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"I'm very, very lucky because I wouldn't have had the courage to go and do that acquisition, but I give all the credit in the world to Dave Clark," Petersen said. "There's a perfect complement of skill sets," Petersen told Forbes in June 2022. Petersen told Clark he should engage with Shopify's team, according to a person with direct knowledge of the negotiations. Clark, Petersen and Wagers met in Texas in mid-August to fine-tune the forecasts. Flexport told CNBC that an employee's politics are not relevant in personnel decisions.

Persons: Dave Clark, Ryan Petersen, he'd, Petersen, Clark, excoriated Clark, we've, Clark wasn't, Jeff Bezos, It's, Flexport, Clark overspent, Flexport's, He'd, Sanne Manders, Dave, Shopify, Tobias Lutke, Lutke, Shopify's, glanced, didn't, Fund's Trae Stephens, Michael Ronen, SoftBank, Andreessen Horowitz, Bob Swan, Samyukta Lakshmi, Kenny, Stuart Leung, pare, Leung, —, Lindsey Wasson, Clark's, Stephens, Peter Thiel, Trump's, Petersen's, Sen, Joe Manchin, Chris Ferro, Ferro, Parisa Sadrzadeh, couldn't, Amazon, Sadrzadeh, Burak Yolga, Yolga, Nelly Organizations: North, Amazon, Twitter, CNBC, UPS, FedEx, Milken Institute Global Conference, Bloomberg, Getty, Forbes, Deliverr, Shopify's, Anduril Industries, Intel, Intel Corp, U.S ., Clark, Republican, Founders Fund, Democratic, Street Journal, Flexport Locations: Phoenix, Silicon, Clark, Beverly Hills , California, U.S, Flexport, Deliverr, Miami, Flexport's Bellevue , Washington, Bengaluru, India, Flexport's, Asia, U.S . West Coast, Texas, Ohio, Arizona, Thiel's, West Virginia, Seattle, integrations

☆ California governor vetoes bill offering unemployment pay to strikers
▼ + stars: | 2023-10-01 | by ( ) www.reuters.com time to read: +1 min

Gavin Newsom, Governor, State of California speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 30 (Reuters) - California Governor Gavin Newsom on Saturday vetoed a bill that would have paid unemployment benefits to striking workers, and had drawn strong support from labor unions and from his fellow Democrats in the state legislature. In rejecting the bill, Newsom noted that the state's unemployment trust fund is already nearing $20 billion in debt. The bill would have made workers out on strike for at least two weeks eligible for unemployment checks. The vast majority of states, with the exception of New York and New Jersey, do not offer unemployment benefits to striking workers.

Persons: Gavin Newsom, Mike Blake, Newsom, Joseph Ax, Edmund Klamann Organizations: Milken, Global Conference, REUTERS, Democratic, Hollywood, Thomson Locations: State, California, Beverly Hills , California, U.S, Southern California, New York, New Jersey

☆ Citigroup has 'no room for bystanders' in reorganization, CEO says
▼ + stars: | 2023-09-29 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +1 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike BlakeNEW YORK (Reuters) - Citigroup CEO Jane Fraser said on Friday that top employees were on board with the company’s sweeping reorganization, and that there was “no room for bystanders” in the bank’s biggest overhaul in almost two decades. “The case for change is pretty clear - our people want to succeed and our highest performers got behind this very quickly,” Fraser told CNBC. The company began discussions about layoffs soon after announcing the reorganization, sources close to the situation told Reuters this month. Bank of America CEO Brian Moynihan also predicted the economy would achieve a soft landing in comments earlier this week.

Persons: Jane Fraser, Mike Blake NEW, ”, ” Fraser, Fraser, Brian Moynihan Organizations: Citi, Milken, Global Conference, REUTERS, Mike Blake NEW YORK, Citigroup, CNBC, Federal Reserve, Bank of America Locations: Beverly Hills , California, U.S

☆ Is it cold, the flu or Covid-19? A doctor helps sort it out
▼ + stars: | 2023-09-28 | by ( Katia Hetter | ) edition.cnn.com time to read: +7 min

CNN: What should people do if they develop cold-like symptoms? Those individuals should take antiviral treatment if they test positive to reduce their risk of hospitalization and death. Most do not allow kids to return to school if they have a fever or severe viral symptoms such as vomiting. Wen: Most people will not need to see their health care provider for cold-like viral illnesses. Those vulnerable should have a plan in advance about accessing antiviral treatment to both Covid-19 and influenza.

Persons: Leana Wen, Wen, It’s, Luis Alvarez, — Organizations: CNN, George Washington University Milken Institute School of Public Health Locations: Covid

☆ California minimum wage for fast food workers raised to $20 an hour
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsSept 28 (Reuters) - Fast food workers in California will earn a minimum of $20 an hour starting in April under a new bill signed into law on Thursday by Governor Gavin Newsom. "The future happens here first," Newsom said at an event in Los Angeles, with labor officials and fast food workers flanking him. Labor unions, meanwhile, dropped their push to hold fast food corporations liable for violations committed by their franchisees. There are more than 550,000 fast food workers at 30,000 locations statewide, Newsom said. The overall minimum wage in California is $15.50 an hour, among the highest of any state.

Persons: Gavin Newsom, Mike Blake, Newsom, We're, Joseph Ax, Josie Kao Organizations: Milken, Global Conference, REUTERS, Labor, U.S, Bureau of Labor Statistics, Thomson Locations: State, California, Beverly Hills , California, U.S, Los Angeles

☆ Temasek unit raises $3.3 bln in flagship fund investing in China
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, Sept 28 (Reuters) - Singapore state investment firm Temasek's (TEM.UL) wholly owned unit True Light Capital said on Thursday it raised $3.3 billion in its flagship fund that invests in Greater China and has now closed it to new capital. The Singapore-based asset manager said in a statement the True Light Fund I secured capital from global investors including sovereign wealth funds, foundations, financial institutions, and family offices. The closing of the fund indicates that True Light can now focus on investing the capital. The fund will invest alongside Temasek in opportunities related to Greater China, True Light said. It invests directly in private and public equity as well as indirectly through private equity and venture funds, it added.

Persons: Yeo Chee Kian, Yibing Wu, Yantoultra Ngui, Muralikumar Organizations: U.S, Temasek, Milken Institute Asia, Thomson Locations: SINGAPORE, Singapore, Greater China, China, Taiwan

☆ How Much Coffee Is Too Much Coffee?
▼ + stars: | 2023-09-26 | by ( Alice Callahan | ) www.nytimes.com time to read: 1 min

Q: I routinely drink three or four cups of coffee per day, but often wonder if this is too much. Coffee can be many things: a morning ritual, a cultural tradition, a productivity hack and even a health drink. Studies suggest, for instance, that coffee drinkers live longer and have lower risks of Type 2 diabetes, Parkinson’s disease, cardiovascular conditions and some cancers. “Overall, coffee does more good than bad,” said Rob van Dam, a professor of exercise and nutrition sciences at the Milken Institute School of Public Health at George Washington University. But between your breakfast brew, lunchtime latte and afternoon espresso, is it possible to have too much?

Persons: ”, Rob van Organizations: Milken Institute School of Public Health, George Washington University

Strike signs await striking SAG-AFTRA actors and Writers Guild of America (WGA) outside Disney Studios in Burbank, California, U.S., July 25, 2023. The WGA, which represents 11,500 film and television writers, described the deal as "exceptional" with "meaningful gains and protections for writers." While writing may resume, the SAG-AFTRA actors' union remains on strike. Efforts to restart daytime talk shows without writers, such as "The Drew Barrymore Show," collapsed this month, in the face of criticism from striking writers and actors. Even as studio executives celebrated the end of the longest-running writers' strike since 1988, it is only half the labor battle.

Persons: Mike Blake, Caroline Renard, Hollywood's, Drew Barrymore, Bob Iger, Iger, It's, Brandon K, Hines, Kevin Klowden, David Zaslav, Ted Sarandos, Donna Langley, AFTRA, Dawn Chmielewski, Lisa Richwine, Danielle Broadway, Christopher Cushing Organizations: Writers Guild of America, Disney Studios, REUTERS, WGA, Hollywood, SAG, Alliance, Television Producers, Walt Disney, Netflix, Warner Bros Discovery, Disney, Milken Institute, Reuters, Thomson Locations: Burbank , California, U.S, California, New Mexico, Georgia, New York, Los Angeles

The meeting was scheduled for hours after Zelenskiy addressed the United Nations Security Council about Russia's invasion and its consequences. Ukraine has tried to lock in financial support from business leaders to help rebuild the country. A spokesperson for Zelenskiy and Ukraine's mission to the United Nations in New York did not immediately respond to a request for comment. Since the start of the war, Ackman's foundation has donated roughly $24 million to support Ukraine, a person familiar with the numbers said. Before the meeting in New York, the White House appealed to Congress to approve billions of additional dollars of support for Ukraine.

Persons: Ken Griffin, Mike Blake, Volodymyr Zelenskiy, Zelenskiy, JPMorgan Chase, Bill Ackman, Jonathan Gray, Robert Kraft, Henry Kissinger, Eric Schmidt, Mike Bloomberg, Barry Sternlicht, Mary Callahan Erdoes, Vince LaPadula, Whitney Tilson, Griffin, Howard Buffett, Warren, Svea Herbst, Bayliss, Lananh Nguyen, Andrea Shalal, Michelle Nichols, Megan Davies, Grant McCool Organizations: Citadel, Milken, Global Conference, REUTERS, United Nations Security Council, JPMorgan, Blackstone Group, New England Patriots football team, United, State, Google, United Nations, Griffin's Citadel, Ackman's Pershing, Capital Management, Ukraine, Fox News, Svea, Thomson Locations: Beverly Hills , California, U.S, New York, Ukraine, United States

☆ Doctor shares advice on how to prevent food poisoning
▼ + stars: | 2023-09-21 | by ( Katia Hetter | ) edition.cnn.com time to read: +8 min

All of this has led me to look into foodborne illnesses and how people can improve food safety practices. And, crucially, how can people prevent foodborne illnesses? Wen: Norovirus is the most frequent pathogen implicated in foodborne infections in the United States. Wen: Most foodborne illnesses can be treated at home and will resolve on their own. Bring plenty of plates and utensils, and make sure you clearly separate the ones used to touch raw meat from other items.

Persons: Leana Wen, Wen, vulnificus Organizations: CNN, American Foods Group, Green, US Department of Agriculture, US Centers for Disease Control, George Washington University Milken Institute School of Public Health Locations: The Wisconsin, Baltimore, United States, Shiga

☆ Hollywood workers resort to flea markets, bake sales as strikes drag on
▼ + stars: | 2023-09-21 | by ( Lisa Richwine | ) www.reuters.com time to read: +6 min

[1/2] SAG-AFTRA actors and Writers Guild of America (WGA) writers walk the picket line outside Disney Studios in Burbank, California, U.S., July 25, 2023. Hollywood writers walked off the job in May, followed by actors in July. The motion picture and sound recording industries shed 17,000 jobs in August because of the strikes, according to U.S. government statistics. Writers and actors can apply for assistance from their unions, and some crew members are eligible for state unemployment benefits. In the meantime, stars including George Clooney, Dwayne Johnson and Meryl Streep have donated millions to Hollywood charities that assist industry workers.

Persons: Mike Blake, IATSE, Dejon Ellis, Kevin Klowden, Daniel Fox, Fox, Laura Seaman, Berry, Greg S, Tiffany Puterbaugh, Puterbaugh, I've, Gavin Newsom, George Clooney, Dwayne Johnson, Meryl Streep, Ellis, We're, it's, John Lithgow, Nicole Kidman, Andrea Tyler, Tyler, Lisa Richwine, Mary Milliken, Aurora Ellis Organizations: Writers Guild of America, Disney Studios, REUTERS, Rights, IATSE, Milken Institute, Star Wars, Hollywood, SAG, Netflix, Thomson Locations: Burbank , California, U.S, Rights BURBANK , California, Los Angeles, Hollywood, California, Georgia, New Mexico

☆ ‘Everything Everywhere’ Oscar winner Ke Huy Quan on Asia's 'huge influence' on how Hollywood stories are told
▼ + stars: | 2023-09-20 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +3 min

Ke Huy Quan at the TIME100 Impact Awards on September 17, 2023 in Singapore. Those were the words that Oscar winner Ke Huy Quan uttered during his acceptance speech at the Academy Awards in March. Quan won the Oscar for best supporting actor for his role in "Everything Everywhere All at Once," making him only the second actor of Asian descent to win in this category. Mike Coppola | Getty Images Entertainment | Getty Images"Everything Everywhere All at Once" dominated the Oscars this year, clinching seven awards including best picture, best actress, best director, best editing, best supporting actor, best supporting actress and best original screenplay. Since May, Hollywood writers have been on the picket lines protesting for better wages, benefits and stronger job security.

Persons: Huy Quan, Matt Jelonek, Ke Huy Quan, Quan, Oscar, Mike Coppola, Michelle Yeoh, We're, we're, Mario Tama Organizations: Getty, Academy, Milken Institute Asia Summit, Hollywood, —, Writers Guild of America, SAG, Alliance, Television Producers, Guild of America, Television Locations: Singapore, American, Hollywood, Hollywood , California

New anti-obesity drugs have the potential to transform public health, while obliterating demand for products and services from the medical, food and fitness industries. Drugs developed by Novo Nordisk (NOVOb.CO) and Eli Lilly (LLY.N) appear to be the first truly effective diet treatments. In one clinical trial, patients taking Eli Lilly’s soon-to-be-launched weight-loss drug lost about 50 pounds (23 kg). Only about a third of those who started taking the drugs for obesity were still doing so a year later, according to one analysis. Yet even as Novo, Lilly and others see their addressable markets expand, some companies will see theirs shrink.

Persons: Lilly, George Frey, Eli Lilly, Eli Lilly’s, Novo, Wegovy, Kraft Heinz, Burger, LSEG, Michael Farrell, Zimmer Biomet, Smith, Peter Thal Larsen, Sharon Lam, Oliver Taslic Organizations: Novo Nordisk, Pharmacy, REUTERS, Reuters, TAM, Drugs, Alpha, Reuters Graphics Reuters, Cadbury, Mondelez, Fortune Business, Burger King, KFC, Yum Brands, Centers for Disease Control, Milken Institute, BMJ, Novo, Inspire Medical Systems, Novo Nordisk’s, WW International, Fashion, Thomson Locations: Provo , Utah, U.S, New, United States, Lilly, England

☆ Ray Dalio warns of 'great disruptions,' shares top tips for new investors
▼ + stars: | 2023-09-18 | by ( Charmaine Jacob | ) www.cnbc.com time to read: 1 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. U.S. billionaire Ray Dalio says new investors should have a diversified portfolio as economic and geopolitical headwinds persist. "I would like to have diversification, because what I don't know is going to be much greater than what I do know," said Dalio, founder of one of the world's largest hedge funds, Bridgewater Associates. "Pay attention to the implications of the great disruptions that are going to take place because the world will be radically different in five years. And it's going to become radically different year by year," he explained.

Persons: Ray Dalio Organizations: Forbes, Bridgewater Associates, Milken Institute Asia Summit Locations: New York City . U.S, Singapore

☆ The market's heaviest hitters are sounding the alarm on US debt
▼ + stars: | 2023-09-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Three market experts have cited concern that growing US debt will send interest rates up. US debt supply will only grow, as a recession would expand the federal deficit, Jeffrey Gundlach added. The warnings come as federal deficits have exploded in recent years, sharply elevating the trajectory of US debt. AdvertisementAdvertisementThough interest rate gains would help drive demand for bonds, they make debt servicing more costly. Bill GrossThe "bond king" who drove Pimco's fixed-income success had similar apprehensions about the debt market.

Persons: Ray Dalio, Bill Gross, Jeffrey Gundlach, Dalio, Pimco's, Gross, I'm, Gundlach Organizations: Service, Treasury Department, Federal Reserve, Wall Street, Bridgewater Associates, Milken Institute Asia Summit, Treasury, Fox Business Locations: Wall, Silicon, Singapore

☆ Supply chains moving out of China could create new winners in the Southeast Asian middle-class, says an official
▼ + stars: | 2023-09-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Global supply chains moving away from China is an opportunity for Southeast Asia, said one Malaysian minister. Southeast Asia countries could take the chance to attract manufacturing investments, he said. Liew Chin Tong, the deputy minister of investment, trade, and industry in Malaysia, thinks supply chains moving to other parts of Asia isn't exactly a bad thing. Liew's comments came amid intense global discussions on the future of supply chains following disruptions during the COVID-19 pandemic. Manufacturers are now allowing processes to have some breathing room in what's known as the "just-in-case" supply chain model because "they want resiliency" in the supply chains, Long added.

Persons: Liew Chin Tong, Liew, Liew's, Steven Long, Long, Donald Trump, Biden Organizations: Service, Milken Institute, Asia, Intel, Manufacturers, China Locations: China, Southeast Asia, Malaysian, Wall, Silicon, Malaysia, Asia, Milken Institute Asia, Singapore, Asia Pacific, Japan, Washington, Beijing

☆ Cash vs. stocks: The pros weigh in on where to invest for the rest of the year
▼ + stars: | 2023-09-15 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

"As cash yields remain elevated and inflation has cooled significantly from last year's levels, cash yields moved into positive territory on a real, inflation-adjusted basis after a few years of negative real yields," said Veronica Willis, global investment strategist at the firm. The pros weigh in on whether it's a good idea to stay in cash for the remainder of the year. Cash to 'outperform' stocks In a Sept. 7 note, Barclays said it believes cash will, in the fourth quarter, outperform stocks for a second straight quarter. So, for a second straight quarter, we prefer the company of cash over stocks and bonds," Barclays wrote, describing major asset classes as "still unattractive." "If short-term interest rates fall, short-term investments or cash investors will need to reinvest at a lower rate, reducing future returns.

Persons: it's, Veronica Willis, Cash, David Kostin, CNBC's, JPMorgan, Ray Dalio, Willis, Schroders, —, Balakrishner, Michael Bloom Organizations: U.S . Federal, Treasury, Fargo Investment Institute, Barclays, Billionaire, Bridgewater Associates, Milken Institute Asia Summit, Wells, Wells Fargo Investment Institute Locations: Fargo, U.S, Singapore, Wells Fargo

☆ California pensions investment chief steps down less than 2 years into job
▼ + stars: | 2023-09-15 | by ( Isla Binnie | ) www.reuters.com time to read: +1 min

Nicole Musicco Chief Investment Officer, CalPERS, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2023. REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 15 (Reuters) - The Chief Investment Officer of the largest U.S. state pension manager, the California Public Employees Retirement System (CalPERS), will step down on Sept. 29, CalPERS said in a statement on Friday. CalPERS said Musicco's deputy Dan Bienvenue will serve as interim chief investment officer and it will soon start a global search for her replacement. Musicco took the role overseeing a 400-strong investment office less than two years ago, in February 2022, according to CalPERS website. The post added that she has two children and a "large, multigenerational family" and has "been shuttling between Sacramento and her native Toronto to attend to pressing matters".

Persons: Nicole Musicco, Mike Blake, CalPERS, Dan Bienvenue, Musicco, I've, Isla Binnie, David Evans Organizations: Milken, Global Conference, REUTERS, California, Thomson Locations: Beverly Hills , California, U.S, Toronto, Canada, Sacramento

☆ Leaders in Southeast Asia say they want to be friends with both the U.S. and China
▼ + stars: | 2023-09-15 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +1 min

"All the countries in Southeast Asia, including Singapore, are friends with both China and the US. We have close links with both countries and we want to maintain those links," said Singapore's Deputy Prime Minister Lawrence Wong. But that consensus is over," Wong said Wednesday at the 10th Milken Institute Asia Summit in Singapore. "This idea where you have to be either with China or the United States? "We, as ASEAN, have a role to play in engaging both U.S. and China, and we appeal to them to reduce tensions."

Persons: Joe Biden, Xi Jinping, Lawrence Wong, Wong, Anwar Ibrahim, Anwar Organizations: SINGAPORE —, Milken, Milken Institute Asia Summit, Malaysia's, ASEAN Locations: Nusa Dua, Bali, SINGAPORE, SINGAPORE — The U.S, China, Southeast Asia, Singapore, United States, Malaysia

☆ Facebook cofounder Eduardo Saverin says the best companies come out of downturns, because they forge entrepreneurs behind firms like Apple and Alibaba
▼ + stars: | 2023-09-15 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Facebook cofounder Eduardo Saverin says the best companies come out of times of economic downturn. Saverin pointed to examples like Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb. He cited the examples of Apple, Microsoft, Alibaba, Facebook, Uber, and Airbnb, and said the best companies emerge from "not great" periods in the market. Zuckerberg diluting Saverin's Facebook shares and booting him from the company in 2005 formed the central plot of the 2012 film, "The Social Network." Since his departure from Facebook, Saverin cofounded B Capital Group in 2020.

Persons: Eduardo Saverin, Saverin —, —, Airbnb, Uber, Jack Ma, Saverin, Mark Zuckerberg, Dustin Moskovitz, Chris Hughes, Andrew McCollum, Zuckerberg Organizations: Microsoft, Facebook, Service, B Capital, Milken Institute Asia Summit, Apple, Federal Reserve, Social, B Capital Group, Bloomberg Locations: Wall, Silicon, Singapore

☆ Ray Dalio says to hold cash 'temporarily' — but don’t buy debt and bonds
▼ + stars: | 2023-09-15 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during the Milken Institute Conference Bloomberg | Bloomberg | Getty ImagesAs concerns mount over rising interest rates and inflation levels, billionaire investor Ray Dalio says he prefers to hold cash for now, not bonds. "Temporarily, right now, cash I think is good … and the interest rates are fine. I don't think [it] will be sustained that way," Dalio told an audience at the Milken Institute Asia Summit in Singapore on Thursday. But the real problem comes when individuals or investors don't hold the bonds, because it comes as a supply-demand, one man's debts or another man's assets," he explained. Dalio cautioned that investors will sell their bonds if they are not receiving real interest rates that are high enough.

Persons: Ray Dalio, Dalio, Dalio's Organizations: Bridgewater Associates, Milken Institute, Bloomberg, Getty, Milken Institute Asia Summit, Treasury Locations: Singapore

Peter Orszag, incoming CEO of financial advisory Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - Two weeks before Peter Orszag takes the helm as CEO of Lazard (LAZ.N), he is already setting an ambitious goal for the investment bank to double its revenue by 2030. Orszag outlined his plans for the 175-year-old firm in a memo to employees on Thursday, including a raft of personnel changes. The revenue aspirations are being locked in at a time when sluggish dealmaking has weighed on earnings and prompted Lazard to eliminate 10% of its workforce. Boosting revenue in asset management will require better distribution, improved investment performance and potentially an acquisition, Orszag wrote in the memo.

Persons: Peter Orszag, Lazard, Mike Blake, ”, Orszag, Alexandra Soto, Chris Weideman, Lananh Nguyen, Varun Organizations: Milken, Global Conference, REUTERS, Lazard, Reuters, Apollo Asset Management, U.S, Thomson Locations: Beverly Hills , California, U.S, Europe, East, Africa

☆ 'Just a temporary blip’: Chinese travelers will be back, says Banyan Tree founder
▼ + stars: | 2023-09-14 | by ( Monica Pitrelli | ) www.cnbc.com time to read: 1 min

A dearth of Chinese travelers is nothing to "worry about," said Banyan Tree Holdings founder Ho Kwon Ping. "Most of us in the hospitality industry, a year or so ago, predicted that Chinese tourism would only start to rebound around maybe this year or even next year." For Banyan Tree Holdings — which operates more than 60 hotels in 17 countries — Ho said "Chinese tourism [is] coming back quite strongly." What's missing are the "mass group tours, which provide the numbers, but they don't come to our hotels anyway," he said. "So you have a lot more free individual travelers … and they're the ones who can pay the higher airfares and so on."

Persons: Ho Kwon Ping, CNBC's Chery Kang, — Ho Organizations: Tree Holdings, Milken, Holdings Locations: China

☆ Citadel's Griffin unsure stock market rally can continue, CNBC reports
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +2 min

Citadel CEO Ken Griffin speaks at the 2022 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2022. "I'm a bit anxious that this rally can continue," he said in an interview on CNBC. We're sort of in the seventh or eighth inning of this rally, but part of it has been the soft landing story." The S&P 500 stock index (.SPX) is up 16.8% this year, in a rally mainly driven by optimism around artificial intelligence. Citadel, which invests $61 billion for clients, became the most successful hedge fund of all time last year when it earned $16 billion.

Persons: Ken Griffin, Mike Blake, Griffin, Jerome Powell, Jahnavi Nidumolu, Carolina Mandl, Chizu Organizations: Citadel, Milken, Global Conference, REUTERS, CNBC, Federal Reserve, Thomson Locations: Beverly Hills , California, U.S, BANGALORE, Bangalore, Carolina, New York

☆ Citi’s big restructuring has a familiar ring to it
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

Jane Fraser CEO, Citi, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Sept 14 (Reuters Breakingviews) - Jane Fraser is trying to make history. Citigroup’s (C.N) boss said the shake-up she unveiled on Wednesday is the most “consequential changes” to the organization in 20 years. Citi shares gained less than 2% in a flat market following her presentation at the Barclays Global Financial Services conference. The bottom line is that an investor who put $10 into Citi 20 years ago would have just $1 today.

Persons: Jane Fraser, Mike Blake, Michael Corbat, Vikram Pandit, ballyhooed, Fraser, Corbat, BoE, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Citi, Milken, Global Conference, REUTERS, Reuters, Barclays Global Financial Services, JPMorgan, X, Unity, Treasury, UBS, Thomson Locations: Beverly Hills , California, U.S, Asia

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