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Recent Editions

Risk Channel
North America
The Trump administration has urgently petitioned the U.S. Supreme Court to overturn a federal ruling that found the president exceeded his authority in imposing global tariffs. Solicitor General John Sauer emphasized the need for swift review due to its impact on trade talks. Treasury Secretary Scott Bessent warned that delay could disrupt up to $1trn in tariffs and ongoing negotiations. A federal court found Trump’s use of emergency powers under the 1977 law unlawful, stating it doesn’t authorize tariff imposition. Small businesses, hurt by the tariffs, also support a quick resolution.
Full Issue
Risk Channel
UK/Europe
PFZW, one of Europe’s largest pension funds with €250bn in assets, has withdrawn a €14.5bn mandate from BlackRock, citing concerns over the firm’s voting record on sustainability. The decision underscores growing tensions between European and American investors over ESG standards. While US firms have pulled back from sustainability amid shifting political winds, Dutch activists are pressing pension funds to cut ties with managers not backing climate resolutions. PFZW confirmed that BlackRock now manages only a smaller portion of its money market holdings. According to BlackRock, its support for environmental and social recommendations from shareholders decreased from 4% in 2024 to 2% in 2025. The asset manager said many of them lacked economic merit or were unduly prescriptive, which is why they fell.
Full Issue