GLOBAL MARKETS: BlackRock tackles gun manufacturers
The world’s largest asset manager has put US gun makers on notice that it is no longer business as usual, in the wake of a shooting that killed 17 at a Florida high school. BlackRock says it will speak to weapons manufacturers and distributors "to understand their response" to the second-deadliest shooting at a public school in US history, putting pressure on companies such as Sturm Ruger and American Outdoor Brands.
China regulator seizes Anbang
China’s government seized temporary control of Anbang Insurance and will prosecute founder Wu Xiaohui for alleged fraud. The move cements the downfall of a politically connected deal maker whose aggressive global expansion came to symbolise the financial overreach of China’s debt-laden conglomerates. The move furthers President Xi Jinping’s antcorruption and de-leveraging campaigns while providing a government backstop for the high-yield investment products that Anbang sold to hordes of Chinese citizens.