US: Investment firm, BlackRock Inc. puts pressure on guns manufacturers
After several US companies cut ties with gun lobbying NGO National Rifle Association (NRA) following the Florida school shooting on February 14, the world's largest investment firm BlackRock Inc. is now putting pressure on companies which make and sell guns. The giant is considering excluding such companies from its portfolios, and has also asked questions about how safe use of weapons is monitored.
BlackRock handles assets worth $5.7 trillion
As of July 2017, BlackRock had 70 offices across 30 countries and clients in 100 countries, and is the world's largest asset manager with a total of $5.7 trillion in assets. BlackRock has also been called the world's largest shadow bank because of its reach.
Walmart and Dick's Sporting Goods curb gun sales
Following car rental giants Hertz and Enterprise, United and Delta airlines recently cut discounts for NRA members. Retail giants Walmart and Dick's Sporting Goods have also announced curbs on gun sales. Although in its early stages, corporate powers distancing themselves from gun sales might be a sign that the Florida school shooting has driven home the reality about gun violence in the US.
BlackRock calls for action across private and public sectors
"The recent tragedy in Florida has driven home for BlackRock the terrible toll from gun violence in America. We believe that this event requires response and action from a wide range of entities across both the public and private sectors," said BlackRock on its website.
