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☆ Euro zone's shadow banks face risk of margin calls, ECB says
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

FRANKFURT, Nov 22 (Reuters) - Euro zone shadow banks face the risk of receiving large margin calls or client redemptions they cannot meet because they do not have enough cash on hand, the European Central Bank (ECB) said on Wednesday. The ECB said liquidity buffers among shadow banks - an umbrella term for funds, insurers and other non-bank financial intermediaries (NBFI) - were "very low", exposing them to the risk of running out cash at times of market stress. Insurance companies and pension funds (ICPF) that use derivatives could be exposed to the risk of "large margin calls", the ECB added, citing those suffered by their UK peers last year as a precedent. "Any sharp increase in sovereign bond yields or a spike in financial market volatility could expose those ICPFs which use interest rate derivatives to large margin calls," the ECB said. The central bank reiterated its call for introducing regulation for shadow banks like the one that governs traditional lenders, including liquidity requirements and stress tests.

Persons: Francesco Canepa, Mark Potter Organizations: European Central Bank, ECB, Insurance, Thomson Locations: FRANKFURT

☆ Global watchdog FSB to tackle funds' liquidity mismatch - Knot
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Financial Stability Board (FSB) Chair Klaas Knot arrives for the G20 Leaders' Summit in Bali, Indonesia, November 15, 2022. Mast Irham/Pool via REUTERS Acquire Licensing RightsFRANKFURT, Nov 16 (Reuters) - The Financial Stability Board, a global risk watchdog, plans to issue new liquidity recommendations for some investments funds after bouts of stress in recent years risked spreading over to the broader financial sector, the head of the FSB said on Thursday. "Looking ahead, we will soon issue policy recommendations to address liquidity mismatches in open ended funds," Klaas Knot, the head of the FSB and the governor of the Dutch central bank said in a speech on Thursday. Open-ended investment funds tend to sit on long term assets but their investors often have the option for short-term redemptions, creating a liquidity mismatch in periods of high stress. FSB recommendations are not binding but serve as vital guidelines for local regulators and supervisors setting ground rules.

Persons: Klaas Knot, Mast, Klaas, Balazs Koranyi, Francesco Canepa Organizations: REUTERS Acquire, Rights, Thomson Locations: Bali , Indonesia, Dutch

☆ ETFs have been 'a huge growth engine in the fund universe,' expert says. What to know before you invest
▼ + stars: | 2023-11-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

ETFs offer 'the best of both worlds'Year over year, more money has gone into ETFs than mutual funds. ETFs also come with lower average expense ratios, fees investors pay for the management of a fund, Armour said. Mutual fund investors may owe either short- or long-term capital gains on those distributions, depending on how long they have been invested in the fund. Bryan Armour director of passive strategies research for North America at Morningstar"As a fund holder in a mutual fund, you're at the whims of other fund holders," Armour said. "They're much, much more tax-efficient than a mutual fund," Armour said.

Persons: Thomas Barwick, It's, Bryan Armour, That's, Armour, Todd Rosenbluth, Rosenbluth Organizations: DigitalVision, Getty, North America, Morningstar, Mutual, redemptions

☆ As key deadline looms, Schonfeld employees remain in the dark about the hedge fund's future
▼ + stars: | 2023-11-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The update, according to two people with knowledge of the talks, was that there is no update — at least about the much-ballyhooed tie-up between Schonfeld and its much larger rival, $60 billion Millennium Management. Whether investors will pull a significant chunk of capital or stand by the firm won't crystallize until 5 p.m. Thursday. Schonfeld, whose assets stood at $11.7 billion in October, has experienced two years of lackluster returns following a period of rapid expansion. Schonfeld management was courting several institutional investors, and in early October, the Financial Times reported that Millennium threw its hat in the ring. In the event of some form of tie-up with Millennium, there would be redundancies, especially in corporate and back-office roles.

Persons: they'd, Ryan Tolkin, Andrew Fishman, Izzy Englander, execs, Schonfeld, Justin Gmelich, Goldman Sachs, Balyasny, Dmitry Balyasny — Organizations: Strategic, Millennium Management, Strategic Partners, Investor, Financial Times, Millennium, Seagram Locations: Schonfeld, —

Our experts answer readers' credit card questions and write unbiased product reviews (here's how we assess credit cards). If you've been thinking about getting a United credit card, now is the time to do it. United just boosted introductory offers on four popular credit cards, increasing each sign-up bonus by 10,000 additional United MileagePlus miles from its current rate. A free first and second checked bag can save you and a companion up to $320 round-tripCheck mark icon A check mark. Up to $125 in annual credits toward United® purchases can offset half the annual feeCheck mark icon A check mark.

Persons: —, you've, Here's Organizations: United Club, Service, United, FDIC, United ®, United Airlines, ℠, Card, Club, Free, TSA, Star Alliance Locations: United, Canada

☆ Occidental Petroleum beats Q3 estimates on higher production
▼ + stars: | 2023-11-08 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

The logo for Occidental Petroleum is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 30, 2019. The oil and gas company reported a $1.18 a share profit compared to average Wall Street analyst forecasts for an 84 cent a share profit, according to LSEG. Its chemical and midstream unit earnings fell compared to a year ago. Midstream swung to a loss of $130 million from a $104 million profit. Its chemicals business profit fell to $373 million from $580 million a year ago.

Persons: Brendan McDermid, Warren Buffett's, Midstream, Sabrina Valle, Sourasis Bose, Krishna Chandra Eluri, Stephen Coates, Jamie Freed Organizations: Occidental Petroleum, New York Stock Exchange, REUTERS, Rights, Tuesday, Occidental, Berkshire Hathaway's, Anadarko Petroleum, BlackRock, Devon Energy, Thomson Locations: New York, U.S, Berkshire, Occidental, Texas, Devon, Houston, Bengaluru

☆ EU watchdog sets out capital, liquidity rules for stablecoin issuers
▼ + stars: | 2023-11-08 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The bloc is deploying the world's first comprehensive set of rules for cryptocurrency and stablecoin markets, and the European Banking Authority (EBA) proposed minimum capital and liquidity requirements for issuers of stablecoins and other types of digitised tokens. The EBA launched public consultations on liquidity requirements for the reserve of assets that back a stablecoin, meaning that only eligible assets of high enough quality can be used. The EBA said that issuers of stablecoins backed by a currency must be able to offer full redemptions at par to investors. Banks may be exempt from liquidity requirements in some instances, given that they already hold liquidity buffers under existing EU bank capital and liquidity rules, the EBA said. The proposed liquidity rules ensure that issuers of stablecoins, which can be non-bank institutions, meet the same safeguards, and also avoid unfair capital or liquidity advantages over banks.

Persons: Stablecoins, Banks, Huw Jones, Louise Heavens Organizations: European Banking Authority, EBA, Thomson

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Nov 8 (Reuters) - If the notorious 'term premium' is evaporating again, then last month's bond rout may just have been a nightmare. "If that's coming from term premium and it's tightening, then we have got to take that into account." As Summers estimated this week, a term premium just back at 60-year averages would put it at 150bps - 130bps above current levels. Morgan Stanley estimates an additional near $1 trillion in gross debt sales from G7 governments are coming down the pike next year. Morgan Stanley chart on G7 debt sales in 2024Reuters GraphicsThe opinions expressed here are those of the author, a columnist for Reuters.

Persons: Dado Ruvic, Christopher Waller, Larry Summers, selloff, York Fed's, Jerome Powell, Austan Goolsbee, Lisa Cook, Summers, Morgan Stanley, Mike Dolan, Josie Kao Organizations: REUTERS, Federal Reserve, Treasury, Fed, ., The, NY, Reuters Graphics Reuters, Reuters, Chicago Fed, Congress, Thomson Locations: York, midyear, 150bps

☆ Don't confuse customers over stablecoins, Bank of England warns lenders
▼ + stars: | 2023-11-06 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

A pedestrian walks past the Bank of England in the City of London, Britain, September 25, 2023. REUTERS/Hollie Adams/File Photo Acquire Licensing RightsCompanies Bank of England FollowLONDON, Nov 6 (Reuters) - The Bank of England told lenders on Monday that they must avoid any risk that customers might confuse new forms of e-money like 'stablecoins' with standard deposits which are guaranteed against bank failures. Stablecoins are a cryptocurrency backed by a traditional currency such as sterling or the U.S. dollar, or an asset. To the extent that systemic payment systems using stablecoins pose similar risks as other systemic payment systems, they should be subject to equivalent regulatory standards, the BoE said. There are no systemic sterling stablecoins, but Tether, issuer of the world's largest stablecoin, pegged to the U.S. dollar and backed by assets including U.S. government debt, said last year it would launch a sterling stablecoin.

Persons: Hollie Adams, BoE, stablecoins, Sheldon Mills, David Milliken, Tom Wilson, Kylie MacLellan, Kirsten Donovan, Bernadette Baum Organizations: Bank of England, City of, REUTERS, Companies Bank of England, U.S ., Financial, European, Thomson Locations: City, City of London, Britain

☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ 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

☆ Europe's ESG funds suffer more outflows - Morningstar
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

Investors pulled 20.5 billion euros ($21.7 billion) from funds in the European Union's lower sustainability classification, while net inflows into the higher classification were their lowest since early 2021, the Morningstar report said. U.S sustainability funds are also struggling. Morningstar data on Tuesday showed managers closing funds faster than they opened new ones in the third quarter. Investors exited U.S. funds in general in the period but sustainable funds fared worse, registering their fourth consecutive quarter of outflows. In Europe, ESG funds launches totalled 126 in the third quarter, down 31% from the second quarter, Morningstar said.

Persons: Morningstar, Tommy Reggiori Wilkes, David Evans Organizations: Investors, Investment, Sustainable, Morningstar, Thomson Locations: outflows, Europe, U.S

☆ Genesis says NY AG lawsuit may force "no deal" bankruptcy liquidation
▼ + stars: | 2023-10-24 | by ( Dietrich Knauth | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Crypto lender Genesis Global said on Tuesday a New York civil fraud lawsuit could lead to a bankruptcy liquidation that does not resolve its claims against parent company Digital Currency Group (DCG). Rather than await the outcome of the lawsuit, Genesis intends to propose a "no deal" bankruptcy plan to distribute available crypto assets to customers and set up a process to preserve litigation claims against DCG and others, Genesis attorney Sean O'Neal said at a court hearing in New York. "It's not an easy decision, but it is an obvious decision," he told U.S. Bankruptcy Judge Sean Lane. Genesis believes creditors would be better off under a bankruptcy plan that includes a DCG settlement, but the company is running out of time to finalize a plan and send it to creditors for a vote, O'Neal said. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Letitia James, Genesis, DCG, Sean O'Neal, Sean Lane, O'Neal, litigate Genesis's, Mark Zuckerberg, Dietrich Knauth, Richard Chang Organizations: REUTERS, Genesis Global, Digital Currency Group, . New York, Gemini, U.S, New York, Meta, Thomson Locations: York, ., New York

☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

AdvertisementAdvertisementThe information for the following product(s) has been collected independently by Business Insider: Hilton Honors American Express Surpass® Card, Hilton Honors American Express Aspire Card. Customers who hold the mid-tier Hilton Honors American Express Surpass® Card or the premium Hilton Honors American Express Aspire Card will soon receive enhanced benefits – as well as increased annual fees. What you should know about the Hilton Honors Amex CardThe Hilton Honors Amex is the hotel chain's base-level credit card. If you reach the $2,000 spending requirement making Hilton hotel purchases, you could end up with 114,000 Hilton Honors points, since eligible Hilton purchases earn 7 points per dollar. If you're a heavy Hilton loyalist, consider the mid-tier Hilton Honors American Express Surpass® Card or the premium Hilton Honors American Express Aspire Card.

Persons: Hilton, —, David Slotnick, Amex, You'll, you'll Organizations: Business, Hilton, American, Hilton Honors, Service, Honors, U.S, Hilton Gold Locations: Bangkok, U.S, Hampton, Colombia, Mexico's Baja California

☆ Tether freezes 32 crypto wallets holding $873,118 linked to terrorism and warfare in Israel, Ukraine
▼ + stars: | 2023-10-16 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

The world's biggest stablecoin, tether, saw more than $10 billion in redemptions in May, fueling fears of a 2008-style "bank run." Tether froze 32 virtual wallets linked to crypto-funded terrorism and warfare in Israel and Ukraine, according to a media release published Monday. Tether, which issues the world's largest stablecoin of the same name, says it has been collaborating with the National Bureau for Counter Terror Financing of Israel in its efforts. "Tether remains committed to promoting responsible blockchain technology use and standing as a robust defense against cybercrime," continued Ardoino. "We eagerly anticipate continued collaboration with global law enforcement agencies as part of our commitment to global security and financial integrity."

Persons: Paolo Ardoino Organizations: National Bureau for, Israel, Tether's U.S, cybercrime Locations: redemptions, Israel, Ukraine

☆ Millennium isn't Schonfeld's only suitor. Investors like Blackstone and Abu Dhabi's wealth fund are also in the picture, as the deal is far from certain.
▼ + stars: | 2023-10-13 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +4 min

The message was that a tie-up with Millennium was a 50-50 proposition and that any agreement would be contingent on Schonfeld remaining independent. Other strategic investors in the mix include Blackstone, GIC, and Future Fund, an Australian sovereign wealth vehicle that's already a significant Schonfeld investor. Schonfeld's assets have dipped this year amid meager returns, and the fund has cut costs and slowed hiring in recent months. But fundraising from cautious institutional investors is time-consuming, and Millennium chief trading officer Mark Meskin contacted Schonfeld's leadership to discuss a potential tie-up, sources say. Schonfeld, industry sources say, was likely under pressure from existing investors, who have had to bear a higher brunt of the fees following redemptions.

Persons: Izzy Englander, Justin Gmelich, Ryan Tolkin, Schonfeld, Steve Schonfeld's, Mark Meskin, Schonfeld's, — Organizations: Financial Times, Millennium, Schonfeld, Tolkin, Abu, Abu Dhabi Investment Authority, year's, Future Fund Locations: Manhattan, Millennium's, Abu Dhabi, Schonfeld

That gave the PIPE investors the right to cancel their commitments. An Aug. 9 amendment of TMTG's deal with Digital World called for the unwinding of the PIPE. This amendment gives Trump new shares in Digital World with more voting power. It remains unclear when and if Digital World will ask its shareholders to vote on the deal with TMTG, a necessary step for its completion. Shares of Digital World dropped 2% on Thursday to $15.54, far below their peak of around $97 a share in March 2022.

Persons: Donald Trump, Dado Ruvic, Donald Trump's, Devin Nunes, TMTG, Helen Coster, Josie Kao, Rod Nickel Organizations: REUTERS, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission, Thomson

The Truth social network logo is seen on a smartphone in front of a display of former U.S. President Donald Trump in this picture illustration taken February 21, 2022. The development is the nail in the coffin of the $1 billion investment that DWAC (DWAC.O) had raised for the merger with Trump Media & Technology Group (TMTG), which runs the Truth Social platform. It was unclear how TMTG will fund itself if the deal does not go through. TMTG previously raised $22.8 million in financing from private investors, Reuters reported last October. In September DWAC Investors voted to give up to a one-year extension to complete the TMTG deal, the deadline for which had been delayed several times.

Persons: Donald Trump, Dado Ruvic, Donald Trump's, TMTG, DWAC, Helen Coster, Josie Kao Organizations: REUTERS, U.S, Trump Media & Technology, Reuters, Trump, U.S . Department of Justice, Securities and Exchange Commission, SEC, DWAC, Thomson Locations: TMTG ., DWAC

☆ SPAC to Return Remaining $533 Million Raise for Trump Social Media Deal
▼ + stars: | 2023-10-12 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

Persons: Helen Coster, Donald Trump's, Devin Nunes, TMTG, Josie Kao, Rod Nickel Organizations: Corp, U.S, Trump Media & Technology, Digital, TMTG, DWAC, Trump, Reuters, U.S . Department of Justice, Securities and Exchange Commission

☆ JetBlue Plus Card Review
▼ + stars: | 2023-10-06 | by ( Ben Luthi | ) www.wsj.com time to read: +7 min

When you fly JetBlue, you’ll enjoy standard airline card benefits such as one free checked bag for you and up to three companions. If you use your card to book a JetBlue Vacations package, you’ll get a statement credit of up to $100 each year. The JetBlue Plus Card charges a $99 annual fee, which is on the low end for airline credit cards. If you frequently fly with JetBlue, the JetBlue Plus Card can be a great way to earn free flights and get some extra perks when you travel. Methodology: How we evaluated the JetBlue Plus CardTo choose Buy Side from WSJ’s Best Airline Cards, we compared 23 credit cards from 10 major domestic airlines.

Persons: Ben Luthi, You’ll, you’ll, you’re Organizations: East, JetBlue, you’ll, Card, West Coasts, Citi Premier Credit Locations: West Coasts, U.S, Delta, West

Among the best business credit cards, the American Express® Business Gold Card stands out as a top pick for big spenders. American Express® Business Gold Card Apply now lock icon An icon in the shape of lock. New American Express Business Gold card bonus categoriesThe American Express® Business Gold Card is adding the following categories to its list of eligible purchases for earning 4x points. Now, when you're approved for the American Express® Business Gold Card, you can choose between the classic gold design and a rose gold version. New Amex Business Gold benefits come with a higher annual feeUnsurprisingly, Amex is introducing these additional perks at a cost: Starting February 1, 2024, the American Express® Business Gold Card will have an annual fee of $375.

Persons: Amex, It's, who's, it's Organizations: American Express, Express, Amex, FedEx, Grubhub, Supply, Walmart, New, U.S . Transit, Paramount Locations: U.S, AmexTravel.com

In its issuance programme for the fourth quarter released late on Friday the Treasury raised its estimate for gross debt issuance this year to 333 billion euros ($351.95 billion). That compared with its forecast of 310-320 billion euros made at the start of the year. Germany reduced its needs in the fourth quarter by 31 billion euros ($32.59 billion). The Treasury has so far covered around 80% of its 2023 gross funding needs, it estimated on Friday. For the fourth quarter, the Treasury estimated gross issuance of medium and long-term bonds at around 60 billion euros, with issuance net of redemptions seen at a negative 12 billion euros over the same period.

Persons: JP Morgan, Analysts, Italy –, Giorgia Meloni, Giuseppe Fonte, Gavin Jones Organizations: European Union, Treasury, European Commission, Thomson Locations: Italy, Rome, MILAN, ROME, Germany, Portugal, France, London

☆ I Paid for My Dream Honeymoon With Credit Card Points—Here’s How I Did It
▼ + stars: | 2023-09-28 | by ( Emily Sherman | ) www.wsj.com time to read: +6 min

Our first year of dating, we took a spontaneous trip to Iceland paid for with points from a Chase Sapphire Preferred card (his) and Capital One Venture X Rewards Credit Card (mine). Capital One Venture X Rewards Credit Card Learn More Base rewards rate: 2xBonus rewards: 10x on hotels and rental cars, plus 5x on flights, if booked through Capital One; 10,000-mile annual bonus. After researching a number of hotel-branded cards, the $99 a year IHG One Rewards Premier Credit Card emerged as the best fit for this trip. Sign-up bonus: 140,000 bonus points after you spend $3,000 in the first three months. With a few weeks to go before the big day, I’m excited to say our trip is booked and paid for almost entirely with credit card points.

Persons: Emily Sherman, I’ve Organizations: Texas Capitol, Chase Sapphire, Venture, Air Tahiti, Intercontinental Tahiti Locations: Texas, Iceland, Austin , Texas, Maldives, Polynesia, IHG

☆ Apollo’s divergent path outshines Blackstone
▼ + stars: | 2023-09-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 28 (Reuters Breakingviews) - Apollo Global Management (APO.N) and Blackstone (BX.N) both emerged from private equity’s primordial swamp. That spread comprised nearly three-quarters of Apollo’s $3.1 billion in profit available to be doled out to shareholders in 2022. That turbo-charged the fees Blackstone reaps from managing funds, which contributed 59% of $6.6 billion in profit available to shareholders last year. Apollo’s earnings from its insurance business are awarded an even more meager 10 times. This doesn’t form the closed loop like that between Athene, Apollo and its various specialist lenders.

Persons: Marc Rowan, haven’t, dealmaking, Rowan, Blackstone, Steve Schwarzman, Athene, BREIT, Rich, reckons Bain, Schwarzman, Dealmaking, hasn’t, Lauren Silva Laughlin, Oliver Taslic Organizations: Reuters, Apollo Global Management, Blackstone, Apollo, Reuters Graphics Reuters, Barclays, Schwarzman, U.S . Federal, Industry, Life Insurance, Research Association, Thomson Locations: freefall, BREIT, Blackstone

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