BlackRock Puts Climate Change Center Stage
of BlackRocks investment strategy. The shift could reshape how Wall Street invests. , according to Mr. Finks : Exit certain investments that have a high sustainability-related risk but not all, since fossil fuels remain central to the global economy. Start to press corporate managers on their environmental goals, including leaning on companies to adhere to the Paris climate accords targets. Introduce more funds that avoid stocks related to fossil fuels. Mr. Fink writes in the letter. He said he had come to that conclusion after talking with business leaders and scientists and having BlackRock model the economic effects of climate change. , Mr. Fink (a major Democratic donor) told Andrew: Politics isnt part of this. Last year, and criticized BlackRock for continuing to invest in fossil-fuel companies and staying quiet on climate-related disasters. And launched by the Sunrise Project, a climate-change group, has called on BlackRock to commit this year to tighten its policy on coal investments and make fossil-free funds a default option for investors. , given BlackRocks influence with nearly $7 trillion under its belt. I believe we are on the edge of a fundamental reshaping of finance, Mr. Fink writes. The federal authorities have again demanded that the iPhone maker used by a gunman who carried out a deadly shooting, renewing a standoff between the government and the tech giant over encryption and privacy. in a shooting in Pensacola, Fla., last month, that left three sailors dead. Attorney General Bill Barr said yesterday that the shooting was an act of terrorism. And of Apples refusal to open the phones, he said, This situation perfectly illustrates why it is critical that the public be able to get access to digital evidence. , including access to the gunmans iCloud account and transaction history. It did not commit to helping crack open the phones themselves. Supporters of Mr. Barrs position argue that Apple is letting iPhones become a haven for criminal activity by using encryption technology that the government cant crack. Apple maintains that privacy is a human rights issue and that Americans do not have to choose between weakening encryption and solving investigations. The F.B.I. has a court order to open the phones, though Apple related to a 2015 shooting in San Bernardino, Calif. Mr. Barr may turn to lawmakers for help, though many are wary of broadening the F.B.I.s surveillance powers. The Trump administration took another step yesterday to prepare for the signing of a U.S.-China trade agreement this week. But like other measures in the proposed deal, its unlikely to lead to long-lasting change. , shedding a designation made last August in the depths of the trade fight. Treasury Secretary Steven Mnuchin said the move had come after Beijing agreed not to devalue its renminbi for competitive reasons. The renminbi actually rose for most of last year, with China allowing market forces to influence its value. And Beijing propped up the currency at points to prevent it from falling too far. of what either side wanted. The U.S. didnt force greater liberalization of Chinas markets, and tariffs remain on $370 billion worth of Chinese exports. ( into the monthslong negotiations.) that it started, this time with the E.U. The political blocs new trade chief, Phil Hogan, arrived in Washington yesterday for meetings and Europe hopes will help in dealing with the White House. American officials reportedly warned their British counterparts that any sharing of intelligence if Britain used Huawei technology in its 5G wireless network, Dan Sabbagh of The Guardian writes. A U.S. delegation presented an incendiary dossier they said featured new evidence of the security risks of relying on Huawei technology in future phone networks, Mr. Sabbagh writes. The campaign comes after Britain said it would allow nonessential Huawei equipment, like antennas and phone masts, into the next-generation wireless network. Giving the Chinese company that sort of access would be nothing short of madness, U.S. officials reportedly said. They added that Congress and President Trump would evaluate intelligence sharing if Britain moved ahead. The streaming service collected a , including two for best picture, Brooks Barnes and Nicole Sperling of the NYT write. Its Netflixs best chance yet to claim a serious victory over Old Hollywood. The Irishman (which is up for 10 awards) and Marriage Story. The company has two films up for best animated feature, while Disneys Frozen 2 was shut out of that category. Netflix is spending billions on content, including on projects from awards magnets like Martin Scorsese. Its spending spree is also extending to Oscar campaigns. The big movie chains AMC and Regal at their theaters, once again citing the services refusal to give them a monthslong window to show films exclusively before they are streamed. , at least for best picture. have the chances of The Irishman winning at about 12 to 1, while Marriage Story is at 33 to 1 for some bookies. Sonys Once Upon a Time ... in Hollywood is the favorite, with odds of about 7 to 4. Queen Elizabeth II said yesterday that of the desire of Prince Harry and his wife, Meghan, to become part-time British royals. But theres still on the financial front, Max Colchester of the WSJ notes. The couple say they want to become financially independent. But given the web of tax, security implications, royal protocol and the political sensitivity of royal finances, it is unclear whether that is possible. Harry and Meghan write on their website that they expect to keep state-funded security and continue to live in a cottage owned by the queen, which the WSJ notes was refurbished at a 2.4 million ($3.1 million) cost to taxpayers. And the family doesnt have unlimited money, based on what we know even if they still have a sizable purse. They received about 125 million from publicly disclosed sources. They are millionaires, not billionaires, David McClure, who has written about royal finances, told the WSJ. The Treasury Department announced new rules that expand oversight over foreign investments into U.S. companies that could raise national security concerns. ( ) Visa agreed to buy Plaid, which provides services to financial-tech companies, for $5.3 billion. ( ) The grocery chain Albertsons is reportedly again preparing to go public. ( ) Irans economic woes are limiting its leaders willingness to escalate their conflict with the U.S. ( ) New Jersey is poised to enact a law that would compensate workers who lose their jobs in mass layoffs, a move that was inspired by the bankruptcy of Toys R Us. ( ) Russian hackers have targeted Burisma, the Ukrainian natural gas company at the heart of the Trump impeachment. ( ) Dating services like Grindr and Tinder are exposing users personal data to marketers in ways that may violate privacy laws, according to a new report. ( ) Alphabets market value is close to surpassing $1 trillion. ( ) Boeings new C.E.O., David Calhoun, could receive a $7 million bonus if the companys 737 Max resumes flying. ( ) Drug companies are seeking new ways to lower the price of their most expensive treatments. ( ) American wine purchases dropped last year from 2018, the first time in a quarter-century. ( )