TheState of Texas is terminatinga massive $8.5 billion investment with trillion-dollar asset manager BlackRock over the state’s determination that the firm is engaged in a boycott of energy companies.
In an announcement first shared with FOX Business, Texas State Board of Education Chairman Aaron Kinsey said the so-called Texas Permanent School Fund (PSF) haddelivered a notice to BlackRockon Tuesday, informing the New York City-based firm of the action.
According to Kinsey, the move was made in accordance with a 2021 state law that seeks to distance the state and its large public purse from financial institutions boycotting the oil and gas sector.
“The Texas Permanent School Fund has a fiduciary duty to protect Texas schools by safeguarding and growing the approximately $1 billion in annual oil and gas royalties managed by the Texas General Land Office,” Kinsey said in a statement Tuesday. “Terminating BlackRocks contract ensures PSFs full compliance with Texas law.”
“BlackRocks dominant and persistent leadership in the ESG movement immeasurably damages our states oil & gas economy and the very companies that generate revenues for our PSF. Texas and the PSF have worked hard to grow this fund to build Texas schools,” he continued. “BlackRocks destructive approach toward the energy companies that this state and our world depend on is incompatible with our fiduciary duty to Texans.”
The divestment represents a large share of the $53 billion Texas PSF, a fund created in the 19th century to support the state’s public schools.
The action also represents by far the largest divestment of its kind since Republican-led states began terminating their financial ties to BlackRock and other financial institutions over their pursuit of so-calledenvironmental, social and governance (ESG) standards.
The ESG movement, which has picked up steam in recent years, calls for investments to be pulled from traditional energy industries and diverted togreen energy industriesin the fight against global warming.
However, the ESG movement has faced significant resistance from both the energy industry and lawmakers at the state and federal level.
As part of that pushback, Texas passed Senate Bill 13 in 2021, requiring its state comptroller to list financial companies found to boycott fossil fuel companies.
Texas Comptroller Glenn Hegar most recently updated that list in October, including BlackRock and several funds managed by the firm, and has called on the Texas Permanent School Fund, in addition to five state pension funds, to sever ties with the asset manager.
“Today represents a major step forward for the Texas PSF and our state as a whole. The PSF will not stand idle as our financial future is attacked by Wall Street,” Kinsey said Tuesday. “This bold action helps ensure our PSF remains in fact permanent and will continue to support bright futures and opportunities for generations of Texas students.”
BlackRock, whichmanages more than $10 trillion in assets, has sought to defend itself in recent months from accusations that it is boycotting energy companies, noting that it remains invested in traditional energy companies, but factors in ESG matters because it serves clients with a range of investment objectives.
Additionally, the firm partnered with major energy company Occidental Petroleum late last year on a carbon capture project in Ector County, Texas.
“BlackRock is helping millions of Texans invest and save for retirement,” a BlackRock spokesperson told FOX Business. “On behalf of our clients, weve invested more than $300 billion in Texas-based companies, infrastructure and municipalities, including $125 billion invested in the energy sector, including a $550 million joint venture with Occidental. We recently hosted an energy summit in Houston designed to explore how to strengthen Texas power grid.”
Still, Texas’ move was cheered by Derek Kreifels, the CEO of the State Financial Officers Foundation, and Will Hild, the executive director of Consumers’ Research, who have led nationwide opposition to ESG policies.
“Todays bold step by Aaron Kinsey and the Permanent School Fund of Texas, in accordance with state law, is a massive blow against the scam of ESG,” said Kreifels. “This is what happens when public fiduciaries stand up for those to whom they owe a duty, instead of bowing down to Wall Streets asset managers who continue to abuse their position in the market to advance radical ideologies.”
“Under Larry Fink’s leadership, BlackRock has been misusing client funds to push a political agenda for years. Nowhere was that more egregious than in Texas, where BlackRock was simultaneously trying to destroy the domestic oil and gas industry while managing funds that depended on royalties derived from that very same industry,” added Hild. “A more flagrant violation of fiduciary duty is difficult to imagine.”
Hild said Texas’ divestment sends a “clear message” that “Wall Street elites that people can no longer be bullied into complying with ESG’s destructive ideology.”
Prior to the action announced Tuesday, Arizona, Arkansas, Florida, Louisiana, Missouri, South Carolina, Utah, and West Virginia announced similar divestments.
The largest previous divestment was Florida’s, worth $2 billion, announced by Florida Chief Financial Officer Jimmy Patronis in December 2022.
Some critics of the states’ moves distancing themselves from BlackRock andother asset managershave argued the actions harm consumers.
For example, a Texas Association of Business Chambers of Commerce Foundation study released last week concluded Texas Fair Access laws will result in $668.7 million lost in economic activity and 3,034 fewer full-time, permanent jobs.
In October 2016, Kim Kardashian was robbed at gunpoint – with jewellery worth millions of dollars stolen during the audacious heist in Paris.
It was the biggest robbery of an individual in France for more than 20 years – and made front pages around the world.
Now, almost a decade on, the case is finally coming to court.
Why has it taken so long? Will Kardashian give evidence? And who exactly are the “grandpa robbers” facing trial?
Here’s everything you need to know.
Image: Kardashian at the Siran Presentation on the day of the robbery. Pic: Matteo Prandoni/BFA/Shutterstock
What happened?
Two years after Kardashian and rapper Kanye West tied the knot in an ostentatious week-long celebration spanning Paris and Florence, the Kardashian-West clan were back in the French capital for Paris Fashion Week.
Her then husband had returned to the US to pick up his Saint Pablo tour – but Kardashian, along with her sister Kourtney and various members of their entourage, remained in Paris, staying in an exclusive set of apartments so discreet they’ve been dubbed the No Address Hotel.
Nestled on Tronchet Street, just a stone’s throw from Place de l’Opéra, and close to the fashionable Avenue Montaigne, the Hotel de Pourtalès is popular with A-list stars staying in the French capital.
A stay in the Sky Penthouse, the suite occupied by Kardashian, will currently set you back about £13,000 a night.
Image: Kardashian was staying at the Hotel de Pourtales
On the evening of 3 October, after attending a fashion show with her sister, Kardashian remained in the apartment alone while the rest of her convoy – including her bodyguard Pascal Duvier – went out for the night.
At about 2.30am, three armed men wearing ski masks and dressed as police forced their way into the apartment block – and according to investigators, they threatened the concierge at gunpoint.
Two of them are alleged to have forced the concierge to lead them to Kardashian’s suite. He later told police they yelled at him: “Where’s the rapper’s wife?”
Kardashian said she had been “dozing” on her bed when the men then entered her room.
She has said she believes her social media posts provided the alleged robbers with “a window of opportunity”.
“I was Snapchatting that I was home, and that everyone was going out,” she said in the months after the incident.
The Keeping Up With The Kardashians star vividly described the attack in a police report, as reported in the French weekly paper Le Journal Du Dimanche.
“They grabbed me and took me into the hallway. They tied me up with plastic cables and taped my hands, then they put tape over my mouth and my legs.”
She said they pointed a gun at her, asking specifically for her ring and also for money.
Image: Police guard the entrance to the Hotel de Pourtalès the day after the robbery
Kardashian says they carried her into the bathroom and put her in the bathtub. She said she was wearing only a bathrobe at the time.
She had initially thought the robbers “were terrorists who had come to kidnap me”, according to a French police report taken in New York three months after the robbery.
Kardashian told officers: “I thought I was going to die.”
According to police, the robbers – who left the room after grabbing their haul, escaped on bicycles with items estimated to be worth about $10m (£7.5m), including a $4m (£3m) 18.88-carat diamond engagement ring from West.
After they had left, Kardashian said she escaped her restraints and went to find help. After speaking to detectives, she immediately returned to the US on a private jet and later hired a completely new security team.
Image: Kardashian shows off her $4m ring on Instagram
What was stolen?
As well as her engagement ring, Kardashian said the thieves took her large Louis Vuitton jewellery box, which she said contained “everything I owned”.
In police reports given to the French authorities at about 4.30am on the night of the alleged robbery, Kardashian listed these items as having been stolen:
• Two diamond Cartier bracelets • A gold and diamond Jacob necklace • Diamond earrings by Lauren Schwartz • Yanina earrings • Three gold Jacob necklaces • Little bracelets, jewels and rings • A Lauren Schwartz diamond necklace • A necklace with six little diamonds • A necklace with Saint spelt out in diamonds • A cross-shaped diamond-encrusted Jacob cross • A yellow gold Rolex watch • Two yellow gold rings • An iPhone 6 and a BlackBerry
Police recovered only the diamond-encrusted cross that was dropped by the robbers while leaving.
It’s likely the gold in the haul was melted down and resold, while the diamond engagement ring that is now so associated with the robbery would be far too recognisable to sell on the open market.
Image: Kardashian at the Siran Presentation on the day of the robbery. Matteo Prandoni/BFA/Shutterstock
What will happen in court?
The hearing will begin at the Court of Appeal of Paris – the largest appeals court in France – on 28 April and is scheduled to last a month.
It will consist of a presiding judge, two professional assessors, and six main jurors.
The hearing involves more than 2,000 documents and there are four civil parties.
Image: Kardashian at the Balenciaga show on the day of the robbery. Pic: Pixelformula/Sipa/Shutterstock
Who is being tried?
There were initially 12 defendants in the case, but one person has died and another has a medical condition that prevents their involvement. This means 10 people – nine men and one woman – are standing trial.
Five of them, who were all aged between 60 and 72 at the time of the incident, face armed robbery and kidnapping charges. They are:
• Yunice Abbas • Aomar Ait Khedache • Harminv Ait Khedache • Didier Dubreucq • Marc-Alexandre Boyer
Abbas, 72, has admitted his participation in the robbery. In 2021, he published a book about the robbery, titled I Kidnapped Kim Kardashian. In 2021, a court ruled he would not benefit financially from the book.
Aomar Ait Khedache, 69, known to French crime reporters as “Old Omar”, has also admitted participating in the heist but denies the prosecution’s accusation that he was the ringleader.
The remaining five defendants are charged with complicity in the heist or the unauthorised possession of a weapon. They are:
• Florus Heroui • Gary Mader • Christiane Glotin • François Delaporte • Marc Boyer
Among those, Mader was a VIP greeter who worked for the car company Kardashian used in Paris, and Heroui was a bar manager who allegedly passed on information about Kardashian’s movements.
With many of the accused now ageing and with various serious health conditions, and some having spent time in jail following their arrest, all are currently free under judicial supervision.
If found guilty, those accused of the more serious crimes could face 10 years to life imprisonment.
Image: Kardashian at the Off-White show three days before the robbery. Pic: Photo Image Press/Shutterstock
Will Kardashian give evidence?
Yes, Kardashian will face the robbers in court.
Lawyer Michael Rhodes said Kardashian has “tremendous appreciation and admiration for the French judicial system” and “wishes for the trial to proceed in an orderly fashion in accordance with French law and with respect for all parties to the case”.
A trainee lawyer herself, Kardashian has become a high-profile criminal justice advocate in the US in recent years.
Image: (R-L) Kanye West, Kim Kardashian, Kourtney Kardashian, Kris Jenner in the front row three days before the robbery. Pic: Caroline Blumberg/EPA/Shutterstock
Why has it taken so long to come to court?
There was initially a manhunt after the robbery, with French police under pressure to prove that Paris’s security was not in question.
Just the year before in 2015, the capital had been shaken by terrorist attacks by Islamic militants, in which 130 people were killed, including 90 at a music event at the Bataclan theatre.
French police initially arrested 17 people in the Kardashian case in January 2017 – three months after the robbery – assisted by DNA traces found on plastic bands used to tie her wrists. Twelve people were later charged.
It was ordered to be sent to trial in 2021 – at a time when limited court proceedings were happening due to multiple COVID lockdowns, and France was holding its largest ever criminal trial over the November 2015 terror attacks.
Image: Kardashian at the Givenchy show on the day of the robbery. Pic: Bukajlo Frederic/Sipa/Shutterstock
What has Kardashian said about the incident?
Kardashian has described the robbery as a “life-changing” moment. She took three weeks away from filming her reality TV show Keeping Up With the Kardashians, and took a three-month break from social media.
In a March 2017 episode titled Paris, Kardashian first spoke publicly about her ordeal.
She described first hearing a noise in her apartment, and calling out, thinking it was her sister and assistant: “At that moment when there wasn’t an answer, my heart started to get really tense. Like, you know, your stomach just kind of like, knots up and you’re like, ‘OK, what’s going on?’ I knew something wasn’t quite right.”
She went on: “They asked for money. I said, ‘I don’t have any money’. They dragged me out to the hallway on top of the stairs. That’s when I saw the gun, clear as day. I was looking at the gun, looking down back at the stairs. I was like, I have a split second in my mind to make this quick decision.
“Either they’re going to shoot me in the back or if I make it [down the stairs] and the elevator does not open in time or the stairs are locked, there’s no way out.”
Three months later, she told a Forbes Power Women’s Summit she had changed her approach to posting on social media: “They had followed my moves on social media, and they knew my every move and what I had.”
She added: “It was definitely a huge, huge, huge lesson for me to not show off some of the things that I have. It was a huge lesson to me to not show off where I go.
“It’s just changed my whole life, but I think for the better.”
Image: West and Kardashian at the Off-White show three days before the robbery. Pic: Matteo Prandoni/BFA/Shutterstock
In October 2020, Kardashian told US interviewer David Letterman she feared she would be raped and murdered during the heist, and that her sister had been at the forefront of her mind during the incident.
Speaking on My Next Guest Needs No Introduction, Kardashian said: “I kept on thinking about Kourtney, I kept on thinking she’s going to come home and I’m going to be dead in the room and she’s going to be traumatised for the rest of her life if she sees me… I thought that was my fate.”
When speaking to French police about the impact the robbery had had on her three months after it, Kardashian said: “I think that my perception of jewellery now is that I am not as attached to it as I used to be. I don’t have the same feeling about it. In fact, I even think that it has become a bit of a burden to have the responsibility of such expensive jewels.
“There is nothing of sentimental value to compare with the act of going home and finding one’s children and one’s family.”
She went on to describe Paris as “not the right place” for her, and didn’t return to the French capital for two years following the robbery.
Kardashian has since said in a 2023 episode of Keeping Up With The Kardashians that she did not purchase any jewellery in the seven years following the robbery, kept no jewellery at her home and only wore items that are either borrowed or fake.
She said the realisation that material items don’t matter has made her “a completely different person in the best way”.
When Canada goes to the polls today, it might be the second election Donald Trump wins in six months.
The US president has transformed Canada’s political landscape, and the “Trump effect” looks like it will be the difference between winners and losers.
Tariffs, and his threat to annexe the country as the 51st state, have provoked a surge in Canadian nationalism, and it’s made a favourite of the candidate styled anti-Trump.
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‘Canada will win’
His ruling Liberal party had been written off as an electoral contender. Canadians had turned their back on the party after a decade in power under Carney’s predecessor, Justin Trudeau.
The opposition Conservative Party, under the effective leadership of Pierre Poilievre, grew to a 25-point lead in the polls on the promise of change on the economy, crime and a chronic housing crisis.
However, his conservative politics are more aligned with the neighbour in the White House and, in Canada right now, it’s not a good look.
Image: Pierre Poilievre led the Conservatives to a 25-point lead before Trudeau stepped down. Pic: Reuters
In a stunning reversal of fortune, the Conservative Party’s lead vanished within weeks, as Canadians turned to Carney as the choice to take on Trump.
If he wins, the swing from Conservative to Liberal will be the biggest swing in the polls in recent democratic history.
Carney, 60, is the former governor of the Bank of Canada, as well as England. He replaced Mr Trudeau as Liberal Party leader and Canadian prime minister after his predecessor stepped down last month.
Polls indicate that Canadians see Carney as a stronger choice to negotiate with Donald Trump. He is a veteran of economic turmoil, having dealt with the 2008 financial crisis and Brexit.
Image: Pierre Poilievre and Mark Carney after an English-language leaders’ debate in Montreal. Pic: Reuters
At a weekend news conference, Sky News asked the Canadian prime minister what lessons he’d learned from Brexit that could be applied to his dealings with Donald Trump.
He replied: “The lessons of Brexit are beginning to be applied. When you break off, or substantially rupture, trading relationships with your major trading partners, including the most important trading partner of the United States, you end up with slower growth, higher inflation, higher interest rates, volatility, weaker currency, a weaker economy.
“We’re in the early stages of that in the United States, and that’s one of the important things here. With respect to influencing the president, with respect to the dynamics of a negotiation, America’s going to get weaker as time goes on, we’re going to get stronger.”
Canada’s vote is as close as it gets to a single-issue election.
Carney’s position as favourite is reinforced consistently by the opinion polls, although the gap narrowed as election day approached.
Cryptocurrency services platform Nexo announced that it is reentering the US market after facing previous regulatory challenges.
According to an April 28 announcement, Nexo’s reentry event featured Donald Trump Jr., who said that he thinks “crypto is the future of finance,” adding:
“We see the opportunity for the financial sector and want to ensure we bring that back to the US.”
Trump Jr. also emphasized the need for a regulatory environment that supports the cryptocurrency industry. He said that “the key to everything crypto is going to be the regulatory framework.”
Nexo left the US at the end of 2022, citing a lack of regulatory clarity as the reason behind the decision. At the beginning of 2023, the firm agreed to pay a $45 million settlement to the US Securities and Exchange Commission (SEC) over its failure to register the offer and sale of securities of its interest-earning product.
A month after settling with US regulators, Nexo also decided to shut down its interest-earning product to US-based customers. The product allowed users to earn daily compounding yields on certain cryptocurrencies by loaning them to Nexo.
In late 2022, the California Department of Financial Protection and Innovation also filed a desist and refrain order against the same interest-earning product managed by Nexo. The regulator claimed that the product was an unqualified security, meaning a security that the government has not approved for sale in the form of an investment contract.