DealBook: BlackRock sets the stage for climate change

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In an exclusive interview with Andrew, the head of the money management giant, Larry Fink, discussed his decision to make climate change a focus of BlackRock’s investment strategy. The change could change the way Wall Street invests.

What BlackRock will do, according to Mr. Fink’s last letter to C.E.O.s:

• Get out of certain investments that have a “high risk related to sustainability”, but not all, since fossil fuels are still fundamental to the global economy.

• Begin to pressure corporate managers on their environmental objectives, including relying on companies to meet the objectives of the Paris climate agreement.

• Introduce more funds to avoid stocks related to fossil fuels.

“This is a much more structural crisis in the long term” Mr. Fink writes in the letter. He said he had reached that conclusion after talking with business leaders and scientists and having BlackRock model the economic effects of climate change.

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Federal authorities have again demanded that the iPhone manufacturer Unlock devices used by an armed man who made a deadly shooting, renewing a confrontation between the government and the tech giant about encryption and privacy.

The focus is now on the iPhones used by the gunman in a shooting in Pensacola, Florida, last month, which left three sailors dead. Attorney General Bill Barr said yesterday that the shooting was an act of terrorism. And given Apple’s refusal to open the phones, he said: “This situation perfectly illustrates why it is essential that the public can access digital evidence.”

Apple said it had already provided a lot of help to researchers, including access to the gunman’s iCloud account and transaction history. He did not promise to help open the phones themselves.

The conflict comes down to this:

• Supporters of Mr. Barr’s position argue that Apple is allowing iPhones to become a refuge for criminal activity through the use of encryption technology that the government cannot decipher.

• Apple argues that privacy is a human rights issue and that Americans “do not have to choose between weakening encryption and resolving investigations.”

What may be next: The F.B.I. It has a court order to open the phones, although Apple challenged one related to a shooting in 2015 in San Bernardino, California. Barr can turn to lawmakers for help, although many distrust the expansion of F.B.I.

The Trump administration took another step yesterday to prepare for the signing of a trade agreement between the United States and China this week. But like other measures in the proposed agreement, it is unlikely to lead to lasting change.

The Treasury Department said that China was is no longer a currency manipulator, throwing a designation made last August in the depths of the commercial struggle. Treasury Secretary Steven Mnuchin said the move came after Beijing agreed not to devalue its renminbi for competitive reasons.

Fact Review: The renminbi actually increased during most of last year, with China allowing market forces to influence its value. And Beijing held the currency in points to prevent it from falling too much.

It is another step towards a deal that falls short than any side wanted. The United States did not force further liberalization of China’s markets, and tariffs remain on Chinese exports worth $ 370 billion. (The WSJ plunges deeply into the months negotiations).

Now the United States will focus its attention on another commercial struggle that started, this time with the U.S. The new commercial head of the political bloc, Phil Hogan, arrived in Washington yesterday to meet, and Europe hopes that his blunt style will help deal with the White House.

US officials reportedly warned their British counterparts that any intelligence exchange would be at risk if Britain used Huawei technology on its 5G wireless network, writes Dan Sabbagh of The Guardian.

• A delegation from the USA. UU. “He presented an incendiary file that, they said, presented new evidence of the security risks of relying on Huawei technology in future telephone networks,” Sabbagh writes.

• The campaign comes after Britain said it would allow non-essential Huawei equipment, such as telephone antennas and masts, on the next-generation wireless network.

• Giving the Chinese company that kind of access would be “nothing less than madness,” US officials said.

• They added that Congress and President Trump would evaluate the exchange of intelligence if Britain advanced.

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