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☆ The SEC is reaching out to Blackstone and Starwood after the real-estate giants limited investors' withdrawals from their funds, report says
▼ + stars: | 2022-12-16 | by ( Alex Nicoll | Rebecca Ungarino | ) www.businessinsider.com time to read: +3 min

Investors are pulling their money from big real estate funds at a quick pace. Blackstone and Starwood recently limited investors' ability to withdraw. The real estate funds have recently seen a surge in withdrawal requests amid a broad drop in investor sentiment and potential economic downturn. Representatives for the SEC and Starwood did not immediately return requests for comment on Friday. But this year has brought challenges as the real estate market sours and more investors are turning bearish.

Marriott Bonvoy loyalty members currently have the opportunity to bid Marriott points on Super Bowl LVII packages through the Marriott Bonvoy Moments program. Even better, now through Dec. 20, Chase is offering a 40% bonus when transferring points to Marriott, so you'll actually get 1.4 Marriott points for every Chase point you transfer. Bottom lineSuper Bowl tickets are expensive, but if you have a hoard of Marriott Bonvoy points you may be able to win packages available through the Marriott Bonvoy Moments program. These Super Bowl packages are being sold to the highest bidders and include tickets to the game, hotel accommodations, and exclusive experiences. Unfortunately, if you don't have enough Marriott points to win one of the Super Bowl packages you may have a tough time using them to save money on hotel stays.

☆ Here are Thursday's biggest analyst calls: Tesla, Amazon, Nike, Nio, Verizon, Disney, Snap & more
▼ + stars: | 2022-12-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +9 min

Guggenheim names Nike a top 2023 pick Guggenheim said Nike's brand remains "healthy and strong." Bank of America names Amazon a top 2023 pick Bank of America said Amazon is a "share gainer" that will continue in 2023. " Morgan Stanley upgrades Verizon to overweight from equal weight Morgan Stanley said Verizon shares are "historically" attractive. Morgan Stanley downgrades AT & T to equal weight from overweight Morgan Stanley said it sees a more balanced risk/reward. Morgan Stanley downgrades Lockheed Martin to equal weight from overweight Morgan Stanley said it sees more "limited upside" for shares of the defense company. "

Review: Is the PenFed Pathfinder Rewards Visa Signature Card best for you? How to earn rewards with the PenFed Pathfinder Rewards Visa SignatureThe PenFed Pathfinder® Rewards Visa Signature® Card earns unlimited points in all categories with no spending caps. How to use rewards from the PenFed Pathfinder Rewards Visa SignatureIt's important to note that PenFed Pathfinder® Rewards Visa Signature® Card doesn't have airline and hotel transfer partners. Other Visa Signature card benefits include shopping, golf, wine, food, and entertainment discounts and access to the Visa Signature Luxury Hotel Collection. The PenFed Pathfinder® Rewards Visa Signature® Card is worth it for PenFed Credit Union members who want a rewards card that earns up to 4 points per dollar for a modest annual fee.

Chase Ultimate Rewards® points are one of the highest regarded rewards currencies in the world of points and miles. Cards that earn Ultimate Rewards pointsBefore jumping in, let's start with a rundown of credit cards that earn transferrable Chase Ultimate Rewards® points:Chase Sapphire Preferred® Card Learn More On Chase’s secure site Rewards $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining, 2X points on all other travel purchases, and 1X points on all other purchasesWelcome bonus Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Ultimate Rewards®. Transferring Chase Ultimate Rewards points to Marriott with a 40% bonusAt the time, I hardly had any Marriott points to my name. Bottom lineMarriott Bonvoy probably isn't the first transfer partner for which folks collect Chase Ultimate Rewards points.

☆ SEC issues new guidance requiring companies to disclose cryptocurrency risks
▼ + stars: | 2022-12-08 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

The Securities and Exchange Commission released new guidance Thursday, requiring companies that issue securities to disclose to investors their exposure and risk to the cryptocurrency market. On Wednesday, SEC Chair Gary Gensler fended off accusations that the agency has failed to prevent crypto firms from misusing customer funds. Gensler also said the SEC would take more enforcement actions if the firms fail to comply with existing rules. Under the new guidance, companies will have to include crypto asset holdings as well as their risk exposure to the FTX bankruptcy and other market developments in their public filings. The SEC's corporate finance division encouraged companies to adopt these recommendations as they prepare documents "that may not typically be subject to review by the Division before their use."

☆ Watch CNBC's full interview with Blackstone COO Jon Gray on BREIT fallout
▼ + stars: | 2022-12-08 | 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 EmailWatch CNBC's full interview with Blackstone COO Jon Gray on BREIT falloutJon Gray, president and COO of Blackstone Group, joins 'Squawk on the Street' to discuss concerns over the firm's decision to limit redemptions from its Blackstone Real Estate Income Trust, or BREIT.

☆ Blackstone chief defends real estate fund amid rush for withdrawals
▼ + stars: | 2022-12-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Investors nervous about Blackstone's real estate investment trust should view it as a long-term vehicle that's well-positioned for the future, the firm's president said Thursday. Blackstone has taken heat over the past week for limiting withdrawals from the $69 billion private REIT, the Blackstone Real Estate Income Trust (BREIT). Blackstone President and Chief Operating Officer Jon Gray defended the positioning and structure, noting that investors knew BREIT had limits on redemptions. Publicly traded REITs have gotten slammed this year amid a rising interest rate environment that has hit the real estate market especially hard, raising questions about the actual values of holdings in private funds such as Blackstone's BREIT. The $35 billion Vanguard Real Estate ETF , for example, has tumbled 26% year to date.

☆ Blackstone gets a slap from efficient markets
▼ + stars: | 2022-12-08 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

NEW YORK, Dec 8 (Reuters Breakingviews) - Private markets seemed, for a while, the perfect antidote to the weirdness of public markets. Those models typically move much more slowly than the rapidly changing prices served up by public markets. These charms became much more potent during the stresses of Covid-19, when it became clear that public markets are not always a ruthlessly efficient price-discovery mechanism. RESILIENCE OR INTRANSIGENCECovid briefly scrambled the world, but bigger changes are coming that may scramble the calculus for private markets. During Covid, public markets seemed backward-looking, overreacting to the present moment while private markets were able to focus on the future.

☆ Blackstone COO Jon Gray on BREIT redemptions: We knew there would be periods of volatility
▼ + stars: | 2022-12-08 | 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 EmailBlackstone COO Jon Gray on BREIT redemptions: We knew there would be periods of volatilityJon Gray, president and COO of Blackstone Group, joins 'Squawk on the Street' to discuss concerns over the firm's decision to limit redemptions from its Blackstone Real Estate Income Trust, or BREIT.

☆ Blackstone CEO says financially distressed investors driving REIT redemptions
▼ + stars: | 2022-12-07 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

Blackstone relies on the REIT for about 17% of its earnings. Large redemptions have been seen at other such funds, with investment firm Starwood Capital informing investors last week that its $14.6 billion non-traded REIT also had raised the gates. There has also been a wave of redemptions at other non-traded Blackstone funds marketed to high net-worth investors. He added the redemptions did not mean the investors were not happy with the REIT and its profits. Blackstone has reported a 9.3% year-to-date return for its REIT, net of fees, a contrast to the publicly traded Dow Jones U.S.

☆ Blackstone's credit fund reaches withdrawal limit
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

This is the first time redemption requests had reached the pre-set limit of 5% since Blackstone launched the product in January last year. Blackstone Private Credit Fund (BCRED) received withdrawal requests from its investors that were about 5% of the fund's outstanding shares in the fourth quarter that ended on Nov. 30, according to a regulatory filing. Blackstone said all redemption requests made to BCRED will be honored and that the fund has $8 billion of immediate liquidity. "We saw net positive flows this quarter as investors sought compelling yields in high-quality assets with little volatility." Reporting by Chibuike Oguh in New York; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

There are four main types of cash-back credit cards, and the Capital One Quicksilver Cash Rewards Credit Card falls into the flat-rate rewards category. How to use rewards from the Quicksilver Cash RewardsYou can redeem your rewards from the Capital One Quicksilver Cash Rewards Credit Card for a check in the mail or a statement credit. Unlike some other cash-back credit cards, there's no minimum redemption amount with the Capital One Quicksilver Cash Rewards Credit Card. What credit score do you need to qualify for the Quicksilver Cash Rewards Card? Most folks who qualify for the Capital One Quicksilver Cash Rewards Credit Card have a good to excellent credit score (FICO score of at least 670).

Gen Z is more likely to donate credit card rewards to charity. Millennials are more likely to save their credit card rewards for "the next big thing," while Gen Z is using their rewards in smaller increments. Gen Z is donating card rewards to charity, particularly environmental causes and womens' shelters. In general, Gen Z is showing overall smarter credit card behavior compared to how millennials were spending at that age. Gen Zers, at least the ones old enough to own a credit card, are doing more research and being more selective in their credit card use.

☆ X-energy to go public via $2 billion blank-check deal
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: +1 min

Dec 6 (Reuters) - X-energy has agreed to merge with blank-check firm Ares Acquisition Corporation (AAC.N) in a deal valued at around $2 billion, the companies said on Tuesday. Founded in 2009, X-energy develops small modular nuclear reactors and fuel technology for clean energy generation. The deal is expected to generate cash proceeds of about $1 billion for X-energy from the trust account of the special-purpose acquisition company (SPAC) Ares, assuming no redemptions. A SPAC is a listed shell company that merges with a private company, taking it public in the process. After the deal closes, which is expected in the second quarter of 2023, the combined entity will be named X-Energy Inc.

It's impossible to name one single best credit card, given the wide range of benefits, rewards, and annual fees available. Show more Regular Annual Percentage Rate (APR) 19.74% - 26.74% Variable Editor's Rating 4.8 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.8 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. Show more Regular Annual Percentage Rate (APR) 20.74% - 27.74% Variable Editor's Rating 4.65 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.65 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available. Read our review Read Our Review A looong arrow, pointing rightBest secured rewards card for building credit Discover it® Secured Credit Card 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Intro offer Unlimited Cashback Match – only from Discover. Show more Regular Annual Percentage Rate (APR) 26.74% Variable Editor's Rating 5 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 5 out of 5 Stars Our editor's ratings analyze fees, bonuses, rewards, and benefits to highlight the simplest and most valuable credit cards available.

☆ The Gemini crypto exchange run by the Winklevoss twins is owed $900 million following FTX's collapse, report says
▼ + stars: | 2022-12-04 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Crypto lender Genesis owes exchange platform Gemini $900 million, the Financial Times reported. Gemini, run by Tyler and Cameron Winklevoss, is trying to recover its customers' funds. Gemini has a crypto lending product through its partnership with Genesis, which acts as its broker. Gemini tweeted on November 29: "We do not do anything with your digital assets unless explicitly authorized and directed to do so by you. Gemini was founded in 2014 by the Winklevoss twins and it was the first US-based licensed Ethereum exchange.

☆ Crypto exchange Gemini trying to recover $900 million from crypto lender Genesis, Financial Times reports
▼ + stars: | 2022-12-03 | by ( ) www.reuters.com time to read: +1 min

Dec 3 (Reuters) - Crypto broker Genesis and its parent company Digital Currency Group (DCG) owe customers of the Winklevoss twins' crypto exchange Gemini $900 million, the Financial Times reported on Saturday. Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month’s failure of Sam Bankman-Fried’s FTX crypto group, the newspaper said, citing people familiar with the matter. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders last month. Gemini, which runs a crypto lending product in partnership with Genesis, has now formed a creditors' committee to recoup the funds from Genesis and its parent DCG, the report added. Genesis Global Capital suspended customer redemptions in its lending business last month, citing the sudden failure of crypto exchange FTX.

☆ Blackstone’s BREIT slump looks nasty but not fatal
▼ + stars: | 2022-12-02 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 2 (Reuters Breakingviews) - Investors knocked around $8 billion off Blackstone’s (BX.N) market capitalization on Thursday after it said investors were fleeing a flagship real estate fund. But it’s a nasty black eye for the $125 billion Blackstone Real Estate Investment Trust, one of the private-equity giant’s star earners. The real-estate fund only allows withdrawals of 5% of its net asset value - which stood at $69 billion in November- per quarter. So based on some simple math, the erasure of $8 billion of Blackstone’s market value suggests investors think perhaps half of BREIT’s profit might go up in smoke. BREIT’s terms allow for investor redemptions equivalent to 2% of its net asset value a month, or 5% per quarter.

☆ Morning Bid: Why payrolls might not matter to markets
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

It's payrolls Friday, yet the most keenly awaited U.S. economic data point may not hold much sway over markets that are already behaving as if the U.S. tightening cycle is over. If it holds at current levels, this would mark one of the biggest weekly drops in the last two years . One line of argument goes that to justify the move seen in government bond markets, the Fed needs to be more or less done in December. So, where does this all leave the November non-farm payrolls report out at 1330 GMT? In the light of that data, markets may be anticipating a lower number later on.

Here's everything you need to know about paying your taxes with a credit card and the best cards to use. How to pay taxes with a credit cardYou'll have to pay your taxes through a third-party payment processor if you want to use a credit card, and they all charge credit card processing fees. If you want to pay state taxes or local taxes (like property taxes) with a credit card, you can try seeing if your tax agency accepts credit cards and charges reasonable fees. You should only pay your taxes with a credit card if you can afford to pay off your credit card bill immediately. Pay taxes with a credit card frequently asked questions (FAQ)Is there a cash advance fee if I pay taxes with a credit card?

☆ Morning Bid: Dollar on the jobs line
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

Tracking yields lower, the dollar is heading towards the weekend down heavily on the yen for the week and eyeing smaller losses on the euro and most other currencies. The next test is Friday morning's U.S. jobs report, where a downside surprise could rip the dollar down further. Stock buying, rocketing local rates and the retreat in the dollar also seem to have finally given a bid to the Hong Kong dollar , which has bounced from the weak end to the middle of its trading band. Limits on withdrawals from a $69 billion unlisted Blackstone trust after large redemptions hint at losses and stresses in global portfolios. People familiar with the matter said most of the redemptions came from Asian investors needing the cash.

☆ Barclays downgrades Blackstone shares after firm limits withdrawals from real estate fund
▼ + stars: | 2022-12-02 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +3 min

Barclays sees a challenging near-term ahead for Blackstone after the investment firm on Thursday limited withdrawals from its large retail real estate fund. The bank downgraded shares of Blackstone to equal weight from overweight and cut its price target to $90 from $98. "In November, BREIT repurchased ~$1.3B of shares, representing ~43% of of redemption requests in the month, indicating just over $3B of total redemption requests in November, nearly doubling month over month," said Budish. While offshore investors represent about 20% of the fund, they make up roughly 70% of withdrawals this year. Despite the near-term pressures on the fund, Barclays is still optimistic on the longer-term retail opportunity for alternative assets and sees Blackstone as a well-positioned beneficiary.

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☆ Explainer: ECB to start offloading debt to fight inflation
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +4 min

FRANKFURT, Dec 2 (Reuters) - The European Central Bank is all but certain to start offloading some of its 5 trillion euro ($5.3 trillion) bond stash next year as it ramps up efforts to bring down record-high inflation in the euro zone. The ECB will lay out the "key principles" of the QT programme on Dec 15, with kick-off expected in the first few months of 2023. Through quantitative tightening, the ECB will mop up the liquidity created by QE by shedding its bond holdings. The ECB bought 3.3 trillion euros worth of assets under APP, most of which are government bonds. The ECB also has a separate Pandemic Emergency Purchase Programme, worth 1.7 trillion euros.

☆ Blackstone's grand ambitions for attracting retail money faces a hiccup
▼ + stars: | 2022-12-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

It's also a key part of the firm's push to attract retail investors, Insider's Rebecca Ungarino reports. Bloomberg previously reported that both firm CEO Steve Schwarzman and President Jon Gray have each put $100 million of their own money into BREIT since July. But as nice as it is to have the bosses' money backing your fund, that's not the target audience. And while there is a lot of upside to attracting retail investors — its private wealth arm has quadrupled in size to $233 billion in assets in four years — there are risks, too. Click here to read more about the recent headwinds facing Blackstone's big bet to attract retail money.

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