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BlackRock Gets Green Light to Start Offering Mutual Funds in China
  + stars: | 2021-06-11 | by ( Quentin Webb | ) www.wsj.com + 0.00   time to read: +2 min
BlackRock, the world’s largest money manager with $9 trillion in assets under management as of end-March, has made expansion in China a priority. It secured a nod from the China Securities Regulatory Commission last August to establish the mutual-fund business, which is now permitted to begin selling funds. “We look forward to sharing our global investment expertise and offering more differentiated investment solutions to Chinese investors,” BlackRock Chairman and Chief Executive Larry Fink said in a statement Friday. BlackRock’s Shanghai-based unit, BlackRock Fund Management Co., now has six months to launch its maiden fund for individual investors, a spokeswoman said. This and future funds are likely to be sold through traditional mutual-fund distribution channels in China, which include banks and brokerages, she added.
Persons: Larry Fink, Rachel Lord, BlackRock’s, , , Goldman Sachs, Dawn Lim, Quentin Webb Organizations: BlackRock Inc, New, JPMorgan Chase &, Goldman Sachs, Inc, BlackRock, China Securities Regulatory, ” BlackRock, Fidelity International, JPMorgan, BlackRock’s, BlackRock Fund Management Co, Asia, China Construction Bank, Temasek . Wealth, Industrial, Commercial Bank of China Ltd Locations: New York, China, Washington, Beijing, U.S, BlackRock’s Shanghai, BlackRock, Asia Pacific, Singapore
BlackRock becomes first to operate wholly owned China mutual fund biz
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -0.97   time to read: +2 min
REUTERS/Carlo AllegriBlackRock Inc (BLK.N) has become the first global asset manager licensed to start a wholly owned onshore mutual fund business in China, as the government opens up the country's $3.5 trillion mutual fund industry. China scrapped foreign ownership caps in its mutual fund and securities sectors on April 1, 2020, under a Sino-U.S. trade deal. Several global asset managers, including Neuberger Berman, Schroders PLC (SDR.L) and Fidelity International, have also applied to set up wholly owned mutual fund businesses in China. read moreStill, China's mutual fund market is likely to triple to 60 trillion yuan ($8.75 trillion) in a decade, forecast Shanghai-based fund consultancy Z-Ben Advisors. The New York-headquartered firm also owns a minority stake in a mutual fund venture with Bank of China Ltd (601988.SS).
Persons: Carlo Allegri, Larry Fink, Neuberger Berman, Ben, Peter Alexander, BlackRock's, China Tony Tang Organizations: REUTERS, Carlo Allegri BlackRock Inc, China Securities Regulatory Commission, BlackRock, Schroders PLC, Fidelity International, Vanguard Group, Ben Advisors, Bank of China Ltd, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Shanghai, The New York
The largest asset manager explained those strategies and others during its investor day. BlackRock detailed its plans to grow in Asian markets, build up its alternative investments business, and expand its already massive iShares exchange-traded fund business in its first investor day since 2018 on Thursday. During the three-hour investor day presentation, the firm emphasized that clients are increasingly looking to work with fewer asset managers. "The whole portfolio wraps up everything else in our strategy," Wiedman said. Here are selected slides and other key points from BlackRock's investor day.
Persons: Larry Fink, Mark Wiedman, Wiedman Organizations: BlackRock, Aladdin Locations: New York, BlackRock
BlackRock's Fink says has no plans to leave, but firm in "good hands"
  + stars: | 2021-06-10 | by ( ) www.reuters.com + 1.00   time to read: 1 min
BlackRock Inc's (BLK.N) chief executive Larry Fink told investors at the asset manager's investor day on Thursday that he has no plans to leave the firm anytime soon, but is confident that when he does it will be "in good hands." Fink, who is chairman and chief executive, founded BlackRock in 1988 along with seven partners, according to the firm's website. BlackRock executives also detailed during the presentation the firm's push into private market investments, which recorded 18% revenue growth for the company last year. Our Standards: The Thomson Reuters Trust Principles.
Persons: BlackRock, Larry Fink, " Fink Organizations: BlackRock, Thomson
BlackRock outlines investment push into private markets
  + stars: | 2021-06-10 | by ( Kate Duguid | ) www.reuters.com + 0.99   time to read: +2 min
Larry Fink, Chief Executive Officer of BlackRock, takes part in the Yahoo Finance All Markets Summit in New York, U.S., February 8, 2017. REUTERS/Lucas JacksonBlackRock Inc (BLK.N), the world's largest asset manager, is pushing more aggressively into private market investments, the firm detailed at an investorpresentation on Thursday. BlackRock, in its investor day presentation on Thursday, said alternative investments - including private equity, real estate, hedge funds and venture capital - can offer a market-beating edge. Private market investments recorded 18% revenue growth for the company last year, twice the rate of the broader industry. A spokesperson for BlackRock said this has picked up momentum since the firm in May received a license in China for a majority-owned wealth management venture, the country's fast-growing asset management market.
Persons: Larry Fink, Lucas Jackson, Joe Biden's, Fink Organizations: Yahoo Finance, REUTERS, Lucas Jackson BlackRock Inc, BlackRock, CNBC, Thomson Locations: New York, U.S, BlackRock, China
BlackRock, the largest money manager, is an increasingly influential player in Washington, DC. BlackRock, the world's largest investment manager, has become an increasingly influential Wall Street player in Washington, DC as a poster child of the revolving door between finance and politics. Former BlackRock investment executive Brian Deese leads Biden's National Economic Council, effectively serving as his top advisor on economic matters. BlackRock controls $9 trillion, making it the largest money manager in the world. BlackRock Chief Executive Larry Fink was reportedly under consideration by 2016 presidential candidate Hillary Clinton to run the Treasury Department.
Persons: Joe Biden's, Brian Deese, Biden, Wally, Adeyemo, Larry Fink, Michael Pyle, Obama, Kamala Harris, Goldman Sachs, BlackRock isn't, Read, it's, Fink, Robert Kapito, Barbara Novick, BlackRock's, Larry Fink's, Aladdin, Deese, Barack Obama, Pyle, Thomas Donilon, Mike, Biden's, BlackRock, Dalia Blass, Blass, Coryann Stefansson, FMA, that's, Bear Stearns, Chuck Grassley, Morningstar, , Hillary Clinton, David Rubenstein, I've, I'm, Merrill Organizations: BlackRock, Washington , DC, Insider Finance, New, Economic Council, Treasury Department, Wall, Aladdin, Financial Times, Street Global Advisors, Apple, Microsoft, National Economic Council, Management, State, Securities and Exchange Commission, Federal Reserve Board, Federal Reserve Bank of New, BlackRock's Financial, LinkedIn, Federal Reserve, Federal, Federal Reserve Bank of New York, Bear, AIG, Republican, New York Times, Fidelity, Vanguard, Exxon, DC, Barclays Global Investors, Barclays, Merrill Lynch Investment Management, Biden Locations: Washington ,, BlackRock, Washington, New York, China, Federal Reserve Bank of New York, California, eFront
Column: Inflation warnings are mostly 'just in case'
  + stars: | 2021-06-09 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
LONDON (Reuters) - As grandees of the investment world fall over themselves to warn of long-absent inflation up ahead, financial markets appear ever calmer about the risks of that new regime unfolding. Echoing that mantra from major central banks, the World Bank on Tuesday said the 1% jump in world inflation forecast for this year wouldn’t warrant a policy change as long as inflation expectations stay under wraps. For all their eye-catching red flags, investment banks are just hedging their bets to some degree. Deutsche Bank’s economists this week said their central scenario was that the inflation resurgence would be temporary and benign. Given the scale of debt accumulated during the pandemic, “neglecting inflation leaves global economies sitting on a time bomb.”Others already have a new inflation regime as a base case.
Persons: Lucy Nicholson, , it’s, , Jim Wood, Smith, Reagan, Volcker, ” Deutsche’s David Folkerts, Landau, Peter Hooper, Jim Reid, Pascal Blanque, Amundi, Larry Fink, Morgan Stanley Organizations: REUTERS, United, Federal Reserve, World Bank, Hawksmoor Investment Management, Deutsche, BlackRock, U.S, CPI Locations: Beverly Hills , California, U.S, United States
COLUMN-Inflation warnings are mostly 'just in case' :Mike Dolan
  + stars: | 2021-06-09 | by ( Mike Dolan | ) www.reuters.com + 0.00   time to read: +6 min
Thursday will likely see the United States record the highest consumer price inflation rate in 13 years - just shy of 5% - and the fastest rate since 1993 if food and energy prices are cut out. Echoing that mantra from major central banks, the World Bank on Tuesday said the 1% jump in world inflation forecast for this year wouldn’t warrant a policy change as long as inflation expectations stay under wraps. For all their eye-catching red flags, investment banks are just hedging their bets to some degree. Deutsche Bank’s economists this week said their central scenario was that the inflation resurgence would be temporary and benign. And sub-2.5% inflation expectations over 5- and 10-year bond market horizons show that current CPI prints are still seen as a blip over time.
Persons: , it’s, , Jim Wood, Smith, Reagan, Volcker, ” Deutsche’s David Folkerts, Landau, Peter Hooper, Jim Reid, Pascal Blanque, Amundi, Larry Fink, Morgan Stanley Organizations: Reuters, LONDON, United, Federal Reserve, World Bank, Hawksmoor Investment Management, Deutsche, BlackRock, U.S, CPI Locations: United States
LONDON (Reuters) - For Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Andrew Bailey, Larry Fink, Mike Hutchings, Bailey, , Fink, Silvia Dall’Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: Bank of England, REUTERS, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment Locations: BlackRock, South Africa, Europe, Federated, French
REUTERS/Mike Hutchings/File PhotoFor Bank of England chief Andrew Bailey, tackling climate change carries inflation risks if you do too little, too late. Set against that, however, is both the possibility that climate change policy could actually lower prices for certain goods and services and the risk that doing nothing at all could spur other inflationary pressures tied to faster climate change. Vulnerable developing economies have for years felt the impact of climate change on their farming and other sectors. Now, rich economies are starting to see price challenges linked to weather events and climate change policy, according to Katharine Neiss, chief European economist at PGIM Fixed Income. Ultimately, the climate challenge implies massive changes for the global economy either way - and rising inflation may be the least of our worries.
Persons: Mike Hutchings, Andrew Bailey, Larry Fink, Bailey, Fink, Silvia Dall'Angelo, Christine Lagarde, Jerome Powell, Katharine Neiss, Wei Li, Jean Pisani, Nicholas Stern Organizations: REUTERS, Bank of England, BlackRock, Glasgow, United Nations, Reuters, Financial, Federated Hermes, Central Bank, OUR, Federal Reserve, Global Chief Investment, BlackRock Investment, Thomson Locations: South Africa, Europe, Federated, French
Asset managers are now increasing comp and engaging in bidding wars to change that, the firm said. More often than not, those faces are white and male, according to new diversity data compiled exclusively for Insider. Among the 883 female distribution professionals in the sample, 648 were white, while just 14 were Black and 14 were Middle Eastern — meaning that each group represented less than 1% of all distribution professionals. East Asian women made up just 135, or 6%, of all 2,229 distribution professionals analyzed across the 20 money managers. DiversityMetrics combines self-reported diversity data from firms with publicly available data and information from investment data service providers, so that Jensen can supplement details about firms' diversity and inclusion efforts whether they disclose the data or not.
Persons: Jensen, Sasha Jensen, DiversityMetrics, Carlyle, Larry Fink Organizations: Jensen Partners, ., South East, Group, BlackRock, Black Locations: York, East, Washington, DC
One of the reporters noted that Powell's public calendar showed calls with Larry Fink, BlackRock's chief executive, in March, April, and May. The exchange was hardly the first time no-bid contracts between the Fed and BlackRock's Financial Markets Advisory unit raised questions. Still, former employees told Insider that FMA has served as a clear source of public-facing clout for BlackRock. "The FMA clients have extended their advisory relationships to be multiyear." A little over a year ago, FMA pulled employees out of BlackRock's office there, three former employees said.
Persons: Jerome Powell, Larry Fink, Powell, Jeanna, Fink, Jeff Hauser, Joe Biden's, FMA, It's, it's, Eugene Gologursky, Aladdin, Rob Kapito, Goldman Sachs, Emily O'Reilly, Damien Carême, Francois Lenoir, Reuters FMA, O'Reilly, Charles Hatami —, BlackRock's, Brandon Hall, Ben Leax, Maiden, Bear Stearns, Agnes Budzyn, Budzyn, Henry Waxman, Tim Geithner, Sen, Chuck Grassley, BlackRock, Justin Trudeau, General's, Caitlin Ochs, Kidder Peabody, Jack Welch, Craig Phillips, Phillips, Mr, Hatami, Charles Hatami, Lori Fink, Joshua Fink, ILIR BAJRAKTARI, Patrick McMullan, Mugi Nguyai, Mark Wiedman, Martin Small, Jessica Tan, Zach Buchwald, Kunal Khara, Trump Organizations: BlackRock, Federal Reserve, Fed, New York Times, BlackRock's, Center for Economic, Wall Street, Bear Stearns, International Rescue, Financial Times, Paris, European Commission, Reuters, Union, Group, Federal Reserve Bank of, AIG, New York Fed, Iowa Republican, Canadian, 73rd United Nations General Assembly, General Electric, GE, Boston, European Central Bank, Trump, Aladdin, Financial, Americas, FMA, Coheads, Leax Locations: BlackRock, FMA, Greece, New York, London, Europe, Brussels, Manhattan, Iowa, Ireland, Middle East, Africa, Canada, Americas, FMA's
One of the reporters noted that Powell's public calendar showed calls with Larry Fink, BlackRock's chief executive, in March, April, and May. The exchange was hardly the first time no-bid contracts between the Fed and BlackRock's Financial Markets Advisory unit raised questions. Still, former employees told Insider that FMA has served as a clear source of public-facing clout for BlackRock. "The FMA clients have extended their advisory relationships to be multiyear." A little over a year ago, FMA pulled employees out of BlackRock's office there, three former employees said.
Persons: Jerome Powell, Larry Fink, Powell, Jeanna, Fink, Jeff Hauser, Joe Biden's, FMA, It's, it's, Eugene Gologursky, Aladdin, Rob Kapito, Goldman Sachs, Emily O'Reilly, Damien Carême, Francois Lenoir, Reuters FMA, O'Reilly, Charles Hatami —, BlackRock's, Brandon Hall, Ben Leax, Maiden, Bear Stearns, Agnes Budzyn, Budzyn, Henry Waxman, Tim Geithner, Sen, Chuck Grassley, BlackRock, Justin Trudeau, General's, Caitlin Ochs, Kidder Peabody, Jack Welch, Craig Phillips, Phillips, Mr, Hatami, Charles Hatami, Lori Fink, Joshua Fink, ILIR BAJRAKTARI, Patrick McMullan, Mugi Nguyai, Mark Wiedman, Martin Small, Jessica Tan, Zach Buchwald, Kunal Khara, Trump Organizations: BlackRock, Federal Reserve, Fed, New York Times, BlackRock's, Center for Economic, Wall Street, Bear Stearns, International Rescue, Financial Times, Paris, European Commission, Reuters, Union, Group, Federal Reserve Bank of, AIG, New York Fed, Iowa Republican, Canadian, 73rd United Nations General Assembly, General Electric, GE, Boston, European Central Bank, Trump, Aladdin, Financial, Americas, FMA, Coheads, Leax Locations: BlackRock, FMA, Greece, New York, London, Europe, Brussels, Manhattan, Iowa, Ireland, Middle East, Africa, Canada, Americas, FMA's
BlackRock CEO says Shell decarbonisation ruling "not a solution"
  + stars: | 2021-06-03 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Lucas Jackson/File PhotoBlackRock CEO Larry Fink said the ruling that requires Shell to deepen its planned greenhouse gas emission cuts was an example of a general attitude that failed to address the overall problem. The ruling, which could trigger legal action against other energy companies, is expected to force Shell to shed assets to comply. Shell said it was disappointed with the ruling and planned to appeal. “That (the ruling) doesn’t change the global footprint, that’s not a solution,” Fink told a conference on infrastructure investing. “We’re doing a lot of greenwashing because we’re not changing the carbon footprint of the world.
Persons: Larry Fink, Lucas Jackson, Shell, ” Fink, , we’re, , “ It’s Organizations: MILAN, Royal, Shell, Yahoo Finance, REUTERS, BlackRock, BP Locations: New York, U.S
In Japan, the Nikkei share average rose 0.4%, while Australian shares climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. The MSCI world equity index, which tracks shares in 49 countries, was 0.1% down, below Tuesday’s record high. A weekly U.S. unemployment report and May private payrolls data on Thursday will be followed by the monthly jobs numbers on Friday. So far though, “increases in inflation expectations have coincided with equities performing well recently,” said Oliver Jones, senior markets analyst at Capital Economics. In the U.S., 10-year Treasury yield were also steady ahead of the U.S. economic data release.
Persons: Germany’s DAX, , Oliver Jones, ” Jones, Larry Fink, Patrick Harker, Christine Lagarde, Brent Organizations: CAC, PMI, Nikkei, Capital Economics, , , Investment, BlackRock, Philadelphia Fed Bank, Treasury, European Central Bank, Wednesday Locations: Europe, U.S, April’s, Asia, Pacific, Japan, COVID, United States, China, Australia
REUTERS/Issei KatoGlobal equities stepped back from record highs on Thursday as investors studied data indicating a uptick in jobs growth for cues on the trajectory of economic recovery and inflation. read moreThe U.S. non-manufacturing activity index rebounded to 64 last month, the highest reading in the series' history, from 62.7 in April. read moreThe MSCI world equity index (.MIWD00000PUS), which tracks shares in 50 countries, shed 0.59% to 710.26. Wall Street's main indexes opened lower on Thursday as investors weighed the influx of U.S. economic data. Investors will be looking for signs of an economic rebound and rising inflation.
Persons: Issei Kato, Oliver Jones, " Jones, Larry Fink, Patrick Harker, Christine Lagarde, Brent Organizations: U.S ., REUTERS, U.S . Labor Department, U.S, PMI, Dow Jones, Nasdaq, Capital Economics, Investment, BlackRock, Philadelphia Federal Reserve Bank, Treasury, Central Bank, Wednesday, Thomson Locations: Tokyo, Japan, April's, Asia, Pacific, U.S, COVID, Australia
REUTERS/Issei KatoAsian shares stepped back from three-month highs on Thursday as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose for a third straight session. Futures point to a firmer open for European stocks with the benchmark STOXX 600 (.STOXX) set to flirt with a fresh record high. The pan-region Euro Stoxx 50 futures climbed 0.5% while futures for German DAX and London's FTSE were up 0.1% each. Australian shares (.AXJO) climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. read moreMoves in currency markets have been limited with the dollar index and other major pairs staying in tight ranges.
Persons: Issei Kato, DAX, Oliver Jones, Jones, Larry Fink, Patrick Harker, Brent Organizations: U.S ., REUTERS, FTSE, Japan's Nikkei, Capital Economics, Investment, BlackRock, Philadelphia Fed Bank, Treasury, AMC Entertainment Holdings, New, . West Texas, Thomson Locations: Tokyo, Japan, U.S, Asia, Pacific, COVID, United States, Europe, China, Australia, New Zealand
Asia shares off 3-month highs, caution ahead of U.S. payrolls
  + stars: | 2021-06-03 | by ( ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Issei KatoAsian shares were a touch below a recent three-month top on Thursday with China a tad weaker as investors weighed inflation concerns ahead of key U.S. economic data while oil prices rose to near 1-1/2 year highs. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 0.3% to 711 points. Australian shares (.AXJO) climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. read moreChinese shares were marginally softer. The surge in retail stocks comes as investors remain unconvinced by central bank assurances that the current inflation upsurge is transitory.
Persons: Issei Kato, Larry Fink, Patrick Harker, Tapas Strickland, Norwegian krona, Brent Organizations: U.S ., REUTERS, Japan's Nikkei, U.S . Federal Reserve, BlackRock, Philadelphia Fed Bank, Treasury, AMC Entertainment Holdings, National Australia Bank, Canadian, New Zealand, . West Texas, Thomson Locations: Tokyo, Japan, China, Asia, Pacific, COVID, United States, Iran, Australia, Norwegian
Jensen Partners surveyed 2,229 sales professionals at asset managers and found that most are white men. More often than not, those faces are white and male, according to new diversity data compiled exclusively for Insider. Among the 883 female distribution professionals in the sample, 648 were white, while just 14 were Black and 14 were Middle Eastern — meaning that each group represented less than 1% of all distribution professionals. East Asian women made up just 135, or 6%, of all 2,229 distribution professionals analyzed across the 20 money managers. Ethnic and racial workforce data, particularly at the senior level, has been sparsely reported.
Persons: Jensen, Sasha Jensen, Carlyle, Larry Fink Organizations: Jensen Partners, South East, Group, BlackRock, Black Locations: New York, East, Washington, DC
Don't divest dirty businesses, Deutsche Bank and BlackRock CEOs say
  + stars: | 2021-06-02 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
Slideshow ( 2 images )FRANKFURT (Reuters) - Public companies shouldn’t go green by divesting their dirty businesses because in the end this doesn’t have an impact on the overall carbon footprint, the chief executives of BlackRock and Deutsche Bank said on Wednesday. Instead, companies should clean up their operations to be more friendly to the environment, they said. Policymakers and campaigners have been pushing the financial industry to do more to hold companies to account over their climate plans, and the CEOs of BlackRock and Deutsche Bank have been championing sustainable investments - a stance BlackRock enforced last week by backing green activism at Exxon Mobil and Chevron. Larry Fink, chief of asset manager BlackRock, challenged the view that it is good when companies sell their dirtiest assets, particularly given those assets might then be less available to public scrutiny. “It just goes from a transparent organization to an opaque organization that is not going to get us to where we want to go as a society,” he said on an online conference organized by Deutsche Bank.
Persons: Larry Fink, Fink, Organizations: BlackRock, Deutsche Bank, Exxon Mobil, Chevron Locations: FRANKFURT
LONDON/SYDNEY (Reuters) - World stocks clung close to record highs on Thursday as investors weighed inflation concerns ahead of key U.S. economic data, while oil prices rose for a third straight session. In Japan, the Nikkei share average rose 0.4%, while Australian shares climbed to all-time highs as investors cheered stronger-than-expected economic growth data released on Wednesday. A weekly U.S. unemployment report and May private payrolls data on Thursday will be followed by the monthly jobs numbers on Friday. Investors will be looking for signs of an economic rebound and rising inflation. [L5N2NL1IG]In the U.S., 10-year Treasury yield were also steady ahead of the U.S. economic data release.
Persons: Neil Hall, Germany’s DAX, , Oliver Jones, ” Jones, Larry Fink, Patrick Harker, Christine Lagarde, Brent Organizations: London Stock Exchange, REUTERS, Neil, CAC, Nikkei, Capital Economics, , , Investment, BlackRock, Philadelphia Fed Bank, Treasury, European Central Bank, Wednesday Locations: SYDNEY, London, Britain, Europe, Asia, Pacific, Japan, COVID, United States, China, Australia, U.S
BlackRock says it is 'studying' crypto but cites volatility
  + stars: | 2021-05-26 | by ( Kate Duguid | Ross Kerber | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: The BlackRock logo is seen outside of its offices in New York January 18, 2012. B REUTERS/Shannon Stapleton/File PhotoNEW YORK (Reuters) -BlackRock Chief Executive Larry Fink said on Wednesday it is studying cryptocurrencies like bitcoin to determine whether the asset class could offer countercyclical benefits. In response to a shareholder asking whether the company would invest in bitcoin, Fink told its annual meeting: “The firm has monitored the evolution of crypto assets. And crypto currencies could potentially play a role in long-term investing as an asset class similar to gold. Earlier in the meeting, BlackRock said all of its 16 director nominees were elected with a majority of shareholder votes cast.
Persons: Shannon Stapleton, Larry Fink, Fink, BlackRock Organizations: REUTERS, BlackRock Locations: BlackRock, New York, bitcoin
Bitcoin edges back from $40,000 as volatility lingers
  + stars: | 2021-05-26 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
Representations of the virtual currency Bitcoin stand on a motherboard in this picture illustration taken May 20, 2021. REUTERS/Dado Ruvic/IllustrationBitcoin climbed back above $40,000 on Wednesday for the first time this week, before edging off its highs, as recent volatility in the cryptocurrency market showed few signs of dampening down. Bitcoin jumped as much as 6.5% to $40,904, before easing back to around $38,797 at 11:45 a.m. Eastern time. Still, bitcoin is down 30% this month, and has lost over 37% from its record high of almost $65,000 hit in April. "Cryptocurrency market volatility is not going away anytime soon," said Edward Moya, senior market analyst at OANDA.
Persons: Dado Ruvic, Bitcoin, bitcoin, Edward Moya, Larry Fink, Fink Organizations: REUTERS, BlackRock, Thomson Locations: China, BLK.N
Activist investor Engine No. The win was historic given that the first time activist investor built a tiny 0.02% stake in the company. The proxy fight between the activist investor and Exxon Mobil signals the increased investor attention towards green energy initiatives. Activist investor Engine No. 1 scored a historic win on Wednesday after it won two board seats on Exxon Mobil's board of directors.
Persons: Larry Fink, Exxon, Gregory Goff, Kaisa, Darren Woods, Goff, Hietala Organizations: Exxon Mobil's, Exxon Mobil, Bell, Exxon, BlackRock, Bloomberg, Chevron, DuPont de Nemours, ConocoPhillips
Capital Calls: BlackRock tests Exxon and self too
  + stars: | 2021-05-25 | by ( ) www.reuters.com sentiment -0.98   time to read: +1 min
Laurence D. Fink, chairman and CEO of BlackRock, attends the World Economic Forum annual meeting in Davos, January 25, 2018. BlackRock (BLK.N) will back three of a rebellious shareholder’s director nominees at $250 billion Exxon Mobil’s (XOM.N) annual meeting on Wednesday, according to Reuters read more . 1 and others want a reluctant Exxon to pay more heed to its future, or lack thereof, as a purveyor of fossil fuels. BlackRock, meanwhile, has ramped up its voting against companies’ recommendations, notably when they show insufficient attention to climate change. The $9 trillion asset manager voted against two Exxon directors and in favor of an independent chair last year, according to its disclosures.
Persons: Laurence D, Fink, Denis Balibouse, That’s, Darren Woods, Larry Fink, Richard Beales Organizations: BlackRock, REUTERS, Exxon Mobil’s, Reuters, Exxon, Investment Locations: Davos
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