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☆ Larry Fink doesn't see a big recession this year, but expects inflation to stay higher for longer
▼ + stars: | 2023-04-14 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Larry Fink, chairman and CEO of BlackRock , believes the U.S. could skirt a major economic downturn this year, but inflation is going to be around for a while. "No I don't see a big recession," Fink said on CNBC's "Squawk on the Street" Friday. "I'm not sure we're going to have a recession in 2023, we may have it in early 24." The head of the world's largest asset manager said the chance of a recession is dependent on the Federal Reserve's battle against inflation. "It all depends on what is the pathway of inflation of the short run and pathway to the Fed," Fink said.

☆ BlackRock's Larry Fink on earnings beat, banking crisis fallout and bond inflows
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's Larry Fink on earnings beat, banking crisis fallout and bond inflowsLarry Fink, BlackRock chairman and CEO, joins 'Squawk on the Street' to discuss money leaving the banking system in to the capital markets, changing payments with digitizing currency, and interest rates remaining higher for longer.

☆ What JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and other Wall Street CEOs are saying about the impact of the banking crisis
▼ + stars: | 2023-04-14 | by ( Carter Johnson | Rebecca Ungarino | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

JPMorgan, BlackRock, Wells Fargo, and Citi reported earnings Friday. Top execs described their response to the banking crisis — and future opportunities. The message was clear, wrote Wells Fargo bank analyst Mike Mayo in a note to clients Friday. Quarterly earnings calls held with research analysts marked an opportunity for Wall Street's biggest executives to face questions about the impact of the March banking crisis on their firms' bottom lines. Here's what the leaders of JPMorgan, BlackRock, Wells Fargo, and Citigroup had to say about SVB.

☆ BlackRock is open to a major deal. Here's where it could look to expand as the banking crisis emboldens the world's largest money manager.
▼ + stars: | 2023-04-14 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

The banking crisis that unfolded last month has created opportunities for BlackRock. The potential for a "transformational" deal would expand the world's largest money manager. The banking crisis that unfolded last month with the collapse of Silicon Valley Bank has emboldened BlackRock, the world's largest money manager with some $9 trillion of assets. The Financial Times reported last December that BlackRock had "discussed whether to pursue a takeover of private markets manager Carlyle but decided against it," citing three people with knowledge of those discussions. "We are asking ourselves to reimagine BlackRock," Fink said on Friday.

☆ Friday, April 14, 2023: Cramer sees buying opportunities in these two stocks
▼ + stars: | 2023-04-14 | by ( Joshua Natoli | ) www.cnbc.com time to read: 1 min

Friday, April 14, 2023: Cramer sees buying opportunities in these two stocksJim Cramer and Jeff Marks break down Friday's big bank earnings and what they mean for the two financial holdings in the portfolio. Jim says one of them is a buying opportunity right now. Jim also discusses his interview with BlackRock's Larry Fink on the economy and why a recent addition to the Club's Trust is at a good price to get in as the stock pulls back.

☆ CNBC Daily Open: Fed minutes reignite recession fears
▼ + stars: | 2023-04-13 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets rose after the CPI was released — why wouldn't they? Then minutes from the FOMC's meeting came out and changed investors' day. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Recession fears resurface
▼ + stars: | 2023-04-13 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Companies BlackRock Inc FollowBOSTON, April 5 (Reuters) - New York City pension leaders will press external fund managers, including private market fund managers, on Wednesday for details on their plans to cut greenhouse gas emissions, officials said. Public, and private market managers that have faced less pressure on climate issues to date, run most of the roughly $240 billion in New York City pension fund assets. Boards overseeing the majority of that money have approved new expectations for those managers, New York City Comptroller Brad Lander said, which will be announced on Wednesday. Lander urged BlackRock Inc last fall to take stronger environmental steps such as phasing-out high emitting assets. Lander said the plans recently approved by New York City pension boards extend similar calls to other external managers, including those that manage the 25% of pension assets held in fixed income and the 25% in private markets.

☆ Is Jamie Dimon the most powerful person in finance?
▼ + stars: | 2023-03-31 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

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.

Constellation Brands is pouring into the streaming business. The company, which owns beer, wine and spirits brands, is forming a partnership with media company Tastemade to create a content studio and produce shows that revolve around Constellation's brands. Discovery and Walt Disney Co.Its partnership with Constellation will take a similar form. "What was exciting about this partnership is we just got kind of unprecedented access to some story hunting within Constellation Brands," said Fitzgibbon. Constellation's leading brands include Corona, Modelo Especial, The Prisoner Wine Company, Kim Crawford, Svedka Vodka and others.

☆ Wall Street wants to lend to Hollywood, and that could be bad news for the rest of us
▼ + stars: | 2023-03-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Today, we've got stories on an upheaval within BlackRock's communications department, a debate over the merits of the man bun on Wall Street, and why I'm not intimidated by Gen Z anymore. Insider's Rebecca Ungarino and Reed Alexander have a story on private lenders looking to make investments in media and entertainment. Hollywood has long represented an interesting investment opportunity for Wall Street, but lending to the industry is an interesting twist. As Reed pointed out in a follow-up story, Wall Street is keen to apply artificial-intelligence tools to identify projects worth greenlighting. And here's more on why Wall Street is so high on the entertainment industry leveraging AI.

☆ BlackRock Communications Specialists Exit As Fink Scrutiny Mounts
▼ + stars: | 2023-03-29 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +7 min

At least nine people have left or are transitioning out of BlackRock's communications group. The corporate communications team has some 90 employees globally, up from 48 in 2019, a BlackRock spokesperson said. "We're fortunate the BlackRock communications team includes some of the most talented professionals in the industry and that we have continued to attract top talent as the team has grown in recent years," Badenhausen said in a statement to Insider. Jonathan Posen, a veteran speechwriter who worked as former Treasury Secretary Tim Geithner's chief writer on the financial crisis and other economic matters, joined BlackRock's communications group in 2013. The criticism reached new heights in 2022 as Republican state officials coordinated attacks on Fink and BlackRock and some pulled their investments.

☆ The top 4 sports and sports tech VCs are ready to open their checkbooks. Here's what they're looking for.
▼ + stars: | 2023-03-23 | by ( Matthew Kish | ) www.businessinsider.com time to read: +10 min

Courtside Ventures in January closed a $100 million fund, its biggest yet. KB Partners late last year closed a $127 million fund, also its biggest yet. If you're not in one of those lanes, don't bother reaching out, even though the firm has the new $100 million fund to dole out. Parikh expects fewer investments in media companies out of the new fund, but more investments in gaming. It's doling out the money through two accelerator programs and an investment fund.

☆ BlackRock's Larry Fink said the last few years have dramatically reshaped supply chains. Data — and experts — disagree.
▼ + stars: | 2023-03-17 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

From the headlines, it's easy to think that supply chains are making a major shift closer to the consumer. "The repeated shocks of the past few years have also dramatically reshaped supply chains," Fink wrote in his highly-anticipated annual letter to shareholders Wednesday. His statements echo those from other top execs and prognosticators, who looked at the last few years and saw inevitable evolution toward more localized supply chains. Before the pandemic, supply chains were largely built with cost as a guiding principle. Is a "dramatic" redesign of supply chains possible?

☆ Carlsberg CEO’s big job is to keep glass steady
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 17 (Reuters Breakingviews) - Carlsberg’s (CARLb.CO) new boss is unlikely to tinker with the company’s corporate recipe. The $21 billion Danish brewer on Thursday named Jacob Aarup-Andersen to replace outgoing Chief Executive Cees ’t Hart. A veteran from a rival brewer might have been better placed to introduce new products, and adapt to new industry trends. However, the new boss’s finance pedigree and track record managing businesses suggests that his main job will be to implement the group’s current strategy. It aims to increase revenue by 3% to 5% annually until 2027 and boost operating profit growth above that level.

☆ Enel self-help plan has one known unknown
▼ + stars: | 2023-03-17 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 17 (Reuters Breakingviews) - Enel (ENEI.MI) Chief Executive Francesco Starace’s slim-down plan is not getting enough attention. That prompted the group to start aggressively selling assets in places like Chile, Argentina and Romania to cut debt by 21 billion euros. As of Thursday, it had clinched sales equivalent to around 8 billion euros, while net debt had fallen to 60 billion euros. Since taking the helm in 2014, the 67-year-old Italian executive has set the state-controlled power company on a clear green energy trajectory, with one of the biggest green generation pipelines. If Enel replaces its green champion with someone less competent, investors may stay jittery.

☆ Canada petrol king shows belated faith in own plan
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Alimentation Couche-Tard (ATD.TO) is expanding its empire of petrol station rest stops. On Thursday, the $44 billion Canadian gas station giant said it would buy some of TotalEnergies’ (TTEF.PA) European assets for 3.1 billion euros. The swoop is also a sign that Couche-Tard is more confident in its own business model than in the recent past. Back then, it seemed Couche-Tard was looking to diversify its empire of highway rest stops. But if EV battery power or home-charging facilities improve, Couche-Tard’s business model may not stack up.

☆ File Raiffeisen’s sanctions-bypass idea in the bin
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Raiffeisen Bank International thinks it may have found a clever way to repatriate a small part of its Russian assets. Hence the idea to swap its stranded roubles against the frozen euros accumulated by Sberbank, the Kremlin-owned bank forced to unwind its operations by the war in Ukraine. Up to 400 million euros of its assets are now sitting idle in a frozen fund. Promoters of the idea, now being tested with regulators, reckon this might conform with sanctions because the swap would not involve sending hard currency to Russia. In reality, it would allow Russia’s largest bank to recover its frozen money, opening a massive loophole in the sanctions regime.

☆ Stripe’s $50 bln reset is relative sign of health
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 16 (Reuters Breakingviews) - Stripe’s valuation cut is arguably still a relative sign of strength. The newly attained price tag is a 53% cut from its 2021 valuation of $95 billion. And by some metrics Stripe seems to be valued at a discount relative to its publicly listed peers. Stripe’s $50 billion is 3.5 times last year’s gross revenue, while Dutch payment firm Adyen (ADYEN.AS) trades on a multiple of 4.7 times. The valuation cut reflects the reality of how an economic slowdown affects fintech businesses like Stripe.

☆ Larry Fink's annual letter to BlackRock investors was about getting back to basics
▼ + stars: | 2023-03-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink GettyImages / Eugene Gologursky1. If you're looking for controversy in Larry Fink's annual open letter to investors, better luck next year. Despite this year's letter clocking in at roughly 9,000 words — have you thought about getting an editor, Larry? — Fink largely avoided discussing a favorite, albeit controversial, topic of his: ESG investing. Click here to read more about Larry Fink's latest annual letter that largely avoided hot political topics.

☆ BlackRock CEO Fink warns of financial risks, persistent inflation
▼ + stars: | 2023-03-15 | by ( Ross Kerber | ) www.reuters.com time to read: +4 min

[1/2] Larry Fink, Chief Executive Officer of BlackRock, stands at the Bloomberg Global Business forum in New York, U.S., September 26, 2018. Fink wrote that after the regional banking crisis, the financial industry could see what he termed "liquidity mismatches." “It’s too early to know how widespread the damage is,” Fink wrote. BlackRock has previously said its diversified products "have limited exposure to Silicon Valley Bank." "The monetary and fiscal tools available to policymakers and regulators to address the current crisis are limited, especially with a divided government in the United States," Fink wrote.

☆ Larry Fink says more bank seizures could come, but it's too early to know how widespread crisis is
▼ + stars: | 2023-03-15 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

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.

☆ Larry Fink, thrust into political crosshairs, dials back ESG talk in his annual letter
▼ + stars: | 2023-03-15 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

BlackRock CEO Larry Fink published his widely read annual letter to investors on Wednesday. In a shift, Fink kept his discussion of ESG investing to a minimum after a year of backlash. Fink focused on macroeconomic concerns, notably inflation, and the wider energy transition. It is clear that Fink's stance on ESG investing has not changed. In his letter on Wednesday, Fink talked at length about the transition to a low-carbon economy and BlackRock's role in it.

☆ Jim Cramer's top things to watch in the stock market Wednesday: Banking risk re-examined and markets sink
▼ + stars: | 2023-03-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Larry Fink: BlackRock is not the 'environmental police'
▼ + stars: | 2023-03-15 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

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.

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