BlackRock Restricts Use of Company Devices for China Travel
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BlackRock restricts use of company devices for China travel
The world’s largest asset manager detailed the ‘policy enhancement’ on business travel to China in an internal memo seen by Bloomberg News. Wells Fargo & Co. last week suspended travel after one of its top trade financing bankers, Chenyue Mao, was blocked from leaving the country. Global banks have scaled back their presence in China in the past few years amid slowing economic growth and escalating trade disputes.
The world’s largest asset manager detailed the “policy enhancement” on business travel to China in an internal memo seen by Bloomberg News, saying it is effective July 16.
The US firm told staff that using BlackRock issued employee devices, including iPhones and iPads, isn’t permitted, according to the memo. Using BlackRock laptops or remote access via VPN will also not be allowed. Employees were notified they wouldn’t have access to the BlackRock network during personal travel in China.
A BlackRock spokesperson didn’t immediately reply to requests for comment.
The latest changes come amid growing jitters around business travel to China. Wells Fargo & Co. last week suspended travel to China after one of its top trade financing bankers, Chenyue Mao, was blocked from leaving the country. This week, Foreign Ministry spokesman Guo Jiakun said the case was related to a criminal matter.
China has also stopped an American citizen who works for the US Commerce Department from leaving the nation for several months, according to media reports.
US-China geopolitical tensions have weighed on the global financial industry in recent years, making it increasingly difficult for firms to navigate. Global banks have scaled back their presence in China in the past few years amid slowing economic growth and escalating trade disputes.
Since China tightened data security further with two new laws in 2021, global firms have focused on information segregation. Many banks and asset managers have created onshore centers to keep China data in the country as part of global operations, adding costs and hindering management of their Chinese businesses, according to the Asia Securities Industry & Financial Markets Association.
BlackRock’s presence in China includes a wholly owned mutual fund firm as well as a wealth management joint venture with China Construction Bank Corp.
©2025 Bloomberg L.P.
Published on July 22, 2025
UK grocery inflation jumps to 5.2% in four weeks to July 13, Worldpanel says
British grocery price inflation rose to 5.2% for the four weeks to July 13. The figure is up from 4.7% in last month’s report. Just under two-thirds of households say they are “very concerned” about the cost of their groceries. Tesco, the country’s biggest supermarket, increased by 7.1% in the 12 weeks compared to the same period last year.
The figure is up from 4.7% in last month’s report.
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Britain is struggling with persistently high inflation , as supermarkets face rising staff wages, new employer taxes and regulatory costs, even as commodity prices climb.
Worldpanel by Numerator, which formerly published the data under the name Kantar Worldpanel, said just under two-thirds of households say they are “very concerned” about the cost of their groceries, and are switching to supermarket own-label products.
Inflation in Britain is the highest of any major advanced economy and is around one percentage point more than in the United States or the euro zone.
Grocery sales in value terms grew 5.4% year-on-year over the four weeks, helped by warm weather which boosted ice cream and sorbet sales by 33%, while sales of iced coffee and strawberries also jumped.
Sales at Tesco, the country’s biggest supermarket, increased by 7.1% in the 12 weeks to July 13 compared to the same period last year, extending its market share to 28.3%, while No.2 player Sainsbury’s sales gained 5.3%.
No.3 grocer Asda remained the industry laggard with a sales decline of 3%, outshone by online specialist Ocado and discounters Lidl and Aldi, which showed sales growth of 11.7%, 11.1% and 6.3% respectively in the period.
UK supermarkets’ market share and sales growth (%)
Reporting by Sarah Young; Editing by Sachin Ravikumar and Bernadette Baum
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BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
BlackRock (BLK.N) has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops. The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted. The report comes as firms witness China’s growing hold over access during travel to the nation.
July 22 (Reuters) – BlackRock (BLK.N) , opens new tab has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops, Bloomberg News reported on Tuesday, citing an internal memo.
The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said.
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BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China.
Reuters could not immediately verify the report. BlackRock did not respond to a request for comment.
The report comes as firms witness China’s growing hold over access during travel to the nation.
On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving.
Earlier this month, a Wells Fargo (WFC.N) , opens new tab banker was also blocked from leaving China. Beijing’s foreign ministry said the banker was involved in a criminal case.
Reporting by Pretish M J in Bengaluru; Editing by Mrigank Dhaniwala
Our Standards: The Thomson Reuters Trust Principles. , opens new tab
BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
BlackRock BLK has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops. The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted.
The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said.
BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China.
Reuters could not immediately verify the report. BlackRock did not respond to a request for comment.
The report comes as firms witness China’s growing hold over access during travel to the nation.
On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving.
Earlier this month, a Wells Fargo WFC banker was also blocked from leaving China. Beijing’s foreign ministry said the banker was involved in a criminal case.
BlackRock imposes restriction on use of company devices for China travel, Bloomberg News reports
BlackRock has asked its staff visiting China for business trips to use temporary loaner phones and avoid using company laptops. The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted.
The world’s largest asset manager told its staff that using company-issued employee devices, including iPhones and iPads, is not permitted, the report said.
BlackRock also barred the use of company laptops or remote access via virtual private networks, the report said, adding that employees will not have access to the BlackRock network during personal travel in China.
Reuters could not immediately verify the report. BlackRock did not respond to a request for comment.
The report comes as firms witness China’s growing hold over access during travel to the nation.
On Monday, the U.S. State Department said that the Chinese government had blocked an unnamed U.S. Patent and Trademark Office employee visiting the Asian country in a personal capacity from leaving.
Earlier this month, a Wells Fargo banker was also blocked from leaving China. Beijing’s foreign ministry said the banker was involved in a criminal case.
(Reporting by Pretish M J in Bengaluru; Editing by Mrigank Dhaniwala)