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Analysis: Texas agency may keep BlackRock funds in test for new fossil fuel law

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Analysis: Texas agency may keep BlackRock funds in test for new fossil fuel law


Oct 7 (Reuters) – The impression of a brand new “anti-woke” Texas regulation designed to guard fossil gasoline corporations is about to be examined after state companies reported their holdings in BlackRock Inc and different corporations which were censured by State Comptroller Glenn Hegar.

The brand new regulation would have companies divest from the shares and funding merchandise of monetary corporations Hegar, a Republican, recognized in August as boycotting power business gamers. The regulation additionally contained many carve-outs and allowances for continued enterprise equivalent to for fiduciary obligations.[ nL1N3011D2]

Final month the Texas Normal Land Workplace instructed Hegar that certainly one of its arms can hold a number of BlackRock personal fairness funds underneath an exemption offered by the regulation. This drew a warning from Hegar that the company ought to contemplate different paths, in line with the September letters Hegar’s workplace shared with Reuters.

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The change gives some early indicators in regards to the usefulness of the carve-outs in observe. BlackRock mentioned in August, for instance, that clauses within the regulation ought to permit it to maintain public enterprise within the Lone Star state. learn extra

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However Ropes & Grey lawyer George Raine, who represents asset managers which have carried out public enterprise in Texas, mentioned the message from Hegar suggests funding corporations can have a tough time counting on authorized technicalities.

“The clear signaling right here is that it is a principled stand by the Texas comptroller to implement each the spirit and letter of the regulation to punish these events they’ve recognized as being exterior the great graces of the state of Texas,” Raine mentioned.

Hegar spokesman Chris Bryan mentioned the comptroller thinks underneath the spirit of the regulation state companies mustn’t use funds from the listed corporations, however acknowledged the regulation’s exemptions and famous Hegar doesn’t have authority over companies’ decision-making.

Public companies will “want to ascertain for themselves in collaboration with their authorized counsel and governing our bodies whether or not to utilize the exemptions offered within the statute,” Bryan mentioned.

Texas Normal Land Workplace officers didn’t reply to requests for remark.

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BlackRock declined to remark.

STICK WITH BLACKROCK

The Texas regulation is a part of a broader marketing campaign by Republican-led states to stymie Wall Avenue’s rising consideration of environmental and social points when lending and investing. They are saying such insurance policies damage authentic industries. learn extra

Different states together with Arkansas, West Virginia and most not too long ago Louisiana have focused BlackRock whose CEO, Laurence Fink, is well-known for emphasizing themes like local weather change. learn extra .

On the identical time, the $8.5 trillion asset supervisor stays a significant investor in high oil, gasoline and coal corporations and in addition receives criticism from local weather activists who say it does too little to chop emissions at portfolio corporations.

Tasked with implementing the Texas regulation, Hegar in August listed BlackRock, 9 European corporations and tons of of particular person funds as boycotting the power sector based mostly on components like their efforts to chop portfolio corporations’ emissions.

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Public funding companies had till late September to report listed holdings and by Jan. 5 should spell out any ensuing portfolio modifications. learn extra

Some pension leaders could also be skittish about utilizing the regulation’s exemptions as a result of doing so would require they publicly clarify their place, say firm executives and fund attorneys.

In letters responding to the September deadline, seven companies described investments or funds Hegar listed as energy-boycotters. Solely the Texas Normal Land Workplace detailed exemptions for a few of its holdings.

Within the Sept. 20 letter, the Land Workplace’s chief clerk instructed Hegar that certainly one of its divisions has investments in BlackRock merchandise together with power and energy infrastructure funds which might be exempt from divestment underneath a bit of the brand new regulation that enables holdings of personal fairness. The letter didn’t point out whether or not the workplace would search to the hold the funds.

Whereas Hegar didn’t dispute the exemption, he responded that, given the significance of the underlying coverage points, authorities entities ought to “rigorously look at all obtainable choices and contemplate different approaches the place potential to satisfy their funding targets inside applicable fiduciary requirements.”

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Sinclair Capital managing associate Jon Lukomnik, a advisor to institutional traders, mentioned the scenario reveals how political strain can distort monetary outcomes – on this case, the potential divestment from power funds in the reason for defending power investments.

“It is misaligned with their intentions,” he mentioned of the Republicans’ effort.

Daniel Garrett, a finance professor on the College of Pennsylvania’s Wharton Faculty, mentioned Hegar’s message was ambiguous and that the regulation leaves a lot unclear.

“I am very grateful I am not the one imposing this,” he added.

The Trainer Retirement System of Texas (TRS), the state’s largest pension company with $184 billion in belongings, has mentioned it could even have an exemption.

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At a Sept. 15 assembly, TRS government director Brian Guthrie mentioned it may determine that following the statue “can be inconsistent with our fiduciary accountability,” however cautioned additional dialogue with trustees can be wanted.

A TRS consultant mentioned it’s reviewing holdings of the censured corporations and their funds.

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Reporting by Ross Kerber in Boston
Enhancing by Michelle Worth and Matthew Lewis

Our Requirements: The Thomson Reuters Belief Ideas.



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Austin weather: Slight risk for severe storms in Central Texas

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Austin weather: Slight risk for severe storms in Central Texas


Rainy, stormy and cooler times are ahead and all the ingredients are coming together for the best chances of rain we have seen in the last two months. 

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A cold front along with a potent upper low will collide with the warmth and moisture to turn on the spotty light rain during the day and heavy rain and storms tonight. 

There is a marginal to slight risk of severe storms and localized flooding. 

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After the front pushes through, the weather will be wonderful for Election Day with sunny, cooler and drier conditions. Then here comes the next Pacific low to bring back the clouds and rain by the end of the week.

Buckle up, the weather pattern is turning very active all of a sudden.

Most of the rain and storms will happen tonight. The Storm Prediction Center has upgraded us to a SLIGHT risk of severe storms. This means isolated severe storms are possible generating moderate sized hail and damaging winds. 

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Two rounds of storms are possible:

  • First round: 3 – 5pm (isolated coverage)
  • Second round: 6pm – 12am (numerous coverage)

Threats will be quarter sized hail, wind gusts of 50 – 60mph and there will be a low tornado risk.

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The highest risk for hail will be along I-35 corridor and the highest risk of damaging winds from Austin to La Grange.

Rain totals are expected to be about .5 to 1″ with isolated spots possibly getting 1-2″.

Minor flooding with low-water crossings possible.

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Where can I watch the College Football Playoff rankings for Texas A&M football?

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Where can I watch the College Football Playoff rankings for Texas A&M football?


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Texas A&M football may have lost on Saturday to South Carolina, but they’re still in the running for one of the 12 spots in the College Football Playoff.

The Aggies are one of five teams in the Southeastern Conference with one conference loss. LSU, Alabama, Georgia and Texas also have one loss, opening the teams to some very complex tiebreaking scenarios.

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This Tuesday, the CFP selection committee will release its first edition of the weekly rankings and the first projection of the playoff. Texas A&M is currently ranked 10th in the AP Poll and 11th in the US LBM Coaches Poll, but their recent loss should send them a ways down the standings.

Texas A&M running back Le’Veon Moss suffered an injury to his right leg in the first quarter versus South Carolina, pushing Amari Daniels into the starting role. Texas A&M coach Mike Elko says that Marcel Reed is the “starter now” after the game versus South Carolina, but the redshirt freshman committed multiple turnovers against the Gamecocks.

Texas A&M still has to face New Mexico State, Auburn and Texas. Even with the upcoming projections, there are a lot of different ways this could all play out.

Here’s everything you need to know about the CFP rankings reveal:

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How to watch College Football Playoff rankings show

The College Football Playoff rankings show will air on ESPN, with the broadcast starting at 6 p.m. CT on Tuesday, Nov. 5. Fans can also stream the show on Fubo, which is offering a free trial.

College Football Playoff rankings release date

The first rankings will be announced on Nov. 5 A new rankings will be released every Tuesday through Dec. 5.

What time is CFP rankings?

The broadcast will start at 6 p.m. CT on Tuesday.

Texas A&M football CFP rankings projection

Coming into Week 10, ESPN’s CFP Playoff predictor had Texas A&M with a 47% chance to make the playoff, but it hasn’t updated with the recent loss. Those odds fall to less than 40% after the defeat, per pregame projections.

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If the Aggies win out and make the SEC title game, ESPN has them as the third-seed with a first-round bye, facing either sixth-seed Georgia or 11th-seed Tennessee.

Losing the title game would give Texas A&M a 67% chance to make the playoff as the 12th-seed. They would face fifth-seed Notre Dame in the first round. If the Aggies lose to the Longhorns in their final game of the season, their odds drop to 13%.

How many teams in College Football Playoff 2024?

There will be 12 participating teams in the College Football Playoff bracket. The teams will consist of the five conference champions ranked highest by the CFP selection committee, and the next seven highest-ranked teams.

How does College Football Playoff format work?

The four highest-ranked conference champions will be seeded one through four and receive a first-round bye. The fifth conference champion will be seeded where it was ranked or at No. 12 if it is outside the top 12 in the CFP rankings. Non-conference champions ranked in the top four will be seeded beginning at No. 5.

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Texas sees record early voting numbers as poll workers protect the integrity of the process

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Texas sees record early voting numbers as poll workers protect the integrity of the process


HARRIS COUNTY, Texas (KTRK) — Millions of Texans will head to the polls on Tuesday, but almost half of all registered voters in the Lone Star state have already cast their ballots.

After a much-criticized election in 2022, Harris County eliminated the election administrator position and returned the authority to the county clerk, Teneshia Hudspeth. She said they are well prepared for Tuesday’s vote.

“It is going to be interesting. It is an important time in our country,” poll worker Garfield Teixeira said.

Teixeria has served on the front lines in more ways than one.

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First, she served in the army for 22 years, but now, she’s on the front lines of democracy.

“We’re like Santa’s helpers. We’re like elves,” Teixeira said.

To Teixeira, a polling center is one of Santa’s many workshops.

She’s been helping out in Brazoria County during early voting.

“Friday, we had a lot of first-time voters. We welcomed them, and we tell them we should have a bell. Like, when you buy a car, to ring, to acknowledge them,” Teixeira said.

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So far, 8.9 million Texans have voted early, including in-person and mail-in ballots. That’s about 47% of the 18.6 million registered voters.

It is less than the vote percentage in 2020, about 57%, but due to the pandemic, we had an extra week of early voting.

“The turnout has been tremendous,” Teixeira said.

Scrutiny of the election process has grown more intense, increasing the pressure on poll workers to perform flawlessly.

“I always pull up my information and refresh myself because… from one election to another. That is a big span of time,” Shaikil Grisham, who worked as a poll worker before moving to Texas, said.

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Election monitors are tools used by the Department of Justice to keep an eye on any violations.

On Friday, top Texas election officials informed the DOJ that election monitors are not allowed in Texas polling places.

The agency had originally announced plans to dispatch machines to eight Texas counties.

The Texas secretary of state will send monitors to Harris County. The County welcomes those monitors as it has in previous elections.

For updates on this story, follow Alex Bozarjian on Facebook, X and Instagram.

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