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☆ Welcome to ‘the Tepid Twenties’? The US economy’s strength won’t be enough to boost global growth
▼ + stars: | 2024-05-05 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Invigorating growth is critical: When the economy expands, it improves standards of living, promotes innovation and makes households wealthier. Economic growth in Spain and France was stronger than expected last year. But the US is outperforming mainly for one key reason: Robust productivity growth. Productivity growth came in well below expectations in the first three months of the year, according to Labor Department data released last week. A “course correction” isn’t an even stronger US economy: Economic policymakers around the world need to address a range of key issues.

Persons: ” Kristalina Georgieva, ” Georgieva, ” Stephen Gallagher, Gallagher, “, ”, Hande Atay Alam, Recep Tayyip Erdogan, Israel Katz, John Williams, Neel Kashkari, Lisa Cook, Krispy Kreme, John’s, Austan Goolsbee Organizations: Washington CNN, Monetary, IMF, European Central Bank, Labor Department, Societe Generale, CNN, Reuters, Palantir Technologies, Tyson Foods, Marriott Worldwide, New York Fed, Disney, UBS, Duke Energy, Suncor, Bros, Minneapolis, Toyota, Uber, Anheuser, Busch InBev, Airbnb, Fox Corporation, News Corporation, Duolingo, Icahn Enterprises, New York Times Company, AMC Entertainment, Honda, Warner Bros Discovery, Warner Music Group, Hyatt, Hilton, Bank of England, US Labor Department, United Kingdom’s, National Statistics, University of Michigan, . Chicago Fed, China’s National Bureau of Statistics Locations: Europe, China, United States, Spain, France, Russia, Ukraine, Turkey, Israel, Gaza, Olesya, “ Turkey, Lyft, TripAdvisor

☆ Interest rates and the AI-fueled rally remain top of mind for stock investors in the week ahead
▼ + stars: | 2024-05-03 | by ( Alex Harring | ) www.cnbc.com time to read: +9 min

The Fed and economic policy were top of mind this week given the central bank's Wednesday decision to yet again leave interest rates unchanged , as it has since last summer. This week included the conclusion of April's trading month, which marked the first down month of the year for all three major market averages. Indeed, some recent earnings reports have raised doubts about the economy, with brands from McDonald's and Starbucks evidencing signs of strain among consumers. While no new inflation numbers are scheduled for release next week, investors will see reports on March wholesale inventories, March consumer credit and May consumer sentiment from the University of Michigan. AI trade Though interest rates took center stage this week, investors also continued monitoring companies tied to the artificial intelligence boom amid the stocks' recent choppiness.

Persons: they're, Jerome Powell, Larry Tentarelli, David Donabedian, Sam Stovall, There's, Stovall, Tom Hainlin, Tentarelli, CFRA's Stovall, Lyft, Cabot, Aramark, Tempur Sealy, Nikola, Walt Disney, Sally Beauty, Warby Parker, Krispy Kreme, Papa John's Organizations: Federal Reserve, Treasury, Nasdaq, Dow Jones, CIBC Private Wealth, Dow, CFRA, Citigroup, Bank of America, U.S, Bank Wealth Management, University of Michigan, Nvidia, Disney, Spirit Airlines, Tyson Foods, Pharmaceuticals, Lucid, Palantir Technologies, Simon Property, Tech, Lab, Goodyear Tire, Noble Corp, Vornado Realty, Coty, BellRing, Consumer, UBS, BP, Nintendo, Bloomin, Duke Energy, Rockwell Automation, Ferrari, NRG Energy, Electronic Arts, Cirrus, Adaptive Biotech, Arista Networks, Dutch Bros, Holdings, Virgin Galactic, IAC, Rivian Automotive, Brighthouse, Occidental Petroleum, Assurant, Kinross Gold, Labs, Diamond, Reddit, Anheuser, Busch InBev, Embraer, Health, United Parks & Resorts, Emerson Electric, Brookfield , New York Times, Food, Reynolds Consumer Products, Teva Pharma, Uber Technologies, Dine Brands, Liberty Broadband, Fox Corp, Cushman &, Liberty Media, Arm Holdings, Kodiak Gas Services, Solaredge Technologies, AMC Entertainment, Cheesecake, News Corp, Toyota Motors, Fair, US Foods, Hyatt Hotels, Warner Bros, Hilton, Warner Music Group, Unity Software, Insurance, Gen, Honda, AMC Networks Locations: Central, McDonald's, Expeditors, Occidental, Angi, Brookfield , New, Ambev, Cushman & Wakefield, Michigan

☆ Wall Street is loving AI while Big Tech is warning employees about how they use it
▼ + stars: | 2024-02-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Wall Street's love affair with Nvidia (and AI) while Big Tech still grapples with how to use the tools . Since Nvidia's GPUs sit at the center of the AI revolution, the company's success suggests the hype around the tech is warranted. One issue is bias showing up in AI tools . AdvertisementInternal documents show that Amazon is warning its employees not to use third-party generative AI tools for work , BI's Ashley Stewart and Eugene Kim report. It's an interesting acknowledgement of the risks involved with using AI tools — especially when Amazon is pitching its own chatbot to customers .

Persons: —, It's, Michael M, Tyler Le, it's, Matthew Fox, Wall, Jensen, Kathleen Brooks, XTB, BI's George Glover, Chelsea Jia Feng, — ChatGPT, Monica Melton, BI's Ashley Stewart, Eugene Kim, Paul Morigi, Jenny Chang, Rodriguez, Goldman, Joe Duran, Jensen Huang, Huang, Reddit, Sam Altman, Elon Musk, Gemini, isn't, RJ Scaringe, Rivian, Scaringe, Steve Conine, Niraj Shah, Lucas Jackson, Wayfair, Bruce Dixon, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Service, Nvidia, Big Tech, Getty, Nasdaq, Nikkei, GameStop, SEC, CNBC, EV, Warner Bros Discovery Inc, Hyatt Hotels Locations: Paul, New York, London, Chicago

☆ 45 American families are worth more than $10 billion — and the wealthiest one is even richer than Elon Musk
▼ + stars: | 2024-02-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Forbes found that there are 45 American families with fortunes exceeding $10 billion. The Walmart founder Sam Walton's heirs are richer than Elon Musk, with a $267 billion fortune. AdvertisementThere are 45 American families worth at least $10 billion, and the richest one is wealthier than Elon Musk, Forbes says. Forbes estimates the 45 superrich families are collectively worth about $1.3 trillion, or roughly 10 times Warren Buffett's personal fortune. The descendants of John D. Rockefeller — the nation's richest man in his prime — barely made Forbes' list, with a $10.3 billion fortune.

Persons: Forbes, Sam Walton's, Elon Musk, Koch, Lauder, Pritzker, Rockefeller, —, Warren, Hearst, John D, MacMillan, Campbell, Brown, Forman, Jack Daniel's, Busch, Haslam, Warren Buffett's Berkshire Hathaway, it's Organizations: Walmart, Elon, Service, Forbes, SpaceX, Marriott, Carnegie, Vanderbilt, Getty, Cargill, Hyatt Hotels, Anheuser, Busch, InBev, Centers, Warren Locations: Marriott, Hearst

☆ How I Get Eight Free Hotel Nights Every Year Without Doing Anything
▼ + stars: | 2023-10-28 | by ( Ben Luthi | ) www.wsj.com time to read: +10 min

So long as you pay the annual fee, many hotel credit cards offer one free night each year. Before discovering free night credits, I stayed at my fair share of motels with rock-hard beds and paper-thin walls. However, as my life and finances evolved, the benefit of my free night certificates has become about more than saving money. My hotel credit card collectionYou probably don’t need eight hotel cards. Key perks: Annual free night award, fourth night free on consecutive award redemptions, automatic IHG® Platinum status, $100 trusted traveler program application fee credit every four years.

Persons: Ben Luthi, I’ve, ”, you’ll, ’, we’ve, I’m, you’re, Wyndham Wyndham, Wyndham Organizations: Nintendo, Card, Marriott Marriott, Marriott, California — Marriott, Marriott Bonvoy, Business, Residence, Ritz, Carlton, Hilton Hilton Honors Aspire, Hilton, Hilton Resort, Honors, Diamond, Las, Hyatt, Hyatt Credit, Hyatt House, Hyatt Card, Hyatt Regency, Grand Hyatt, Wyndham Locations: Sandy , Utah, Hilton, Park City, Marriott, California, Fairfield, Vegas, Seattle, Alaska, Grand, Wyndham

☆ The wage gap between Latinas and white men has hardly budged in 30 years: ‘We need more than good intentions to solve it’
▼ + stars: | 2023-10-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Latinas stand to lose more than $1.2 million over their careers due to the pay gap — and for Latinas with college degrees, that gap is even wider. That pay gap translates to a staggering loss of $30,450 per year. In 1989, Latinas working full-time were paid just $0.52 for every dollar paid to white men — which means that the Latina pay gap has only narrowed by pennies every decade since. How salary negotiations can exacerbate the wage gapFor many Latinas, the wage gap starts as early as the job search. "It's important to have mentors but to ensure that Latinas get these stepping-stone jobs and break the pay gap, they need sponsors, too," says Guasso.

Persons: —, Priscilla Guasso, Guasso, she's, Anyelis Cordero, Cordero, It's, Latinas, Jasmine Vallejo, Vallejo Organizations: National Women's Law, Latina, Hyatt Hotels, Lean, McKinsey & Co, Meta Locations: San Diego, San Diego , CA, America, U.S, Austin , Texas

☆ Business travel spending is recovering quicker than expected. These are the stocks to buy right now
▼ + stars: | 2023-09-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There have been some encouraging signs that business travel is rebounding to pre-Covid spending levels sooner than anticipated, according to the Global Business Travel Association . Business travel was essentially shut down during the Covid pandemic, with many predicting a slow slog to revive sales and a landscape that would be permanently changed. Now the organization is predicting global business travel spending will surpass its 2019 spending level of $1.4 trillion in 2024, compared with its earlier forecast of 2026. Some 28% of those who make the business travel decisions and 32% of those in charge of company travel budgets said their workplace will increase business travel in the coming year, Morning Consult found. Of course, the recovery in business travel can also shift if there are changes in the economic environment.

Persons: Lindsey Roeschke, Roeschke, That's, Michael Linenberg, Linenberg, Patrick Scholes, Scholes, — CNBC's Michael Bloom Organizations: Global Business Travel Association . Business, Morning, Deutsche Bank, CNBC, American Airlines, Delta Air Lines, United Airlines, Ryman Hospitality Properties, Ole Opry, Hospitality, Hyatt Hotels Locations: Delta

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). The World of Hyatt Business Credit Card is offering a new, higher welcome bonus. World of Hyatt Business Credit Card Apply now lock icon An icon in the shape of lock. World of Hyatt Business Card review External link Arrow An arrow icon, indicating this redirects the user." You can read all the details in our World of Hyatt Business Credit Card review.

Persons: Hyatt, it's, I've, you'll Organizations: Hyatt Business, Service, Hyatt, Card, FDIC, Manchester Grand Hyatt San, Hyatt Paris Locations: Wall, Silicon, Hyatt, Manchester Grand Hyatt San Diego, Dublin

☆ September is the cruelest month for stocks. Pros share their trading tips — and what to buy
▼ + stars: | 2023-09-01 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

The pros share their expectations and tips for how investors can trade in the month ahead. The volatility isn't over The "potential bite" of aggressive Fed policy could lead to more volatility, said Richard Saperstein, chief investment officer at investment firm Treasury Partners, in a Tuesday note. Avoid tech — but not completely Avoid mega-cap tech stocks such as the "Magnificent Seven" now, the pros said, referring to Apple , Amazon , Alphabet , Meta , Microsoft , Nvidia and Tesla — tech stocks that have made massive gains this year. "Big tech stocks have run and valuations are richer than they have been. Dave Sekera, chief U.S. market strategist at Morningstar, said on Thursday that not all tech stocks are overvalued.

Persons: Richard Saperstein, Ben Kirby, CNBC's, Carol Schleif, George Ball, Sanders Morris Harris, Schleif, Ball, it's, Dave Sekera, Kirby, Thornburg, Morgan Stanley, Andrew Slimmon Organizations: U.S . Federal Reserve, Treasury Partners, Thornburg Investment Management, BMO Family Office, Apple, Microsoft, Nvidia, Tesla, Big Tech, Morningstar, Autodesk, Software, Teladoc, CNBC, CME, Hyatt Hotels, Hotels, Resorts, Hilton Hotels, Morgan, Morgan Stanley Investment, United Rentals Locations: U.S, China, Argentine

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Ron Baron has a rare long-term record of beating the market. Here's how he did it
▼ + stars: | 2023-07-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Ron Baron is one rare active manager that has been outperforming the market since the 1980s, thanks to his eye for long-term growth. The 80-year-old investor founded Baron Capital in 1982, and 16 of his 19 mutual funds representing 98.8% of the firm's asset under management have beaten their benchmark since their inception dates. Similarly, Baron Capital considers stocks as representing part ownership of publicly traded businesses. The Baron Capital chairman and CEO has been known as a longtime bull in Tesla , a stock with a 46% weighting in the Partners fund. Baron Capital managed about $40 billion at the end of 2022.

Persons: Ron Baron, Morningstar, Baron, Warren Buffett's, Tesla, Charles Schwab Organizations: Baron Capital, Baron Partners Fund, Partners, SpaceX, Iridium Communications, Arch Capital Group, FactSet Research, Hyatt Hotels Locations: Tesla

☆ Global retailers cash in on Barbie movie craze
▼ + stars: | 2023-07-21 | by ( Helen Reid | Thomson Reuters | London-Based Reporter Covering The European Retail Sector Through A Global Lens. Focusing On Companies Including Adidas | ) www.reuters.com time to read: +3 min

REUTERS/Arriana McLymoreJuly 21 (Reuters) - Shoppers are snapping up Barbie hoop earrings, perfume, jumpsuits, and dresses as retailers seek to cash in on Friday's Barbie film release, reigniting the craze for the plastic doll and her hot pink, sequin-adorned universe. Mattel says the Barbie movie is expected to boost global sales of Barbie dolls, which declined last year from record growth during the pandemic. A Gap Barbie hoodie for women was available only in size XXS online, while a pair of Barbie Crocs, priced at $59.99 - $10 more than normal Crocs - was sold out on the Crocs website. Luggage brand Beis had a waiting list for all three sizes of suitcases in a Barbie pink, priced at a premium to its usual colour range. Walmart pitched Barbie dolls in varying skin tones and hairstyles at $45 to collectors.

Persons: browses, Arriana, Friday's, Barbie, Jo Ashdown, Ryan Gosling, Ken, Zara Barbie, hoodie, Barbie Crocs, Barbie toothbrushes, James Zahn, that's, Helen Reid, Savyata Mishra, Siddharth Cavale, Nick Zieminski Organizations: REUTERS, Mattel, WPP, Walmart, Hyatt Hotels, Hilton, Thomson Locations: Zara's Soho, New York City, U.S, Bogota, Colombia, Kuala Lumpur, Malaysia

☆ Madrid joins race for high-spending tourists with bet on five-star hotels
▼ + stars: | 2023-06-27 | by ( Corina Pons | ) www.reuters.com time to read: +5 min

[1/5] A swimming pool is seen at the top of Hyatt's Thompson Madrid Hotel, overlooking central Madrid, Spain, June 13, 2023. RISING ROOM RATESThe arrival of luxury hotels has marked a new peak in room rates. "We're seeking to capture the highest-spending international tourists," said Madrid's tourism director, Luis Martin. Employment in Madrid's tourism sector has grown by 15% since 2019, compared with 5.4% nationally. "The Spanish tourism sector has always tried to compete with other destinations on low prices," he said.

Persons: Hyatt's, Violeta Santos Moura, Santo Mauro, Richard Brekelmans, ”, Carlos Erburu, Thompson, Antonio Catalan, Alejandro Pitashny, Luis Martin, Jose Maria Martinez, Corina Pons, Belen Carreño, Charlie Devereux, Hugh Lawson Organizations: Madrid Hotel, REUTERS, Violeta Santos Moura MADRID, Hotels, Puerta del Sol, Dior, Marriott, Santo, Santo Mauro Palace, Westin, Ritz, Universal Music, Southern, Madrid, Colliers, Hyatt Hotels Corp, Reuters, Robuchon, Michelin, Airlines, Air, Thomson Locations: Madrid, Spain, Europe, Paris, London, Milan, Puerta del, Southern Europe, Barcelona, United States, Rome, Argentine, Iberia, America, Air China, China, Spanish

☆ US, European hotel rates may keep rising, industry executives say
▼ + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. The number of U.S. hotel rooms increased about 3% in April of 2023 from the same month in 2019. Some 153,000 hotel rooms were under construction in April of 2023, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from the same month in 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said.

Persons: Keith Barr, Barr, It's, Mark Hoplamazian, Michael Tran, Sebastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang, Paul Simao Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, RBC Capital Markets, Thomson Locations: U.S, Europe, Paris, London, New York

☆ US, European hotel room rates could keep rising - industry executives
▼ + stars: | 2023-06-07 | by ( Doyinsola Oladipo | ) www.reuters.com time to read: +2 min

NEW YORK, June 7 (Reuters) - Hotel room rates in the U.S. and Europe are rising and may get even more expensive as supply has failed to keep up with demand, industry executives said. Some 153,000 hotel rooms were under construction in April, down from a peak of 220,000 in the same month in 2020, according to hotel analytics firm STR. U.S. hotel rates in May averaged $157.45 a night, up 17% from 2019. "For the past 20 years hotel operators were not daring enough to restate the prices of hotel rooms," he said. Bazin said Paris hotel prices in the past six months cost 50% more than in 2019, while prices in London rose 30% over the same period.

Persons: Keith Barr, It's, Barr, Mark Hoplamazian, Sébastien Bazin, Bazin, There's, IHG's Barr, Doyinsola Oladipo, Richard Chang Organizations: YORK, Resorts, NYU International Hospitality Industry Investment Conference, U.S, Hotels, Thomson Locations: U.S, Europe, Paris, London, New York

☆ A JetBlue/Spirit Merger Will Make Air Travel (Even) More Miserable - The New York Times
▼ + stars: | 2023-06-04 | by ( Bill Saporito | ) www.nytimes.com time to read: +2 min

But now JetBlue wants to be a major player, too. It formed the Northeast Alliance with American Airlines in 2021 and, a year later, announced its planned acquisition of ultra low-cost carrier Spirit Airlines. Last month, a federal judge ordered JetBlue and American to disentangle the Northeast Alliance. While most goods and services improve over decades, air travel has defied progress — with the very important exception of safety. Today, the four major carriers control most of these precious slots in major airports and aren’t keen to surrender them.

Persons: I’m, David Neeleman — Organizations: JetBlue, Northeast Alliance, American Airlines, Spirit Airlines, Hyatt Hotels, Hyatt Studios, Innovation, Breeze Airways Locations: U.S

☆ How rich families use trusts that last as long as 1,000 years to save on taxes and benefit future heirs
▼ + stars: | 2023-05-23 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Dynasty trusts can last up to 1,000 years – about 40 generations – in Florida and other states. So-called dynasty trusts allow affluent taxpayers to provide for as many as forty generations and only be subject to tax once. Dynasty trusts have grown in popularity as the generation-skipping transfer tax exemption has skyrocketed, according to Sandy Christopher, partner at Withers Bergman. They are usually drawn to dynasty trusts to keep businesses within their families and protect assets from creditors. Dynasty trust assets are also shielded in the event of a divorce.

☆ Warren Buffett swapped shares for cocoa beans in a weird 1950s deal. Billionaire Thomas Pritzker just told his father's side of the story.
▼ + stars: | 2023-05-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Warren Buffett traded a chocolate company's shares for cocoa beans in an unusual arbitrage in 1954. Hyatt Hotels' Thomas Pritzker is the son of Jay Pritzker, who designed the stock-for-beans program. Thomas Pritzker recently shared his father's story about meeting and helping a 24-year-old Buffett. Thomas Pritzker, Hyatt Hotels' executive chairman and the billionaire son of the man who came up with the stock-for-beans offer, told his father's side of the story during a recent shareholder meeting. "A 24-year-old kid comes up to them and says, 'I didn't understand anything you just described,'" Thomas Pritzker recalled.

☆ Elon Musk subpoena in Epstein-JPMorgan lawsuit can be served to Tesla, judge rules
▼ + stars: | 2023-05-17 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

Ghislaine Maxwell and Elon Musk attend the 2014 Vanity Fair Oscar Party Hosted By Graydon Carter on March 2, 2014 in West Hollywood, California. The Virgin Islands is suing JPMorgan in U.S. District Court in Manhattan for allegedly enabling and financially benefiting from Epstein's sex trafficking of young women. Rakoff, in his order Wednesday, authorized the USVI to "arrange alternative service of its Subpoena to Produce Documents by serving Elon Musk via service upon Tesla Inc.'s registered agent." A Tesla spokesperson told The Times, "It is incorrect to say that Epstein ever advised Elon on anything." Epstein killed himself in August 2019, a month after federal authorities arrested him on an indictment charging him with child sex trafficking.

Companies Hyatt Hotels Corp FollowNEW YORK, May 16 (Reuters) - Texas Attorney General Ken Paxton filed a lawsuit on Monday against Hyatt Hotels Corp (H.N) for allegedly violating Texas consumer protection laws by misleading consumers with marketing and charging hidden fees. In a petition filed in district court, Paxton said U.S.-based Hyatt did not include mandatory fees in advertised room rates to stop comparison shopping, amounting to millions of dollars in fraudulent charges. "I will not stand by while Texas consumers are taken advantage of by Hyatt, or by any hotel chain that tries to get away with charging illegal hidden fees," Paxton said in a press release. The company did not immediately respond to a request for comment on Paxton's lawsuit. Reporting by Doyinsola Oladipo in New York; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ US Virgin Islands subpoenas Elon Musk as part of lawsuit into Jeffrey Epstein sex trafficking ring
▼ + stars: | 2023-05-15 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +3 min

New York CNN —The US Virgin Islands has subpoenaed Elon Musk, requesting documents from the billionaire for the government’s lawsuit alleging JPMorgan Chase benefited financially from Jeffrey Epstein’s sex trafficking operation. The Virgin Islands’ government issued the subpoena on April 28 but had difficulty obtaining an address for Musk to locate and serve him, even hiring an investigative firm. The subpoena is requesting all communications between Musk and JPMorgan regarding Epstein or any role the disgraced financier played in the Tesla CEO’s financial management. It also requested any documents regarding fees paid to Epstein or JPMorgan, or any documents regarding Epstein’s sex trafficking ring. In 2022, the US Virgin Islands filed a lawsuit against JPMorgan Chase, alleging the Wall Street giant benefited financially from Epstein’s sex trafficking operation and failed in its duty to report suspicious financial activity.

[1/2] A woman checks the arrivals and departures board at Chicago Midway International Airport in Chicago, Illinois, U.S. April 18, 2023. REUTERS/Jim Vondruska/File PhotoNEW YORK, May 10 (Reuters) - A gloomy forecast from vacation rental firm Airbnb (ABNB.O) weighed on travel-related stocks on Wednesday as an expected slowdown in bookings signaled an impending slump in travel demand with consumers seeking cheaper accommodation amid inflation and recession fears. Airbnb's forecast will heighten caution in the travel sector, which encompasses hotels, airlines, and vacation rental firms, according to an investor note by JPMorgan analysts, led by Doug Anmuth. "We also believe Airbnb's commentary will result in increased caution in the travel space, but more specifically around vacation and the U.S.," the analysts said. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

☆ Judge says Google co-founder Larry Page can be served with legal papers in Jeffrey Epstein suit
▼ + stars: | 2023-05-04 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

A federal judge said that Google co-founder Larry Page can be served with legal papers by the government of the U.S. Virgin Islands for its civil lawsuit against JPMorgan Chase related to sex trafficking by the bank's long-time customer Jeffrey Epstein. A docket entry on Thursday did not disclose the nature of the legal papers the USVI wants to serve Page in the suit, which is pending in U.S. District Court in Manhattan. Page was CEO of Google's parent Alphabet from 2015 through 2019, after previously serving as Google's chief executive officer. The USVI and a woman who says she was sexually abused by Epstein are separately suing JPMorgan, claiming the bank was complicit in his sex trafficking of multiple women. JPMorgan, whose CEO Jamie Dimon is due to be deposed in the case in late May, denies wrongdoing.

☆ Hyatt Hotels CEO Mark Hoplamazian: Our resorts rates grow as total demand for leisure increases
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHyatt Hotels CEO Mark Hoplamazian: Our resorts rates grow as total demand for leisure increasesHyatt Hotels CEO Mark Hoplamazian joins 'Squawk on the Street' to discuss a rebound in travel based to and from China, Hyatt's focus on high-end travelers, and forecasts for continued growth in 2023.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

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