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☆ Billionaire investors Ken Griffin and Bill Ackman meet with Volodymyr Zelenskyy as Ukraine looks to rebuild its economy with private-sector funds
▼ + stars: | 2023-09-21 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Ukraine's president met with billionaire investors Ken Griffin and Bill Ackman to discuss the future of the country's economy. The meeting, hosted by JPMorgan, focused on the scope for private-sector funding to help rebuild Ukraine's economy. Zelenskyy introduced the proposal at the Permanent Mission of Ukraine to the United Nations in New York, in a meeting organised by JPMorgan. Zelenskyy had met with BlackRock CEO Larry Fink Wednesday, the outlet reported. AdvertisementAdvertisementUkraine's economy has been battered by a slew of problems - including high inflation and a persistent trade deficit - following Russia's invasion of the nation.

Persons: Ken Griffin, Bill Ackman, Eric Schmidt, Volodymyr Zelenskyy, Zelenskyy, Citadel's Griffin, Pershing Square's, Philipp Hildebrand, Larry Fink Organizations: JPMorgan, Service, Fox News, United Nations, Fox, BlackRock Locations: Wall, Silicon, Ukraine, New York, Russia

☆ US Treasury: Financiers' 'net zero' pledges must align with temperature limits
▼ + stars: | 2023-09-19 | by ( David Lawder | ) www.reuters.com time to read: +3 min

[1/3] U.S. Treasury Secretary Janet Yellen speaks during an interview in New York City, U.S., September 18, 2023. The Treasury released the new, voluntary principles as world leaders, celebrities and business moguls, converged on Manhattan to focus attention on the climate crisis during the U.N. General Assembly week. The nine principles aim to promote consistency, credibility and transparency across net-zero pledges by financial institutions. Among them, the Treasury prescribed that financial institutions should practice "transition finance" that can support decarbonization in high-emitting sectors that are difficult to abate. DATA RESEARCH FUNDINGThe Treasury also announced that several philanthropic groups have pledged $340 million to help develop research, data and technical resources intended to help financial institutions develop and execute "robust, voluntary net-zero commitments."

Persons: Janet Yellen, Shannon Stapleton, Bloomberg Philanthropies, Larry Fink, HSBC's, Noel Quinn, Yellen, Mark Carney, Carney, David Lawder, Chizu Nomiyama, Sharon Singleton, Nick Zieminski Organizations: . Treasury, REUTERS, U.S . Treasury, Treasury, Fund, Bloomberg, Hewlett Foundation, Sequoia Climate Foundation, U.S, Glasgow Financial Alliance, Net, Thomson Locations: New York City, U.S, Manhattan

☆ Caring for America’s Aging Seniors at Home - The New York Times
▼ + stars: | 2023-09-06 | by ( Michelle Cottle | Larry Fink | ) www.nytimes.com time to read: +1 min

Aging in place, surrounded by familiar places, faces and memories, can provide a sense of comfort and independence. Being an aging nation also means becoming a nation of caregivers, one that requires a new system of support. For most older Americans, care will come from unpaid family members or friends, who contributed around $600 billion worth of free labor to the economy in 2021, according to AARP. Starting in the mid-1990s, he spent several years caring for his mother, who suffered from schizophrenia and lung cancer. With increasing frequency, he shuttled between his home in upstate New York and hers in South Carolina, taking her to medical appointments.

Persons: Dwane Hodges, “, ” Organizations: AARP Locations: North Carolina, New York, South Carolina

☆ What Wall Street is telling employees about returning to the office, from Goldman Sachs to JPMorgan and Blackstone
▼ + stars: | 2023-09-04 | by ( Kaja Whitehouse | Michelle Abrego | ) www.businessinsider.com time to read: +11 min

According to Goldman's chief economist, Jan Hatzius, some 25% of all US workers work from home at least part of the week. So, which Wall Street firms are still letting employees work from home at least part of the time? On days employees are in, the firm focuses on taking "advantage of our shared location," it reads. At that time, the firm called for its employees to come into the office a minimum of three days a week. Since then, most employees have been in the office throughout the week, according to a person familiar with the firm.

Persons: Goldman Sachs, David Solomon, Citadel's Ken Griffin, Joe Biden, Jan Hatzius, Hatzius, Jamie Dimon, Goldman, Goldman Sachs Goldman Sachs, —, Dimon, JPMorgan Gretchen Ertl, Jane Fraser, she's, Fraser, they're, Citigroup Patrick, Fallon, Brian T, Moynihan, Bank of America Shannon Stapleton, Reuters Morgan Stanley Morgan Stanley's, James Gorman, Gorman, Gorman doesn't, Morgan Stanley, we're, James Gorman SAUL LOEB, Larry Fink, Larry Fink Spencer Platt, Citadel's Griffin, Griffin, Raj Mahajan, Ken Griffin, Milken, Mike Blake, Blackstone, Stephen Schwarzman Roy Rochlin, Nir Bar Dea, Izzy Englander's Organizations: JPMorgan, Blackstone, Morning, Citadel, Bloomberg, Business, Deloitte, JPMorgan JPMorgan, Goldman, Citigroup, Street, Bank, Economic, Getty Images Bank of America Bank of, Bank of America, Reuters, Getty, BlackRock BlackRock, Yards, Labor, Fox, BlackRock, Citadel Securities, Blackstone Blackstone, Bridgewater Bridgewater Associates, Bridgewater Associates, Bridgewater Locations: Citadel, Davos, Switzerland, New York City

☆ AllianceBernstein is using AI on everything from research to operations. Here's how it's helping the $704 billion asset manager save hundreds of thousands of dollars.
▼ + stars: | 2023-09-04 | by ( Bianca Chan | ) www.businessinsider.com time to read: +5 min

Here's how AB uses AI to get an edge, save analysts hours of work, and improve risk management. Seven years ago, the massive money manager AllianceBernstein set out on a mission to transform itself with AI and data science. The move would save AB hundreds of thousands of dollars and help its investors seek an edge with the $704 billion assets they manage. Chin lifted the hood on the asset manager's AI strategy and use cases. For instance, one signal compares regulatory filings for differences in company strategy or management.

Persons: AllianceBernstein, Andrew Chin, Chin, Larry Fink, terminations, It's Organizations: Wall Street, Vanguard, Fidelity Locations: BlackRock

C.E.O.s urge Washington to help with asylum seekersAs New York City’s migrant crisis continues to escalate, with more than 100,000 arrivals from the southern U.S. border straining shelters, some of the city’s top business leaders are intervening in a fight over who’s responsible. But recent communications by the Biden administration suggest that such calls won’t be heeded. The letter underscores the increasing urgency of the crisis, which has pitted Mayor Eric Adams against Gov. Adams has said the crisis could cost the city $12 billion over three years, while Hochul has spent $1.5 billion and deployed nearly 2,000 National Guard members so far. The migrant crisis is a business issue.

Persons: Jamie Dimon, JPMorgan Chase, Larry Fink, BlackRock, Jane Fraser, Citigroup —, Biden, won’t, Eric Adams, Kathy Hochul —, Adams, Hochul Organizations: JPMorgan, Citigroup, Gov, Biden, National Guard Locations: Washington, York, U.S, New

☆ BlackRock keeps pumping the brakes on a new fund amid state-level ESG criticism
▼ + stars: | 2023-08-24 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +5 min

Last fall, BlackRock filed to launch an ESG municipal bond exchange-traded fund. It is in essence an ESG version of its major $32 billion municipal bond fund. The delay for the world's largest ETF provider has puzzled some in the industry. This year Goldman Sachs launched its first municipal bond ETF, which takes into account social and environmental factors. BlackRock's ESG municipal bond ETF has another wrinkle.

Persons: Larry Fink, Wesley Gray, Matthew Tuttle, they've, Goldman Sachs, Fink, Salim Ramji, Tony Kelly Organizations: BlackRock, Securities and Exchange Commission, SEC, HIP Muni Bond ETF, Alpha, Republican, Tuttle Capital Management, Goldman, HIP Investor, HIP Locations: York, Arizona , Texas, South Carolina, BlackRock, Connecticut

☆ How more than a trillion dollars in U.S. government infrastructure spending can boost these 3 industrial stocks
▼ + stars: | 2023-08-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

The U.S. government is deploying trillions of dollars of stimulus money into infrastructure investments, boosting the prospects for a number of industrials in the Club portfolio. Club names Honeywell (HON) and Emerson Electric (EMR) might also grab some of the IRA's funding for green energy. Gains were linked to a boost in demand for construction equipment because of the "once in a generation" Infrastructure bill. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. The White House's infrastructure plan estimates to set aside approximately $35 billion for Texas projects.

Persons: Joe Biden, Emerson, Morgan Stanley, Economist Ellen Zentner, Zentner, Larry Fink, Jim Umpleby, Jim Cramer, Josh Pokrzywinski, Jim Cramer's, Jim, Brandon Bell Organizations: Club, Infrastructure Investment, Jobs, Act, Caterpillar, Honeywell, Emerson Electric, Morgan Stanley Chief, Economist, CNBC, CAT, Inflation, Bank of America, National, Software, Control, Getty Locations: U.S, North America, Houston , Texas, Texas

☆ Larry Fink’s Bet on Saudi Oil Money Is Also His Latest E.S.G. Woe
▼ + stars: | 2023-08-02 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

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

☆ The last time US debt was downgraded markets plummeted. Will it happen again?
▼ + stars: | 2023-08-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Fitch Ratings downgraded US long-term debt late on Tuesday from AAA to AA+, citing this spring’s debt ceiling standoff as a major reason. In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. “My sense is that the Fitch downgrade of the US credit rating is an insignificant development and will not move financial markets or the economy,” said Joseph Brusuelas, chief economist at RSM US. “The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: New York CNN — Fitch, Fitch, ”, Joseph Brusuelas, ” Fitch, Larry Summers, Janet Yellen, “, Dow, BlackRock, Larry Fink, Henry Fernandez, MSCI, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI Organizations: CNN Business, Bell, New York CNN, AAA, AA, RSM, Federal Reserve, Fitch, Treasury, US, Twitter, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Congressional, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “ Locations: New York, America, United States, States, Mike Gallagher of Wisconsin, Illinois, MSCI, China

☆ Here's how to invest $100,000 right now, according to billionaire Mike Novogratz
▼ + stars: | 2023-08-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Billionaire Mike Novogratz would put $100,000 in Alibaba stock, silver, gold, ether, and bitcoin. That advice is for young and risk-tolerant investors, he told David Rubenstein on Bloomberg TV. But for more risk-averse investors, Novogratz said they should mainly focus on bonds. I'd be buying silver, gold, bitcoin and ethereum. His preferred assets have made gains year to date, with Alibaba up 12%, gold 7.7%, silver 3.5%, ether 52.5%, and bitcoin 74.4%.

Persons: Mike Novogratz, David Rubenstein, Novogratz, That'd, bitcoin, Larry Fink's, Fundstrat Organizations: Bloomberg, Service, Privacy, Galaxy Digital Locations: Wall, Silicon, Beijing, BlackRock

☆ BlackRock and MSCI under investigation by House Committee for investments in China
▼ + stars: | 2023-08-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

“The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised.”MSCI did not respond to requests for comment. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. The committee launched an official investigation last month into US venture-capital companies that help fund Chinese artificial intelligence and semiconductor efforts.

Persons: BlackRock, Larry Fink, Henry Fernandez, MSCI, ”, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI, Biden, Gallagher Organizations: New, New York CNN, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “, Chinese Communist Party, Wall Street Locations: New York, Mike Gallagher of Wisconsin, Illinois, MSCI, United States, China, Beijing, Washington, Ukraine, BlackRock

☆ Bitcoin could hit a new high now that BlackRock's Larry Fink got 'orange-pilled' and became a true believer, billionaire Mike Novogratz says
▼ + stars: | 2023-07-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin could hit a new record high now that Blackrock's Larry Fink is a believer, Mike Novogratz said. "The most important thing that happened this year in bitcoin is Larry Fink," he said on Bloomberg TV. "I think the most important thing that happened this year in bitcoin is Larry Fink," the Galaxy CEO said in an interview on Bloomberg TV with David Rubenstein. This pivoting sentiment could help bitcoin surpass its $69,000 record set in 2021, Novogratz said, further supported by a future cut in interest rates. The token stands out for its use of an eyeball scanner, used to establish unique digital identities per user.

Persons: Bitcoin, Larry Fink, Mike Novogratz, Larry Fink's, David Rubenstein, —, Larry, Fink, bullishly, Novogratz, Fundstrat, OpenAI, Sam Altman, Altman Organizations: Bloomberg, Service, Galaxy, Securities and Exchange Commission Locations: bitcoin, Wall, Silicon, BlackRock

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ BlackRock returns to India, joining forces with Indian tycoon Mukesh Ambani's financial arm
▼ + stars: | 2023-07-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at their headquarters on November 14, 2022 in New York City. BlackRock and Saudi Arabia's sovereign wealth fund signed an agreement to jointly explore infrastructure projects in the Middle East. BlackRock has joined forces with the financial services arm of India's tycoon Mukesh Ambani in what's been referred to as a "major move." The joint venture will be called Jio BlackRock. Mukesh Ambani is the founder and chairman of Indian conglomerate Reliance Industries, the country's largest listed company by market share.

Persons: Mukesh Ambani, Larry Fink Organizations: BlackRock, Jio Financial Services, Reliance Industries, Forbes Locations: BlackRock, New York City, Saudi, East, what's, India

☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

☆ The responsible investing boom is over. Can anything replace ESG?
▼ + stars: | 2023-07-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Environmental, social and corporate governance, or ESG, investing is on a downward spiral. But in 2022, the pace of inflows quickly eased as a confluence of political, geopolitical and market events severely damaged interest in ESG investing. ESG investing took off and became a buzzword — the “artificial intelligence of six years ago,” said Jenkins. Alphabet reported revenue of $74.6 billion, marking a 7% jump compared to last year and beating Wall Street’s estimates. Banc of California reported a much smaller decline in net income of $2.4 million last quarter.

Persons: ESG, Larry Fink, ”, Robert Jenkins, Jenkins, “, ” Jenkins, he’s, What’s, Clare Duffy, Catherine Thorbecke, Wall, ” Thomas Monteiro, —, Elisabeth Buchwald, Jared Wolff, Wolff, PacWest Organizations: CNN Business, Bell, New York CNN, BlackRock, CNN, Lipper, Pleiades Strategy, Google, Microsoft, Wall, Bancorp, Western Bank, Beverly, Santa, Bank Locations: New York, YOLO, Ukraine, Banc, California, Santa Ana, United States

☆ Here's what the bears are missing, and why there's still money to be made in this bull market
▼ + stars: | 2023-07-23 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

We know there are so many reasons why this bull market has eluded so many. It's sudden broadening into health care, transports and financials just when we were told the bull was slain by its lack of breadth. I hope readers here know that I felt that only by tuning out the Fed could you make maximum money in the market. You simply had to ignore the verbiage, block out the gasbags who simply failed to see the two-staged bull market right in front of them. Needless to say, if you needed any evidence that we are in a bull market, the rally in that dog may be enough to make the prosecution rest.

Persons: Jerome Powell's, Powell, It's, Joe Biden's, Powell's, that's, Larry Fink, DR Horton, Powell didn't, IPOs, David Solomon's, Goldman Sachs, Barbie, Oppenheimer, Steve Squeri, Squeri, Jeff Marks, Jeff, Johnson, Elliott Management's, Lauder, Jackson, Jim Cramer's, Jim Cramer, Jim, Victor J Organizations: Federal, Dow, Taiwan Semiconductor Manufacturing Company, AS, Blackrock, DR, Western Alliance, FTC, Federal Trade Commission, Justice Department, Club, Microsoft, Activision, American Express, DuPont, Constellation Brands, Disney, Fed, Jim Cramer's Charitable, CNBC, Visitors, New York Stock Exchange, Blue, Bloomberg, Getty Locations: Washington, IPOs, Cava, Wyoming

☆ Coinbase is a crypto conundrum, squared
▼ + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +7 min

Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.

Persons: Brian Armstrong, Coinbase, behemoth BlackRock, –, Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S

☆ How the Middle East is preparing for the post-oil, EV era of transportation
▼ + stars: | 2023-07-20 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +3 min

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company announced. The Middle East, a region long known for its oil and gas riches, is investing in a new, more sustainable future potentially dominated by electric vehicles. The electric vehicle sector is booming in Israel, with electric vehicle deliveries in the first half of this year over 210% higher than the same period last year. "There's a growing recognition that countries need to do something on climate," said Tammy Klein, chairperson of the Electric Vehicle Council. "I think Middle Eastern countries are no different."

Persons: Larry Fink, Amin Nasser's, Tammy Klein, Klein, Robert Falck, we'll, " Falck Organizations: BlackRock, Saudi, Lucid, Gauss Auto, Marson Group, Electric Vehicle Council, EV, Einride, UAE Ministry of Energy, Infrastructure Locations: Saudi Arabia, Saudi Aramco, Israel, Bahrain, American, U.S, Europe, UAE, Sweden, It's, Abu Dhabi, Dubai, Sharjah

☆ BlackRock might not be 'woke' anymore after the asset manager put an oil CEO on its board
▼ + stars: | 2023-07-19 | by ( Rebecca Ungarino | George Glover | ) www.businessinsider.com time to read: +4 min

BlackRock named Aramco CEO Amin Nasser to its board Monday. Nasser leads the world's largest oil producer, which is mainly owned by the Saudi Arabian state. Its decision to name Aramco CEO Amin Nasser to its board Monday provides further ammunition for those critics, signaling that the firm might not be as socially conscious as it says it is. That is the wrong player here, unless [BlackRock CEO] Larry Fink really wants to blur their image on the ESG front," Jeffrey Sonnenfeld, the Yale professor and management expert, said on CNBC Tuesday. Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Company (Saudi Aramco), speaks at the China Development Forum in Beijing, China, March 19, 2017.

Persons: Amin Nasser, Nasser, Larry Fink's, it's, Larry Fink, Jeffrey Sonnenfeld, Biden, Jamal Khashoggi, He'll, that's, Amin H, Shu Zhang, Reuters Fink, BlackRock's, It's, Fink, he'd Organizations: BlackRock, Aramco, Yale, CNBC, Washington Post, Saudi Arabian Oil Company, China Development Forum, Reuters, McKinsey, Republican Locations: Saudi Arabian, Saudi Arabia, Saudi, Saudi Aramco, Beijing, China, Massachusetts

☆ BlackRock made a climate pledge. Then it appointed a Saudi oil executive to its board
▼ + stars: | 2023-07-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —BlackRock, the world’s biggest asset manager, said Monday it has appointed Amin Nasser, chief executive of oil giant Saudi Aramco, to its board of directors — despite the New York-based firm’s pledge to accelerate investment in climate-friendly companies. Nasser joined the state-run oil giant Saudi Aramco in 1982 as a petroleum engineer, rising up the ranks to become CEO in 2015. Saudi Aramco is the world’s largest oil producer, with a market capitalization of 7.8 trillion Saudi riyal ($2.1 trillion). But, like other fossil fuel companies, pressure has built on Saudi Aramco to take more drastic action to curb its greenhouse gas emissions. President and CEO of Aramco Amin Nasser attends the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023.

Persons: Amin Nasser, —, Bader Alsaad, Larry Fink, Nasser, Hasnoor Hussain, ” Nasser, BlackRock’s, Jeff Sonnenfeld, Nasser “ Organizations: London CNN — BlackRock, Saudi Aramco, New, BlackRock, Arab Fund for Economic, Social, Saudi, —, Energy Asia, World Petroleum Congress, Yale School of Management, CNBC, Aramco, CNN Locations: Saudi, New York, ”, Ukraine, Kuala Lumpur, Malaysia, decarbonize, United States, BlackRock

☆ BlackRock's ESG backlash looms over Larry Fink's legacy and succession
▼ + stars: | 2023-07-18 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +11 min

"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

☆ Yale's Jeff Sonnenfeld: BlackRock CEO Larry Fink 'is swinging like a pendulum' with Aramco news
▼ + stars: | 2023-07-18 | 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 EmailYale's Jeff Sonnenfeld: BlackRock CEO Larry Fink 'is swinging like a pendulum' with Aramco newsJeff Sonnenfeld, Yale School of Management senior associate dean for leadership studies, joins 'Squawk Box' to discuss news of BlackRock naming Saudi Aramco CEO Amin Nasser to its board, a move the company says will give it 'a unique perspective' on key issues.

Persons: Jeff Sonnenfeld, Larry Fink, Amin Nasser Organizations: BlackRock, Aramco, Yale School of Management Locations: BlackRock

☆ BlackRock’s Aramco embrace makes sense in a vacuum
▼ + stars: | 2023-07-18 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

The $109 billion asset manager run by Larry Fink said on Monday it would add Saudi Aramco (2222.SE) Chief Executive Amin Nasser to its 16-strong board. But judged through an investment lens the appointment makes sense. Nasser, who led Aramco through its 2019 initial public offering, will take the seat currently occupied by Bader Alsaad, a former managing director of the Kuwait Investment Authority. Follow @thereallsl on TwitterCONTEXT NEWSBlackRock on July 17 said Amin Nasser, chief executive of Saudi Aramco, would join its board as an independent director. “Amin’s distinguished career at Aramco, spanning more than four decades, gives him a unique perspective on many of the key issues facing our firm and our clients,” BlackRock Chief Executive Larry Fink said in a statement.

Persons: Larry Fink, Amin Nasser, Nasser, Bader Alsaad, Jamal Khashoggi, Randall Stephenson, Fink, Richard Blumenthal, T Rowe Price, Fink –, “ Amin’s, Peter Thal Larsen, Sharon Lam Organizations: YORK, Reuters, BlackRock, Aramco, Kuwait Investment Authority, of, Petroleum, Saudi, Golfers ’ Association, Global Energy, Exxon Mobil, Chevron, Shell, Thomson Locations: BlackRock, Saudi Aramco, Kuwait, Saudi Arabia, United States, U.S, Texas, Connecticut, Aramco

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