45.15 +0.11 (0.24%)
Pre-Market: 9:18AM EDT
|Bid||45.11 x 800|
|Ask||45.55 x 1800|
|Day's Range||44.70 - 45.61|
|52 Week Range||26.88 - 45.64|
|Beta (3Y Monthly)||1.61|
|PE Ratio (TTM)||18.50|
|Earnings Date||Jul 17, 2019 - Jul 22, 2019|
|Forward Dividend & Yield||1.48 (3.29%)|
|1y Target Est||46.09|
(Bloomberg) -- The Trump administration will roll out the first part of its long-awaited Middle East peace plan, which aims to raise billions to help Palestinians and other Arabs in the region. Top Trump officials and business leaders will attend the unveiling of the plan, spearheaded by Jared Kushner, the president’s son-in-law, at a summit Tuesday in Bahrain.Speakers at the investment summit will include business leaders including Stephen Schwarzman, chairman of Blackstone Group, Randall Stephenson, chairman of AT&T, and Tom Barrack, chairman of Colony Capital Inc., as well as World Bank President David Malpass and IMF Managing Director Christine Lagarde, according to an administration official who declined to be identified because the details aren’t yet public.On hand from the administration will be Treasury Secretary Steven Mnuchin, special envoy Jason Greenblatt, Brian Hook, U.S. special representative for Iran, and Kevin Hassett, the outgoing chairman of the Council of Economic Advisers, and others.The White House on Saturday unveiled a proposal to raise more than $50 billion in investments for the Palestinians, the centerpiece of the Bahrain meeting and the peace plan. Palestinian officials plan to skip the event and have criticized the U.S. approach to focus first on the investment plan.Global Investment FundTrump pledged not long after his election to find the “ultimate deal” between Israel and the Palestinians. Since then, Palestinians have since essentially broken off contact, saying Trump’s strong ties to Israel do not make him an honest broker.The 40-page document from the Trump administration includes the creation of a global investment fund that the U.S. hopes will lift Palestinian and neighboring Arab state economies.The Kushner-led initiative was created with no formal Palestinian consultation, and Palestinian officials rejected the U.S. model again on Saturday after the plan was revealed.“A-B-C economics is that no monetary value can predicate or substitute economic sovereignty, which is the first requirement for prosperity,” said Hosam Zomlot, the Palestinian Authority’s ambassador to the U.K. “Omitting Israeli occupation of Palestine is self-explanatory: the plan is designed to perpetuate it.”One Million JobsThe Kushner-led plan aims to facilitate more than $50 billion in new investment over 10 years with the aim of doubling the size of the Palestinian economy over that time, creating more than 1 million jobs and cutting the poverty rate in half.More than half -- $27.8 billion -- would go to Gaza and the West Bank. Egypt would get $9.2 billion, Jordan, $7.4 billion and Lebanon $6.3 billion.A signature project would be a $5 billion transportation network connecting Gaza to the West Bank designed to “fundamentally change the Palestinian economy,” according to the White House. It would include an interurban rail line linking many of the major cities of Gaza and the West Bank -- the two separate geographic areas that split Palestinians physically -- as well as connections to regional railways such as Jordan’s.Among more than 200 proposed programs and projects are $2 billion to expand the Palestinian internet, $1 billion to help develop the Gaza Marine natural gas field, and $900 million for hospitals and health care facilities to acquire and upgrade equipment.Foreign Direct Investment“Ultimately, this project has the potential to unlock unprecedented levels of trade, grow exports, and increase foreign direct investment in the West Bank and Gaza and its neighbors -- particularly Egypt, Israel, and Jordan,” according to the White House plan.Official delegations are expected in Bahrain from 21 countries including the U.S., Japan, Oman, Egypt, Jordan, Saudi Arabia, the United Arab Emirates, Qatar, Italy, U.K. and France, according to the administration official. Total countries represented are 39.“For too long the Palestinian people have been trapped in inefficient frameworks of the past. The ‘Peace to Prosperity’ plan is a framework for a brighter, more prosperous future for the Palestinian people and the region and a vision of what is possible if there is peace,” Kushner said in a statement.‘Lift the Siege’Hanan Ashrawi, a member of the PLO Executive Committee, criticized Trump’s approach to seeking a Middle East peace accord.“First lift the siege of Gaza, stop the Israeli theft of our land, resources & funds, give us our freedom of movement & control over our borders, airspace, territorial waters etc. Then watch us build a vibrant prosperous economy as a free & sovereign people,” Ashrawi said on Twitter.Left for later -- perhaps after Israel’s elections in September -- is the political component of the plan, U.S. proposals on long-unresolved questions such as the control of Jerusalem, the fate of Israel’s West Bank settlements and the Palestinians’ aspiration for their own state.In the development plan funds would also be set aside for improved courts and other elements of Palestinian governance, but with no reference independent statehood or the other contentious elements.(Updated to include Palestinian comment.)\--With assistance from Hailey Waller, Sebastian Tong, Michael S. Arnold and Fadwa Hodali.To contact the reporters on this story: Margaret Talev in Washington at email@example.com;Rich Miller in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Matthew G. Miller at email@example.com, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Previously called Howard Hughes Center, the West Los Angeles property has completed a $32 million renovation inspired by “the coast Southern California lifestyle.”
Co-working giant WeWork is leasing yet another office in Boston, this time a 117,000-square-foot, three-floor spot at 100 Summer St. WeWork will house 2,300 desks at the tower, which Blackstone owns through its EQ Office arm.
The two-bedroom brick house in the village of Dunchurch in central England looks much like any other freshly built home in the UK: newly turfed garden, mullioned windows, magnolia-painted walls waiting for pictures to be hung. The home is among those recently made available, in this case under a shared ownership deal, by Sage Housing, a fast-growing provider of affordable homes that is majority-owned by the US real estate giant Blackstone. Blackstone is among hundreds of companies — including private equity groups, fund managers, institutions, listed real estate groups and others — that see big business in affordable housing.
NEW YORK , June 20, 2019 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the "Company") today announced the pricing of an underwritten public offering of 7,500,000 shares of its ...
NEW YORK , June 20, 2019 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (NYSE: BXMT) (the "Company") today announced it has commenced an underwritten public offering of 7,500,000 shares of its ...
The Persian Gulf is Boiling Iran shot down a US drone in the Straits of Hormuz, the narrowest point of the Persian Gulf, the biggest oil shipping lane in the world. The Iran Revolutionary Guards claimed credit for the move, the first time the country has admitted to playing a role in blowing something up […]The post Market Morning: Iran Downs Drone, Gold Breaks Through, Mexico Approves USMCA appeared first on Market Exclusive.
(Bloomberg Opinion) -- Stephen Schwarzman didn’t become a billionaire by wasting money. The Blackstone Group LP co-founder had better make sure that Oxford University doesn’t squander his record 150 million-pound ($189 million) gift to construct a new building.Predictably, the donation has been met with online criticism of the donor for making money from private equity and for not giving the cash to more worthy causes. Oxford has also been attacked for accepting the bounty. This is misplaced. Fortunes aren’t made by squirreling away pennies in savings accounts. Would the critics prefer Schwarzman spent it on himself?The gift, which will allow Oxford to gather most of its arts faculties in one place as well as house a new center for the study of ethics in artificial intelligence, is a welcome endorsement of the value of humanities in modern education, as the university says. It also shows that Oxford can raise serious money privately, something it may have to do more of.Oxford has in recent years undertaken several large building projects that were delivered successfully. It is accustomed to seeing that large donations are well spent. But this benefaction is on another scale.There must be concerns. The use of proceeds here isn’t an obvious priority. The university’s arts faculties already have homes, but this project will give them a new shared one, with additional resources such as a theater and broadcast studio. That’s clearly an ideal setup. Collaboration and good ideas come when people bump into each other. What’s more, the facilities should enable Oxford to better compete for post-doctoral and academic expertise globally. Other U.K. universities, already at a resource disadvantage, can only look on with increasing despair.While the ethics of anything is a cause worthy of financial support, only a handful of new academic posts are being created. The University is having to launch a separate fundraising program to beef out the faculty.And it’s debatable whether this new facility will make the slightest difference to recruiting undergraduates. This highlights an important strategic question for Oxford. Does it wish to be a top center for research, or the world-leading university for undergraduate teaching? It is a myth that there is a causal relationship between the two.The big risk here is that Schwarzman’s gift is squandered by the uniquely dysfunctional governance of the university. The institution has three power bases – the central university, the faculties and the individual (and autonomous) colleges to which students and academics are attached. Straddling these are various committees, often with shared functions. It is a structure that is inimical to good decision-making, or often any decision at all.The creation of Oxford’s business school two decades ago was hampered by internal wrangling such as whether it could offer academics more than the standard university pay scale allowed to lure top talent from the likes of Harvard and Insead. Oxford has seen some reforms since then, but the fundamental framework persists.The scope for paralysis is high with so many departments involved and the project at such an early stage. This being Oxford, the likelihood is that no single individual will have full power over how the money is spent. One committee, though, will oversee the project, chaired by David Prout, the former boss of Britain’s HS2 high-speed rail project. Hopefully, this panel will be able to make decisions like a corporate board.Schwarzman’s building will go up one day and will be a welcome addition. But the drama is likely to be as much in its construction as in its spaces for the performing arts.(Updates to add recent building projects in fourth paragraph and committee chairman in penultimate paragraph.)To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: Edward Evans at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Stephen Schwarzman gave the University of Oxford its largest donation since at least the Renaissance, even though the Blackstone Group LP co-founder never studied there.The 150 million pounds ($188 million) contribution will help pay for a new humanities building and the creation of an institute to study the ethics of artificial intelligence, Oxford said in a statement. The Schwarzman Centre will be within the Radcliffe Observatory Quarter, just north of the city center, and will feature a 500-seat concert hall and 250-seat auditorium.The ethics institute “won’t just use the humanities, which are an unusual asset of Oxford,” Schwarzman said in a Bloomberg TV interview Wednesday. “We’ll use the other major parts of the university. If you can bring all that to bear, we’ll have better outcomes.”The private equity billionaire studied at Yale University and then got an MBA from Harvard Business School. He emerged as a major philanthropist in 2008 with a $100 million gift to the New York Public Library. In October, he gave $350 million to help establish a college of computing at the Massachusetts Institute of Technology. His name also will be on a campus center at Yale, and he created the Schwarzman Scholars program at Tsinghua University in Beijing to educate future global leaders about China.Fundraising EffortsThe size of the donation is unusual for U.K. universities, whose fundraising efforts trail their counterparts in the U.S. When hedge fund manager David Harding gave 100 million pounds to Cambridge University in February, it was at the time the biggest single private gift to a U.K. college from a British philanthropist. The nation’s universities have collectively received about $1 billion a year on average from donors since 2007, according to data compiled by Bloomberg.Schwarzman’s gift exceeds the 75 million pounds that British venture capitalist Michael Moritz donated to Oxford in 2012. Microsoft Corp. co-founder Bill Gates and his wife, Melinda, hold the title for the biggest private donation to a U.K. university after giving $210 million to Cambridge in 2001 to fund a scholarship program.Schwarzman, 72, is worth $15.2 billion, according to the Bloomberg Billionaires Index. Since founding Blackstone in 1985 with former Lehman Brothers Holdings Inc. boss Peter Peterson, he’s collected more than $5 billion alone from a combination of stock sales, dividends and compensation. Blackstone had more than $500 billion of assets under management at the end of March, according to its website.Oxford HistoryTeaching in Oxford dates back to at least 1096, according to the university’s website. It was formally recognized by the early 13th century and has educated 27 British prime ministers, including Theresa May and her potential successor Boris Johnson. Oxford has an endowment fund with almost 3.5 billion pounds of assets under management.The donation is designed to also launch a fundraising campaign. Schwarzman said Brexit won’t affect the work his gift is intended to foster.“Things in the short term are not nearly as important as what we’re trying to do in the long term,” he said. “From my perspective on this gift, what’s important is we set up the right structure for 100 years, 200 years.” \--With assistance from Francine Lacqua.To contact the reporters on this story: Ben Stupples in London at firstname.lastname@example.org;Heather Perlberg in Washington at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Patrick Henry, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
FT subscribers can click here to receive FirstFT every day by email. Donald Trump and Xi Jinping are to hold a bilateral meeting later this month at the G20 summit in Japan. The two men spoke on the ...
The head of private equity firm Blackstone has pledged 150 million pounds ($188.37 million) to Oxford University, the biggest single donation in its history, to fund a center for humanities that would also house an institute to study the ethics of artificial intelligence. Stephen Schwarzman, chairman, chief executive and co-founder of Blackstone which has about $500 billion in assets, said the donation would fund the Schwarzman Centre that would support programs ranging from history to music.
In the latest trading session, Blackstone Group (BX) closed at $43.39, marking a -1.92% move from the previous day.
While higher costs are likely to hurt Blackstone's (BX) profits, its inorganic growth efforts and continued asset inflows will aid top line.
Stephen Schwarzman, one of America’s richest businessmen, has given Oxford university its largest single donation in modern history by providing it with £150m, it was announced on Wednesday. The chairman, chief executive and co-founder of Blackstone, the world largest’s private equity firm, said his £150m donation to Oxford was “complementary” to his $350m contribution last year to the Schwarzman college of computing at the Massachusetts Institute of Technology, which he considered the best AI research centre. Mr Schwarzman, who was estimated last year by Forbes to be worth $12.4bn, told the Financial Times that his contribution to Oxford would help bring its “world leading expertise on ethics and philosophy” to AI.
Moody's Investors Service today affirmed the Baa3 rating assigned to Sabine Pass Liquefaction LLC's (SPL) senior secured bonds as well as the Ba2 Corporate Family Rating (CFR) and Ba2 rating assigned to Cheniere Energy Partners, L.P's (CQP) senior unsecured notes. The outlooks for SPL and CQP are stable.
Moody's Investors Service ("Moody's") assigned a B1 to Michaels Stores, Inc.'s proposed 8 year $500 million senior unsecured note offering. Moody's affirmed Michaels' Ba2 Corporate Family rating, Ba2-PD Probability of Default ratings, and Ba2 senior secured rating. "This refinancing extends Michael's debt maturity ladder in a leverage neutral transaction thereby improving the company's overall credit profile".
(Bloomberg) -- What does Wall Street do before disappearing for a few months of golf, tennis and beach-side soirees?Binge on benefits, of course. Because there’s no better way to earn some rest and relaxation than by enduring lukewarm entrees, too-long speeches and too many air kisses, all while raising money for nonprofits.Not to be jaded or anything. As Robert Steel said of his recent binge, attending an event for Hospital for Special Surgery, which he serves as a co-chairman with Thomas Lister of Permira, “They’re like my children, I love them all.”One advantage of New York this time of year is that some of the benefits are outdoors. The Public Theater convened with roller skaters at the Delacorte Theater where it presents Shakespeare. Palm trees swayed in light Bronx breezes as the New York Botanical Garden raised almost $2.2 million and honored Chairwoman emerita Maureen Chilton.The Wildlife Conservation Society, which runs the Bronx Zoo, went south to the Central Park Zoo, where the sea lions squealed and fed on fish.That wasn’t wild enough for Paul Tudor Jones.“One day -- it’s on my bucket list -- I want to go up to the Arctic and see a polar bear,” Jones said. “I have a huge spot for them in my heart because they’re always hungry looking for something to eat. I want them to find a washed-up whale and eat forever.”Julian Robertson said he’d gone eye-to-eye with his dog Bear earlier in the evening, while Averell Harriman Mortimer reminisced about the flying squirrels he kept as a kid in his Manhattan apartment.“Running Goldman Sachs equipped me for dealing with all species and manners of wildlife,” Lloyd Blankfein said.“Some of whom are endangered,” added Goldman Sachs lead director and private equity investor Adebayo Ogunlesi.In the Summer Garden & Bar at Rockefeller Center, Leon Black and his wife, Debra, joined Mike Milken and more than a thousand leveraged-finance professionals at a benefit for the Melanoma Research Alliance, which the Blacks founded. Then he presided at the Museum of Modern Art’s Party in the Garden to honor Alice Tisch and others. A day later, Black was at the Central Park Conservancy’s Taste of Summer, where Italian bistro Sistina served ravioli.The most important stat on his gala scorecard?“We’re up more than 20%,” Black said at the melanoma event, crediting Jeff Rowbottom of PSP Investments and Brendan Dillon of UBS for helping raise $2.4 million. The alliance’s funding has played a role in 12 drugs that received government approval.Andrew Tsai of Chalkstream Capital Group (named for the rivers in England where he learned fly fishing) said breakthroughs in treating skin cancers are leading to therapies for other types of the disease. He’s working to make that happen as co-chairman of the Cancer Research Institute, which has focused on immunotherapy for more than 50 years.“I want to make sure we do not stop until every single cancer type has been addressed in a significant way,” Tsai said at the institute’s Through the Kitchen benefit, where guests served themselves from buffets set up in the kitchen of the Pool & the Grill, then dined at comic strip-themed tables (Ken Langone sat with a cardboard cutout of Betty Boop).During dinner at the French consulate for the Pershing Square Sohn Cancer Research Alliance, Bill Ackman committed $4.2 million to seven investigators, including Yael David, who studies how cancer cells react to sugar.As for those speeches, some managed to cut through the chatter.For an audience including David Einhorn and Marc Spilker, outgoing New 42nd Street President Cora Cahan described how the rigor of her modern dance career guided her in bringing a theater for families -- the New Victory -- to a seedy block.“Every day you dared not be satisfied,” she said. “And the next day you tried to do it all a little bit better, a little bit deeper, and a little bit higher.”The transformation of the New York Public Library, a few blocks east on 42nd Street, was also celebrated when Carnegie Hall presented its Medal of Excellence to Vartan Gregorian, head of the Carnegie Corporation.Author Robert Caro recalled what it was like to write “The Power Broker” at the library in the early ’70s, when hours were being cut, plywood covered marble and soot hid the beauty of the facade. He said things changed in the ’80s when Gregorian became the library’s president, which Caro discovered when he pulled up to the library with his wife to attend a gala.“There were three guys standing there in red English hunting coats, holding French horns,” Caro said. “As Ina and I got out of the car, they blew a fanfare.”Singer Lizzo blew out a speaker while performing at a UJA-Federation of New York benefit and she was even better without it at the event honoring IHeartRadio executives.Ethan Hawke, who appeared at a benefit for the Brooklyn Academy of Music, cut to the chase. “If a place like BAM doesn’t exist, then the mental health of all of NYC is deteriorating,” Hawke said.He could have been speaking at any number of fundraisers around town: the one for Prep for Prep that raised $3.8 million honoring Paul Taubman, the Moth Ball supporting the therapeutic process of storytelling where guests included Adam Dell and Scott Lawin, the 92nd Street Y benefit with seven dinners highlighting a different way the institution serves the community (from summer camps to jewelry classes; Thomas Kaplan hosted one on foreign affairs).Robert Smith emphasized the power of live music to level the playing field. The Apollo Theater’s stage is a meritocracy because “regardless of who you are or where you came from, by the end of the set, you know exactly how good you are,” he said in a video that played at a benefit for the Harlem venue.On another night, Smith joked he and guests had finally made it by getting to have dinner on the stage of Carnegie Hall. But then he clarified. “For us, making it isn’t just dining on the stage,” he said. “It’s taking this hall to thousands of people every single year through the artistic and educational programming that we’ve been able to build, support and sustain.”\--With assistance from Sophie Alexander.To contact the reporter on this story: Amanda Gordon in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven CrabillFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
With institutional capital's flight from hedge funds into the private equity sector, expect blue chip firms like Blackstone (BX) to continue to increase raise enormous funds, suggests John Freund, income and growth specialist and editor of BullMarket Report.
With patience and skill, Blackstone Group CEO Stephen Schwarzman helped build an alternative-investment powerhouse that soon will be available to a much larger universe of investors.
NEW YORK, June 14, 2019 /PRNewswire/ -- Blackstone Mortgage Trust, Inc. (BXMT) today declared a dividend of $0.62 per share of class A common stock with respect to the second quarter of 2019. Blackstone Mortgage Trust (BXMT) is a real estate finance company that originates senior loans collateralized by commercial real estate in North America, Europe, and Australia. Blackstone (BX) is one of the world's leading investment firms.
GSO Capital Partners, Blackstone’s (BX) credit platform, today announced the final closing of the GSO Energy Select Opportunities Fund II strategy (“the Fund”), at $4.5 billion. With strong support from both existing and new investors, the Fund is among the largest dedicated energy-focused credit funds in the market. GSO sourced commitments from a global investor base, including U.S. state, corporate and international pension funds, financial institutions, endowments, foundations and family offices.
Residential appraiser Ryan Lundquist said he was intrigued when he spotted about 10 Blackstone-owned homes for sale this month locally.
Investors seeking financial stocks that can outperform amid the market's crosscurrents in 2019 might consider eight financial services companies in industries such as exchanges, property insurance, alternative asset management, and mortgages. While banks are currently rebounding in the latest rally, their profits are likely to be pressured by an inverted yield curve that will squeeze earnings.