![]() “Access to global capital enables companies to fund growth, countries to increase economic development, and more people to experience financial well-being. “I remain a long-term believer in the benefits of globalization and the power of global capital markets,” Fink wrote. He said the Russian war in Ukraine marks a turning point in the decades since Moscow was brought into the world capital markets thanks to the rise of globalization. “Over the past few weeks, I’ve spoken to countless stakeholders, including our clients and employees, who are all looking to understand what could be done to prevent capital from being deployed to Russia,” Fink said. Fink wrote in his letter that the company has suspended any purchase of Russian equities. Howard Marks, the billionaire co-founder and co-chairman of Oaktree Capital Management, wrote a letter to investors expressing similar sentiments, warning that inflation is likely to become a long-term consequence.īiden slams Ukraine invasion as he reveals new sanctions that leave Putin untouchedįink said that the sanctions against Russia were tantamount to “economic war” on Moscow and said the firm will make efforts to anticipate just how the unfolding crisis will affect investors.īlackRock’s portfolio includes assets worth a total of an estimated $10 trillion. 1/2 Larry Fink, chairman and CEO of BlackRock, speaks during an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. “Russia’s aggression in Ukraine and its subsequent decoupling from the global economy is going to prompt companies and governments worldwide to re-evaluate their dependencies and re-analyze their manufacturing and assembly footprints - something that Covid had already spurred many to start doing,” he wrote. ![]() It could also spur economies to develop greater reliance on local manufacturing, according to Fink. The head of the world’s biggest asset manager sent a letter to shareholders on Thursday warning of dark days ahead for the world economy, signaling that inflation is of particular concern.įink predicted that the war will force countries to re-evaluate the extent to which their economies are interdependent on others. ![]() Gone girl: Award-winning Ukrainian reporter, 26, missing in Russian territory since AugustīlackRock CEO Larry Fink said that the Russian invasion of Ukraine “has put an end to the globalization we have experienced over the last three decades.” Russian strike on Ukrainian cafe kills at least 51, including 6-year-old boy, with horrifying photos showing the mass devastationīiden’s lack of leadership is galvanizing US critics of Ukraine aid March 15 (Reuters) - BlackRock Inc Chief Executive Laurence Fink warned on Wednesday the U.S. In Fink’s 2022 letter, the focus had shifted to stakeholder capitalism, a concept based on companies serving the interests of all stakeholders, defending the attacks on BlackRock’s ESG stance from conservatives.US aid to Ukraine may depend on who wins race to replace McCarthy as House speaker “Climate change has become a defining factor in companies’ long-term prospects.” “In the near future-and sooner than most anticipate-there will be a significant reallocation of capital,” he wrote in his annual letter from January 2020. Fink’s letters even in 20 spoke of changes in how investing is viewed and how concerns like climate change were becoming a cornerstone for BlackRock. Initially, BlackRock was synonymous with ESG and an important part of the Net Zero Asset Managers Initiative, a UN program aimed at finance companies reaching net-zero emissions goals by 2050. “And for the first time in my professional career, attacks are now personal. ![]() “It’s hard-because it’s not business anymore, they’re doing it in a personal way,” he told Bloomberg during an event. In January, he said the attacks had gotten personal and that he was working on addressing “misconceptions” about BlackRock’s ESG policies. Fink has spoken out about the criticism he has received as the unofficial face of ESG.
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