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☆ A family makes over $100,000 tax-free renting out their home to billionaires for one week in April. Welcome to the Masters housing frenzy.
▼ + stars: | 2023-06-02 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +5 min

The Masters Golf Tournament doubles the population of Augusta, Georgia, for one week every April. "There's not a lot of homes in this area that look like ours and rent for Masters," Hayley Mack told the outlet. We obviously get a very big number for Masters week." On a normal week, the home rents for about $2,500, but during the Masters, that sum swells to about $30,000. "The area is just pandemonium," Williams told Golf Digest.

Persons: —, Mack, Hayley Mack, Justin Timberlake, Mack wouldn't, Ralph Lauren Polo, Tipton Sholes, Tipton, Kathie Williams, Williams, She's, Sholes, Elizabeth Thacker, NJ.com, Herman Organizations: Service, Golf, Ralph Lauren Polo Bar, Buffalo Wild Wings, Tipton, Masters, Augusta National, Hilton Head, Golf Digest, Wall Street Journal Locations: Augusta , Georgia, France, Augusta, Italy, Hawaii

Brent crude futures rose $2.25, or 3.1%, to $74.85 a barrel by 11:50 a.m. EDT (1550 GMT) . U.S. Federal Reserve officials on Wednesday suggested interest rates could be steady this month and the House passed a bill suspending the government's debt ceiling, improving chances of averting a disastrous default. "The successful debt ceiling negotiations clears that minefield, but the overall demand outlook is still murky - the trucking space is doing poorly, for example," CFRA Research analyst Stewart Glickman said. The oil market is focusing on the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, which will discuss whether to cut oil production further. U.S. crude oil stockpiles rose unexpectedly last week, as imports jumped and strategic reserves dropped to their lowest since Sept. 1983, according to data from the Energy Information Administration.

Persons: Stewart Glickman, Peter McNally, Robert Yawger, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman, Kirsten Donovan, David Gregorio Our Organizations: Brent, . West Texas, U.S . Federal, Organization of, Petroleum, Reuters, Energy Information Administration, Thomson Locations: China, BENGALURU, Russia, Reuters OPEC, U.S, OPEC, London, Houston, Beijing

U.S. Federal Reserve officials on Wednesday suggested interest rates could be kept on hold this month and the U.S. House of Representatives passed a bill suspending the government's debt ceiling, improving the chance of averting a disastrous default. "Oil markets may have been oversold in the last two trading days," said CMC Markets analyst Tina Teng. "Sentiment rebounded amid the debt bill's passage in the House and (the) Fed's rate hike pause signal." Mixed demand indications from China, the world's biggest oil importer, have nonetheless weighed on the market, as has industry data showing a rise in U.S. crude inventories. Market sources citing American Petroleum Institute (API) figures on Wednesday said that U.S. crude inventories rose by about 5.2 million barrels last week.

Persons: Tina Teng, Tamas Varga, Alex Lawler, Rowena Edwards, Arathy Somasekhar, Andrew Hayley, David Goodman Organizations: Representatives U.S, U.S . Federal, U.S . House, Brent, West Texas, American Petroleum Institute, of, Petroleum, Reuters, Thomson Locations: China, OPEC, Russia, London, Houston, Beijing

BEIJING, June 1 (Reuters) - Oil prices rose on Thursday, reversing earlier losses, as a potential pause in U.S. interest rate hikes and the debt ceiling bill passing a crucial vote renewed optimism about further fuel demand growth in the world's biggest oil consumer. U.S. Federal Reserve officials on Wednesday pointed towards a potential rate hike "skip" in June that reversed market expectations of an imminent hike that could slow economic growth and weaken oil demand. "Oil markets may have been oversold in the last two trading days due to the sluggish Chinese data and debt ceiling concerns. Sentiment rebounded amid the debt bill’s passage in the House, and (the) Fed’s rate hike pause signal also offered a rebounding opportunity," said Tina Teng, a markets analyst at CMC Markets in Auckland. U.S. crude oil inventories rose by about 5.2 million barrels last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday.

Persons: Brent, Tina Teng, Goldman Sachs, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Christian Organizations: Brent, U.S, West Texas, . Federal, U.S . House, CMC Markets, P Global, American Petroleum Institute, Organization of, Petroleum, HSBC, Thomson Locations: BEIJING, Auckland, China, P Global China, U.S, Russia, Houston, Beijing

☆ Greg Fleming's Rockefeller strategic-advisory team defies dealmaking drought thanks to this rich family
▼ + stars: | 2023-05-31 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

The wealth manager's CEO Greg Fleming has deep ties to the Desmarais family behind the insurer. In the midst of a dealmaking lull, Rockefeller Capital Management can add another billion-dollar advisory deal to its resume. Advised by the five-year-old firm, Canadian insurer Great-West Lifeco is selling asset management subsidiary Putnam Investments to Franklin Templeton, the firms announced today. Since Fleming launched Rockefeller, born out of the Standard Oil heirs' family office, Great-West Lifeco has consistently sought the firm's services. The Rockefeller family also increased its stake by an undisclosed amount.

Persons: Rockefeller, Franklin Templeton, Greg Fleming, Lifeco, Morgan Stanley, Merrill Lynch, Jim Ratigan, Stephen Valentino, Fleming, Paul Desmarais Jr Organizations: Rockefeller Capital Management, Putnam Investments, Pitchbook, Wall Street, Deutsche Bank . Rockefeller, Standard, Rockefeller, Power Corporation of Canada, Viking Global, Bank of America

☆ How JPMorgan plans to spend $15 billion this year on technology, including AI development, cyberattacks, and wage inflation
▼ + stars: | 2023-05-25 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +3 min

It said it plans to spend $15.3 billion on tech this year, up $1 billion from last year. The bank's tech spending is estimated to grow by $1 billion this year to $15.3 billion, including salaries for engineers, stepped-up cybersecurity efforts, and AI innovation. The regional banking crisis, meanwhile, could end up costing it $6 billion, including the cost of First Republic Bank. He did, however, outline the qualities he thinks would make for a good replacement CEO, including grit and courage. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ JPMorgan CEO Jamie Dimon reveals top traits for his successor: admit mistakes and 'work your ass off'
▼ + stars: | 2023-05-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon revealed top traits for his successor at the bank's investor day on Monday. "You're willing to change direction. You're willing to go in front of your shareholders and say, 'We screwed up. "I don't think I've ever defended a decision," he said. "I don't think CEOs should retire in place and just cut back and take it easy for a while.

☆ 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.

☆ JPMorgan just unleashed hundreds of slides to investors. Here are 11 key graphs that lay out its strategy for managing rising costs, lower M&A, and its purchase of First Republic.
▼ + stars: | 2023-05-22 | by ( Emmalyse Brownstein | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

One bright spot is First Republic Bank, which will boost net income interest by $3B this year. A tray of First Republic chocolate cookies served at JPMorgan's Investor Day Hayley CuccinelloOne bright spot was the bank's acquisition of First Republic Bank earlier this month. While the investment will increase the bank's costs by as much as $3.5 billion, the bank is already seeing the deal pay off. JPMorgan expects, for example, to generate $84 billion in net interest income this year, including $3 billion from the San Francisco bank. JPMorgan unleashed hundreds of slides on Monday to reassure investors that its growth and spending strategy is on the right track.

☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

☆ How to join a board of directors
▼ + stars: | 2023-05-18 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

NEW YORK, May 18 (Reuters) - When Hayley Woodin was thinking of giving back to the community while taking her career to the next level, one option stood out: serving on a board of directors. The Catch-22 is that companies want directors with board experience to fill board seats. Before you reach that stage, you will likely start on a volunteer board, as Hayley Woodin did. To find such opportunities, "often local boards of trade will host events designed to pair those looking for board experience, with organizations looking for board members," Woodin said. "If an organization is looking to bring someone onto their board, what is the first thing they are going to do?

☆ Central Asia leaders converge in China as Xi touts 'enduring' friendship
▼ + stars: | 2023-05-18 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

The first to land was President Kassym-Jomart Tokayev of Kazakhstan - China's largest trading partner in Central Asia - with his face-to-face meeting with Xi on Wednesday ending with a deal to build "enduring friendship" and share "weal and woe". Tokayev's deal with Xi will set the tone for the other bilateral meetings, where China will seek deeper cooperation with other Central Asia states in its quest to achieve greater food, energy and national security. Two-way trade between China and Central Asia hit a record $70 billion last year, with Kazakhstan leading with $31 billion. Kyrgyzstan followed with $15.5 billion, Turkmenistan with $11.2 billion, Uzbekistan with $9.8 billion and Tajikistan with $2 billion. Reporting by Andrew Hayley; writing by Ryan Woo; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Southern Europe braces for climate change-fuelled summer of drought
▼ + stars: | 2023-05-17 | by ( Kate Abnett | ) www.reuters.com time to read: +6 min

As climate change makes the region hotter and drier, years of consecutive drought have depleted groundwater reserves. CLIMATE CHANGE TRENDSouthern Europe is not alone in suffering severe water shortages this year. The Horn of Africa is enduring its worst drought in decades, while a historic drought in Argentina has hammered soy and corn crops. "In terms of the climate change signal, it very much fits with what we're expecting," said Hayley Fowler, Professor of Climate Change Impacts at Newcastle University. Some 90% of the mainland is suffering from drought, with severe drought affecting one-fifth of the country - nearly five times the area reported a year earlier.

XIAN, China, May 17 - China will for the first time host an in-person summit of central Asian leaders this week, seeking to cement ties in a region seen as Russia's backyard as its relations with the West sour. "Beijing wants to promote a new alternative to the global order, and try to persuade the Central Asian region that this new global order is better for them too," said Adina Masalbekova, a research fellow at the OSCE Academy in Bishkek. For the first in-person summit, Xian is a symbolic nod to the importance of economic ties as the city was pivotal in the ancient Silk Road trade route that spans Central Asia. "One of the biggest trump cards that we expect to see at this summit is a serious opening for Central Asian products to enter the Chinese market. But with the region's main backer Russia caught up in a grinding war with Ukraine and subject to international sanctions, analysts say the Central Asian states will welcome Beijing's overtures.

☆ An outsider's take on finding success on Wall Street
▼ + stars: | 2023-05-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

At first glance, Kristofer Baxter doesn't seem like an ideal candidate for offering tips about succeeding on Wall Street. His outside perspective offers a unique look at what it takes to find success on the Street. Too often, people explaining how they found success on Wall Street, or anywhere, amounts to them bragging about how hard they worked. Read more on key lessons from a top engineer at Citadel about finding success. The famous VC firm is going to launch a fund of funds for backing other VCs focused on finding early-stage startups.

☆ How the president of Abbot Downing tried to save the Wells Fargo unit for the ultra-rich from being folded
▼ + stars: | 2023-05-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Wells Fargo folded Abbot Downing, which served the bank's wealthiest clients, in late 2020. In late 2020, Wells Fargo disbanded Abbot Downing, the unit that catered to the bank's wealthiest clients. Abbot Downing was folded into Wells Fargo's private bank, which also serves rich clients, but it wasn't a safe haven. Business Wire via APGinter left Wells Fargo in September 2021 to launch a new registered investment advisor the following March. Some ex-Abbot Downing employees refer to Callan the "new Abbot Downing" for its focus on the ultra-rich set.

☆ Flights from the US to Europe are going to be incredibly expensive this summer — here's why
▼ + stars: | 2023-05-12 | by ( Bianca Giacobone | ) www.businessinsider.com time to read: +3 min

There's high demand for international summer travel and likely not enough seats to satisfy it. Americans have their eyes set on international travel — and Europe especially. If you want to fly to Europe this summer, you're likely going to spend $300 more than you would have before the pandemic. Last year, it was flights within the US that had their most expensive summer in years, averaging $376 round trip. "Next summer for international will be less expensive than this summer and probably start returning to some level of normalcy similar to what happened with domestic," Berg said.

☆ Abbot Downing's president pitched a buyout to save the Wells Fargo unit from being folded. The bank said no, and employees have fled.
▼ + stars: | 2023-05-11 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

☆ US airlines thrown a curveball as consumer habits change post-pandemic
▼ + stars: | 2023-05-10 | by ( Rajesh Kumar Singh | ) www.reuters.com time to read: +5 min

Even as the thirst for travel remains strong, the changing trends are driving up airlines' operating costs and hurting revenue. Travel demand has also softened on days in the middle of the week, but has strengthened on peak days. Frontier Airlines (ULCC.O) decided to slash flights on Tuesdays and Wednesdays by about 20%, citing weak demand. Delta Airlines (DAL.N) reported that bookings for trips inside 30 days were declining, while those outside 30 days were stronger. Last year, it denied boarding to more customers than American Airlines (AAL.O) and United, U.S. Transportation Department data shows.

☆ The rise and fall of Crumbs Bake Shop: How the Y2K darling lost its edge — and how its founders plan to bring the bakeshop back online and in groceries
▼ + stars: | 2023-05-08 | by ( Hayley Peterson | Alex Bitter | ) www.businessinsider.com time to read: +1 min

Crumbs Bake Shop popularized fancy cupcakes in the early 2000s before the brand floundered in the 2010s. But Crumbs' founders returned to the brand last year and are rebuilding it with a new strategy. From the first store in New York City to their delivery-savvy reboot, here's the full story of Crumbs. Loading Something is loading. The husband-and-wife team who opened the first Crumbs store in Manhattan grew their business to dozens of locations in an effort to become America's local bakery.

☆ Five ways the rich save big on estate taxes, from putting houses in trusts to buying offshore life insurance
▼ + stars: | 2023-05-08 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Thanks to tax cuts made during the Trump administration, Americans can give or hand down nearly $13 million in assets without paying federal estate tax. Currently, individuals and married couples can gift or bequeath $12.92 million and $25.84 million, respectively, before a 40% federal estate tax kicks in. Private-placement life insurance, or PPLI, can be used to pass on assets from stocks to yachts to heirs without incurring any estate tax. The assets in the trust are treated as premiums, and if structured correctly, the benefit and assets in the policy are bequeathed free of estate tax. These trusts pay a fixed annuity during the trust term, which is usually two years, and any appreciation of the assets' value is not subject to estate tax.

☆ Bed Bath & Beyond, David's Bridal, Party City, and more: The biggest retail bankruptcies of the past 15 years
▼ + stars: | 2023-05-07 | by ( Hayley Peterson | Leslie J. Allen | ) www.businessinsider.com time to read: 1 min

Bed Bath & BeyondBed Bath & Beyond said it would begin liquidation sales at its stores in April 2023 after filing for bankruptcy. Getty ImagesBed Bath & Beyond filed for bankruptcy on April 23, 2023. The home goods retailer had been limping along for months, closing hundreds of its namesake stores, exiting the Canadian market, winding down its Harmon health and beauty chain, and failing to raise the money it needed to continue operating. It said in April 2023 that it would hold liquidation sales at its remaining 360 Bed Bath & Beyond stores and 120 Buybuy Baby locations.

☆ Here's how rich Americans give homes and country houses to their children and save big on estate tax
▼ + stars: | 2023-05-07 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

They can stay in the home during the trust, and any appreciation is exempt from gift and estate tax. The federal estate tax exemption, however, will be cut in half at the end of 2025, barring further legislation. This rent allows parents to transfer more wealth to their heirs free of gift tax. In short, the grantor was able to give a property worth $1.8 million, but only pay gift tax on $422,600. The rental payments are not subject to gift tax.

☆ What would your CEO learn doing your job for a day? We want to know.
▼ + stars: | 2023-05-05 | by ( Hayley Peterson | ) www.businessinsider.com time to read: +1 min

Some CEOs are moonlighting as frontline workers to root out problems. Uber's CEO became a delivery driver and Starbucks' CEO worked in stores alongside baristas. Do you think your CEO should do your job for a day? Uber CEO Dara Khosrowshahi secretly signed up as a driver last year, transporting dozens of passengers and deliveries around San Francisco. If you think your CEO should spend a day in your role, tell us why — and what they might learn from the exercise — in this survey.

☆ Inside Wells Fargo's 'chaotic' journey to transform its services for the ultrarich
▼ + stars: | 2023-05-04 | by ( Hayley Cuccinello | Reed Alexander | ) www.businessinsider.com time to read: +23 min

In late 2020, some 300 Wells Fargo employees were summoned to a conference call. "I actually welcomed that, although I did like Abbot Downing," he said of folding Abbot Downing into the private bank. One team of legacy Abbot Downing employees with $3.5 billion in assets left for Hirtle Callaghan in June 2021. Today, Ginter runs a registered investment advisor called Callan Family Office, which some former Abbot Downing employees refer to as "the new Abbot Downing." Are you a current or former client of Wells Fargo Private Bank or Abbot Downing?

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