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☆ Blackstone's earnings fall 41% as assets sales slump
▼ + stars: | 2023-01-26 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 26 (Reuters) - Blackstone Inc (BX.N) said on Thursday its fourth quarter distributable earnings fell 41% year-on-year as the world's largest manager of alternative assets cashed out fewer investments across its key portfolios. Distributable earnings, which represents the cash used to pay dividends to shareholders, fell to $1.3 billion from $2.3 billion a year earlier. Blackstone's closely watched fee-related earnings fell 39% to $1.1 billion. Secondary funds fell 1.8% while corporate private equity and private credit funds gained 3.8% and 2.4%, respectively. By contrast, the benchmark S&P 500 index (.SPX) rose 7.08% in the fourth quarter.

☆ Battered BuzzFeed shares rally after report of multi-million dollar Meta deal
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Shares of BuzzFeed Inc (BZFD.O) jumped over 50% in early trading after a report said Meta Platforms Inc (META.O) was paying the digital media firm millions of dollars to bring more creators to Facebook, Instagram. About 30 million shares changed hands by 9:50 a.m. The $132 million company has seen its shares tank over 90% to just under $1 since going public via a reverse merger with a special purpose acquisition company (SPAC) in December 2021. SPACs typically sell shares for $10 each, put the cash in a trust account and then search for a company to buy. Its third-quarter net loss had widened to $27 million from $3.6 million a year ago.

☆ India's FY24 gross borrowing could be less than expected -economists
▼ + stars: | 2023-01-25 | by ( Reuters Staff | ) www.reuters.com time to read: +3 min

MUMBAI (Reuters) - India’s central government’s gross market borrowings for 2023/24 could come in below market expectations as a pool of securities raised to compensate states for a shortfall in goods and services tax may not be rolled over, a few economists said. The government’s gross borrowing is expected to be a record 16 trillion rupees (about $196 billion) for the fiscal year through March 2024, according to a Reuters poll of economists. Once we knock these off, the ‘true’ gross borrowing comes to 15.8 trillion rupees,” the economists estimated. India borrowed 1.1 trillion rupees and 1.59 trillion rupees in 2020-21 and 2021-22, respectively, to lend to states and compensate for a revenue shortfall from tax collections. After adjusting for the redemption of such bonds in 2022-23, IDFC First Bank expects gross borrowing of 15.50 trillion rupees.

☆ The stock market will soon reach a tipping point in active versus passive investing, ISS says
▼ + stars: | 2023-01-25 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The stock market is on the cusp of reaching a key tipping point soon in the balance between active and passive investing. According to a report from ISS Market Intelligence, the share of long-term invested US assets held by active funds was 53% in 2022. Investors have withdrawn roughly $258 billion from active mutual funds per year since 2015, according to Morningstar Direct data cited by the Financial Times. By contrast, passive mutual funds added $138 billion on average over the same time period. "ISS and Glass Lewis effectively control the stock market," Musk tweeted late Monday.

☆ Factbox: Redemption wave hits private REITs amid valuation jitters
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Jan 24 (Reuters) - Investors looking to cash out of non-traded U.S. real estate income trusts (REITs) have pushed redemptions to an all-time high, forcing private equity firms to impose curbs to block withdrawals. The spike in redemptions comes as the returns of private REITs and their publicly-listed counterparts have diverged in recent months. REITs managed by Blackstone, Starwood and KKR reported returns of 8.4%, 6.3%, and 8.32% as of the end of December. Select REIT Total Return Index (.DWRTFT) fell 25.96% over the same period. Reuters Graphics Reuters GraphicsReporting by Chibuike Oguh in New York; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Crypto exchange Gemini will reduce its headcount by 10%, a spokesperson told CNBC on Monday. Other crypto firms like Crypto.com, Coinbase , Kraken, and Genesis have eliminated positions since Nov. 11, the day that Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy. Gemini has been embroiled in an intense spat with Silbert's Genesis Trading, a crypto lending firm that generated rich returns for Gemini clients through Gemini's high-yield lending product, known as Gemini Earn. Genesis filed for bankruptcy protection on Jan. 19.

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Here's how the Capital One Venture Rewards Credit Card stacks up against the Capital One Venture X. Capital One Venture Rewards Credit Card vs. Capital One Venture X Rewards Credit CardCapital One Venture Rewards Credit Card Learn More Information about the Capital One Venture Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. Capital One Venture X Rewards Credit Card Learn More Information about the Capital One Venture X Rewards Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. Annual feeThe Capital One Venture Rewards Credit Card has a $95 annual fee while the Capital One Venture X comes in at $395. Capital One Venture Rewards vs. Capital One Venture X Benefits Capital One Venture Rewards Capital One Venture X Annual Fee $95 $395 Rewards 2X miles on every purchase, 5X miles on hotels and rental cars booked through Capital One Travel, and 5X miles on Turo bookings through May 16, 2023.

☆ $6 billion fintech iCapital is making 100 new tech hires despite sweeping layoffs and hiring freezes across Wall Street
▼ + stars: | 2023-01-21 | by ( Paige Hagy | Rebecca Ungarino | ) www.businessinsider.com time to read: +4 min

Alternative investment fintech iCapital is making 100 new hires in its tech department. iCapital CEO Lawrence Calcano told Insider "great people are always in demand." The fintech, which was founded in 2013, operates a marketplace where investors and firms can get an overview of alternative investments like private equity and hedge-funds. "Long term, there's still strong trends of advisors recommending higher allocations to alternative investments. It bought Wells Fargo's and UBS's alternative investments feeder fund platforms and the companies Artivest, Simon Markets, and AI Insight.

☆ Crypto lending unit of Genesis files for U.S. bankruptcy
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

Jan 19 (Reuters) - The lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. Genesis' lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the U.S. Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Crypto lending unit of Genesis files for US bankruptcy
▼ + stars: | 2023-01-20 | by ( ) edition.cnn.com time to read: +3 min

The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fueling concern that other companies could implode. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the US Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Factbox: Crypto's string of bankruptcies
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +4 min

GENESIS GLOBAL CAPITALOne of the largest crypto lenders, Genesis froze customer redemptions in November after major exchange FTX stunned the financial world with its bankruptcy. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit, Genesis Asia Pacific. FTXThe Bahamas-based exchange shocked the crypto world by going bankrupt in November after suffering withdrawals of about $6 billion in just 72 hours and rival crypto exchange Binance ditched a possible rescue. CELSIUS NETWORKA crypto lender brought down by the collapse of terraUSD and luna, Celsius began its U.S. bankruptcy case on July 14. The U.S. affiliate of major crypto exchange Binance said in December it intends to buy Voyager's crypto lending platform in a deal valued at about $1 billion.

☆ Grayscale Bitcoin Trust could double by midyear, Ned Davis Research says
▼ + stars: | 2023-01-19 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

Crypto is off to a hot start in 2023, and an embattled bitcoin fund gives investors a tool to squeeze more out of this rally, according to Ned Davis Research. Pat Tschosik, a senior portfolio strategist at the firm, said in a note to clients that the Grayscale Bitcoin Trust (GBTC) could give investors a 100% return by midyear. Bitcoin has rallied more than 25% to start the year and is trading above $20,000 again. The discount means that the fund's shares are priced below the bitcoin holdings they represent. However, Tschosik pointed out that the NAV discount for the Grayscale fund has been closing in recent weeks after some activist investors got involved.

☆ Blackstone's real-estate strategy, laid out in a leaked transcript, sets the stage for tenant battles over evictions and rising rents
▼ + stars: | 2023-01-19 | by ( Rebecca Ungarino | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

The major real-estate investor Blackstone is playing defense as tenants scrutinize its policies. This week, tenants addressed Blackstone and an investor, UC Investments, to raise concerns. A transcript of an executive's remarks, obtained by Insider, sheds light on Blackstone's strategy. It is Blackstone, the New York-based investment giant that has become the world's largest real-estate investor. Vik Sawhney, Blackstone's chief administrative officer and global head of institutional client solutions, introduced Meghji, according to the transcript.

☆ Crypto lender Genesis preparing to file for bankruptcy - Bloomberg News
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation. The collapse of FTX in November has claimed several victims including crypto lender BlockFi and Core Scientific Inc , one of the biggest publicly traded crypto mining companies in the United States, both of which filed for bankruptcy protection in the following months. Genesis is also locked in a dispute with Gemini, founded by the identical twin crypto pioneers Cameron and Tyler Winklevoss. Gemini offered a crypto lending product called Earn in partnership with Genesis, and now says Genesis owes it $900 million in connection with that product. The U.S. Securities and Exchange Commission last week said it had charged Genesis and Gemini with illegally selling securities to hundreds of thousands of investors through their crypto lending program.

☆ Crypto lender Genesis is reportedly preparing to file for bankruptcy as soon as this week
▼ + stars: | 2023-01-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Cryptocurrency lender Genesis Global Capital may file for bankruptcy protection as soon as this week, Bloomberg reported Wednesday. A filing could come as early as this week, the report said, citing people with knowledge of the matter. Genesis owes its creditors more than $3 billion, the Financial Times reported last week. The FT had previously reported DCG may sell assets in its venture portfolio to raise funds. It plans to halt quarterly dividends to conserve cash, as Genesis tries to avoid bankruptcy.

☆ China developers' debt risks persist after support policies' slow start
▼ + stars: | 2023-01-17 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

The next few months could therefore find more developers starting to miss offshore debt obligations, while many developers that have already defaulted will continue struggling to pin down a restructuring plan for viable long-term repayments. This year, Chinese developers' maturing offshore debt will total $141 billion, up from $120.7 billion in 2022, Refinitiv data showed. Since November, it has completed two rounds of share placements in Hong Kong, raising HK$8.6 billion ($1.10 billion). An executive at a developer that has defaulted on offshore debt said the company would speed up its debt restructuring process this year as onshore banks have offered to extend new loans once a revamp is complete. ($1 = 7.8194 Hong Kong dollars, 6.7810 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Sumeet Chatterjee and Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ A stablecoin collapse could spill into the U.S. bond market and economy, professor warns
▼ + stars: | 2023-01-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

The near $1.4 trillion collapse of the crypto market in 2022 didn't make a dent to traditional assets like stocks or to the real economy. Stablecoins are a type of digital currency that is supposed to be pegged one-to-one with a fiat currency such as the U.S. dollar or the euro. Tether says that more than 58% of its reserves are held in U.S. Treasury Bills, accounting for around $39.7 billion. "And a large volume of redemptions even in a fairly liquid market can create turmoil in the underlying securities market. And given how important the Treasury securities market is to the broader financial system in the U.S. ...

The no-annual-fee Wells Fargo Autograph℠ Card is the latest in Wells Fargo's refreshed credit card lineup. Wells Fargo Autograph card benefits and featuresDespite having a $0 annual fee, the Wells Fargo Autograph℠ Card actually offers a substantial set of benefits that can save cardholders money. Emergency cash disbursement and card replacementIf you lose your Wells Fargo Autograph℠ Card, you can get an emergency cash advance and a card replacement within one to three days after contacting Wells Fargo. My Wells Fargo DealsMy Wells Fargo Deals are offers for cash back when you shop with certain merchants such as Starbucks and Airbnb, meet any specified requirements, and pay with your Wells Fargo Autograph℠ Card. What credit score do you need to get the Wells Fargo Autograph card?

☆ A crypto crash for big stablecoins is likely to send shudders through other financial markets too, a Cornell professor warns
▼ + stars: | 2023-01-12 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

A crashed stablecoin could pose a threat to the wider financial system, a Cornell professor warned. The companies that issue stablecoins would have to redeem their government bond holdings if the digital tokens fail, Eswar Prasad said Thursday. "A large volume of redemptions, even in a fairly liquid market, can create turmoil in the underlying securities market," Prasad said. The turmoil hasn't yet spilt over into traditional financial markets, but financial watchdogs are worried that stablecoin issuers' government bond holdings pose that risk, according to Prasad. "The fact that we haven't had spillovers from this part of the financial ecosystem into traditional financial markets or into the real economy certainly seems to be suggestive of the fact that there is a firewall," he added.

What are credit card and bank rewards points worth? One great feature of the program is that all points are equal, so any account that earns Membership Rewards points has access to transfer partners. If you're a Bank of America Preferred Rewards customer, you'll earn 25% to 75% more points, depending on how much you have on deposit, but your rewards points are still worth 1 cent apiece. You can transfer points from Chase Ultimate Rewards, Amex Membership Rewards, and Citi ThankYou to JetBlue, but the ratio varies depending on the rewards program. However, those miles expire after 36 months regardless of your account activity, so only transfer miles when you have immediate plans to redeem them.

How to earn Chase Ultimate Rewards pointsThe only way to earn rewards in the Chase Ultimate Rewards ecosystem is by opening and using a Chase credit card that operates within this program. Pay Yourself Back with Chase points (up to 1.5 cents per point)During the pandemic, Chase introduced a compelling new way to redeem points for everyday, non-travel expenses. Redeem points for experiences (point values vary)You can also use Chase Ultimate Rewards points to book special experiences, including one-of-a-kind events hosted by Chase. Book hotels through the Chase Ultimate Rewards portalWhile the Chase Ultimate Rewards program partners with IHG Rewards, Marriott Bonvoy, and World of Hyatt, it's important to price shop awards before you transfer Chase points to these programs. For example, you may find that a Marriott stay that costs 50,000 points will only set you back 12,000 Chase points through the portal.

How to earn Alaska Airlines milesThere are two types of Alaska miles: Elite-qualifying miles and redeemable miles. Earn Alaska miles for car rentalsYou can opt-in to earn Alaska miles when you rent cars through Alamo, Avis, Budget, Dollar, Hertz, National, or Thrifty. Redeem Alaska miles for domestic flightsOne of the most popular ways to redeem Alaska miles is for domestic award flights on Alaska and its partner American Airlines. Redeem Alaska miles for flights on partner airlinesUsing Alaska Airlines miles for award flights on partner airlines is perhaps the best way to use your Alaska miles. Donate Alaska Airlines miles to charityYou can donate your Alaska miles to over a dozen different charities, in 1,000-mile increments, and with no maximums or fees.

Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis. Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation. Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits. With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers. Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.

☆ Billionaire bitcoin bull Mike Novogratz says 2023 will be a year for crypto markets to try and survive, and 'heal and rebuild narrative'
▼ + stars: | 2023-01-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Galaxy Digital CEO Mike Novogratz is still mostly upbeat about crypto in 2023. "The outlook for crypto is not horrible, but it's not great," Novogratz told CNBC. The bitcoin bull said crypto brokerage Genesis' liquidity woes are hanging over the industry. The bitcoin bull says the crypto outlook is "not horrible, but it's not great," he told CNBC's Squawk Box on Tuesday. Novogratz says that the Gemini and DCG debacle won't involve "a lot of selling" for crypto markets, but it's "just not great news."

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