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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.

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Comeback kid: Rachel Reeves’s revival plan

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Comeback kid: Rachel Reeves's revival plan

👉Listen to Politics At Sam And Anne’s on your podcast app👈

The chancellor is back out on the road to start the government’s re-launch week, ahead of the parliamentary recess.

In today’s episode, Sky News’ Sam Coates and Politico’s Anne McElvoy explain how comments on a proposed wealth tax by Rachel Reeves’s cabinet colleagues may have already put her in a tricky situation.

Elsewhere, Buckingham Palace has confirmed that Windsor Castle will host US President Donald Trump for a second unprecedented state visit in September.

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UK

Southend Airport remains closed after ‘fireball’ plane crash

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Southend Airport remains closed after 'fireball' plane crash

Southend Airport has been closed until further notice after a small plane crashed – as video footage emerged showing the aftermath of a huge fireball.

Images posted online showed large flames and a cloud of black smoke following the incident on Sunday afternoon.

Essex Police said it responded to “reports of a collision involving one 12-metre plane” shortly before 4pm.

“We are working with all emergency services at the scene now and that work will be ongoing for several hours,” the statement said.

“We would please ask the public to avoid this area where possible while this work continues.”

Southend Airport said it would be “closed until further notice” due to the “serious incident”.

“We ask that any passengers due to travel (on Monday) via London Southend Airport contact their airline for information and advice,” it added.

Fireball after plane crash at Southend Airport. Pic: Ben G
Image:
A huge fireball near the airport. Pic: Ben G

Zeusch Aviation, based at Lelystad Airport in the Netherlands, confirmed its SUZ1 flight had been “involved in an accident” at the airport and its thoughts were with “everyone who has been affected”.

It has been reported that the plane involved in the incident is a Beech B200 Super King Air.

According to flight-tracking service Flightradar, it took off at 3.48pm and was bound for Lelystad, a city in the Netherlands.

Pilots ‘waved’ to families watching planes

One man, who was at the airport with his wife and children, told Sky News the plane crashed within seconds of taking off.

John Johnson said the pilots “waved” at his family as they taxied the aircraft.

“We all waved [back] at them,” he continued. “They carried on taxiing to their take-off point and turned around.

“Then they throttled up the engines and passed by us. The aircraft took off and within a few seconds it had a steep bank angle to its left.”

The aircraft then “almost seemed to invert and unfortunately crashed,” he said. “There was a large fireball.”

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Smoke seen after small plane crashes

‘Airport was in lockdown’

Wren Stranix, 16, from Woodbridge in Suffolk, was in another aircraft waiting to take off for Newquay, Cornwall, with her family and boyfriend when the plane came down.

They watched from their aircraft as the emergency services arrived and were not able to leave their seats.

“The flight attendant didn’t know what was going on,” she told Sky News. “They said the plane had exploded and they didn’t know if it was safe or not. The airport was in lockdown.”

Smoke rising near Southend airport. Pic: UKNIP
Image:
Plumes of black smoke. Pic: UKNIP

They were eventually allowed back in the terminal to wait before all flights were cancelled.

Southend Airport said the incident involved “a general aviation aircraft”.

Read more from Sky News:
Liverpool honours Jota at first game since his death
Trump threatens to revoke comedian’s US citizenship

The plane pictured at Amsterdam Schiphol Airport in September 2024. Pic: Pascal Weste
Image:
A photo of the plane at Amsterdam Schiphol Airport in September 2024. Pic: Pascal Weste

After the incident, EasyJet – one of just a few airlines that uses the airport – said all of its remaining flights to and from Southend had been “diverted to alternative airports or are no longer able to operate”.

The airline said it has contacted customers who were due to travel on Sunday. Anyone due to fly on Monday should check online for up-to-date information, it added.

Essex County Fire and Rescue Service said four crews, along with off-road vehicles, have attended the scene.

The East of England Ambulance Service said four ambulances, four hazardous area response team vehicles and an air ambulance had been sent to the incident.

Fire engines at the scene at Southend Airport
Image:
Fire engines at the airport

David Burton-Sampson, the MP for Southend West and Leigh, asked people to keep away from the area and “allow the emergency services to do their work” in a post on social media.

Transport Secretary Heidi Alexander said she was “monitoring the situation closely and receiving regular updates”.

Essex Police have set up a dedicated public portal and phone line where people can contact them about the crash at https://esxpol.uk/LIbaz and on 0800 0961011.

Chief Superintendent Morgan Cronin said: “In these very early stages it is vital we gather the information we need, and continue supporting the people of Essex.”

He added: “We are working closely with all at the scene, as well as the Air Accident Investigation Branch, to establish what has happened today and why.”

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Environment

Honda’s super low-cost electric motorcycle revealed in new patent images

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Honda's super low-cost electric motorcycle revealed in new patent images

Honda’s patent filings offer a clear glimpse into the company’s plans for an ultra-affordable electric motorcycle, integrating a proven chassis with a simple electric powertrain. It’s a clear glimpse into how the world’s most prolific motorcycle maker plans to challenge the nascent electric motorcycle market.

The filings in Honda’s new patent show a bike built around the familiar platform of the Honda Shine 100, a best-selling commuter in India, reimagined in electric form for a cost-effective future of urban mobility.

According to Cycle World’s Ben Purvis, Honda’s patent sketches outline a design that repurposes the Shine’s sturdy frame and chassis mounting points to house an electric motor and compact battery setup. Positioned where the engine once sat, a mid-motor drives the rear wheel via a single-speed reduction gear and chain – mirroring the essentials of the original gasoline-powered commuter bike.

Instead of a traditional fuel tank, the design features two lithium-ion battery packs, angled forward on either side of the spine frame and fitting neatly into the existing geometry.

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What makes the bike revealed in this patent even more interesting isn’t just its clever packaging, but rather the platform. By leveraging the proven Shine chassis, Honda can significantly cut development costs, manufacturing complexity, and market price. That’s a big statement given that surviving in price-sensitive markets like India demands simplicity and reliability. And by piggybacking off a proven platform, Honda can dramatically reduce the time to market from the time the boardroom bigwigs give the project the final green light.

Honda’s patent images show an electric motorcycle built on the same platform as the Honda Shine 100

The design still seems to feature styling that would be fairly consistent with the Shine 100, even down to a gas cap-like circular protrusion likely on top of a faux-tank. Some electric motorcycles in the past have used this location to hide a charging port, keeping similar form and function to outdated fuel tanks and fill ports, though it’s not clear if that is Honda’s intention.

It’s not clear what power level Honda could be targeting, but the Shine bike from which Honda’s creation draws its design inspiration could provide some clues. The Honda Shine 100 features a 99cc engine that provides around 7.3 horsepower (around 5.5 kW) and has a top speed of 85 km/h (53 mph), solidly planting it in the commuter segment of motorcycles.

The electric motorcycle in Honda’s design would be unlikely to target much higher performance as it would drastically increase the required battery capacity, and thus similar speeds of around 80-85 km/h (50-53 mph) would seem likely.

There also appears to be no active cooling, which would also limit the amount of power that Honda would be likely to draw continuously. The patent describes a channel formed by the two battery packs, leading to the speed controller and creating ducted cooling that pulls heat out of the batteries and electronics without drawing extra power.

Honda hasn’t released a final design, but I ask AI to create one based on the patent images. I’d ride that!

This emerging design is just one piece of Honda’s broader electric two-wheeler strategy. Their entry-level EM1 e: and Activa e: scooters launched with mobile battery packs and budget-friendly pricing. Meanwhile, high-tech concepts continually push the envelope. But this Shine-based bike aims squarely at the heart of mainstream affordability – a move likely to resonate with millions of new electric riders in developing regions like India where traditionally-styled small-dsiplacement motorcycles reign supreme.

Honda hasn’t revealed a timeline or pricing yet, but Honda’s patents offer real hope to fans of the brand’s electric efforts. If scaled effectively, this could be the first truly mass-market electric motorcycle from a major OEM, with a sticker price likely far below the $5,000 mark usually seen as a floor for commuter electric motorcycles from major manufacturers. That would also dramatically undercut models from brands like Zero or Harley-Davidson’s LiveWire, even as those brands rush to bring their own lower-cost models to market.

Electrek’s Take

Honda’s patent reveals a clever, no-frills EV designed to democratize electric two-wheeling, especially in developing markets that are even more price-sensitive than Western electric motorcycle customers.

Using a trusted frame, simple electric drive, and passive cooling, I’d say it definitely prioritizes cost over complexity, which is exactly what urban commuters need. If Honda can bring this to market, it would not just add another electric bike to the mix… it could create a new baseline for affordability in affordable electric mobility. Now we’re just waiting for the rubber to hit the road!

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