![]() ![]() CNN Sans ™ & © 2016 Cable News Network.Larry Fink’s call for near-term corporate emissions targets is a subtle but significant escalation of BlackRock using its influence to push for action on climate. ![]() Market holidays and trading hours provided by Copp Clark Limited. ![]() All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account “Longer-term, I believe that recent events will actually accelerate the shift toward greener sources of energy in many parts of the world,” Fink wrote. While Fink anticipates that coal consumption may increase over the next year as Europe and Asia try to wean themselves off Russian oil and gas, soaring energy prices will likely make renewables more competitive, he said. “Energy security has joined the energy transition as a top global priority,” Fink said. The price of Brent crude, the global benchmark, surged above $139 a barrel in early March as buyers feared supply shocks, though oil has since come down. A shortage of semiconductor chips, in particular, has plagued industries over the past year, from carmakers to tech companies.Īnd now Russia’s assault on Ukraine - followed by swift and punishing Western sanctions and a raft of company exits - has disrupted international export markets. When economies reopened - and demand surged - supply-chain bottlenecks helped push inflation up to levels not seen in decades. The CEO, whose company manages $10 trillion in assets, predicted that Russia’s isolation will “prompt companies and governments worldwide to reevaluate their dependencies and reanalyze their manufacturing and assembly footprints.”īut some countries could benefit from focusing on building up their domestic industries, as companies onshore or “nearshore” their operations, he said.įink said that the coronavirus pandemic had already set these wheels in motion.Įarly in the pandemic, countries struggled to secure desperately needed personal protective equipment made in China. “The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades,” Fink wrote. Russia’s invasion of Ukraine has ended globalization as we know it, says the head of BlackRock, the world’s largest asset manager.īlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia’s “decoupling from the global economy” following its assault on Ukraine has caused governments and companies to examine their reliance on other nations. ![]()
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