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☆ How Ant fell into fintech’s middle-income trap
  + stars: | 2023-02-09 | by ( Robyn Mak | Thomson Reuters | Robyn Mak Joined Reuters Breakingviews In Previously | ) www.reuters.com   time to read: +7 min
But unlike ICBC and its peers, Ant neither took deposits, nor piled risky loans onto its balance sheet. Free from the red tape that binds regular banks, the loans facilitated by Ant ballooned. Digital offerings accounted for half of overall consumer loans in China, Fitch Ratings calculated in 2021. Ant is set to become a licensed financial holding company, putting it under the close watch of China's main banking regulator. Beijing wants Chinese consumers to consume, so is likely to indulge controlled growth of consumer credit.
☆ Premarket stocks: Here's what keeps Jerome Powell up at night and interest rates high
  + stars: | 2023-02-08 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
Structural changes in the labor market: The US economy added an astonishing 517,000 jobs in January, blowing economists’ expectations out of the water. “The labor market is extraordinarily strong,” he said. Core services inflation: Powell noted that he’s seeing disinflation in the goods sector and expects to soon see declining inflation in housing. Service-sector inflation, which is more sensitive to a strong labor market, is up 7.5% from the year prior through the end of 2022, and has not abated, he said. Tech layoffs, Big Oil and soft landings: What investors are watching▸ The labor market is strong, but tech layoffs keep coming.
☆ Harvey Schwartz has his work cut out for him at Carlyle. Here's why.
  + stars: | 2023-02-08 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +5 min
But first, a Wall Street firm finally finds its CEO. Harvey Schwartz Goldman Sachs1. In many ways, Carlyle and Harvey Schwartz are perfectly imperfect for each other. Might as well call it "Carefree Carlyle," because that's the vibes I'm getting under the soon-to-be Schwartz era. Click here to read more about what'll be expected of Harvey Schwartz as CEO of Carlyle.
☆ Carlyle Reports Sharply Lower Fourth-Quarter Earnings
  + stars: | 2023-02-07 | by ( Maria Armental | ) www.wsj.com   time to read: 1 min
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☆ NFTs are back, and this time they could wreck havoc on the crypto market
  + stars: | 2023-02-07 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +4 min
Imagine if it's actually a way to serve fast food without you realizing it. Bored Ape Yacht Club NFTs in Times Square during an NFT conference in June. Look, the idea of borrowing against artwork is actually a well established, and smart, way to manage your money. Crypto's track record with risk management leaves a lot to be desired, and crypto lenders haven't exactly been crushing it. Here's more on how the bankrupt crypto exchange is trying to take back the $90 million in political donations.
☆ Fed Chair Powell: Ongoing rate increases appropriate
  + stars: | 2023-02-07 | 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 EmailFed Chair Powell: Ongoing rate increases appropriateFederal Reserve Chairman Jerome Powell speaks Tuesday afternoon with Carlyle Group Chairman David Rubenstein at The Economic Club in Washington, D.C.
☆ Fed Chair Powell: We're passively shrinking the balance sheet
  + stars: | 2023-02-07 | 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 EmailFed Chair Powell: We're passively shrinking the balance sheetFederal Reserve Chairman Jerome Powell speaks Tuesday afternoon with Carlyle Group Chairman David Rubenstein at The Economic Club in Washington, D.C.
☆ Fed Chair Powell: 2023 will be a year of significant declines in inflation
  + stars: | 2023-02-07 | 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 EmailFed Chair Powell: 2023 will be a year of significant declines in inflationFederal Reserve Chairman Jerome Powell speaks Tuesday afternoon with Carlyle Group Chairman David Rubenstein at The Economic Club in Washington, D.C.
☆ Fed Chair Powell: There will be more rate increases to get to our 2 percent inflation goal
  + stars: | 2023-02-07 | 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 EmailFed Chair Powell: There will be more rate increases to get to our 2 percent inflation goalFederal Reserve Chairman Jerome Powell speaks Tuesday afternoon with Carlyle Group Chairman David Rubenstein at the Economic Club in Washington, D.C.
☆ Watch Federal Reserve Chair Jerome Powell discuss inflation, interest rates and the economy
  + stars: | 2023-02-07 | by ( Jeff Cox | ) www.cnbc.com   time to read: +1 min
Federal Reserve Chairman Jerome Powell speaks Tuesday afternoon in a question-and-answer session with Carlyle Group Chairman David Rubenstein. The discussion comes less than a week after the Fed raised its benchmark interest rate another quarter percentage point to a target range of 4.5%-4.75%. Following the move, Powell said he sees some signs that inflation is cooling in the economy but added that the central bank needs to keep up its guard. Read more:Fed's Neel Kashkari says central bank has not made enough progress, keeping his rate outlookThe Fed raised rates. Chair Powell says it's 'premature' to declare victory against inflationImportant wage inflation measure for the Fed rose less than expected in Q4
☆ Fed Chief Powell says the disinflationary process has begun, but has a long way to go
  + stars: | 2023-02-07 | by ( Jeff Cox | ) www.cnbc.com   time to read: +1 min
Federal Reserve Chairman Jerome Powell said Tuesday that inflation is beginning to ease though he expects it to be a long process. "The disinflationary process, the process of getting inflation down, has begun and it's begun in the goods sector, which is about a quarter of our economy," the central bank chief said during an event in Washington, D.C. "But it has a long way to go. Powell spoke in a question-and-answer session at the Economic Club of Washington, D.C. with Carlyle Group co-founder David Rubenstein. Markets turned positive as Powell spoke as investors are hoping the Fed soon will halt the aggressive interest rate hikes it began last year. "My guess is it will take certainly into not just this year, but next year to get down close to 2%."
☆ Carlyle in talks to buy health tech firm Cotiviti for $15 bln - source
  + stars: | 2023-02-07 | by ( ) www.reuters.com   time to read: +1 min
Feb 7 (Reuters) - Carlyle Group Inc (CG.O) is in talks to buy private healthcare technology firm Cotiviti Inc from Veritas Capital for up to $15 billion, including debt, a person familiar with the matter said. The private equity firm is looking to partner with another investment firm to pull off the deal, and is also in talks with direct lenders to arrange $5.5 billion of debt financing, according to the person. If the arrangement goes through, that would be one of the largest ever direct loans, or non-bank buyout loans arranged in the private credit market, according to Bloomberg News, which first reported on the talks. Atlanta-based Cotiviti provides payment accuracy and analytics services to health insurers and other healthcare companies. Carlyle, Veritas and Cotiviti did not immediately respond to Reuters requests for comments.
☆ What Carlyle wants from incoming CEO Harvey Schwartz: Fix the firm's lagging stock price as it faces a sour market
  + stars: | 2023-02-07 | by ( Rebecca Ungarino | ) www.businessinsider.com   time to read: +4 min
The firm's interim CEO, Bill Conway, said Schwartz will be tasked with boosting the stock price. First of all, we want to increase the stock price," said William Conway, a Carlyle cofounder and interim CEO. Notably, he has the opportunity to make some $180 million over five years, depending on how well the firm's stock performs, according to a regulatory filing. The uncertainty that came with the firm's scramble to find a new leader has weighed on the firm's stock price. On Tuesday morning, Carlyle stock dropped 3% while the S&P 500 fell less than 1%.
☆ Kim Kardashian reportedly earned up to $1 million speaking at a hedge fund conference weeks after speaking at Harvard about her private equity firm
  + stars: | 2023-02-07 | by ( Hannah Getahun | ) www.businessinsider.com   time to read: +2 min
Kim Kardashian was a speaker at a hedge fund conference in Miami on January 31. She reportedly made around $1 million for speaking at the event, an unnamed source told Page Six. Kardashian spoke about her private equity firm SKKY partners. The reality star turned business mogul spoke at the iConnections Global conference on January 31 about her private equity firm, SKKY Partners, which launched in October. "I was happy to see so much support for a female fund manager in an industry dominated by men," Biscardi told Page Six.
☆ Carlyle's new boss will be virtuoso second fiddle
  + stars: | 2023-02-06 | by ( Jonathan Guilford | ) www.reuters.com   time to read: +3 min
That’s the best way of interpreting the private equity firm’s appointment of former Goldman Sachs (GS.N) banker Harvey Schwartz on Monday. He never quite made it to the CEO job at Goldman, though served in a number of high-level roles like chief financial officer and chief operating officer. They felt that the ousted Lee, who pushed hard to diversify Carlyle’s business, hadn’t adequately consulted them on big moves, according to Reuters. The firm’s co-founder Bill Conway, also one of Carlyle’s two co-chairmen, has been filling the role on an interim basis. Schwartz previously held various senior roles including chief financial officer and chief operating officer at investment bank Goldman Sachs, which he left in 2018.
☆ Carlyle names former Goldman executive Schwartz as CEO
  + stars: | 2023-02-06 | by ( ) www.reuters.com   time to read: +2 min
Feb 6 - Private equity firm Carlyle Group Inc (CG.O) on Monday appointed former Goldman Sachs Inc (GS.N) executive Harvey Schwartz as chief executive officer, effective Feb. 15. The Wall Street veteran will replace co-founder and interim CEO Bill Conway, who will remain co-chairman of the board, Carlyle said. Schwartz retired from Goldman Sachs (GS.N) in 2018 after a 20 year-career at the investment banking giant. Prior to that, he was the bank's chief financial officer and was once considered a frontrunner to replace former CEO Lloyd Blankfein. "We would view the conclusion of this (CEO) search as a positive," Jefferies analysts wrote in a note.
☆ Carlyle to Name Banking Veteran Harvey Schwartz as CEO
  + stars: | 2023-02-05 | by ( Miriam Gottfried | ) www.wsj.com   time to read: 1 min
Carlyle Group Inc. plans to name investment-banking veteran Harvey Schwartz its new chief executive, according to people familiar with the matter, as the private-equity firm’s founders seek a fresh start after a botched succession plan. Carlyle is expected to unveil on Monday the appointment of Mr. Schwartz, who most recently served as co-president of Goldman Sachs Group Inc., the people said. He spent more than two decades at the bank, building and leading various businesses.
☆ Carlyle hires ex-Goldman executive Harvey Schwartz as next CEO
  + stars: | 2023-02-05 | by ( ) www.reuters.com   time to read: 1 min
Feb 5 (Reuters) - Carlyle Group (CG.O) has hired Harvey Schwartz as its next chief executive officer, a person familiar with the matter told Reuters on Sunday. Reporting by Chibuike Oguh and Lavanya Ahire in Bengaluru; editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.
☆ Private Equity Taps Insurers’ Cash to Speed Up Growth
  + stars: | 2023-01-31 | by ( Matt Wirz | Leslie Scism | ) www.wsj.com   time to read: 1 min
New York-based Apollo Global Management merged with an annuity insurer that now accounts for almost half of the $523 billion Apollo manages. Investment firms that play on the cutting edge of finance are turning to one of the oldest businesses on Wall Street to turbocharge their growth: insurance. Private-credit fund managers such as Blackstone Inc., Carlyle Group Inc. and Centerbridge Partners are increasingly forming partnerships with insurers, or buying them outright. Call it the merger of slow money and fast money.
☆ Private equity giants are still racing to fill 2024 associate seats. See 8 firms — from Carlyle to Bain Capital — that have been recruiting first-year investment bankers for jobs that won't start for
  + stars: | 2023-01-30 | by ( Emmalyse Brownstein | ) www.businessinsider.com   time to read: +9 min
Last year's on-cycle recruiting kicked off earlier than ever, and many junior bankers weren't ready. In an effort to win the war for talent that was raging last year, private equity firms pushed their recruiting efforts earlier than in ever— to late summer. To be sure, not all private equity firms kicked off on-cycle recruiting in August. It usually involves an intense week-long period (although sometimes shorter or longer) where private equity firms rush in to snag the top talent. The bottom line shows the month and year analysts started their roles, and the yellow line indicated when on-cycle recruiting began that season.
☆ Exclusive: JPMorgan looking to finance Italy's Serie A for up to 1 bln euros - sources
  + stars: | 2023-01-26 | by ( Elvira Pollina | ) www.reuters.com   time to read: +2 min
The sources said the 20 clubs which comprise Serie A were informed of the interest by the U.S. bank at a closed-door meeting of their top executives on Thursday. Serie A has been looking at options to extract more money from its media rights, which account for roughly half the revenues of its clubs. Like other European soccer leagues, Serie A lags behind England's Premier League in terms of income and is looking at ways to revive its global appeal. Back in 2021 JPMorgan had offered to support soccer clubs looking to launch a breakaway European Super League, a plan which collapsed due to a storm of protest from fans and politicians. The sources said the Serie A clubs will assess in the coming weeks how to proceed in relation to the interest expressed by both the funds and JPMorgan.
☆ JFK airport's new terminal will be powered by a microgrid and the largest rooftop solar array in New York City
  + stars: | 2023-01-26 | by ( Catherine Boudreau | ) www.businessinsider.com   time to read: +3 min
A new terminal at New York's JFK will be partly powered by a microgrid, batteries, and fuel cells. John F. Kennedy International Airport's $9.5 billion New Terminal One will be partly powered by a microgrid with 11.34 megawatts of electricity from rooftop solar, gas fuel cells, and battery storage. A system that captures waste heat from the fuel cells will chill and warm water. The rooftop solar array — made up of more than 13,000 panels — will be the largest in New York City and at any US airport terminal, AlphaStruxure said. Installing fuel cells, instead of diesel generators, is estimated to reduce emissions of nitrogen oxide, a toxic air pollutant, by 98%, Macias added.
☆ Exclusive: JPMorgan looking to finance Italy's Serie A for up to 1 bln euros -sources
  + stars: | 2023-01-26 | by ( Elvira Pollina | ) www.reuters.com   time to read: +4 min
The sources said the 20 clubs that comprise Serie A were informed of the interest by the U.S. bank at a closed-door meeting of their top executives on Thursday. Serie A has been looking at options to extract more money from its media rights, which account for roughly half the revenues of its clubs. Like other European soccer leagues, Serie A lags England's Premier League in terms of income and is looking at ways to revive its global appeal. The sources said Serie A clubs learnt on Thursday that Apollo Global Management (APO.N) had also come forward, without providing further details. Prior to that meeting, clubs are due to discuss in mid-February the sale process of the media rights, which is expected to start later this year.
☆ Final Trades: Qualcomm, Chevron, Carlyle Group & more
  + stars: | 2023-01-26 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Qualcomm, Chevron, Carlyle Group & moreThe "Halftime Report" traders give their top picks to watch for the second half.
☆ The private equity industry is racing to fill 2024 associate roles after last year's hyper competitive hiring tactics backfired
  + stars: | 2023-01-25 | by ( Emmalyse Brownstein | ) www.businessinsider.com   time to read: +9 min
Last year's on-cycle recruiting kicked off earlier than ever, and many junior bankers weren't ready. In an effort to win the war for talent that was raging last year, private equity firms pushed their recruiting efforts earlier than in ever— to late summer. To be sure, not all private equity firms kicked off on-cycle recruiting in August. It usually involves an intense week-long period (although sometimes shorter or longer) where private equity firms rush in to snag the top talent. The bottom line shows the month and year analysts started their roles, and the yellow line indicated when on-cycle recruiting began that season.
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