Russia's has ended globalization as we know it, says the head of , the world's largest asset manager.
BlackRock CEO Larry Fink told shareholders in a letter on Thursday that Russia's "decoupling from the global economy" following its assault on Ukraine has caused governments and companies to examine their reliance on other nations.
"The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades," Fink wrote.
The CEO, whose company manages , predicted that Russia's isolation will "prompt companies and governments worldwide to reevaluate their dependencies and reanalyze their manufacturing and assembly footprints."
But some countries could benefit from focusing on building up their domestic industries, as companies onshore or "nearshore" their operations, he said.
Fink said that the coronavirus pandemic had already set these wheels in motion.
Early in the pandemic, countries desperately needed . When economies reopened — and demand surged — supply-chain bottlenecks helped to levels not seen in decades. A , in particular, has plagued industries over the past year, from carmakers to tech companies.
And now Russia's assault on Ukraine — followed by swift and and a — has disrupted international export markets. The price of Brent crude, the global benchmark, in early March as buyers feared supply shocks, though oil has since come down.
"Energy security has joined the energy transition as a top global priority," Fink said.
While Fink anticipates that coal consumption may increase over the next year as Europe and Asia try to wean themselves off Russian oil and gas, soaring energy prices will likely make renewables more competitive, he said.
"Longer-term, I believe that recent events will actually accelerate the shift toward greener sources of energy in many parts of the world," Fink wrote.
Do you have both Ukrainian and Russian family members? How are you handling the crisis? Email dotcom@bellmedia.ca.
Luis Armando Albino was six years old in 1951 when he was abducted while playing at an Oakland, Calif., park. Now, more than seven decades later, Albino has been found thanks to help from an online ancestry test, old photos and newspaper clippings.
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
Comedian John Mulaney and actor Olivia Munn now have a second child, a daughter named Mei June Mulaney.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
Unifor says workers at General Motors' CAMI assembly plant and battery facility in southwestern Ontario have ratified a new collective agreement.
Specialist divers surveying the wreckage of the US$40 million superyacht that sank off Sicily in August, killing seven people including British tech tycoon Mike Lynch, have asked for heightened security to guard the vessel, over concerns that sensitive data locked in its safes may interest foreign governments, multiple sources told CNN.
Ontario's police watchdog has decided there are no grounds to believe Sudbury police committed a crime during a difficult arrest in May where the suspect's neck was broken.
The City of Calgary ended water restrictions for the city at a Sunday morning update.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
Pasquale Monaco says he’s debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded — again — in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
North Carolina Lt. Gov. Mark Robinson avoided directly weighing in during a gubernatorial campaign event Saturday on a CNN report outlining evidence that he made disturbing posts on a pornography website's message board more than a decade ago.
An explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
More than a year after the Titan submersible imploded, killing all five voyagers on board, the story of the ill-fated expedition to the Titanic has taken the form of a modern-day Greek tragedy overflowing with mortal pride and heedlessness.
In less than two months, Americans will go to the polls to choose their next president. But the process that translates those millions of votes into one seat in the Oval Office is much more complicated than a straight tally.
Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
Prime Minister Justin Trudeau is set to be in New York this week for the 78th meeting of the United Nations General Assembly and the Summit of the Future amid increasing geopolitical instability around the world.
A $2.14-billion federal loan for an Ottawa-based satellite operator has Canadian politicians arguing about whether American billionaire Elon Musk poses a national security risk.
Procurement Minister and newly appointed Quebec lieutenant Jean-Yves Duclos is warning the NDP that the dental care program it helped put into place will be in jeopardy if it pulls its support from the governing Liberals.
Body mass index, a long-time tool used to measure a person's health, may soon be out the door as some health professionals push for a system they say is more accurate.
Infectious disease physician Dr. Isaac Bogoch says whooping cough is most risky for unvaccinated infants, children and older people.
A morning cup of coffee may do more than just perk you up, according to new research.
If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
Lebanese authorities on Thursday banned walkie-talkies and pagers from being taken on flights from Beirut airport, the National News Agency reported, after thousands of such devices exploded during a deadly attack on Hezbollah this week.
Comedian John Mulaney and actor Olivia Munn now have a second child, a daughter named Mei June Mulaney.
Tim Burton's legacy sequel to the 1988 horror comedy topped the North American box office charts for a third
A Nova Scotian YouTuber has launched a mini-truck bookmobile.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
It’s not easy going up against Canada’s banking oligopoly, but some are trying.
It is not a great time to be a coffee drinker. In general, coffee bean prices are the highest they've been in more than a decade.
Nick Kolomyja reckons axe throwing may have saved his life.
More than 2,200 zoo professionals from 23 different countries have gathered in Calgary for the annual Association of Zoos and Aquariums conference.
Tattoos are becoming more common in today's society and, as a result, appear to be more acceptable in the workplace than they used to be.
The Winnipeg Blue Bombers have a nickname for the opposition’s end zone. They refer to it as the “chicken box.â€
Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
Kiefer Sherwood spent several nights last spring chasing Quinn Hughes around the ice and generally pestering the Vancouver Canucks.
Unifor says workers at General Motors' CAMI assembly plant and battery facility in southwestern Ontario have ratified a new collective agreement.
General Motors (GM) has issued a recall for 38,000 vehicles for safety risks related to a software glitch, Transport Canada reported in a notice on Wednesday.
Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of 'remotely disabling' his Cybertruck, which had been sent to the frontline of Russia's war in Ukraine.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.
One man is dead and another injured after a shooting in Langley Saturday evening that homicide investigators say is gang-related.
Anyone needing emergency care in a city in B.C.’s southern Interior will need to seek help elsewhere until Monday, as the latest ER closure in the region has shuttered the department’s doors for 25 hours.
The two top contenders in British Columbia's provincial election dove deep into the various issues plaguing the Metro Vancouver area on Sunday, in some cases hearing directly from those most affected.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
Roads have reopened near Union Station following a suspicious package investigation on Sunday afternoon.
Toronto police have arrested three people and they are looking for two others in connection with an alleged fraud that saw a man and his daughter bilked out of more than $18,000.
The City of Calgary ended water restrictions for the city at a Sunday morning update.
Nearly 100 Inglewood residents rallied Saturday afternoon in a continuing effort to save the Inglewood Aquatic Centre.
Nick Kolomyja reckons axe throwing may have saved his life.
Thousands participated in the 17th annual Canada Army Run Sunday in the capital's downtown.
Police are looking to speak with a female who was a passenger in a stolen vehicle that was recovered early Saturday morning in Kanata.
It's been one year since Michael Andlauer took over ownership of the Ottawa Senators and on Saturday, he spoke for the first time about the tentative deal for a new arena at LeBreton Flats.
Provincial police (SQ) are looking for 29-year-old Kelsey Watt, who went missing in Hemmingford, Que.
Nearly 15,000 runners pounded the pavement on Sunday in the 32nd edition of Montreal’s Bereva Marathon.
Â鶹´«Ã½ Montreal at Six for Sunday, Sept. 22, 2024 with anchor Matt Gilmour.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
One person is dead after an early morning crash in west Edmonton.
Dovercourt residents gathered on Sunday to protest a new Hope Mission shelter that will soon open in an old warehouse near Yellowhead Trail and 149 Street.
Saint John Theatre Company’s “Waiting for Godot†stars former "Corner Gas" star Eric Peterson, and R.H. Thomson, known for his role in "Anne with an E."
A 76-year-old man who was reported missing Saturday in Annapolis District, N.S., has been found deceased.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
Manitoba RCMP and community members are still feverishly searching for a six-year-old boy who went missing five days ago.
Winnipeg police called in the bomb unit Saturday night after a suspicious item was found in a Centennial neighbourhood back lane.
While slang may come and go, experts say the phenomenon behind them, which constantly churns out brand-new bon mots, is as old as language itself.
The Philippine Association of Saskatchewan welcomed all newcomers to Regina on Sunday during its third annual Kabayan event.
Fire officials are investigating after a fire completely destroyed the community fridge in the Cathedral neighbourhood.
The last two months after losing her daughter Bella have been extremely difficult for Kyla Thomson.
Brantford, Ont. residents were met with an unexpected sight on Saturday evening as a suspected funnel cloud appeared in the skies above the city.
Police were called to a business in the area of University Avenue East and Weber Street North at around 10:40 p.m. Saturday for a report of a man attempting to stab another man.
Police said the pedestrian, a 52-year-old man, was taken to an out-of-region hospital with life-threatening injuries and the driver of the vehicle failed to remain at the scene.
A 14-year-old girl from Flying Dust First Nation was killed after a high-speed ATV struck a ditch near Meadow Lake.
The 75-year-old building, formerly the Waskesiu Chamber of Commerce building, was relocated to the Parks Canada compound on the edge of the townsite.
A 53-year-old woman from north Vancouver, B.C. was killed after a semi and truck collided on Highway 16 near Dafoe.
There were no injuries reported after a home on Regent Street near Douglas Street in Greater Sudbury’s west end on Sunday morning.
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
Ontario’s police watchdog is investigating after an Ontario Provincial Police officer discharged his firearm at a 36-year-old man in near Moonbeam, Ont., on Friday night.
Wage increases, new paid holidays and a big signing bonus are part of the new contract for CAMI employees in Ingersoll, Ont.
The most popular hockey podcasters on the planet brought some major attention to the Forest City this weekend with the annual Chiclets Cup.
The identity of a motorcyclist has been revealed by loved ones on social media following Friday’s fatal south end collision in London. The London Police Service has not released anything regarding the driver’s identity.
One man is in police custody after fabricating a story to police and reporting his vehicle was stolen.
Fire crews worked to extinguish a fire at a tent encampment in Barrie on Sunday.
A year after being recognized as one of 19 ‘Bee Campuses’ by Bee City Canada, Georgian College continues to promote the importance of bees to agriculture, the economy and education.
Essex-Windsor Emergency Medical Services (EMS) is reporting that it’s above the provincial target for sudden cardiac arrest response times.
The Amherstburg Uncommon Festival is living up to its name with the addition of a drone light show — a first for Essex County.
The St. Clair College Saints were in Oshawa over the weekend as they faced Durham College.
Work crews have been busy in the British Columbia legislature over the summer, prying apart desks in the historic chamber and piling them up in hallways as they tried to work out how to fit in six more seats.
The two top contenders in British Columbia's provincial election dove deep into the various issues plaguing the Metro Vancouver area on Sunday, in some cases hearing directly from those most affected.
A Victoria woman is now $1 million richer after winning a Maxmillions prize on a recent Lotto Max Draw.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.
Despite the heavy rain, plenty of muscle turned up for United Way’s annual Pull the Bus fundraiser in Lethbridge Friday.
Lethbridge County has rescinded its fire restriction as a result of the recent cool, wet weathr.
The Lethbridge Hurricanes kicked off the 2024-25 season on a winning note Friday night, defeating the Edmonton Oil Kings 3-1 in a game played at VisitLethbridge.com Arena.
The Royal Canadian Mint has introduced its latest Gold Maple Leaf bullion coin – made entirely from gold sourced from a single mine in northern Ontario
A northern Ontario man is facing a $12,000 fine after illegally shooting a moose near the Batchawan River.
Following an outbreak of COVID-19 on its continuing care floor and just ahead of the flu season, St. Joseph’s General Hospital in Elliot Lake has opted to re-introduce a universal masking policy until further notice.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
Newfoundland and Labrador's chief medical officer is monitoring the rise of whooping cough infections across the province as cases of the highly contagious disease continue to grow across Canada.
A 16-year-old biennial event aimed at fostering business in the country's eastern Arctic and northern regions has been cancelled indefinitely as a dispute unfolds between Inuit in Canada and a Labrador group claiming to share their heritage.
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