BlackRock says coal competition case risks US energy independence
LONDON (Reuters) -U.S. government support for a "baseless" case alleging asset managers conspired to reduce competition in the coal sector risks undermining its goal of energy independence, BlackRock, the world's biggest asset manager, said on Friday.
The U.S. Department of Justice and Federal Trade Commission on Thursday filed a statement of interest in the case by Texas and 12 other states against BlackRock and fellow large investors Vanguard and State Street Global Advisors (SSGA).
The states claim the companies used their substantial holdings in U.S. coal companies to discourage competition.
"DOJ and FTC's support for this baseless case undermines the Trump Administration's goal of American energy independence," BlackRock said in a statement.
"As we made clear in our earlier motion to dismiss, this case is trying to re-write antitrust law and is based on an absurd theory that coal companies conspired with their shareholders to reduce coal production," it said.
"Forcing asset managers to divest from coal companies will harm their ability to access capital and invest in their businesses and employees, likely leading to higher energy prices."
SSGA also called the case "baseless" in a separate statement, adding "we look forward to presenting the facts through the legal process. Additional filings do not change our assessment".
In its own statement, Vanguard said it had "concerns with many of the legal interpretations promoted by the agencies", but that it "appreciates" their support for passive fund investing, shareholder advocacy for better corporate governance and active investing that doesn't harm competition.
"The facts show Vanguard has stayed well within this construct," it said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
'I Literally Have Almost No Money'—MrBeast Shocks Fans by Borrowing Wedding Funds from His Mom
Jimmy Donaldson, better known as MrBeast, recently surprised fans by revealing on X that he's borrowing money from his mother to pay for his upcoming wedding. The disclosure comes despite an estimated $1 billion net worth and a business empire reportedly valued at $5 billion, highlighting a paradox of the creator economy: being asset-rich but cash-poor. "I literally have almost no money," MrBeast said in a June 2 post on X.. "I've just been reinvesting everything into content and 'literally' had to borrow money from my mom to help with my wedding lol." Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. This comes as his businesses—collectively known as Beast Industries—were reported by Bloomberg in February to be raising funds at a $5 billion valuation. "I think this year we'll spend around a quarter of a billion on content," Donaldson continued. According to Business Insider, his business generated just under $500 million in revenue last year. This high spending is driven by projects like MrBeast's Feastables snack brand and the Amazon Prime Video series, "Beast Games," which require substantial upfront capital. The show awarded a $10 million prize to its first-season winner—making it one of the most expensive game shows ever produced, Forbes reported. Despite financial constraints, Donaldson and his fiancée, Thea Booysen, are opting for an intimate, low-key wedding. "This will definitely be more family and friends—definitely more private. I don't take much vacation because of how hard I work... It will be the ultimate way to take some time away and enjoy things," MrBeast told People. Trending: Maximize saving for your retirement and cut down on taxes: . Booysen echoed the sentiment, telling the New York Post that they were considering holding the wedding on an island, away from public attention, and described the event as "nice but certainly intimate," focused on close family and friends. Goldman Sachs estimates that the creator economy could reach $480 billion by 2027, powered by more than 50 million active creators. However, MrBeast's experience illustrates that building billion-dollar ventures may come at the cost of short-term personal liquidity. Donaldson said on the "The Diary of a CEO" podcast that while he may be a billionaire "on paper," he has "less than a million dollars" in his actual bank account. Read Next: Invest where it hurts — and help millions heal:. The average American couple has saved this much money for retirement —? Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I Literally Have Almost No Money'—MrBeast Shocks Fans by Borrowing Wedding Funds from His Mom originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
USA Today
32 minutes ago
- USA Today
Will Trump invoke the Insurrection Act? 'We'll see,' he says
Will Trump invoke the Insurrection Act? 'We'll see,' he says Show Caption Hide Caption Anti-ICE raid demonstrators protest into fourth night Anti-immigration raid protests are continuing into the fourth night as the Pentagon deployed active-duty U.S. Marines. President Donald Trump mulled invoking the Insurrection Act, which would give him more leeway to use the military for domestic purposes, as he deploys troops to Los Angeles in response to protests prompted by ICE raids in the region. "If there's an insurrection, I would certainly invoke it,' Trump said June 10 during an event in the White House. 'We'll see. But I can tell you, last night was terrible. The night before that was terrible." Trump deployed the California National Guard to Los Angeles over the objection of Gov. Gavin Newsom, sparking a lawsuit from the state. Marines were also sent to help the guard after protests erupted over his immigration enforcement efforts. The troops are limited to protecting federal property and law enforcement officers. The Insurrection Act would give Trump authority to use them more broadly. More: 'High-stakes game': Trump-Newsom clash pits two political heavyweights Trump said there were parts of Los Angeles on June 9 where "you could have called it an insurrection. It was terrible." Newsom described Trump's actions as "the acts of a dictator" and accused the president of 'inciting and provoking violence,' 'creating mass chaos,' and 'militarizing cities.' Legal experts say invoking the Insurrection Act is an extreme step. It has been done 30 times in U.S. history. "The invocation of it would be viewed as a pretty dramatic act," said Duke Law Professor H. Jefferson Powell. Powell said the law is "dangerously broad." The last time the Insurrection Act was invoked was in May 1992, by President George H.W. Bush at the request of California's governor, to quell rioting in Los Angeles after four White police officers were acquitted for beating Black motorist Rodney King.
Yahoo
32 minutes ago
- Yahoo
What the 'Big, Beautiful' tax bill means for municipal bonds
JPMorgan raised its forecast for municipal bond sales in 2025 to $560 billion as US lawmakers deliberate over President Trump's "big, beautiful" tax and spending bill in the Senate. Goldman Sachs Asset Management co-head of municipal fixed income Sylvia Yeh weighs in on what policy changes to the US tax code could mean for municipal bond investors, as well as valuation catalysts in comparison to Treasury yields (^TYX, ^TNX, ^FVX). Goldman Sachs manages several municipal bond ETFs (GMUB, GCAL, GMNY, GUMI). To watch more expert insights and analysis on the latest market action, check out more Catalysts here. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
