Oil Price Oil prices have been highly volatile over the past week, with Brent trading across a $6.75 per barrel (bbl) range to hit a seven-month low of $75.05/bbl intra-day on 5 August thanks to bearish news coming from the world’s largest economy. The latest U.S. jobs report revealed that the economy added 114,000 jobs in July, way lower than the Wall Street
Oil Price Investments in the energy transition are falling way short of what is needed for its success. The fresh warning comes from BlackRock, which said annual investments in the shift away from hydrocarbons need to almost double from their current record levels. But it’s getting less likely this would ever happen. In a new edition of its Investment Institute
Oil Price BlackRock has asked Texas authorities to reconsider the withdrawal of $8.5 billion in assets of the Permanent School Fund from the asset manager. The decision to withdraw from BlackRock was announced earlier this week by the Texas State Board of Education Chair, who cited the 2021 law that Texas passed to penalize financial firms that, according to state
World Oil (WO) – Following news that the Texas State Board of Education (SBOE) and Chairman Aaron Kinsey would terminate an $8.5 billion contract with BlackRock, Texas Railroad Commissioner Wayne Christian applauded the SBOE’s decision, which protects Texas’ Permanent School Fund and classrooms across the state, and said the following: “Texas state leadership continues to land blows to BlackRock and
Oil Price ExxonMobil has selected the world’s largest asset manager, BlackRock, as a buyer for its 70.7% stake in Adriatic LNG, Italy’s first regasification import terminal, the U.S. supermajor told Reuters on Wednesday. Exxon currently holds 70.7% of Adriatic LNG via its subsidiary ExxonMobil Italiana Gas. The other shareholders in Italy’s main LNG import terminal off the Adriatic coast in northern Italy are a
Oil Price BlackRock has named Saudi Aramco’s chief executive Amin Nasser to the board of directors of the world’s biggest asset manager as an independent director. The CEO of the world’s largest oil company by oil production, exports, and market capitalization joined BlackRocks’s board on Monday, while the asset manager is preparing for the departure of another board member. Bader M. Alsaad,
Oil Price The Texas legislature has subpoenaed investment firm BlackRock, together with its subsidiaries and affiliate entities in the state, for documents related to the institution’s promotion of environmental, social, and governance (ESG) policies. The subpoena was issued by the Texas Senate Committee on State Affairs last month and asks the sergeant-at-arms for the committee or any peace officer of
Oil Price BlackRock said it had raised $4.5bn (£3.97bn) for a new climate infrastructure fund today as it looks to ramp up investment in the net zero transition amid criticism of its decision to continue backing oil and gas firms. The world’s biggest asset manager, which has around $8tn under its stewardship, said it had secured backing from public
Nasdaq LONDON – BlackRock BLK.N, the world’s biggest asset manager, told a British parliamentary committee that it will not stop investing in coal, oil and gas, and that its role was not to “engineer a specific decarbonization outcome in the real economy.” The response was part of tens of statements from companies to the Environmental Audit Committee, which is
Oil Price The world’s biggest asset manager, BlackRock, is prepared to invest in energy pipelines in the United States as soon as such projects get the green light from the government, BlackRock’s chief executive Larry Fink said on Wednesday. The top executive of BlackRock – which has faced criticism from both environmental campaigners for still investing in conventional energy
Oil Price Multiple U.S. states governed by Republicans are withdrawing state funds from BlackRock’s management, as they disapprove of the ESG investment policies of the world’s top asset manager, the Financial Times reports. In recent weeks, Louisiana, South Carolina, Utah, and Arkansas have announced they would divest funds from BlackRock totaling more than $1 billion. Last week, Louisiana State Treasurer
Reuters BOSTON/LONDON -Larry Fink, chief executive of the world’s biggest asset manager BlackRock Inc, has defended its focus on the interests of society as well as on profits in the face of criticism from many sides. Asset managers increasingly analyse corporate performance on environmental, social and governance-related issues to bolster returns and to attract cash from investors focused matters such
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