With A Torrent Of Lyrics, Daring The Fans To Keep Up At a time when indie bands and their devotees are worried about short, blog-enabled cycles of hype and backlash, the Fiery Furnaces have decided to reward their fans by overwhelming them.... Read Full Article Japanese Premier Makes Gift To War Shrine But Does Not Visit It is unclear if the action will be seen as a compromise that satisfies both Prime Minister Shinzo Abe’s conservative base and neighboring countries.... Read Full Article U.S. Intensifies Efforts To End Deadly Conflict In Kenya The American embassy in Kenya notified 10 politicians and businessmen that they and their relatives would be denied entry into the U.S. if it was determined they had instigated or taken part in violen... Read Full Article Music Review: Birds Sing, Glasses Wail, Storms Rage, Seas Toss Among the great pleasures of regularly attending concerts is the occasional encounter with a performance that far surpasses expectations. The concert by the Juilliard Orchestra at Avery Fisher Hall on... Read Full Article World Cup Roundup: Victory Gives Brazil Date With The U.S. Cristiane scored in the 75th minute to give Brazil a 3-2 victory against Australia on Sunday. Brazil advanced to its first berth in the semifinals of the women’s World Cup.... Read Full Article |
Blackstone Loss Hits $100m As Crunch Bites$Blackstone, the publically traded US private equity and property firm, today admitted that it had lost more than $100 million during the first quarter as the credit crunch depressed revenues across the group. The firm said: The duration of current economic conditions is unknown, as it reported a $93.6 million loss in the three months to March 31, 2008, reflecting a fall in the value of its assets, compared to a $957.8 million profit in the first three months of 2007. Blackstone also disclosed a steep fall in revenues, down from $1.23 billion last year to $32.3 million in the first quarter. The most pronounced decline was in corporate private equity where Blackstone said that revenues fell from a $208.9 million gain in the first quarter last year to a fall $116.7 million fall from January to March. The group revealed that revenues from its real estate division plunged by 94 per cent to $47.9 million while Blackstones Marketable Alternative Asset Management division, which houses its hedge fund business, reported an 81 per cent fall in revenue. Financial advisory revenues fell 24 per cent to $71.2 million. Related Links Private equity is heading back to the market Citigroup set to sell debt to private equity firms Blackstone and Cenkos fight for Close BrothersThe firm said: Reduced liquidity, which was evident in the second half of 2007, also accelerated in the first quarter of 2008. Lenders severely restricted substantially limited new commitments to senior loans and high yield debt, which limited industry-wide leveraged acquisition activity levels in both corporate and real estate markets. Recently announced private equity-led acquisitions have mostly been smaller in size and global completed mergers and acquisition activity declined. Tag CloudExternal InformationAdditional InformationSports World man comes in from touchlines to discuss sale or float...Frontier Airlines Files for Bankruptcy... Ex-Home Depot Chief Taking Reins at Chrysler... Retailers profits rise as shopping spree continues... Where Am I?News Main Page - Business - Blackstone Loss Hits $100m As Crunch Bites$ |
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