Travel Rewards Programs Now: Too Many Points, Not Enough Seats

Citigroup mistakenly credited $81 trillion instead of $280 to a customer's account in April 2024, a transaction caught and reversed by a third employee 90 minutes later. The error, exceeding the GDP of every country, was disclosed to U.S. regulators, with no funds leaving the bank. This incident follows previous inputting errors at Citigroup, including a $900 million payment to Revlon creditors, leading to fines and regulatory scrutiny. Full Article

President Trump has issued a barrage of tariff threats in his first month in office, citing various reasons such as national security and economic protection, including the goal of generating revenue for tax cuts and balancing the federal budget. However, trade experts argue that these goals are contradictory and may undermine each other. The use of tariffs as leverage in international negotiations could also complicate matters, potentially leading to a reduction in revenue and discouraging...

Growth has stagnated and job vacancies are declining, while inflation is rising, making it difficult for the Bank of England to cut interest rates. Chancellor Rachel Reeves faces upcoming challenges, including a rise in employers' national insurance, stamp duty, and the end of business rates relief for pubs and hospitality businesses. Trump's tariffs on Europe could further impact the UK's largest export market. Reeves should consider phasing in the NI rise, reforming business rates, and...

HP Inc. is taking proactive measures to address potential tariffs on goods made in China, including relocating manufacturing operations and increasing inventory purchases. These actions are aimed at minimizing the impact of the expected tariffs on the company's operations and bottom line. HP Inc. is strategically preparing for the looming tariffs by making strategic moves to mitigate any potential disruptions in its supply chain. Full Article

Delegates at U.N. biodiversity talks in Rome made modest progress on measures to support nature, addressing unprecedented global biodiversity losses while facing geopolitical changes. Developing countries pushed for a new fund to mobilize $200 billion yearly by 2030, resulting in a compromise on a fund decision. The U.S. absence and cuts in biodiversity funding raised concerns, as stakeholders highlighted the urgent need for financial support to avert a biodiversity crisis and prevent devastating extinctions. Full...

Roula Khalaf, Editor of the FT, curates Unlock the Editor’s Digest, featuring top stories like OpenAI's launch of GPT-4.5, a large AI model with reduced hallucination rates. Amidst fierce competition in the AI industry, OpenAI continues to invest in large models despite potential cost challenges, and is considering limiting developer access to GPT-4.5 due to high operational expenses. Chief executive Sam Altman notes the model's high cost to train and run, emphasizing its unique intelligence...