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Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.
Persons: Blackstone, , BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, ​ ​ McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres
Boeing is about to fly NASA astronauts to the International Space Station for the first time. Still, the FAA, NASA, and other aerospace experts have questioned Boeing's overall safety culture. NASA astronauts Butch Wilmore and Suni Williams conduct suited operations in the Boeing Starliner simulator at NASA's Johnson Space Center. This Crew Flight Test mission is over a decade in the making. He added that those calculations are for a full 210-day mission, while Whilmore's and Williams's test flight lasts just one week.
Persons: , NASA's Butch Wilmore, Suni Williams, Butch Wilmore, Robert Markowitz They're, jetliner, AeroSystems, Bill Nelson, Kim Shiflett, George Nield, Bjorn Fehrm, Fehrm, KPIs, Doug Loverro, Baz Ratner, Bill Ingalls, Steve Stich, Nield, We've, Wilmore, Starliner, Whitmore, Williams Organizations: Boeing, NASA, International Space Station, FAA, Service, Defense, Boeing's, International Space, Space Center, ISS, Max, NTSB, AP, Alaska Airlines, United Airlines, Federal Aviation Administration, Department of Justice, Atlas, Cape Canaveral Space Force, Space Transportation, New York Times, Leeham, Business, Ethiopian, Ethiopian Airlines, Aerospace, Committee, White, Bill Ingalls NASA, US, Spaceflight Locations: Portland, Florida, It's, New Mexico
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOur credit numbers continue to be best in class, says American Express CEOSteve Squeri, American Express Chairman and CEO, joins 'Mad Money' host Jim Cramer to talk generational trends in spending, the state of the consumer, and much more.
Persons: Steve Squeri, Jim Cramer Organizations: American Express
American Express CEO Steve Squeri sits down with Jim Cramer
  + stars: | 2024-04-30 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerican Express CEO Steve Squeri sits down with Jim CramerSteve Squeri, American Express Chairman and CEO, joins 'Mad Money' host Jim Cramer to talk generational trends in spending, the state of the consumer, and much more.
Persons: Steve Squeri, Jim Cramer Steve Squeri, Jim Cramer Organizations: American, American Express
American Express CEO Steve Squeri told CNBC's Jim Cramer on Tuesday how the company attracted more Millennial and Gen Z customers, saying the cohort made up 60% of new card acquisitions during the last quarter. Squeri said American Express realized that attracting younger clientele was a "key thing" for the company, so it was important to offer cards with a high enough value proposition for that group. Younger card holders create a greater "lifetime value" than older ones, as they will continue to use their American Express cards as they age, he added. "We used to go after them with a no-fee card, but a no-fee card didn't have a lot of benefits—that's why you pay no fee for it," Squeri said of Millennials and Gen Z. The younger customer base is also growing because more merchants accept American Express cards than in previous years, Squeri added.
Persons: Steve Squeri, CNBC's Jim Cramer, Squeri, Millennials, who's, Amex Organizations: American Express
While a market correction can be bad for a portfolio, CNBC Pro has some ideas for how to weather a downturn. The average analyst surveyed by LSEG also has a buy rating with an upside showing shares can rally about 18% in the next year. In addition to having a buy rating, the typical analyst polled by LSEG anticipates shares climbing nearly 21%. It also has the second-highest earnings per share growth rate at nearly 265%. But the average analyst has a buy rating on the stock with a price target suggesting shares can jump nearly 16%, per LSEG.
Persons: catalyzing, Ventas, LSEG, Steve Sakwa, Sakwa Organizations: CNBC Pro, Gross, Dow Jones Industrial, Nasdaq, Resorts
CNN —After years of delays and a dizzying array of setbacks during test flights, Boeing’s Starliner spacecraft is finally set to make its inaugural crewed launch. “This is history in the making,” NASA Administrator Bill Nelson said of the upcoming Starliner mission during a March 22 news conference. Missteps riddled a Starliner test flight the prior year, leaving NASA and Boeing officials scrambling to figure out what went wrong. SpaceX’s Crew Dragon has been flying routine trips ever since, carrying NASA astronauts and even paying customers and tourists. On May’s inaugural crewed flight, Boeing will instead use a “perfectly acceptable mitigation” that should prevent the valves from sticking, Nappi said in March.
Persons: CNN —, Suni Williams, Butch Wilmore, , Mark Nappi, , we’ve, Ken Bowersox, SpaceX’s, Bill Nelson, “ We’re, Boeing’s Starliner, Bob Behnken, Doug Hurley, Steve Stich, we’re, ” Nappi, Stich, Nappi, — Williams, Wilmore, , ” Wilmore, Williams Organizations: CNN, NASA, International, Boeing, SpaceX, International Space, Alaska Airlines Locations: Florida, , Starliner’s
This story is available exclusively to Business Insider subscribers. AdvertisementA representative for Sternlicht told Business Insider the house was to be demolished but did not provide further comment. The tony island of Nantucket is a favorite among billionaires like former Google CEO Eric Schmidt and Blackstone leader Steve Schwarzman. "Erosion takes out houses, roads, infrastructure, sewer beds, even airport runways," he told Business Insider. Despite the island's propensity for natural destruction, the town has strict rules regarding what structures owners can take down.
Persons: Barry, Sternlicht, Forbes, Shelly Lockwood, tony, Eric Schmidt, Steve Schwarzman, James Pallota, Pallota, Lockwood, Brendan Maddigan, Steven Cohen, Cohen Organizations: Service, Billionaire, Business, Sternlicht, Nantucket Current, Blackstone, Celtics, Boston Globe Locations: Nantucket
“To me, success is impeachment from the House,” GOP Rep. Brian Mast said. Comer’s co-leads, House Judiciary Chairman Jim Jordan and House Ways and Means Chairman Jason Smith, are also fully behind the work. I don’t think that’s an impeachable offense,” GOP Rep. Jodey Arrington said. Even GOP Rep. Darrell Issa remarked after the first hour of questioning that Hunter Biden was prepared for the interview. There’s an election in seven months from now,” GOP Rep. Nick LaLota, who represents a New York district Biden won in 2020, told CNN.
Persons: James Comer, Joe Biden, , Comer, Biden, “ Comer, Jesus, Alejandro Mayorkas, Comer –, , Anna Paulina Luna –, Hunter Biden, it’s, ” Luna, , missteps, Brian Mast, Mike Johnson, Comer’s, Jim Jordan, Jason Smith, ” Johnson, Steve Scalise, Elise Stefanik, Kevin McCarthy, ” Bruce Dubinsky, McCarthy, Samuel Corum, Johnson, Jodey Arrington, Darrell Issa, , Doug LaMalfa, Mayorkas, Tony Gonzales, Austin Scott, ” Comer, Donald Trump, Jordan, doesn’t, There’s, Nick LaLota, Jamie Raskin, Raskin Organizations: Washington CNN —, Republican, CNN, Kentucky Republican, Homeland, Biden, GOP, Republicans, Getty, White, Democratic, , Department of Justice Locations: Kentucky, , Washington , DC, , Texas, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email25% of all critical minerals needed for energy transition are in Latin America: OLADEAndrés Rebolledo, executive secretary of Latin American energy organization OLADE, discusses the energy sector with Steve Sedgwick at the World Energy Congress.
Persons: Rebolledo, Steve Sedgwick Organizations: World Energy Congress Locations: America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWorld Energy Council Secretary General says there's no single pathway to the transitionAngela Wilkinson, secretary general of the World Energy Council, speaks to CNBC's Steve Sedgwick from the sidelines of the 26th World Energy Congress in Rotterdam.
Persons: there's, Angela Wilkinson, Steve Sedgwick Organizations: World Energy, World Energy Council Locations: Rotterdam
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere is no progress without peace in the Middle East, says Lebanon's energy ministerSpeaking to CNBC's Steve Sedgewick at the World Energy Congress, Walid Fayad, Lebanon's energy minister, discusses the geopolitical tensions in the Middle East and the region's energy outlook.
Persons: Steve Sedgewick, Walid Fayad Organizations: World Energy
Speaker of the House Mike Johnson, R-La., conducts a news conference in the U.S. Capitol after the House passed the foreign aid package rule on Friday, April 19, 2024. The bills earmark over $60 billion for Ukraine aid, more than $26 billion for Israel and over $8 billion for Taiwan and Indo-Pacific security. The House's approval is a critical next step for foreign aid, which has been in limbo since President Biden first proposed it in October. Despite that looming political backlash, Speaker Johnson was persuaded to revisit the foreign aid package after Iran's attempted strike on Israel last weekend. In response, Johnson put the foreign aid package at the top of the House's agenda.
Persons: Mike Johnson, Joe Biden, Johnson, Leader Jeffries, Biden, Chuck Schumer, Volodymyr Zelenskyy, China's, Marjorie Taylor Greene, Greene, Iran's, Johnson's, Steve Scalise Organizations: U.S, Capitol, United States House, Representatives, Democrats, Republicans, Rep, NBC News Locations: Ukraine, Israel, Taiwan
London's O2 Arena is one of the world's busiest and sold a record 2.5 million tickets last year. The venue is managed by Steve Sayer, a music fan who previously worked for Manchester City. The O2 Arena presents comedy, boxing, UFC, esports and even monster trucks as well as music. AdvertisementIt may not be the world's most famous, but London's O2 Arena is now one of the busiest. Elton John on his "Farewell Yellow Brick Road" Tour at the O2 Arena in April 2023.
Persons: Steve Sayer, , Tom Jones, James Bond, Jason Derulo, Luke Dyson Sayer, Ateez, Olivia Rodrigo, Noah Kahan, Prince, Sayer, Elton John, Monty Python, Adele, Simone Joyner, they're, Philip Anschutz, Dua Lipa, Karwai Tang, Joseph Okpako, there'd, that's, Madonna, Kevin Mazur AEG, It's, Liam Gallagher, Girls, Billy Joel's Organizations: London's O2, Manchester City, O2 Arena, UFC, Service, O2, AEG, London, AEG Europe, Billboard, The O2, WWE, Gorillaz, National Health Service, Qatar Airways, Madison Locations: Manchester, Paris, Berlin, Hamburg, Dua, London, New, COVID
Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.
Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBig Tech layoffs aren't helping commercial real estate demand, says Evercore's Steve SakwaSteve Sakwa, senior equity research analyst at Evercore ISI, on what's next for commercial real estate, the impact of increasing return-to-office mandates, and more.
Persons: Steve Sakwa Steve Sakwa Organizations: Evercore ISI
Still, sources believe Emmer is working to improve his stock inside both the House GOP and MAGA world, and keeping his options open for the future. Others who could be waiting in the wings: House Majority Leader Steve Scalise, who also previously ran for speaker, and House GOP Conference Chair Elise Stefanik, a top Trump ally. During the press conference, Johnson got some key backup from the former president. And a large swath of the House GOP conference agrees. Louisiana GOP Rep. Garret Graves warned against the idea of ousting Johnson without another speaker candidate waiting in the wings.
Persons: Mike Johnson’s, Tom Emmer, Emmer, Donald Trump –, Trump, “ Tom, , Dan Meuser, , Meuser, , Neither, MAGA, Jim Jordan, Jordan, Johnson, Steve Scalise, Elise Stefanik, Kevin McCarthy, Thomas Massie of, Marjorie Taylor Greene, “ He’s, ” Greene, Greene, Emmer’s speakership, Johnson trekked, Marc Molinaro, Garret Graves, There’s, ” Graves, ” Jordan, ” Morgan Rimmer, Haley Talbot Organizations: CNN, GOP, Republican, Louisiana Republican, House Republicans, Minnesota Republican, Caucus, , Trump, House GOP, Ohio Republican, GOP Rep, Thomas Massie of Kentucky, Republicans, , “ Republican, Mar, Lago, New, New York Republican, Louisiana GOP Rep Locations: Pennsylvania, Ohio, Georgia, , Iowa, Minnesota, Louisiana, New York
When former President Donald J. Trump goes on trial on Monday in Manhattan, President Biden and his allies are not likely to say much. The media coverage will be constant, especially if Mr. Trump takes the stand, which he has floated as a possibility. Mr. Biden and his campaign have said nothing publicly about the criminal indictments against Mr. Trump, worried about improperly influencing the cases or stoking Mr. Trump’s repeated allegations — made without evidence — that Mr. Biden has engineered the charges. Many of the deep-pocketed outside Democratic groups supporting the Biden campaign are charting a similar path. When Mr. Trump goes on trial on Monday, he will be the first U.S. president to face criminal prosecution.
Persons: Donald J, Trump, Biden, Trump’s, , Alvin Bragg, , , Steve Schale, ” Mr, Stormy Daniels, Brandon Weathersby, He’ll, Biden won’t, they’re, Donald Trump, Suzan DelBene, ” Lisa Lerer, Ruth Igielnik, Michael Gold Organizations: White, Mr, Democratic, Biden, PAC, New York Times, Siena College, Philadelphia, Republican Party, House Democrats Locations: Manhattan, Michigan , Pennsylvania, Wisconsin, Pennsylvania, Scranton, Pa, Pittsburgh, Washington
Iran launched hundreds of drones, ballistic missiles and cruise missiles at Israel in the attack. Israeli military chief Lt. Gen. Herzi Halevi said Monday that Israel is considering its next steps but that the Iranian strike "will be met with a response." Both men spoke at the Nevatim air base in southern Israel, which Hagari said suffered only light damage in the Iranian attack. The Iranian weapons also flew through Saudi skies, according to a map released by the Israeli military. Throughout the war, Israel has traded fire across its northern border with Lebanon's Iranian-backed Hezbollah militant group, while Iranian-backed militias in Iraq and Yemen have also attacked Israel.
Persons: Herzi Halevi, Israel, Halevi, Daniel Hagari, Hagari, Benjamin Netanyahu, Steve Scalise, Netanyahu, Jordan —, Halevia, Rishi Sunak, Emmanuel Macron, John Kirby, Kirby, Antony Blinken Organizations: Staff, Palestinian, Hamas, U.S, Seven, U.S . Central Command, Islamic, Hezbollah, Washington , U.S . National Security Locations: Gaza, Syrian, Damascus, Iran, Israel, U.S, Jordan, Saudi Arabia, Britain, American, France, Saudi, Iranian, Iraq, Yemen, British, Paris, Washington , U.S
Iranians are waving Iranian flags and a Palestinian flag as they celebrate Iran's IRGC UAV and missile attack against Israel on April 14, 2024. Iran rained a deluge of drones and missiles on Israel on Saturday night in response to a suspected Israeli strike that killed top Iranian officials in Syria, in a deep escalation of Middle East tensions. Last night marked the first instance of a direct attack on Israel from Iranian territory. Iran vowed revenge after a suspected Israeli strike on an Iranian consulate in Damascus, Syria, on April 1, which killed several top Iranian military commanders. The European Union has blasted Tehran's offensive: "The EU strongly condemns the unacceptable Iranian attack against Israel," EU High Representative Josep Borrell said late Saturday on social media.
Persons: Israel, Daniel Hagari, Bashar al, , Iran's, Mohammad Bagheri, Gilad Erdan, Josep Borrell, Joe Biden, Washington, Steve Scalise, Mitch McConnell Organizations: Israel, Israel Defense Forces, Hamas, Yemeni, Guards, Islamic Republic News Agency, . Security, Iranian Revolutionary Guard Corps, European, EU, Biden, , U.S . House, Republican Locations: Iran, Israel, Syria, Iraq, Yemen, Lebanon, Strait, Hormuz, Gaza, Iranian, Damascus, France, Ukraine, U.S
Pictured here is a real estate project under construction in Huai 'an city, Jiangsu province, China, on April 8, 2024. BEIJING — China needs to convince people that home prices are on their way up in order for economic activity to pick up, Richard Koo, chief economist at Nomura Research Institute, told CNBC's Steve Sedgwick last week. In other words, as Koo warned last year, China may be entering a "balance sheet recession," similar to what Japan experienced during its economic slump. "For them to come back and borrow money, we need a narrative that says, okay, this is the bottom of the prices, the prices will start going up from this point onwards," Koo said. Koo and other analysts have pointed out that in China's policy-driven economy, house prices have not fallen as much as expected given declines in other aspects of the property market.
Persons: Huai, Richard Koo, CNBC's Steve Sedgwick, Goldman Sachs, Koo, " Koo Organizations: Nomura Research Institute, Japan Locations: Jiangsu province, China, BEIJING
And if there’s one of the four criminal trials that Trump would prefer to take place first, it’s this one. But there is a clear trend of him using frivolous legal challenges to slow the road to trials. With only four weekdays until the New York trial begins, the chances that it will be further delayed are fading fast. If he’s reelected, Trump would regain presidential powers that would allow him to stall or even end the federal case against him completely. “There is no democracy without robust and uninhibited freedom of expression,” Trump attorney Steve Sadow said in a statement.
Persons: Donald Trump, , Trump, he’d, , Judge Juan Merchan, , they’ve, Stormy Daniels, can’t, Joe Biden, Biden, couldn’t, “ Trump, He’s, Jack Smith, Smith, ” Smith, he’s, Smith’s, Aileen Cannon, ” Trump, Steve Sadow, Scott McAfee, Lizbeth González Organizations: CNN, Republican, Trump, Prosecutors, GOP Locations: Manhattan, New York, York, Trump, Chicago, Washington, Florida, Georgia, Fulton County, Washington , DC
Goldman Sachs Chief Economist Jan Hatzius on Friday said he still expects the Federal Reserve to implement three interest rate cuts, adding that he would be "very surprised" if the U.S. central bank ultimately decided no trims at all were necessary. His comments come shortly after Minneapolis Fed President Neel Kashkari became the latest high-profile official to float the possibility of zero rate cuts before the year's end, if inflation remained sticky. "If we continue to see inflation moving sideways, then that would make me question whether we need to do those rate cuts at all," Kashkari said on Thursday during an interview with Pensions & Investments. Separately, Fed Chair Jerome Powell said earlier in the week that it would take a while for policymakers to evaluate the current state of inflation, leaving the timing of potential interest rate cuts uncertain. Speaking to CNBC's Steve Sedgwick on the sidelines of the Ambrosetti Forum on Friday, Goldman Sachs' Hatzius said he was bullish on the outlook for the U.S. economy.
Persons: Goldman, Jan Hatzius, Neel Kashkari, Kashkari, Jerome Powell, Steve Sedgwick, Goldman Sachs, Hatzius, I'm, we've Organizations: Reserve, Minneapolis, Pensions, Investments Locations: U.S
Decades of trade deficits and a strong dollar created too many "losers" in the U.S. economy who turned to Donald Trump's protectionist policies, according to Richard Koo, chief economist at the Nomura Research Institute — and those conditions remain. Trump's "America First" economic policies led his administration to institute a slew of trade tariffs on China, Mexico, the European Union and others, including slapping 25% duties on imported steel and aluminum. These policies have drawn widespread criticism from economists, who argue that tariffs are counterproductive, as they make imported goods more expensive for the average American. "When we studied economics and free trade, in particular, we were taught...that free trade always creates both winners and losers in the same economy, but the gain that winners get is always greater than the loss of the losers, so the society as a whole always gains. So that's why the free trade is good," he noted.
Persons: Donald Trump, Jonathan Diller, Donald Trump's, Richard Koo, Trump, Steve Sedgwick, Koo Organizations: U.S, New York City Police Department, NYPD, Nomura Research Institute, European Union, Republican Locations: New, Rockaway, Queens, Massapequa Park , New York, U.S, China, Mexico
The U.S. Federal Reserve has become too data dependent and has lost sight of its overall strategy, Mohamed El-Erian, chief economic adviser at Allianz, said Friday. The economist told CNBC that a longer-term, more strategic outlook could see policymakers settle on a new inflation target of closer to 3%. "Rather than be strategic, this Fed is overly data dependent, and has turned into a play-by-play commentator," El-Erian told CNBC's Steve Sedgwick at the Ambrosetti Spring Forum in Italy. "The Fed should be strategic, the Fed should provide a strategic anchor, a stabilizer." The U.S. Federal Reserve did not immediately respond to a CNBC request for comment.
Persons: Mohamed El, Erian, CNBC's Steve Sedgwick, That's Organizations: U.S . Federal Reserve, Allianz, CNBC Locations: Italy
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