Soros calls on Congress to block BlackRock China investment

Business

Yahoo News 07 September, 2021 - 01:00pm 39 views

Soros argued in an opinion piece for the Wall Street Journal that the investment management giant's dealings in the Chinese economy will not only lose money for its clients in the long run but will also inflict damage on the national security of the United States and other democracies.

Soros, who is seen as a sort of bogeyman by some on the Right, appealed to bipartisanship in combating China’s growing influence. He said that the two countries are embroiled in a “life and death conflict” between democracy and repression and said that BlackRock money invested in China would help the Chinese by propping up General Secretary Xi Jinping’s regime.

“Congress should pass legislation empowering the Securities and Exchange Commission to limit the flow of funds to China. The effort ought to enjoy bipartisan support,” Soros said.

Last month, BlackRock, which is the world’s largest asset manager, began tapping into the Chinese market by offering mutual funds and investment products to Chinese investors, becoming the first foreign-owned firm to be permitted to do so. The research arm of the company, which is run by CEO Larry Fink, also recently encouraged investors to triple their exposure to Chinese assets.

In the op-ed, Soros takes aim at Xi and asserts that BlackRock misunderstands the nature of China’s economy and the grip that the communist regime has over it.

“The firm seems to have taken the statements of Mr. Xi’s regime at face value,” Soros wrote. “It has drawn a distinction between state-owned enterprises and privately owned companies, but that is far from reality. The regime regards all Chinese companies as instruments of the one-party state.”

He hit at China’s recent regulatory clampdown over some of its biggest companies and said that there is an “enormous crisis brewing in China’s real-estate market.” Soros noted that China’s “Common Prosperity” program to redistribute wealth “does not augur well with foreign investors” and highlighted speculation that Xi may attempt to make himself ruler for life next year.

“He is bound to have enemies, whom he must prevent from uniting against him. Thus, he needs to bring to heel any entity rich enough to exercise independent power,” he said, highlighting Xi’s crackdown.

The Washington Examiner contacted BlackRock for comment about Soros’s opinion piece but did not immediately receive a response.

Tags: News, George Soros, Investment, China, Xi Jinping, Business, Foreign Affairs

Original Author: Zachary Halaschak

Original Location: Soros calls on Congress to block BlackRock China investment

"Pouring billions of dollars into China now is a tragic mistake," Soros wrote in the op-ed. "It is likely to lose money for BlackRock's clients and, more important, will damage the national security interests of the U.S. and other democracies." Last month, BlackRock became the first foreign asset manager to operate a wholly owned mutual fund business in China, tapping the fast-growing $3.6 trillion retail fund market.

Billionaire investor George Soros says BlackRock’s clients are likely to lose money and the national security interests of the U.S. will be damaged.

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George Soros calls out BlackRock's 'China blunder'

CNN 07 September, 2021 - 08:10pm

Updated 8:22 AM ET, Tue September 7, 2021

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BlackRock responds to Soros' criticism of its China investments

Fox Business 07 September, 2021 - 03:45pm

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Jack Otter takes on the topic with a panel on 'Barron's Roundtable'

Hedge fund tycoon George Soros condemned BlackRock's recent billion-dollar investment in China in a Monday op-ed published by The Wall Street Journal.

Soros called BlackRock's recent decision to introduce mutual funds in the country last month a "tragic mistake" that he said is "likely to lose money for BlackRock’s clients and … damage the national security interests of the U.S. and other democracies."

"The United States and China have a large and complex economic relationship," a BlackRock spokesperson said in response. "Total trade in goods and services between the two countries exceeded $600 billion in 2020. Through our investment activity, U.S.-based asset managers and other financial institutions contribute to the economic interconnectedness of the world’s two largest economies."

After introducing mutual funds into China, the company told its clients to invest in the country, pushing billions of dollars into the world's second-largest economy.

It is the first foreign-owned, asset management company based outside of China that has received approval from Chinese President Xi Jinping to launch a mutual fund business in the country, according to Reuters.

"The overwhelming majority of the assets BlackRock manages are for retirement. BlackRock’s clients around the world – including many U.S. clients – seek a broad range of investments, including in China, to achieve their retirement and other financial objectives," the spokesperson said, adding that China is "taking measures to address its growing retirement crisis."

Blackrock thinks it can help China "address that challenge by providing … retirement system expertise, products, and services."

"We believe that globally integrated financial markets provide people, companies, and governments in all countries with better and more efficient access to capital that supports economic growth across the entire world," the spokesperson said.

Soros, however, believes U.S.-China relations are on shaky ground with the world's two largest economies "engaged in a life and death conflict between two systems of governance: repressive and democratic," and that BlackRock's investment in the country "will help prop up President Xi’s regime."

The billionaire specifically took aim at Blackstone co-founder Stephen Schwarzman and former Goldman Sachs President John L. Thornton for jumping at "the prospect of business opportunities dangled by Mr. Xi."

He concluded by calling on the Securities and Exchange Commission "to limit the flow of funds to China."

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BlackRock’s China blunder

Fox Business 07 September, 2021 - 09:11am

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Jack Otter takes on the topic with a panel on 'Barron's Roundtable'

BlackRock, the world’s largest asset manager, has begun a major initiative in China. On Aug. 30 it launched a set of mutual funds and other investment products for Chinese consumers. The New York-based firm is the first foreign-owned company allowed to do so. The launch came just weeks after BlackRock recommended that investors triple their allocations in Chinese assets. This will push billions of dollars into China. "The Chinese market represents a significant opportunity to help meet the long-term goals of investors in China and internationally," BlackRock Chairman Larry Fink wrote in a letter to shareholders.

BlackRock takes its responsibilities for its clients’ money seriously and is a leader in the environmental, social and governance movement. But it appears to misunderstand President Xi Jinping’s China.

The firm seems to have taken the statements of Mr. Xi’s regime at face value. It has drawn a distinction between state-owned enterprises and privately owned companies, but that is far from reality. The regime regards all Chinese companies as instruments of the one-party state.

This possible misunderstanding could explain BlackRock’s decision, but there may be another explanation. The profits to be earned from entering China’s hitherto closed financial markets may have influenced their decision. The BlackRock managers must be aware that there is an enormous crisis brewing in China’s real-estate market. They may believe that investment funds flowing into China will help Mr. Xi handle the situation, but the president’s problems go much deeper. China’s birthrate is much lower than official statistics indicate and Mr. Xi’s attempts to increase it have made matters worse. The president recently launched his "Common Prosperity" program, which is a fundamental change in direction. It seeks to reduce inequality by distributing the wealth of the rich to the general population. That does not augur well for foreign investors.

Pouring billions of dollars into China now is a tragic mistake. It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies. Mr. Xi faces an important hurdle in 2022. Many believe he intends to overstep the term limits established by Deng Xiaoping and make himself ruler for life. He is bound to have enemies, whom he must prevent from uniting against him. Thus, he needs to bring to heel any entity rich enough to exercise independent power.

This process has been unfolding in the past year and reached a crescendo in recent weeks. It began with the abrupt cancellation of a new issue by Alibaba’s Ant Group in November 2020. Then came the disciplinary measures against Didi Chuxing after it floated an issue in New York in June. Things culminated with the banishment of U.S.-financed tutoring companies from China. This had a profoundly negative effect on offshore markets, hammering New York-listed Chinese companies and shell companies. Chinese financial authorities have tried to reassure markets ever since.

The leaders of Western asset-management firms, such as Stephen Schwarzman, co-founder of investment firm Blackstone, and former Goldman Sachs President John L. Thornton, have long been interested in the Chinese consumer market—and in the prospect of business opportunities dangled by Mr. Xi.

BlackRock is only the latest company trying to engage with China. Earlier efforts could have been morally justified by claims that they were building bridges to bring the countries closer, but the situation now is totally different. Today, the U.S. and China are engaged in a life and death conflict between two systems of governance: repressive and democratic.

The BlackRock initiative imperils the national security interests of the U.S. and other democracies because the money invested in China will help prop up President Xi’s regime, which is repressive at home and aggressive abroad. Congress should pass legislation empowering the Securities and Exchange Commission to limit the flow of funds to China. The effort ought to enjoy bipartisan support.

This material may not be published, broadcast, rewritten, or redistributed. ©2021 FOX News Network, LLC. All rights reserved. FAQ - New Privacy Policy

Soros says BlackRock's China investments likely to lose money - WSJ

Yahoo Finance 06 September, 2021 - 11:24pm

  "Pouring billions of dollars into China now is a tragic mistake," Soros wrote in the op-ed. "It is likely to lose money for BlackRock's clients and, more important, will damage the national security interests of the U.S. and other democracies." 

  Last month, BlackRock became the first foreign asset manager to operate a wholly owned mutual fund business in China, tapping the fast-growing $3.6 trillion retail fund market. This also comes after the government scrapped a foreign ownership cap in the industry on April 1, 2020. 

  Soros said BlackRock has drawn a distinction between the country's state-owned enterprises and privately owned companies that is far from reality, according to the opinion piece https://www.wsj.com/articles/blackrock-larry-fink-china-hkex-sse-authoritarianism-xi-jinping-term-limits-human-rights-ant-didi-global-national-security-11630938728. 

  BlackRock did not immediately respond to a Reuters request for comment. 

  Investors in China have been rattled by a flurry of regulatory crackdowns this year targeting sectors ranging from technology to private tutoring, which have wiped out close to $1 trillion in market value since February. 

  (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta and Kim Coghill) 

Billionaire investor George Soros says BlackRock’s clients are likely to lose money and the national security interests of the U.S. will be damaged.

One of America's earliest investors in China fired an opening salvo in a potential war of words with the biggest global asset manager this week, as two of Wall Street's best-known investors spar over the investment potential of the world's second-largest economy. In one corner is George Soros, the billionaire founder of the Quantum Fund and an early investor in Hainan Airlines. Soros warned in an opinion piece in The Wall Street Journal that bullish calls by BlackRock to invest in China could co

Pouring billions into the country now is a bad investment and imperils U.S. national security.

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Soros says BlackRock's China investments likely to lose money - WSJ

The Wall Street Journal 06 September, 2021 - 11:24pm

  "Pouring billions of dollars into China now is a tragic mistake," Soros wrote in the op-ed. "It is likely to lose money for BlackRock's clients and, more important, will damage the national security interests of the U.S. and other democracies." 

  Last month, BlackRock became the first foreign asset manager to operate a wholly owned mutual fund business in China, tapping the fast-growing $3.6 trillion retail fund market. This also comes after the government scrapped a foreign ownership cap in the industry on April 1, 2020. 

  Soros said BlackRock has drawn a distinction between the country's state-owned enterprises and privately owned companies that is far from reality, according to the opinion piece https://www.wsj.com/articles/blackrock-larry-fink-china-hkex-sse-authoritarianism-xi-jinping-term-limits-human-rights-ant-didi-global-national-security-11630938728. 

  BlackRock did not immediately respond to a Reuters request for comment. 

  Investors in China have been rattled by a flurry of regulatory crackdowns this year targeting sectors ranging from technology to private tutoring, which have wiped out close to $1 trillion in market value since February. 

  (Reporting by Aakriti Bhalla in Bengaluru; Editing by Shounak Dasgupta and Kim Coghill) 

Billionaire investor George Soros says BlackRock’s clients are likely to lose money and the national security interests of the U.S. will be damaged.

One of America's earliest investors in China fired an opening salvo in a potential war of words with the biggest global asset manager this week, as two of Wall Street's best-known investors spar over the investment potential of the world's second-largest economy. In one corner is George Soros, the billionaire founder of the Quantum Fund and an early investor in Hainan Airlines. Soros warned in an opinion piece in The Wall Street Journal that bullish calls by BlackRock to invest in China could co

Pouring billions into the country now is a bad investment and imperils U.S. national security.

(Bloomberg) -- BlackRock Inc. raised 6.7 billion yuan ($1 billion) for its first China mutual fund, starting onshore investments for clients in the world’s most promising wealth market right after billionaire financier George Soros called its China investment a “tragic mistake.” The U.S. giant’s local unit closed fundraising days ahead of the Sept. 10 deadline without hitting a planned 8 billion yuan ceiling, in order to start investing sooner, according to a person familiar with the matter, who

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When she started experiencing weight loss she put it down to grief over the death of her mother.

When looking for the best stocks to buy and watch, focus on those with rising relative price strength. One stock that fits that bill is Nutanix stock, which saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, with an increase from 88 to 91. When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.

The Relative Strength (RS) Rating for financing giant PayPal rose into a new percentile Tuesday, climbing to 81, up from 77 the prior trading session. PayPal stock rose about 1% Tuesday afternoon, to 292.29. The RS Rating bump up means that PayPal stock, the IBD Stock Of The Day Tuesday, is performing in the top 19% of all stocks, regardless of industry group.

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El Salvador holds 400 bitcoins, President Nayib Bukele said on Monday, one day before the country formally adopts it as legal tender alongside the U.S. dollar. Bitcoin temporarily climbed above 1.49% to more than $52,680 on Monday evening, Refinitiv Eikon data showed, with a Reuters market analyst putting it on track for $56,000-$56,300. Earlier on Monday, Bukele unveiled that El Salvador had bought its first 200 bitcoins, saying on Twitter that "our brokers will be buying a lot more as the deadline approaches."

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George Soros Calls BlackRock’s China Investment ‘Tragic Mistake’

Yahoo Finance 06 September, 2021 - 08:25pm

“Pouring billions of dollars into China now is a tragic mistake,” Soros wrote in an op-ed in the Wall Street Journal. “It is likely to lose money for BlackRock’s clients and, more important, will damage the national security interests of the U.S. and other democracies.”

BlackRock is leading a global foray into China’s asset management industry. The world’s largest money manager last month began offering investment products to Chinese individuals, two months after winning approval to become the nation’s first wholly foreign-owned mutual fund firm.

The commentary was one several that Soros has written in recent weeks to warn against closer economic ties to Xi Jinping’s China amid a wave of market-roiling crackdowns. Soros denounced Xi in another Journal op-ed last month as “the most dangerous enemy of open societies in the world” and subsequently argued in the Financial Times that Congress should pass legislation limiting asset managers’ investments to “companies where actual governance structures are both transparent and aligned with stakeholders.”

In the latest piece, Soros said BlackRock appeared to misunderstand Xi, whose administration he said regarded all Chinese companies as “instruments of the one-party state.”

The divergent views from two of the world’s most influential money managers underscore the increasingly fraught environment confronting financial firms in Asia’s largest economy. While Xi has made it easier for foreign investors to participate in domestic markets, his government is also tightening its grip on the private sector and clashing with the U.S. on everything from cybersecurity to human rights abuses in Xinjiang.

Soros said the curbs that began with the sudden cancellation of Ant Group Co.’s initial public offering last year have since “reached a crescendo.” He cited the actions against ride-hailing company Didi Global Inc. days after its New York listing, and the crackdown on “U.S.-financed” Chinese tutoring companies. Soros also said BlackRock managers must be aware of an “enormous crisis brewing in China’s real estate market.”

Although Soros remains an influential backer of U.S. President Joe Biden’s Democratic Party, he no longer manages outside money and is a minority voice for now on Wall Street. BlackRock, Goldman Sachs Group Inc. and most of their major peers in money management and banking have decided the opportunities in China outweigh the risks.

“Today, the U.S. and China are engaged in a life and death conflict between two systems of governance: repressive and democratic,” Soros said.

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“The rate of inflation in the U.S. rose again in July and drove the increase over the past year to a 30-year high,” MarketWatch’s Jeffrey Bartash reported in August. For investors, that news was, no doubt, worrisome, so we looked at what two financial bigwigs, Suze Orman and Ramit Sethi, as well as other pros, have told investors in the past about dealing with inflation (psst: both say you need to keep investing in stocks.) Here (and below) are Bankrate’s list of featured investing products for September. Suze Orman: “Plan on many costs being double what they are today, and keep investing in stocks.”

The crash in bitcoin and other cryptocurrencies Tuesday was a stark reminder of the dangers of overconfidence. When the crash came, some investors got wiped out, their heavily leveraged portfolios unable to bear a downswing that had seemed unimaginable days earlier. Overconfidence is endemic to financial markets.

Palantir Technologies Inc. (NYSE:PLTR) has become a market favorite amongst retail investors, while institutional investors remain more cautious. This could lead to some big price moves if either group is proved right or wrong on the company.

Shares of Moderna Inc. rallied toward a fifth straight gain Tuesday, after Morgan Stanley analyst Matthew Harrison added nearly $150 to his price target on an increased outlook for the biotechnology company's COVID-19 vaccine sales.

Peak Fintech Group Inc. (CSE: PKK) (OTCQX: PKKFF) ("Peak" or the "Company"), an innovative Fintech service provider and manager of the Cubeler Business Hub, today announced that the Nasdaq Stock Market LLC has approved the listing of the Company's common shares on the Nasdaq Capital Market ("NASDAQ").

DEEP DIVE As the stock market reopens following Labor Day weekend, there is no shortage of warnings that a correction is due — which would be a pullback of at least 10% for the benchmark S&P 500 following a gain of 21% so far this year.

Mechel PAO (NYSE: MTL) stock is flying through the roof Tuesday, gaining a whopping 41% within the first few minutes of the market's opening. Mechel PAO is among the world's largest metallurgical and coking coal miners, and is the largest manufacturer of steel products in Russia. Steel prices have skyrocketed in recent months while coking coal and ferrosilicon prices are hovering near all-times highs in China as of this writing.

Ark Invest's founder Cathie Wood tells Yahoo Finance Live that millennials will help power a bull market in stocks for years to come.

Affirm Holdings (NASDAQ:AFRM) is a young FinTech growth company that has garnered a lot of attention since its IPO in January 2021. Affirm is offering a payment platform where people can buy products and pay in 1 to 48 month installments. Before Thursday's Q4 Earnings report, we are going to do a quick overview of the company and see what can investors expect from Affirm in the future.

Hedge fund manager Mark Spitznagel, the founder of $11 billion "Black Swan" hedge fund Universa Investments, says investors have been getting risk mitigation wrong from the start.

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