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CNN —Universal Orlando Resort announced Thursday morning that its highly anticipated new theme park, Epic Universe, will open on May 22, 2025, just before Memorial Day weekend. “I anticipate that this new Epic Universe theme park will easily crack 6 million plus visitors during its first 12 months of operation,” Speigel told CNN in an email. “Universal Studios theme parks have been on a huge roll since Harry Potter was introduced in 2010.”Speigel said this park will ratchet up the Orlando theme park market, where Universal and Disney are the biggest players. Speigel – along with many theme park fans – wonders how Disney will respond to its competitor’s moves and whether it will also open a new theme park in the coming years. It will be located in the new theme park, with Universal’s first dedicated theme park entrance for hotel guests.
Persons: Harry Potter, we’re, , Karen Irwin, Dennis Speigel, Speigel, , ” Speigel, Potter, Universal’s, , Voldemort, Ron, Hermione, Donkey Kong Organizations: CNN — Universal Orlando Resort, Ministry of Magic, Nintendo, Universal Orlando, Park, CNN, “ Universal Studios, Universal, Disney, Ministry, Universal Parks, Universal Orlando Resort, Loews, Super Nintendo, Universal Parks USA, Paris, British Ministry, Floo, Universal Islands of, Universal Studios, Universal Studios Hollywood, Universal Studios Japan Locations: Orlando, Berk, Central Florida, Universal Islands, Los Angeles
Inside Blackstone's growing 'credit juggernaut'
  + stars: | 2024-10-17 | by ( Alex Nicoll | ) www.businessinsider.com   time to read: +7 min
Private lending is now Blackstone's largest business by assets, up 22% since last year. Inside Blackstone's growing "credit juggernaut." By contrast, Blackstone's private-equity business manages $344.7 billion, and its real-estate investing arm, the firm's largest business at the start of the quarter, has $325.1 billion. The largest third-party lenderWhile Blackstone now claims to be the largest third-party credit provider, Apollo is the largest non-bank lender with $562 billion in private credit assets under management. Blackstone's private credit arm has generated 16.7% in returns over the last twelve months, though falling interest rates "put some pressure on absolute returns," Gray said.
Persons: Jon Gray, , Blackstone, Jonathan Gray, CLOs, Gray, Steve Schwarzman, that's, We're, It's, Schwarzman Organizations: Service, Blackstone, Canada, Plan Investment Locations: New York, Asia, Pacific
InCharge Co-founder on the state of EV charging
  + stars: | 2024-10-17 | 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 EmailInCharge Co-founder on the state of EV chargingTerry O'Day, InCharge Energy co-founder and COO, joins CNBC's 'The Exchange' to discuss the state of EV infrastructure, how InCharge is helping companies prepare for an EV-powered future, and more.
Persons: Terry O'Day Organizations: EV, InCharge Energy
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone President Jon Gray on Q3 results: We're seeing a healing of capital marketsBlackstone President and COO Jon Gray joins "Squawk Box' to discuss the company's quarterly earnings results, what to expect in Q4, state of the economy, the Fed's rate path outlook, impact of the 2024 election, state of the private credit market, and more.
Persons: Jon Gray Organizations: Blackstone
Five months into his tenure as CEO of Unity Software , Matt Bromberg is overseeing his first big product launch as he tries to push the company past an extended stretch of challenges. On Friday, the video game software company announced the sixth version of its flagship product, Unity Engine, a set of tools developers can use to produce games across a number of devices, including iPhones and Android phones. He previously spent almost six years as COO of mobile game company Zynga, which was acquired by Take-Two Interactive in 2022, and more than four years at Electronic Arts . James Whitehurst, former CEO of Red Hat, was serving as interim CEO until Bromberg joined. The new CEO's first big challenge was unwinding Riccitiello's decision to implement what became known as the "Unity Runtime Fee."
Persons: Matt Bromberg, Bromberg, we're, John Riccitiello, James Whitehurst Organizations: Unity Software, CNBC, Zynga, Electronic Arts, Bromberg's, Red
Citi CEO Jane Fraser denied the prospect of an asset cap after being pressed by two analysts. CFO Mark Mason said Citi is reevaluating its budget and strategy to fix regulatory problems quicker. AdvertisementCiti topped Wall Street expectations this quarter, but CEO Jane Fraser was dogged by questions regarding the bank's regulatory fate. Fraser was asked three times for reassurances that Citi did not and would not have an asset cap before answering the question. "We do not have an asset cap and there are no additional measures other than what was announced in July in place and not expecting any."
Persons: Sen, Elizabeth Warren, Jane Fraser, Mark Mason, , Fraser, Vivek Juneja, Warren's, Anand Selva, Wells, Mike Mayo —, I'm, Mayo, Mason, Tim Ryan Organizations: Citi, Service, OCC, Federal Reserve Locations: Selva
Insider Today: Robotaxi reality check
  + stars: | 2024-10-13 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
On the agenda today:But first: Elon Musk's robotaxi got lost on the way to Wall Street. This week's dispatchTesla's upcoming Robotaxi TeslaRobotaxi dreams meet Wall Street realityElon Musk unveiled Tesla's robotaxi, along with a robovan and updates to its humanoid robot, at a flashy event in Los Angeles this week. Wall Street wasn't buying it. AdvertisementIt's tough to bet against Elon Musk, as many on Wall Street have discovered. Wall Street is taking note, and Amazon could soon face pressure to return some of its cash with buybacks or dividends.
Persons: , Microsoft's, Elon Musk's robotaxi, Tesla, Elon Musk, Musk, Alyssa Powell, Anand Selva, He's, who've, Selva, Chelsea Jia Feng, that's, Natalie Ammari, Vishal Persaud, SunPower, it's, Ibrahim Rashid Organizations: Business, Service, Warner Bros, Detroit, Elon, Citi Citi Bank, Getty, Citi, Big, Microsoft Locations: Los Angeles, Burbank, America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrial: We need to be concerned about this earnings season fairly broadly. Nancy Prial from Essex Investment Management discusses the concerns over net interest income for banks, particularly following a warning from JPMorgan's COO that guidance may be too optimistic.
Persons: Nancy Prial Organizations: Essex Investment Management
Q3 bank earnings on deck: Here's what to watch for
  + stars: | 2024-10-10 | 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 EmailQ3 bank earnings on deck: Here's what to watch forCNBC's Leslie Picker joins 'Squawk on the Street' to discuss what's in focus for third-quarter bank earnings, her recent interview with JPMorgan Chase president and COO Daniel Pinto, and more.
Persons: CNBC's Leslie Picker, Daniel Pinto Organizations: JPMorgan Chase
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with JPMorgan President & COO Daniel PintoBank outlooks are always an important part of quarterly earnings but given the Fed's 50-basis point cut this quarter, executive commentary on future performance in this easing cycle could be the biggest determinant of share performance. Normally, at the beginning of such a cycle, floating-rate loans reprice downward faster than deposits, creating a short-term headwind on net interest income. JPMorgan President & COO Daniel Pinto weighs in on what the industry looks like from the other side of rate cuts – and how long any pressures may last.
Persons: Pinto, Daniel Pinto Organizations: JPMorgan, Pinto Bank
For Selva, leading the Transformation is unlike any test he has faced in his three-decade career at Citi. To do so, he has to solve for Citi's decades of underinvestment in its infrastructure, which affects every business line of the bank. Under Selva, Citi was the No. Related stories"The challenge with the Transformation role is you are accountable yet not responsible," the managing director in the Transformation said. Courtesy of CitiBringing in Ryan, the bank's head of technology and business enablement, to help the bank catch up makes sense.
Persons: Jane Fraser, Anand Selva, Selva, Sen, Elizabeth Warren, We've, Fraser, Gonzalo Luchetti, Luchetti, Kathleen Martin, Martin, Mike Mayo, Tim Ryan, Mayo, Vernon Yuen, Adora Tidalgo, Anand, Jim O'Donnell, Win McNamee, Andy Sieg, Tidalgo, Phil Waxelbaum, Jeffrey Warren, Ryan, Warren, Ashutosh Nawani, Japan Mehta, Mehta, Nawani, Tom Williams, Timothy Coffey, Janney Montgomery Scott, they've, Stephen Biggar Organizations: Citigroup, Citi, Federal Reserve, Currency, OCC, Business, underperformance, BI, Citi ., Coimbatore Institute of Technology, Madurai Kamaraj University, Asia Pacific, divesting, Employees, Merrill Wealth Management, PricewaterhouseCoopers, Russell Reynolds Associates, Securities, Exchange Commission, Bloomberg, Getty, Argus Research Locations: Selva, Chennai, India, Asia, who's, Wells, Madurai, Coimbatore, China, Singapore, New York, Fraser, Europe, Ryan
OpenAI announced a partnership with Hearst, the media conglomerate behind outlets like the Houston Chronicle, the San Francisco Chronicle, Esquire, Cosmopolitan, Elle and others. "Our partnership with OpenAI will help us evolve the future of magazine content," Hearst Magazines President Debi Chirichella said in a statement. The deal is the latest in a recent trend of media outlets entering into content partnerships with AI startups. OpenAI announced a similar partnership in August with Condé Nast, which owns media brands such as Vogue, The New Yorker, GQ, Vanity Fair and Wired. Reddit also announced a deal with OpenAI in May to allow the ChatGPT maker to train its AI models on the social media company's content.
Persons: Sam Altman, OpenAI, Elle, Debi Chirichella, Condé Nast, Der Spiegel, WordPress.com, Reddit Organizations: Economic, Hearst, Houston Chronicle, San Francisco Chronicle, Cosmopolitan, OpenAI, Vogue, Yorker, GQ, Wired, Media, The Texas Tribune, Time, News Corp, Wall Street, Barron's, New York Post, Center, Investigative, Microsoft, New York Times, Chicago Tribune, New York Daily News, The New York Times, Southern, of, Apple Locations: Davos, Switzerland, U.S, of New York
OpenAI COO breaks down Apple partnership, new AI models
  + stars: | 2024-10-07 | 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 EmailOpenAI COO breaks down Apple partnership, new AI modelsBrad Lightcap, OpenAI COO, joins 'Squawk on the Street' to discuss the company's relationship with Apple, how OpenAI benefits economically from this partnership, and much more.
Persons: Brad Lightcap Organizations: Apple
Louisa Wong stepped down as chief executive of Gamut Capital-owned XR Xtreme Reach in August. In July, Dave Clark left his role as chief executive of Triplelift. Those experts — bankers, adtech executives, and consultants — told Business Insider that the revolving door is likely to continue over the next six months as investors press adtech companies for growth. AdvertisementAs TV viewing grew fragmented, several adtech companies that took on investment in recent years positioned themselves as rivals to ratings giant Nielsen. The increasing complexity for advertisers offers opportunities for adtech companies to innovate.
Persons: , there's, Louisa Wong, Chandler Bigelow, Doug Knopper, Jo Kinsella, Dave Clark, Triplelift, Eric Roza, Ross McCray, Peter Liguori, Axios, Chris Karl, Blackstone, Mark Wright, Wright, Karl, JEGI, Prohaska's Wright, Nielsen, hasn't, There's, Megan Clarken, Criteo, Domenic Venuto Organizations: CTV, Service, Vista Equity, Vista Credit Partners, Google, Prohaska Consulting, Public, CIL Management, Amazon, Nielsen, Walmart, Progress Partners, Horizon Media
Activist investor Mantle Ridge has a $1 billion-plus stake in industrial gas supplier Air Products and Chemicals , according to a person familiar with the matter. The activist investor also wants to push the company on succession planning for Seifi Ghasemi, Air Products' 80-year-old CEO, the person said. Air Products is badly underperforming the S&P 500 for a second straight year. Air Products has a market cap of about $63 billion as of Friday's close. Air Products supplies chemicals and gases primarily to industrial customers, but has in recent years diversified into other businesses.
Persons: Seifi Ghasemi, Mantle, Paul Hilal, Seifi, Samir Serhan, Ghasemi, Warren Buffett, Berkshire Hathaway, Ken Squire Organizations: Air Products, Oiltanking, Chemicals, Products, Berkshire, CSX
2 executive at Trump Media & Technology, the company that runs Trump's Truth Social, has resigned. You'd think this is the kind of thing that would worry Trump Media investors. 2 executive at Donald Trump's social media company resigned this week. And indeed, shares in Trump Media & Technology Group — the company that runs Trump's Truth Social platform — were down about 1% Friday morning. We've done this many times, so briefly: Trump Media & Technology Group runs Truth Social, but Truth Social is embryonic at best.
Persons: , Donald Trump's, Trump, Devin Nunes, ProPublica, I've, Andrew Northwall, Northwall Organizations: Trump Media & Technology, Trump Media, Service, , Trump Media & Technology Group
A smartphone displays the logo of Donald Trump's Truth Social app on March 25, 2024. Trump Media Chief Operating Officer Andrew Northwall resigned in late September, the company revealed in a regulatory filing Thursday. Former President Donald Trump's social media company announced in the same filing that it will release nearly 800,000 shares of its stock to an early investor, in accordance with a recent order by a Delaware judge. At Thursday's closing price, those shares would be worth around $12.7 million. The company, which trades on the Nasdaq as DJT, provided no explanation for Northwall's resignation, but said it "plans to transition his duties internally."
Persons: Donald Trump's, Andrew Northwall Organizations: Trump Media, Nasdaq, U.S . Securities, Exchange Commission Locations: Delaware
He criticizes the US for high debt and low growth, leading a fragile financial system. He highlighted the four categories of debt-based countries: those with low growth and high or low debt, and those with high growth and high or low debt. The US is in the category of low growth and high debt. However, if a country accumulates high debt, then continued growth is required to absorb it, he noted. At present, Taleb doesn't believe that the ballooning debt could be solved politically or by increased demand for US bonds.
Persons: Nassim Taleb, , Nassim Nicholas Taleb, Scott Patterson, Patterson, Taleb, It's, Brandon Yarckin, isn't, Mark Spitznagel Organizations: Service, Universa Investments, Bank Locations: Russia, US
How consulting lost its cool
  + stars: | 2024-09-30 | by ( Lakshmi Varanasi | Tim Paradis | Kelsey Vlamis | ) www.businessinsider.com   time to read: +9 min
Consulting firms have faced increased employee turnover after layoffs and delayed start dates. For decades, business students and MBAs looked to consulting because the work was high in pay and prestige. AdvertisementThe lure of other industriesThe declining appeal of the consulting industry is most evident in the number of employees leaving. That's different from when he left in 2022, when there was a pandemic-fueled boom for consulting work. "When I was transitioning out of consulting, consulting was actually still all the rage.
Persons: , MBAs, Jason Saltzman, Lightbank, Ezra Gershanok, Gershanok, Gorick Ng, Ng, Matt Sternberg, Sternberg, he's, who've, Consulting hasn't, Ernst, Young, Irmgard Naudin, Cate, Atli Thorkelsson, Thorkelsson Organizations: Service, Accenture, Technologies, McKinsey, Harvard University, Boston Consulting Group, BI, Big, Consulting, Redpoint Ventures, Business Locations: , London
AdvertisementNow, he said, it's changing fast, driven by Lithuania's burgeoning tech startup scene. Tech Zity, an ambitious project a short walk from Cyber City, could help to turbocharge Lithuania's tech scene. Tech Zity is set to become Europe's biggest tech campus. Like Cyber City, Tech Zity is being developed on the site of a Soviet-era factory. Tech Zity, on the site of a Soviet-era sewing factory, is under construction, and it is set to become Europe's biggest tech campus.
Persons: , Joshua Nelken, Marijus, Vinted, Briedis, that's, Valdas Benkuskas, it's, Kipras Krasauskas, Krasauskas, gesturing Organizations: Service, Vilnius Old Town, Business, Cyber, Nord Security, Nord Security's, Security's, Soviet Union, Vilnius, BI, Tech, Kilo Health Locations: Vilnius Old, Soviet, Lithuania, Vilnius, Silicon Valley, Baltics, Central, Eastern Europe, Lithuanian, Berlin, London, Amsterdam, Cyber, Cyber City, European, City, Soviet Union
Elliott Management said Tuesday it will call a special meeting at Southwest Airlines "as soon as next week," shortly after the company put forward a sweeping board shakeup that it hoped might stave off a proxy fight. The push comes days before the airline's investor meeting, where it is expected to unveil improvements and operating changes. Southwest's shareholder meeting is typically scheduled for May, but by calling for a special meeting Elliott is looking to elect new directors much sooner than that. Earlier this month, executive chairman and former CEO Gary Kelly said he would step down after the carrier's shareholder meeting next year. "The need for change is urgent, and our request for a special meeting may come as soon as next week," Pike and Xu said.
Persons: Elliott, Bob Jordan, Gary Kelly, John Pike, Bobby Xu, Pike, Xu, Andrew Watterson, Robert Jordan Organizations: Elliott Management, Southwest Airlines, Airlines, Aircraft Mechanics Fraternal Association
Southwest Airlines has warned employees that it will have to make “difficult decisions” ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company. Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights. We also have to change our network,” Watterson said in the video, a transcript of which was seen by CNBC. Southwest did not immediately comment on the staff message.
Persons: Andrew Watterson, , ” Watterson, Elliott, Gary Kelly Organizations: Southwest Airlines, Elliott Investment Management, Google, CNBC, JetBlue, Southwest, Wing Locations: It’s, Dallas
Southwest Airlines has warned employees that it will have to make "difficult decisions" ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company. Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights. We also have to change our network," Watterson said in the video, a transcript of which was seen by CNBC. Southwest did not immediately comment on the staff message.
Persons: Andrew Watterson, Watterson, Elliott, Gary Kelly Organizations: Southwest Airlines, Elliott Investment Management, Google, CNBC, JetBlue, Southwest, Wing Locations: It's, Dallas
Read previewOn Monday, Amazon mandated corporate workers return to the office five days a week beginning January 2nd. AdvertisementHere's a list, in alphabetical order, of major companies requiring employees to return to offices. BlackRockLast year, BlackRock mandated employees return to the office four days a week. MetaMeta updated its remote work policies in September 2023, requiring employees to head into the office three days a week. AdvertisementWalmartAlong with slashing hundreds of jobs, Walmart also asked previously remote employees in the US to move to offices.
Persons: , Goldman Sachs, Andy Jassy, We've, Jassy, Insider's Ashley Stewart, It's, Apple's, Tim Cook, Rob Goldstein, Caroline Heller, Chipotle, Bob Iger, Iger, signees, David Solomon, Fortune, Fiona Cicconi, Arvind Krishna, Jamie Dimon, Redfin, Glenn Kelman, Salesforce Salesforce, Marc Benioff, Howard Schultz, Schultz, Tesla, Elon Musk, nodded, Musk, X, Yao Yue, Yue, Dara Khosrowshahi Organizations: Service, JPMorgan, Business, Amazon, Apple, BlackRock, Hudson, Bloomberg, Citigroup Citigroup, HSBC Holding Plc, Barclays, Citigroup, Reuters, Disney, The Washington Post, CNBC, Google, San Francisco Bay Area, IBM IBM, IBM, Meta Meta, Frisco, San Francisco Standard, Engineers, Starbucks, Elon, Twitter, National Labor Relations, Walmart, Street Journal Locations: Seattle, New York City, San Francisco Bay, San Francisco, Dallas , Atlanta, Toronto, Arkansas, New Jersey
This month, he'll start building a long-short equity division called Longaeva Partners inside Balyasny and exclusively managing the multistrategy hedge fund's capital, according to people familiar with the matter. "He was very coachable and progressed at a much faster rate than a lot of other, newer portfolio managers," Boyle said. "Peter was good at keeping his emotions out of his portfolio," Boyle said. At Balyasny, Goodwin will effectively have his own unit, though he'll be under the flagship Atlas Enhanced umbrella and operate on BAM's platform, including access to its technology, risk management, hiring, and human resources capabilities. The allure of such a setup is more time to spend on investing, which Longaeva will do exclusively with Balyasny money for now.
Persons: , Peter Goodwin, Dmitry Balyasny's, Jeff Runnfeldt, Gustav Rydbeck, Goodwin, he'll, it's, they've, Point72, Point72 Goodwin, Peter, Korn, Scott Goodwin, Shaw, Perry Boyle, Boyle, delegating, he's Organizations: Service, Management, Business, Longaeva Partners, Millennium Management, Korn Ferry, JPMorgan, Lehman Brothers, Ziff Capital Locations: D.E
Total: 25