Business Matters

Larry Fink, is Chairman and CEO of BlackRock - the world’s largest asset manager, overseeing more than $14 trillion in investments on behalf of governments, pension funds and individual investors globally. He tells BBC Business Editor Simon Jack that oil prices could remain above $100 a barrel for years — and rise to $150 — if the Iranian conflict is not resolved, a scenario he says would trigger a “stark and steep recession”. Higher energy costs would ripple through agriculture, fertiliser, and global supply chains, acting as a regressive tax that disproportionately affects the poorest.Fink calls for “energy pragmatism”, arguing countries should use all available energy sources — from oil and gas to renewables and nuclear — to build resilience. He highlights Europe’s fragmented power systems as a structural weakness, particularly as energy demand rises with the expansion of AI infrastructure.On trade, Fink says globalisation is being recalibrated rather than reversed. Post-war trading systems that favoured c