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☆ How Trump allies and wealthy donors helped to fuel the GOP fight against ESG investing platforms
▼ + stars: | 2023-03-01 | by ( Brian Schwartz | ) www.cnbc.com time to read: +8 min

The conference was organized by the conservative leaning State Financial Officers Foundation, a tax exempt 501(c)(3) nonprofit group that does not publicly disclose its donors. Members of the State Financial Officers Foundations are all powerful state Republican officials, many of whom have scrutinized ESG practices or pulled back billions of dollars from investing firms. A representative for the State Financial Officers Foundation did not return a request for comment. Some of those organizations participated in a similar State Financial Officers Foundation gathering in Washington D.C. in November 2022, according to an agenda. One of the organizations that attended last February is the 1792 Exchange, a nonprofit sponsor of the State Financial Officers Foundation.

☆ Senate overturns federal rule on ESG investments, Biden vows to veto
▼ + stars: | 2023-03-01 | by ( Christina Wilkie | ) www.cnbc.com time to read: +1 min

Sen. Shelley Moore Capito (R-WV) talks to reporters during a news conference following the weekly Senate Republican policy luncheon at the U.S. Capitol on February 28, 2023 in Washington, DC. WASHINGTON — The Senate on Wednesday voted to overturn a Labor Department rule that permits fiduciary retirement fund managers to consider climate change and other factors when making investments on behalf of pension plan participants. The final vote in the Senate was 50-46, with two Democratic senators crossing party lines to support the repeal bill: West Virginia Sen. Joe Manchin and Montana Sen. Jon Tester. President Joe Biden said Monday that he will veto the Senate bill if it comes to his desk — the first veto of his presidency. ESG funds are designed to attract socially conscious investors with stock picks that promote renewable energy, inclusive policies, or good corporate governance.

☆ Palantir co-founder Joe Lonsdale on whether companies should stay out of politics
▼ + stars: | 2023-03-01 | 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 EmailPalantir co-founder Joe Lonsdale on whether companies should stay out of politicsJoe Lonsdale, 8VC founding partner and co-founder of Palantir, joins CNBC's 'Squawk Box' to discuss the political and potential consumer backlash against ESG, if it's good for business when companies stay out of politics, and more.

☆ Get income and feel good about it: ESG-focused bond funds saw greater inflows than stock funds last year
▼ + stars: | 2023-03-01 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Socially conscious investors favored bond funds more than stocks for the first time, new Morningstar data shows. Sustainable bond funds amounted to three-fourths of overall net flows within sustainable funds, up from 16% in 2021. That jump helped fixed income funds overtake equity-focused peers in holding the lion's share of net inflows last year. Sustainable bond funds posted a $2.4 billion net annual inflow, compared with a loss of $335 billion seen among non-sustainable taxable- and municipal-bond funds. Still, the top fixed sustainable income funds held up better than the broader stock market last year.

☆ 2 Senate Democrats join GOP in rejecting socially conscious investing rule, rushing it back to Biden for a promised veto
▼ + stars: | 2023-03-01 | by ( Warren Rojas | ) www.businessinsider.com time to read: +2 min

The US Senate voted down a Biden-backed socially conscious investing rule 50-46. Two Democratic senators up for reelection in 2024 joined Republicans in opposing ESG. Wednesday's defectors, both of whom are facing tough reelection bids this cycle in states Donald Trump won by double digits in 2020, include Democratic Sens. The absence of Democratic Sens. Dianne Feinstein of California, Jeff Merkley of Oregon, and John Fetterman of Pennsylvania left Senate Majority Leader Chuck Schumer three votes down before deliberations even started.

☆ Republican drive against Biden ESG investment rule gains momentum
▼ + stars: | 2023-03-01 | by ( David Morgan | ) www.reuters.com time to read: +4 min

Approval could open the door to other Republican efforts to overturn Biden administration regulations. "We 100% have the votes," a Senate Republican aide said after Tester released a statement. The Democratic-led Senate was due to vote on the Republican resolution at 4 p.m. EST (2100 GMT). The Labor Department said the Trump-era rule failed to account for the positive impact that ESG investing can have on long-term returns. Industry has been split on the Biden rule, with fossil-fuel companies opposed and other businesses voicing support.

☆ War on 'woke' funds — What it means for investors
▼ + stars: | 2023-03-01 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWar on 'woke' funds — What it means for investorsTariq Fancy, The Rumie Initiative, on what a repeal of the ESG rule would mean. With CNBC's Eamon Javers and Melissa Lee, and the Fast Money traders, Steve Grasso, Karen Finerman, Dan Nathan and Courtney Garcia.

The U.S. Department of Labor rule, which took effect Jan. 30, lifts barriers to ESG investing imposed by the Trump administration. The new rule sets guidelines for ESG investing, including requiring that socially conscious investments are still financially sound. They claim that allowing ESG investing will jeopardize the retirement savings of millions of people and lower state tax revenue. The Biden administration rule has divided the business community. The U.S. Securities and Exchange Commission (SEC) has proposed various rules aimed at increasing transparency related to ESG investing.

☆ Republicans stoke 2024 culture wars by attacking Biden's socially conscious investing rule
▼ + stars: | 2023-03-01 | by ( Warren Rojas | ) www.businessinsider.com time to read: +5 min

A brewing fight over socially conscious investing appears to be a preview of 2024 attack lines. The GOP's ongoing battle against environmental, social and corporate governance issues seems to be picking up steam ahead of the next presidential election, with Senate Republicans unanimously opposed to government involvement in personal investments. "If there's some other social goals, that'd be run through government, not through investing," Johnson told Insider between Senate votes. Sen. Steve Daines of Montana, who is running Senate Republicans' reelection arm for the 2024 cycle, declined to comment on whether an anti-ESG plank would be part of that campaign. "Stay focused on investors and shareholders, not on stakeholders," Daines told Insider before being whisked away by the Senate subway.

☆ US House Republicans target ESG investments in latest culture war salvo
▼ + stars: | 2023-02-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

The measure is the latest salvo in the Republican culture war against the use of issues that promote environmental interests, social equality and corporate responsibility in business and investment decisions. "Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda," said Republican Representative Andy Barr, who introduced the House resolution. "If Congress doesn't block the Department of Labor's rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard-earned money." The measure is widely expected to pass the House, where Republicans hold a slim 222-212 seat majority. Two Democratic absences could give Republicans the simple majority necessary to pass the measure and send it to Biden's desk.

☆ DeSantis calls for 'crippling the ESG movement' in new book
▼ + stars: | 2023-02-28 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

Ron DeSantis in a new book calls for politicians to suppress the influence of "woke capital" and activist corporations, in part by "crippling" the socially conscious investing movement known as ESG. DeSantis' book tears into ESG in multiple chapters, while invoking the politically loaded and nebulous term "woke" nearly four dozen times. ESG is one way in which "woke capital exerts a pernicious influence on society," DeSantis argued in the book. DeSantis' book also details his fights with entertainment giant Disney, whose Disney World park in Orlando has long provided an important revenue stream for the state. Whether DeSantis makes ESG a campaign priority or not, the issue will continue to draw controversy on Capitol Hill.

Feb 27 (Reuters) - Robinhood Markets Inc (HOOD.O) said in a filing on Monday it had received an investigative subpoena in December from the U.S. Securities and Exchange Commission related to listings of cryptocurrencies. The collapse of Sam Bankman-Fried's FTX was the biggest in a string of major crypto-related failures in 2022, which sparked a cryptocurrency rout and left creditors facing losses of billions of dollars. The SEC has maintained that pre-existing securities laws also apply to digital assets and that many crypto tokens meet the definition of a security, which the crypto industry has previously criticized. Robinhood said the subpoena it received from the SEC was regarding the supported currencies at Robinhood Crypto LLC, which is a wholly-owned subsidiary of the brokerage, as well as its custody of cryptocurrencies and other platform operations. Reporting by Anirban Chakroborti in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Feb 27 (Reuters) - The U.S. consumer financial watchdog agency on Monday said it had permanently barred California mortgage broker RMK Financial Corp. from the mortgage lending industry, accusing it of repeat violations against military personnel and their families. "Our action reflects our commitment to weed out repeat offenders, and we are shutting down this outfit for good," he said. According to the CFPB, Majestic Home Loan "tricked" military families by falsely claiming government affiliation while also deceiving borrowers about interest rates. The agency on Thursday announced a $10 million fine against the Georgia title lender TitleMax for allegedly making unlawful loans to military personnel and charging illegally high interest rates. The Supreme Court on Monday agreed to hear an appeal against an October ruling from the 5th U.S.

☆ Vanguard’s CEO Bucks the ESG Orthodoxy
▼ + stars: | 2023-02-27 | by ( Terrence Keeley | ) www.wsj.com time to read: +1 min

Vanguard’s Tim Buckley is having a Copernican moment. Like the famous Renaissance polymath who challenged conventional wisdom about celestial movement, the 54-year-old CEO is challenging the asset-management industry’s environmental, social and governance orthodoxy. “Our research indicates that ESG investing does not have any advantage over broad-based investing,” Mr. Buckley said in a recent interview with the Financial Times. Matching word to deed, his comments came after he had withdrawn his firm from the $59 trillion Net Zero Asset Managers initiative, an organization that is part of the $150 trillion United Nations-affiliated Glasgow Financial Alliance for Net Zero. Mr. Buckley claims the financial world, swept up in climate-change fervor, can’t make such commitments without reneging on its fiduciary duties.

☆ Fabindia shelves $482 mln IPO due to rough market conditions
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Feb 27 (Reuters) - Apparel retailer Fabindia on Monday said it has withdrawn its 40 billion rupee ($482.4 million) initial public offering amid rough market conditions, becoming the latest company to scrap listing plans as interest rate worries pressure stock markets. "The decision to withdraw was taken as the current market conditions were not seen to be conducive for listing," a Fabindia spokesperson said in a statement. Fabindia had planned a fresh issue of shares worth 5 billion rupees and a sale of up to 25.1 million in existing shareholders' stock. The company may reconsider filing an IPO in the future, depending on its need for growth capital and the market conditions," the company said. Jewellery retailer Joyalukkas, e-commerce firm Snapdeal and wearable electronics company boAt have all pulled their IPOs due to uncertain market conditions.

☆ Conservatives Have a New Rallying Cry: Down With ESG
▼ + stars: | 2023-02-26 | by ( Julie Bykowicz | Angel Au-Yeung | ) www.wsj.com time to read: 1 min

WASHINGTON—Conservative activists are coordinating a multimillion-dollar national campaign to make ESG the next CRT. Their goal: Transform the acronym for environmental, social and corporate-governance investing into a rallying cry against “woke capitalism,” much the way critical race theory became shorthand for broader criticisms about how race is taught in schools. The same conservative money is behind both efforts, documents and interviews show.

☆ Majority of global asset managers still not investing responsibly, ShareAction says
▼ + stars: | 2023-02-26 | by ( Industry Insight | Reuters Professional | Energy Crisis Spurs Drive To Address 'Blind Spot' Of Leaky Buildings | ) www.reuters.com time to read: +2 min

LONDON, Feb 26 (Reuters) - Global asset managers controlling trillions of dollars are failing to invest in a way that will protect climate, biodiversity and people, despite efforts by the industry to promote its sustainable finance credentials, the corporate responsibility group ShareAction said on Sunday. Yet, two-thirds of 77 asset managers surveyed, which control $60 trillion of assets, had "serious gaps in their responsible investment policies and practices," the group found based on an analysis of their policies. "As managers of tens of trillions of dollars ... their decisions have a vast impact all over the world. ShareAction assessed managers on several hundred indicators, including their holdings of fossil fuel investments; whether they have set shorter-term emissions reductions targets and how they integrate biodiversity policies into decision-making. ShareAction also found the portion of managers performing significantly worse than their peers has fallen from 51% in 2020 to 35% in 2023.

☆ Majority of global asset managers still not investing responsibly - ShareAction
▼ + stars: | 2023-02-26 | by ( Industry Insight | Reuters Professional | Energy Crisis Spurs Drive To Address 'Blind Spot' Of Leaky Buildings | ) www.reuters.com time to read: +2 min

☆ Trump, other Republicans will have to pledge loyalty to 2024 presidential nominee, party chief says
▼ + stars: | 2023-02-26 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 26 (Reuters) - The Republican Party plans to ask 2024 presidential candidates to pledge support for the eventual nominee, Republican National Committee Chairwoman Ronna McDaniel said on Sunday, espousing an idea so far not embraced by former President Donald Trump. Candidates who do not sign the pledge will not be allowed to participate in party-sponsored debates during the state-by-state presidential nominating contests, McDaniel said. Trump, who remains popular in the Republican Party but is already facing challenges in his next White House bid from former supporters including Nikki Haley, has so far refused to commit to supporting the eventual Republican nominee. "We're saying you're not going to get on the debate stage unless you make this pledge. Trump did not immediately react publicly to her comments but a campaign spokesperson told Reuters, "President Trump will support the Republican nominee because it will be him."

WASHINGTON, Feb 25 (Reuters) - A Republican congressman's court battle to protect his cellphone records has prevented federal investigators from reviewing over 2,200 documents in their investigation of then-President Donald Trump's efforts to overturn the result of the 2020 election, according to newly unsealed court documents. An investigation by the U.S. House of Representatives' Jan. 6 committee last year revealed Perry was in frequent contact with Trump White House officials in the weeks before the attack. On Thursday, an attorney for Perry asked an appellate court to reverse Judge Howell's lower court ruling that his communications were not within a "legitimate legislative sphere." A Justice Department attorney urged the judicial panel not to block the congressman's cellphone from investigators. Reporting by David Morgan; Editing by Daniel Wallis and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

Feb 24 (Reuters) - Twelve Democratic-led states have sued the federal government to challenge special restrictions on the distribution of the abortion pill mifepristone, saying those restrictions are not supported by evidence. The lawsuit, led by Washington and Oregon and filed Thursday in Washington federal court against the U.S. Food and Drug Administration, comes as a separate lawsuit by anti-abortion activists seeks to end access to the drug altogether. Reporting By Brendan Pierson in New York Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

[1/2] A person uses virtual reality headset at Meta stand during the ninth Summit of the Americas in Los Angeles, California, U.S., June 8, 2022. The FTC sued Meta in July to stop the Within deal, arguing that Meta's purchase would reduce competition in a new market. Judge Edward Davila of the U.S. District Court for the Northern District of California rejected the FTC's concerns, and declined to order a preliminary injunction. The FTC's effort had been seen as a test of the agency's ability to prevent Meta from acquiring small would-be rivals. Reporting by Diane Bartz in Washington Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Feb 24 (Reuters) - Prosecutors will cross examine Richard "Alex" Murdaugh for a second day on Friday, one day after the disbarred South Carolina attorney took the stand and denied any involvement in the murder of his wife and son but admitted to lying to investigators. Waters told the judge that he stil had some financial matters to go over before tackling the "other evidence". He said would likely need three to four hours to finish cross examination when court resumes on Friday at 9:30 a.m. Murdaugh, 54, testified that he lied because he was suffering from paranoia tied to a years-long addiction to opiods, and did not trust the police. Murdaugh, the scion of an influential South Carolina legal family, was indicted by a grand jury in July on two counts of murder and two counts of possession of a weapon in connection with the shootings.

☆ SIGN UP NOW: Making sense of digital transformation in finance and why sustainable investing matters
▼ + stars: | 2023-02-23 | by ( Business Insider | ) www.businessinsider.com time to read: +2 min

Leaders in banking, fintech, and finserv will discuss the future of finance and the impact of digital transformation. Insider's free virtual event, "Finance Meets its Future," will feature speakers from Amberdata, Lazard Asset Management, and more on March 23, 2023, at noon ET. Sign up for our newsletter to get the latest stories in hedge funds, PE, fintech, and banking — delivered daily to your inbox. Insider's virtual event, "Finance Meets its Future,'' presented by Amberdata, takes place on Thursday, March 23, 2023, at noon ET. Sessions include:Demystifying digital transformation in financeEmbracing digital assetsThe future of payments will be frictionlessNavigating ESG investing challengesSpeakers include:Shawn Douglass, CEO and cofounder, AmberdataSoups Ranjan, CEO and cofounder, SardineAniket Shah, Global Head of Environmental, Social and Governance (ESG) and Sustainable Finance Strategy, Jefferies GroupNikita Singhal, Cohead of Sustainable Investment and ESG, Lazard Asset Managementand more!

☆ Young VCs thought the good times would never end. They did, and now they're pissed.
▼ + stars: | 2023-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Insider's Stephanie Palazzolo and Madeline Renbarger have a fascinating report on how young venture capitalists who came from investment banking and consulting are not having a good time. I encourage you to read Stephanie's and Madeline's story, which has all the juicy details about the current environment for young VCs. I've written a lot about how young investment bankers view their jobs as a means to an end, as opposed to an actual career. Timing has a lot to do with why young VCs are feeling like they've gotten such a raw deal. Click here to read more about why some young investment bankers are regretting their move to venture capital.

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