Free Republic

BlackRock’s focus on the latest Wall Street craze—environmental, social, and governance (ESG) investing—has turned into a risky affair for the world’s largest asset manager, a UBS analyst recently stated. Brennan Hawken, an analyst at the bank, downgraded the stock of BlackRock, Inc. (NYSE:BLK) from Buy to Neutral and slashed the stock price target from $700 to $585 over growing pushback to its ESG efforts. “We are downgrading BLK to Neutral based on environmental pressure to earnings and risk from the firm’s ESG positioning,” he said in a note, adding that BlackRock could face increased regulatory inspection and the possibility of...

The Presbyterian Church (U.S.A.) voted yesterday to back off from a decision it made two years ago to pursue divestment from companies that profit from Israel's involvement in the Palestinian territories. The resolution, passed overwhelmingly at the church's general assembly in Birmingham, Ala., responded to outcries by some church members and Jews who accused the church of insensitivity to Israel. The resolution apologized for "the pain that this has caused" among "many members of the Jewish community and within our Presbyterian communion." Church leaders said it still permitted divestment as a "last resort," but emphasized positive, not punitive, steps the...