Activist investor calls for overhaul of Korean tobacco giant KT&G

Activist investor calls for overhaul of Korean tobacco giant KT&G

An investment company founded by a former Carlyle Group Inc. CG 5.13% The executive has acquired a minority stake in a South Korean tobacco conglomerate and is demanding a business overhaul and spinoff of its ginseng business, according to a letter seen by The Wall Street Journal. Sanghyun Lee who served as Carlyle‘s CG 5.13% … Read more

This powerful BlackRock team has the ear of governments and mega-banks

This powerful BlackRock team has the ear of governments and mega-banks

Black stone Inc. BLK -1.21% CEO Larry Fink spoke last month with Ukrainian President Volodymyr Zelensky and extended an offer to help. By video conference, Mr. Mr. Fink Zelensky that BlackRock was ready to help Ukraine create a reconstruction fund, according to Mr. Zelensky’s office. Rebuilding a war-torn country would be the goal – along … Read more

Thursday was ‘one of the craziest days of my career’ in markets, says Rick Rieder

Thursday was ‘one of the craziest days of my career’ in markets, says Rick Rieder

Investors have witnessed some “pretty crazy” times in financial markets over the past few weeks, with Thursday’s wild swings ranking among the “craziest days of my career,” said Rick Rieder, chief investment officer for global fixed income at BlackRock Inc. BLK. +6.58%, during an interview with MarketWatch’s Christine Idzelis Thursday to celebrate the website’s 25th … Read more

BlackRock hopes that investors will rediscover the joy of bonds

BlackRock hopes that investors will rediscover the joy of bonds

Bond prices aren’t doing much to help investors or asset managers right now. But the long-term appeal of interest returns can be a saving grace for everyone. BlackRock BLK 6.58% on Thursday reported a 15% year-over-year drop in third-quarter revenue, driven by the effects of falling market prices and a strong dollar on asset values … Read more

BlackRock Profit Falls 16% – WSJ

BlackRock Profit Falls 16% – WSJ

A sour market weighed on investment giant BlackRock Inc. BLK 6.58% in the third quarter, which depressed the result by 16%. The world’s largest asset manager reported net income of $1.41 billion, down from $1.68 billion in the same period a year earlier. Earnings amounted to $9.25 per share. That beat the $7.06 that analysts … Read more

BlackRock goes into political tension on climate issues

BlackRock goes into political tension on climate issues

The world’s largest investor takes heat from officials on both sides of the climate debate – and the talk turns into action. The move came just weeks after BlackRock received a flurry of letters urging its stance on climate issues. In August, attorneys general from 19 states accused BlackRock of actively pushing companies to phase … Read more

Fund managers, regulators fight over plans to tighten ESG rules

Fund managers, regulators fight over plans to tighten ESG rules

Proposed rules from the Securities and Exchange Commission would establish a common benchmark for how sustainable investment products are labeled, marketed and reported. This can lead to investors pulling money from funds that do not appear to take the standards seriously. “In the short term, these rules, if enacted, could result in a decrease in … Read more

Cautious investors scramble to avoid market turmoil

Cautious investors scramble to avoid market turmoil

This year’s market turmoil has spread across risky assets and safe-havens alike, leaving jittery investors where to hide from further pain. The S&P 500 is down 24% this year, with all three major U.S. stock indexes on track for their worst annual results since 2008. Bonds haven’t weighed on portfolios — the Bloomberg US Aggregate … Read more

BlackRock takes heat from New York City over climate issues

BlackRock takes heat from New York City over climate issues

The official in charge of New York City’s public pension funds is pressuring BlackRock Inc. BLK -1.73% to commit to achieving net zero emissions across its investment portfolio. In a letter Wednesday to BlackRock CEO Larry Fink, New York City Comptroller Brad Lander said the asset manager’s voting record in the 2022 proxy season and … Read more