink said.
BlackRock CEO Larry Fink issued a somber warning on the state of the financial markets, saying the banking crisis brought on by the collapse of Silicon Valley Bank could spread, but it was too early to determine. The financial sector continued to be under pressure Wednesday and concerns have spread beyond regional banks. Shares of Credit Suisse, a Swiss Bank that has large U.S. and global operations, tumbling more than 20% to another all-time low. Saudi National Bank, Credit Suisse's largest investor, reportedly said it could not provide any more funding. "These dramatic changes in financial markets are happening at the same time as equally dramatic changes in the landscape of the global economy – all of which will keep inflation elevated for longer," Fink said.
BlackRock CEO Larry Fink has named executive Willie Alford as his new chief of staff. Sarah Schaffer, an executive and Fink's prior chief of staff, will take on a new role at BlackRock. This may be especially true if you worked directly with Larry Fink, the firm's chief executive and among the most powerful people on Wall Street. Fink's chief of staff position has vaulted executives into new heights. A more common C-suite roleThe chief of staff role has taken off across corporations and beyond the position's roots in government and military operations.
Dec 9 (Reuters) - North Carolina's state treasurer on Friday called for BlackRock Inc (BLK.N) Chief Executive Laurence Fink to resign or be removed from the top asset management firm, citing its focus on sustainable investing, but said public assets will stay with the firm. A division of Folwell's office, the North Carolina Retirement Systems (NCRS), has about $14 billion invested through BlackRock. A focus on ESG is not a focus on returns," the statement said. Meanwhile, Democratic officials and investors want BlackRock and other companies to come to terms with issues like climate change or workforce diversity. Earlier this week, small activist hedge fund Bluebell Capital Partners also sought Fink's departure over the company's ESG efforts.
Larry Fink, Chairman and C.E.O. of BlackRock arrives at the DealBook Summit in New York City, November 30, 2022. David Dee Delgado | ReutersLONDON — BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company's alleged "hypocrisy" on its environmental, social and governance (ESG) messaging. However, in a letter to Fink dated Nov. 10, shareholder Bluebell expressed concern about the "reputational risk (including greenwashing risk) to which BlackRock under the leadership of Larry Fink have unreasonably exposed the company." The company remains a major shareholder in the likes of Glencore and "coal intensive miners" Exxaro, Peabody and Whitehaven, Bivaro's letter to Fink on Nov. 10 noted.
Giuseppe Bivona and Marco Taricco, Bluebell's partners, wrote to Fink, saying they want someone else to run the company. Bluebell was founded in 2019 and has taken on companies including GlaxoSmithKline, Glencore, Vivendi and Danone, where it engineered the ouster of former CEO Emmanuel Faber. "Fink clearly has political ambitions because it is not his job as chief executive of BlackRock to dictate energy policy,” Bivona told Reuters in an interview. BlackRock did not support Bluebell's campaign to oust the CEO of chemical company Solvay or at Leonardo SpA (LDOF.MI), where Bluebell wanted to promote a liability action against the CEO. A BlackRock spokesman said it did not "support Bluebell's campaigns as we did not consider them to be in the best economic interests of our clients."
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