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☆ Billions of dollars are locked up in a present that's easily given and forgotten -- gift cards
▼ + stars: | 2023-02-23 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +3 min

Such is the sad fate of gift cards – millions of which go unused each year and have a collective value estimated to be in the billions of dollars. Almost two-thirds of American consumers have at least one unspent gift card tucked away in a drawer, pocket, wallet or purse. A separate study on gift card usage found the average amount on unused gift cards last year was $175 per person, up from $116 in 2021. “I thought with high inflation, people would go to town with their gift cards. Some Visa, Mastercard and American Express gift cards add penalties if they’re not used in a specific period of time, said Stumpf.

☆ Private equity firm TPG's Q4 earnings drop 26% on lower asset sales
▼ + stars: | 2023-02-15 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 15 (Reuters) - TPG Inc (TPG.O) said on Wednesday that its fourth-quarter distributable earnings fell 26% year-on-year as it cashed out fewer investments in its private equity, growth, impact and real estate portfolios. TPG said its net profit from asset sales fell to $95 million in the fourth quarter, down 62% from the $251 million posted a year ago. TPG said its private equity funds appreciated 2.2% in the fourth quarter, its growth funds and impact funds were flat and its real estate funds fell 1.5%. The private equity funds of Blackstone, Carlyle and Apollo appreciated by 3.8%, 1% and 5.4%, respectively, while KKR's private equity funds were flat. TPG ended the fourth quarter with $135 billion in assets under management.

☆ This fund manager says a bull market might be on the horizon — and names her top stock picks
▼ + stars: | 2023-02-15 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Stock markets seem to be slowing after a strong start to the year. But though bearish sentiment has seeped into the market, fund manager Barbara Doran is taking a contrarian view. Part of that was just bear market positioning but with the breadth that we saw in January, this is feeling like the start of, dare I say, a bull market," Doran told CNBC's " Street Signs Asia " last week. Stock picks One of Doran's top stock picks is Uber — and she's given the stock upside of between 25% and 50%. And the stock is in the camp where there is no [price-to-earnings] because there's no earnings, but I think there's substantial upside here," she said.

☆ House Republicans just proposed ending the student-loan payment pause and 'prohibiting' Biden's broad debt cancellation as part of 10 major budget cuts
▼ + stars: | 2023-02-09 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Republicans on the House budget committee put out a list of proposed spending cuts they would support in a debt limit deal. It also noted that it will not touch Medicare and Social Security after Biden called out the GOP for previously wanting to cut the programs. One area for proposed spending cuts focused on President Joe Biden's "student loan bailouts" — the press release said that ending the student-loan payment pause would save $25 billion, and "prohibiting" his broad plan to cancel student debt would save $379 billion. Republican lawmakers have strongly opposed broad student-loan forgiveness — even before Biden announced his plan to cancel up to $20,000 in student debt for federal borrowers at the end of August. Some Republican lawmakers have also previously introduced legislation to end the student-loan payment pause and block Biden from canceling any student debt, though none of those bills even made it to a vote in either chamber of Congress.

☆ KKR reports 42% drop in earnings on lower asset sales
▼ + stars: | 2023-02-07 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 7 (Reuters) - KKR & Co Inc (KKR.N) said on Tuesday its fourth-quarter after-tax distributable earnings dropped 42% year-on-year, driven by asset sale declines in its private equity portfolio and lower transaction fees in the capital markets division. KKR and other private equity firms struggled to sell assets for top dollar for much of the last year due to market volatility, rising inflation, recession worries and geopolitical tensions. Transaction fees from its capital markets business, which collects lucrative fees for arranging financing for KKR portfolio companies, declined by 55% to $144.4 million. During the quarter, KKR said its private equity portfolio was flat in value, while opportunistic real estate funds depreciated by 8%. By contrast, Blackstone Inc (BX.N) had reported that its opportunistic and core real estate funds depreciated by 2% and 1.5%, respectively, while its corporate private equity funds gained 3.8%.

☆ Blackstone's earnings fall 41% as assets sales slump
▼ + stars: | 2023-01-26 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Jan 26 (Reuters) - Blackstone Inc (BX.N) said on Thursday its fourth quarter distributable earnings fell 41% year-on-year as the world's largest manager of alternative assets cashed out fewer investments across its key portfolios. Distributable earnings, which represents the cash used to pay dividends to shareholders, fell to $1.3 billion from $2.3 billion a year earlier. Blackstone's closely watched fee-related earnings fell 39% to $1.1 billion. Secondary funds fell 1.8% while corporate private equity and private credit funds gained 3.8% and 2.4%, respectively. By contrast, the benchmark S&P 500 index (.SPX) rose 7.08% in the fourth quarter.

☆ Bullet found near bodies of 2 Indiana teens in Delphi killings linked to suspect’s gun, officials say
▼ + stars: | 2022-11-29 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | Mirna Alsharif | ) www.nbcnews.com time to read: +4 min

A bullet found near the bodies of two teenage girls who were killed in Delphi, Indiana, has been linked to a gun belonging to the suspect in their 2017 deaths, newly unsealed court documents revealed. On Feb. 13, 2017, investigators believe Abby and Libby were dropped off at around 1:49 p.m. near an entrance to the Delphi Historic Trail. "As the male subject approaches Victim 1 and Victim 2, one of the victims mentions 'gun'," according to the document. "Near the end of the video a male is seen and heard telling the girls, 'Guys, down the hill.' Analysis performed by the Indiana State Police laboratory of the weapon determined that the .40 caliber unspent round found near the girls' bodies was allegedly fired from Allen's pistol, according to the document.

☆ Russia firing unarmed missiles to deplete Ukraine air defense, says U.S. military official
▼ + stars: | 2022-11-29 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 29 (Reuters) - Russia is firing unarmed cruise missiles that were designed to carry nuclear warheads at targets in Ukraine to try to deplete Kyiv's stocks of air defenses, a senior U.S. military official said on Tuesday. The official, who declined to be named, was asked about a Nov. 26 assessment by Britain's military intelligence which said that Russia was "likely" removing nuclear warheads from cruise missiles and firing the unarmed munitions into Ukraine. Asked about the assertion, the U.S. military official told Pentagon reporters: "It's certainly something that they're trying to do to mitigate the effects of the air defense systems that the Ukrainians are employing." For that reason, the United States and other allies have focused on providing air defense supplies for Ukraine. The United States has already provided a range of air defense capabilities to Ukraine, including NASAMS air defense systems as well as more than 1,400 Stinger anti-aircraft systems and counter-artillery and air surveillance radars.

The Amazon Fund, started under leftist Lula's first administration from 2003-2010, bankrolled conservation projects and counts Norway and Germany as its biggest donors. Right-wing President Jair Bolsonaro froze the fund, citing unspecified spending irregularities among fund-backed projects run by nongovernmental organizations, without providing evidence. The British embassy said its government was studying the invitation to join the Amazon Fund. Izabella Teixeira, Lula's former environment minister and current climate change adviser, told Reuters she had met with Norwegian and German officials on Monday about restarting the fund. Deforestation soared to a 15-year high under Bolsonaro, who called for more farming and mining in the Amazon region.

☆ Britain says Russia likely removing nuclear warheads from missiles and firing at Ukraine
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

Nov 26 (Reuters) - Russia is likely removing nuclear warheads from ageing nuclear cruise missiles and firing unarmed munitions at Ukraine, Britain's military intelligence said on Saturday. Such a system will still produce damage through the missile's kinetic energy and unspent fuel. However, it is unlikely to achieve reliable effects against intended targets, the ministry added in its daily intelligence update posted on Twitter. "Whatever Russia's intent, this improvisation highlights the level of depletion in Russia's stock of long range missiles", the ministry said. Reporting by Akanksha Khushi in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Russia is likely removing nuclear warheads from cruise missiles and firing them into Ukraine, the UK says
▼ + stars: | 2022-11-26 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Russia is likely firing cruise missiles with nuclear warheads removed into Ukraine, UK's defense ministry said. The defense ministry said that open source imagery appeared to show an AS-15 KENT air-launched cruise missile that had been shot down in Ukraine. Russian warship launching a cruise missile. US officials previously said that Russia is likely struggling to replenish its stockpiles due to sanctions and supply chain disruptions, the Associated Press reported. Russia has not provided any information about its missile supplies, and there is no data to assess it independently.

☆ EU countries back billion-euro chip plan ahead of talks with lawmakers
▼ + stars: | 2022-11-23 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

EU envoys unanimously backed an amended version of the European Commission's proposal, the Czech Republic which holds the rotating EU presidency said. European Union ministers will meet on Dec. 1 to rubber stamp the chip plan that will still need to be debated with the European Parliament next year before it can become law. Europe's share of chip production stands at 8%, down from 24% in 2000. EU countries also sought to curb the powers of the Commission, the EU executive, saying its requests to companies for information during a crisis must be proportionate and security-focused, an EU document seen by Reuters showed. The Commission had earmarked money from research programmes and unspent funds from other schemes, drawing criticism from some EU countries that this could unfairly benefit countries that already have chip facilities or are set to attract chipmakers.

☆ Consumers lay out $1,600 yearly for health-care products that flexible spending accounts could have covered
▼ + stars: | 2022-11-22 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +1 min

If you have unspent money in your health-care flexible spending account, now's the time to make a plan to use it before you lose it. Health-care FSAs let workers stash away pretax dollars for qualifying expenses. The good news is that even if you don't have medical needs to spend the funds on — i.e., doctor's appointments or prescription drugs — an estimated $1,600 is spent by households each year on health care products that could otherwise be purchased using FSA dollars, according to FSAStore.com. This means it's likely you'd find a way to spend the money on things you'd end up buying anyway. The contribution limit to FSAs this year was $2,850, and in 2023 will be $3,050.

☆ EU secures deal on satellite internet system
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

BRUSSELS, Nov 17 (Reuters) - The European Union has reached a deal on a 6-billion-euro ($6.2 billion) satellite internet system, driven by the bloc's push to boost its own space and communications sectors and ensure security by cutting its reliance on foreign suppliers,Representatives from the European Parliament and the European Council, the grouping of 27 EU countries, agreed to a deal on Thursday. The European Commission announced the initiative to build and operate a satellite internet system in February. The EU scheme comes amid growing concerns about Russian and Chinese military advances in outer space and a surge in satellite launches. Initial development and satellite deployment could start next year, leading to a full services with high-level encription called quantum cryptography in 2028. The proposed satellite internet system could lead to the construction and launch of up to 170 low orbit satellites between 2025 and 2027.

☆ Donald Trump tells donors to help Republicans win the US Senate — by giving his own political committees money
▼ + stars: | 2022-11-10 | by ( Madison Hall | Dave Levinthal | ) www.businessinsider.com time to read: +4 min

Who will control the US Senate is still unknown as results from Arizona and Nevada continue trickling in. A text message sent from former President Donald Trump's political committees Save America Joint Fundraising CommitteeSave America Joint Fundraising CommitteeTrump's PACs could choose to use some of that money to boost the remaining GOP Senate candidates. The rest of it — nearly $70 million in Save America alone, per federal records — remains unspent. Some of the biggest candidate-related spending Trump's Save America PAC has done this year? On Tuesday night, the Save America Joint Fundraising Committee blasted another fundraising missive with the message: "DO YOU WANT PRESIDENT TRUMP TO RUN IN 2024?"

☆ EXCLUSIVE EU countries, lawmakers likely to clinch deal next week on satellite internet system, sources say
▼ + stars: | 2022-11-09 | by ( Foo Yun Chee | ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 9 (Reuters) - EU countries and European Parliament lawmakers are likely to reach a deal on a 6-billion-euro ($6 billion) satellite internet system next week, people familiar with the matter said on Wednesday, driven by the bloc's push to cut its dependency on foreign companies and the Ukraine war. The European Commission announced the initiative to build and operate a satellite internet system in February, part of EU industry chief Thierry Breton's campaign for strategic autonomy. Officials from EU countries and EU lawmakers will meet on Nov. 17 in what is expected to be the last meeting to thrash out final details, the people said. The proposed satellite internet system could lead to the construction and launch of up to 170 low orbit satellites between 2025 and 2027. The companies active in this area include Elon Musk's SpaceX, Amazon's (AMZN.O) Kuiper Systems and British satellite company OneWeb.

☆ Private equity firm TPG reports 60% drop in earnings as asset sales plummet
▼ + stars: | 2022-11-09 | by ( Chibuike Oguh | ) www.reuters.com time to read: +3 min

SummarySummary Companies Fee-related earnings beat estimatesTPG's stock rises nearly 8%NEW YORK, Nov 9 (Reuters) - Private equity firm TPG Inc (TPG.O) said on Wednesday its after-tax quarterly distributable earnings fell more than 60% due to a plunge in asset sales across its private equity, growth, real estate and impact businesses. However, TPG's fee-related earnings, a closely watched measure that captures income from management fees, was flat at $121 million. "What we're seeing is that investors don't care so much about performance fees but about fee-related earnings and its growth trajectory," said BMO Capital Markets analyst Rufus Hone. "Fee-related earnings is predictable; every dollar of fee-related earnings is worth $2 of performance fees," Hone added. During the quarter, TPG said its private equity funds appreciated by 2.3%, growth funds rose by 3.8% and impact funds were up 2.9%, though real estate funds depreciated by 0.4%.

☆ Blackstone's earnings fall 16% on sharp drop in asset sales
▼ + stars: | 2022-10-20 | by ( Chibuike Oguh | ) www.reuters.com time to read: +2 min

NEW YORK, Oct 20 (Reuters) - Blackstone Inc (BX.N), the world's largest alternative asset manager, said on Thursday its third-quarter distributable earnings fell 16% year-on-year, owing to a sharp drop in asset sales amid a downturn in the market. Distributable earnings — the cash used to pay dividends to shareholders — fell to $1.4 billion from $1.6 billion a year earlier. Financial markets have been rocked by geopolitical unrest from the Russia-Ukraine conflict and rising interest rates by central banks, which have prevented private equity firms like Blackstone from cashing out their investments for top dollar. During the quarter, Blackstone said its opportunistic real estate funds fell 0.6%, corporate private equity funds depreciated by 0.3%, and hedge funds gained 1%. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chibuike Oguh in New YorkOur Standards: The Thomson Reuters Trust Principles.

☆ You may have ‘more money than ever’ left in a health FSA this year. What you need to know before pandemic relief expires
▼ + stars: | 2022-10-14 | by ( Sarah O'Brien | ) www.cnbc.com time to read: +3 min

Rules on how health FSAs workHealth FSAs let workers stash away pretax money for qualifying medical expenses. The standard deadline to use your health-care FSA money is Dec. 31 of the year in which you make the contributions. At the remaining 23% of companies, you forfeit funds remaining in your account after Dec. 31. However, that's below the 48% with a traditional Dec. 31 deadline who forfeit money, and 49% of those who are allowed to roll over money. If you're uncertain what the rules are for your FSA, reach out to your company's human resources department, Rouleau said.

TPG kicked off fundraising of its eighth private equity fund for the region in January, targeting $6 billion, the company said during its March earnings call. If successful, the fund will be its largest Asia fund to date. Hong Kong-based Baring Private Equity Asia last week announced it had closed its eighth, and largest, pan-Asia fund at $11.2 billion. read moreTPG's U.S rival Carlyle Group (CG.O) is aiming to raise $8.5 billion in a new Asia fund, according to separate people familiar with the situation. It last raised a $4.6 billion Asia fund in February 2019.

☆ Many stimulus programs are due to expire at the end of 2020, threatening the US economy during the COVID-19 pandemic's most challenging phase
▼ + stars: | 2020-11-22 | by ( John L. Dorman | ) www.businessinsider.com time to read: +7 min

On November 19, Mnuchin expressed his desire to have $580 billion in unspent stimulus funds redirected to small businesses and to extend unemployment benefits. This economic relief program extended traditional unemployment benefits from the standard 26 weeks to 39 weeks. Self-employed and gig economy workers can collect state unemployment benefits through December 31, but that will also expire under the CARES Act. At the end of July, the Federal Pandemic Unemployment Compensation, or FPUC, expired, which provided a federally funded $600 weekly supplemental boost to state unemployment payments. AdvertisementThe coronavirus pandemic has deeply impacted funding for first-responders, teachers, firemen, and police officers, the very people who have been on the front lines.

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☆ Unearthing the Secrets of New York’s Mass Graves
▼ + stars: | 2016-05-15 | by ( Nina Bernstein | ) www.nytimes.com time to read: +51 min

Then, like more than a million men, women and children since 1869, she was consigned to a trench on Hart Island. Citing security, the city’s Correction Department also repeatedly rebuffed The Times’s requests to witness Hart Island burials firsthand. hart island Future plots Future plots Active trench 2000s 1990s Hart Island N.Y.C. He readily remembered the Dickerson case as a financial disappointment, but said he was hearing of his ward’s Hart Island burial for the first time. When she died, Ms. Murray had $6,887 left in her personal account at New Surfside.

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