blackstone, he joined blackstone straight from college, and he joined their mergers and acquisitionst to help their list eight efforts at the time, and yes built that business to blackstone's largest asset and manages 150 billion. deal is a $39 billion hilton that is one of the most successful from a return perspective from the firm, so yes had this hands not only building in this business from scratch, but also with some of the most successful deals blackstone has ever had. he has been on the board for a couple of years now, so the succession has been a long time coming. there are many qualified candidates at blackstone, a deep bench of potential successors, but this is the one at the forefront of people's minds for some time now. julia: what do you think is his biggest challenge? he brought incredible real estate business of assets -- but what you think is big challenge is going to be going forward? >> he certainly has his hands full, not only managing the world's largest private equity firm, it includes their hedge funds group, the credit group, but they are extending to a number

shuffling around at blackstone. john gray has been promoted to president and ceo, and tony james will transition to executive vice chairman, a full-time role. -- is this it? >> this is a huge move. the world's largest private equity firm. this is -- tony james helped take the firm public in 2007. john gray is not taking over day-to-day responsibility and stepping into an executive vice chairman role. this is all breaking and we are digesting it as it is coming in. blackstone owns 5% of every company in the united states and it is only getting bigger. what significance is picking somebody who is a real estate expert for this role? is there any clue as to the direction blackstone might go in given john gray is now the person targeted to take over? equity is a misnomer when it comes to describing blackstone. real estate is its biggest business. john gray has been involved in a number of different parts of the firm for a few years now. yes, he leads this real estate division but he also has his hands a different aspects

blackstone dives deeper into some management changes.s is bloomberg. ♪ shery: this is bloomberg markets. vonnie: another management shakeup on wall street, and blackstone investment firm named john gray president and chief operating officer, and as he assumed his new role, tony jane williams transition to a new full-time role as executive vice chairman. kelly, us now is jason executive editor for global television. is this a succession plan without we should have? this has probably been one of the worst kept secrets in the world of private equity, john gray has long been considered the likely successor to tony schwarzman,o steve the founder, ceo, and chairman of blackstone. has this them wished the leading real estate investor, so this completes the puzzle for the private equity business as an industry transition to a new generation of leadership. shery: tell us a little about john gray. great is a fascinating figure because he has never worked anywhere else and came to blackstone at of the university of pennsylvania, the real estate bus

vonnie: that was the blackstone group chairman and ceo.et to washington dc to the economic club of washington. david rubenstein is having a micersation with the american chairman and ceo. the idea of put backs and mortgages and all the stuff, you only know about now because it happened. it is the theoretical debate. when it came back at you, it was really three aspects. cost of paying off the lawsuits. the second was branded damage. the third was operational cost. towent from 10,000 people 20,000 people, all the way back down to 9000 people. think about going through all those people. we had to modify it to milligan mortgage loans. it was a lot of work. when people see the putback lawsuits, that was about the third of the cost. it was not a good deal. we fixed it. >> the great recession -- >> from the standpoint of the country, it was lucky they ended up in the hands of someone who could take the pound and get through. six or 7 million mortgage holders would have been involved in bankruptcy. >> legislation was passed during that time. do y

this is part of the hilton worldwide company blackstone owned.uity do they are quite familiar with some of these assets. blackstone has been known to buy things again, extended-stay being an example of that. this is under the auspices of the newly appointed president and chief operating officer. julia: the perfect introduction. you talk to them about succession plans. >> it has been a busy week for him as well. gray, thison of john morning was well planned and well executed. and seamless as these things go. schwartz and has a long career on wall street. he worked for lehman brothers. he learned what not to do. he hired pointed out, when he was 22 years old, now he has risen in the firm. >> he recognizes the market environment and recognizes changes. what did he say about the market environment? >> i think the technical term was -- eh. in terms of volatility. he said it feels pretty normal. one of the things he said was if you look at the economy, it feels very good. business confidence is high. the market had been going up and up. this correction

david: and coming up, a big change at the top of blackstone.ok into the changes made and who will succeed steve schwarzman. and as you commute today, you can tune into our colleagues, tom keene and jonathan ferro, from 7:00 to 9:00. and pimm fox joins from 9:00 to 10:00. bloomberg surveillance can be heard across the united states on sirius xm radio. this is bloomberg. ♪ >> this is "bloomberg daybreak." coming up in the next hour commended ben sheets -- next hour, nathan sheets. ♪ not to bloomberg business flash. in japan, toshiba has brought in an outsider as ceo in the wake of losses and a downsizing. the new chief executive is the director of cvc capital partners. toshiba is in the process of selling their memory unit after billions of dollars of losses in their nuclear energy operations. they are forecasting that sales at the brick and mortar stores will return to growth next year, the retailer trying to attract shoppers back to the mall and grab a share of e-commerce. &m saysnd m says -- h that all my sales and should rise 20%. and investi

i love this blackstone story. to sell you the wall of the story and then i'm going to buy it back and make a ton of money. terry: this is one of the big stories for blackstone. hilton which is at the center of all of this because it water for such a prominent name. hilton is one of the most successful prominent deals ever. john gray, the successor really made his name. there are other deals but hilton was really the deal. although for story was sold and chilling down there on park avenue. i walked past it everyday and there is nothing going on. after making a ton of money. almost $2 billion. david: there's a government arbitrage going on here. you guys are investing way too much money outside of china. we don't like that, shut it down. >> this is tied to what is happening with hna as well which is the other big chinese real estate buyer who is from blackstone and bought a lot of the stakes. it is amazing this shift that china is having with some private equity assets. terry: blackrock, where a large return busines

that looks very solid for blackstone. the assets under management really struck me because they were estimated 414 billion and they came in at 434. alix: a slew of earnings out later today. you have apple, amazon, alphabet and visa. i am really pumped for apple. david: everybody is. now we want to get to our first take on the top three stories of the day. the number one is facebook. number two, a somewhat hawkish fed. finally, to the big call on oil. the majort up is focus on the tech companies. here is what happened in after hours. leg lower ones earnings came in. we climbed slightly higher during the fall and now we are pretty much in line. the big one is the daily active users. you can really see the decline more than 50and million hours less a day. david: the fact that there are 50 million hours a day is staggering. alix: joining us now is paul sweeny and gina martin adams. put into perspective that number for us? >> it is about 5% lower engagement in the quarter. this is something the company telegraphs when they tal

china is invested in blackstone.ition to the waldorf-astoria, what else has anbang most notably been active in? jason: active across the world in commercial and hospitality. there is not much they have not touched and have not looked at. one of the most interesting deals they almost did but did not do was starwood. they were involved in the beginning and ultimately pulled out of that. again, it had such a market of fact on driving the price of. lisa: are there other chinese conglomerates that have been leveraging up and purchasing property that people are targeting as the likely next subject? jason: hna is really the one everybody is keeping an eye on most notably. not only in real estate, but also a big holder of deutsche bank. that obviously has the attention of wall street in a totally different way, especially given the issues that deutsche bank has been under. lisa: so this can set a precedent as far as what china wants to do with potential liquidity concerns. are we going to see fire sales, or is this going to

closely,e watching it blackstone is rumored to be in talks to get back into the waldorf-astoria. it sold it off for about $2 billion in 2014-2015. when you have a motivated seller and a number of buyers with significant levels of dry powder, it can create a heavy mix and it could happen quickly. a lot to digest in terms of the speed with which the assets will be sold off. vonnie: a great story on anbang. thank you for talking to us about this private equity breaking news. u.s.: breaking news on the , counts against rick gates in a new filing, the u.s. has final conspiracy counts against rick gates and a new filing, he is the trump campaign aid. we are hearing from media reports he may plead guilty in the investigation into russia's interference in the 2016 election. rick gates was the advisor, the longtime political consultant who once served under president trump's deputy campaign german -- chairman. the u.s. is filing a conspiracy and lying count against rick gates and the criminal information filed is in federal court in washington. more details as we get them. vonnie: coming

>> blackstone continues to get bigger and bigger, and more diverse. $430 they have put distance between themselves and their competitors. the way they have done it is not through private equity. real estate has been the big driver. also, investments in credit and hedge funds. one of the things tony james pointed out was they have gotten a the business of managing few tens of billions of dollars of work. just a lot going on and a lot of money continuing to pour in. >> it is fascinating. not just in the united states but elsewhere. >> a freudian slip into the truth. this is a fascinating area. >> infrastructure has gotten headlines because last year he went to saudi arabia with the president and part of the big pop and circumstance there was announcing this deal with the saudi's to be the anchor investor for this infrastructure fund. couldllion they ultimately invest. one of the interesting things, we get a lot of color out of the call. on ais not reliant comprehensive infrastructure plan from the united states government which a lot of people have been

john blackstone, cbs news, san francisco. >> ninan: still ahead, the winter olympic's opening ceremony possibly hit by hackers. what's being done to prevent cyber attacks. >> ninan: officials in south korea are investigating a security breach at the winter olympics opening ceremony. a spectator managed to slide down the ramp leading to the olympic flame and wandered around the stage during a performance. he was taken away by security. meanwhile, olympic organizers are investigating a possible cyber attack on their internet and wifi systems before the opening ceremony. there were no serious problems, but officials are concerned that the games could be targeted again by hackers. jeff pegues has more on this. >> reporter: the most pressing threat to the winter olympics may be one that these south koreaian security teams can't see. >> it's got political importance. it's got a lot of money. that draws hackers like flies to a candle. >> reporter: cyber-security expert jim lewis says hackers have repeatedly targeted the games. during the olympics in beijing, london, and brazil, there were rep

one of the private equity funds a lot of pension funds are invested in our run by blackstone, blackstone run by steve schwarzman, a friend of presidents trump. the financialover crisis buying up homes and evicting people. they were involved in buying companies and busting unions. a lot of these public-sector pensions are owed to public workers but a lot of the investments are used to pursue an antiunion agenda, including actual unionbusting. we not only need to look at the returns. we also need to look at what is being done which is not always good for the average walker. host: go-ahead from georgia. caller: thank you. i have been calling your network for 30 years, super network. david perdue is a good friend of mine. he is a friend and confidant of president trump. david has a successful business background like donald trump. i predict a team of trump and purdue will give america the best economy and world history. he says we can get 4% to 5% growth and that would go a long way toward solving the debt crisis and everything else. i would vote for david purdue for president. i think the p

here's john blackstone. >> reporter: coffee sellers are steamed. a lawsuit that's been grinding on for years alleges no matter how you make it, your daily jolt of java comes from a potential carcinogen, acryl. >> that's the major reason coffee turns brown. >> bill ristenpart, chemical engineer, teaches the science of coffee at u.c. davis. as an expert witness he of ited that acrylamide forms naturally as foods cooked at high temperature turn brown. >> that's the major reason you get the yummy brown stuff on the outside of your steak when you char it. >> reporter: but in high doses, acrylamide has been found to cause cancer in mice. that puts it on a list of cancer-causing chemicals that businesses in california are required to alert consumers about. so now, under california's proposition 65, coffee shops are being forced to post signs like this. trouble is, in california right now, cancer seems to be brewing everywhere, at least it appears that way if you pay any attention to these prop 65 warning signs. park your car at an indoor garage, and you'r

john blackstone, cbs news, washington. >>> wow.ahead on a fast track, dana jacobson catches up with the speed skater from florida who is set to make history at the winter olympics. on stage.t there i wanted to be clear. i wanted it to last. so i kept on fighting. i found something that worked. and keeps on working. now? they see me. see me. see if cosentyx could make a difference for you- cosentyx is proven to help people with moderate to severe plaque psoriasis... ...find clear skin that can last. don't use if you're allergic to cosentyx. before starting cosentyx, you should be checked for tuberculosis. an increased risk of infections and lowered ability to fight them may occur. tell your doctor if you have an infection or symptoms. or if you have received a vaccine or plan to. if you have inflammatory bowel disease, tell your doctor if symptoms develop or worsen. serious allergic reactions may occur. never give up. see me. see me. clear skin can last. don't hold back... ...ask your dermatologist if cosentyx can help you find clea

john blackstone, cbs news, san francisco. >> glor: we'll be right back here, with a hero's story.ne ancestry's dna test with its historical records... ...you could learn you're from ireland... ...donegal, ireland... ...and your ancestor was a fisherman. with blue eyes. just like you. begin your journey at ancestry.com but he's got work to do. with a sore back. so he took aleve this morning. if he'd taken tylenol, he'd be stopping for more pills right now. only aleve has the strength to stop tough pain for up to 12 hours with just one pill. tylenol can't do that. aleve. all day strong. all day long. and for pain relief and a good night's rest, try aleve pm for a better am. ♪ if you wear a denture, you not only want a clean feeling every day, you want your denture to be stain free. did you know there's a specialty cleanser that's gentle enough for everyday use and cleans better than regular toothpaste? try polident cleanser. it has a four in one cleaning system that kills ten times more odor causing bacteria than regular toothpaste, deep cleans where brushing may miss, helps remove

>> glor: john blackstone thank you. now to other stories. a car on autopilot has become the fastest ever. the tessa roadster launched yesterday on the spacex "falcon heavy" rocket. it should top out at 26,000mph. c.e.o. elon musk posted a photo showing the car and starman headed toward asteroid belt between mars and jupiter. musk was brought down to earth today when spacex posted a nearly $2 billion loss for 2017. at least seven people were killed overnight in magnitude 6.4 earthquake in taiwan. dozens were trapped in buildings left tilting and in danger of clans. the area was hit again today by a powerful aftershock. d.n.a. tests reveal a $10,000 british skeleton nicknamed cheddar man once had dark skin and blue eyes. he was discovered in 1903 during the time when cheddar cheese was invented. the newearch suggests europeans developed pale skin cent previously thought. there is much more ahead on tonight's "cbs evening news." >> reporter: a program in boston is turning a patient's living room enter a hospital room. >> i am feeling better tod

here's john blackstone. >> he's required to have restraints on him at all times. >> reporter: joshuaay have been the next school gunman, but then his grandmother called 911. >> reporter: cathi o'connor called police to her home in everett, washington, when she discovered this in her grandson's journal: >> couldn't have been an easy thing for her to do. but, boy, it was sure the right thing for her to do. >> reporter: court documents say the 18-year-old had a semiautomatic rifle hidden in a guitar case, bombmaking equipment, and detailed plans to shoot people at aces high school, where he was a student. "i need to get the biggest fatality number i possibly can," he wrote. authorities say the rifle matches one used monday to rob a convenience store and that o'connor wrote in his journal about how powerful he felt and how scared the female cashier was at him pointing his gun at her. prosecutors believe the robbery was meant to get money to buy more material for the attack his grandmother prevented. john blackstone, cbs news, san francisco. >> glor: we'll be right back here with a hero's

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what is next for him and blackstone? taking a look at the markets.stronger bonds selloffs. take a look at what is happening in the tenure market. put it up on the board. 2.93%. only wind up reaching that as the curve continues to flatten? and the dollar continues to weaken. this is bloomberg. ♪ we use our phones and computers the same way these days. so why do we pay to have a phone connected when we're already paying for internet? shouldn't it all just be one thing? that's why xfinity mobile comes with your internet. you can get 5 lines of talk and text included at no extra cost. so all you pay for is data. choose by the gig or unlimited. and now, get a $200 prepaid card when you buy an iphone. it's a new kind of network designed to save you money. call, visit, or go to xfnitymobile.com. ♪ >> higher yields don't throw a lifeline to u.s. currency. a third of prices on deck. 3% watch. the bond selloff continues, pushing 10 year yields to surprise levels. it is 3%, plus, volatility, dealmaking. welcome to "bloomberg daybreak." producer price index, a s

in many cases, it was bought from blackstone. 9.5 billion u.s. dollars. 6.5 billion.ow backs -- blackstone is looking and re-buying these assets as the government tries to pressure it to sell down some of these acquisitions to steady the ship and pay off credit. you can imagine it will be a hard bargain. it to hanging for out. more possibleng divestitures. still ahead, president trump lays out his vision for making america's roads and bridges great again. we will ask if you'll be able to get congress on board, next. bloomberg. ♪ we use our phones and computers the same way these days. so why do we pay to have a phone connected when we're already paying for internet? shouldn't it all just be one thing? that's why xfinity mobile comes with your internet. you can get 5 lines of talk and text included at no extra cost. so all you pay for is data. choose by the gig or unlimited. and now, get a $200 prepaid card when you buy an iphone. it's a new kind of network designed to save you money. call, visit, or go to xfnitymobile.com. yvonne: 7:30 a.m. tuesday morning in hong kon

john blackstone. las vegas. >>> the cbs "overnight news" will be right back., push! easy! easy! easy! (horn honking) alright! alright! we've all got places to go! we've all got places to go! washington crossing the delaware turnpike? surprising. what's not surprising? how much money sean saved by switching to geico. big man with a horn. fifteen minutes could save you fifteen percent or more. ...and your family running. are so overwhelming, introducing febreze one for fabric and air. no aerosols. no dyes. no heavy perfumes. it cleans away odors for a pure light freshness... so you can spray and stay. febreze one, breathe happy. make every day valentine's day with k-y yours and mine. blue for him. purple for her. two sensations. one great way to discover new feelings together. >>> scouting isn't what it used to be. over the years the boy scout of america has lost more than 2/3 of its members. that's 4 million kids. but things are starting to turn around now that the boy scouts are accepting girls. and this summer more female boy scouts will be attending adventur

it has been a big week for blackstone. john gray was tapped as the steveated heir justo schwarzman.ay, steve spoke to bloomberg. he spoke to jason kelly. normal,nk it is pretty and if you look at the world, the developed world will probably girl around 3% -- grow around 3%. % or less..25 multiply that for 12 months, and what do you get? you get stock market performance if you just annualized that somewhere in the 80's to 90% with 3% growth. that is simply ridiculous. stop that have to kind of compounding or else you have almost a whole year's performance in one month. what is going to happen in that scenario? will, got to go down -- well, got to go up and then down and then up. a volatile world is what should happen at the end of the day? not hour to hour the way television works or traders work or day-to-day or week to week. i think with the economy looking so good around the world, , and ithave an up year cannot be hugely up because we already did huge last year. it will find its way. jason: to using more dealmaking this year or less in terms of private equities specifically? step

john gray has long and considered the likely successor the founders, and and ceo of blackstone.lf distinguished as one of the world's leading real estate investors, so this completes the puzzle for the private equity business as an industry transitions to a new generation of leadership. the serioushas said fraud office has brought charges against its barclays bank operating unit in a case linked to a 2008 fundraising at the peak of the financial crisis. we thought barclays had faced charges on this. explain the second leg we are seeing here. >> in june, the serious fraud office in the u.k. charge the holding company and four of its top executives, including the former ceo, so what has come up now is that the operating company here is being charged as well. all banks receive their operating licenses based off the operating units, so that is why people really care about what is happening to the operating company here. , comcastthe fight mulling another bid after its initial offer was turned down for a deal with disney. >> if comcast wants to come back him a they will be a credible

blackstone sold the waldorf. they may be able to own it again.had talks about bidding for waldorf. it is being overseen by china's government. that is your business flash. vonnie: still ahead, we are in south africa where the embattled presidency may be nearing its end. this is bloomberg. ♪ ♪ live from new york, i'm vonnie quinn. nejra: and from london, i'm nejra cehic. this is "bloomberg markets." it is a critical moment for south africa. the african national congress party is discussion whether it will ask president jacob zuma to resign. the broadcasting corporation had reported he agreed to step down, but a spokesman for the president denied it. joining us from cape town is a south african ego reporter. reporter. are we going to see him step down today? >> there has been a lot of speculation as to whether the meeting underway by the making -- rulinglling body body and what will happen. what we do know is that the deputy president succeeded the hady's leader and yesterday nelson commemorating mandela from prison. he made it clear that all detai

often as john locke's writings, and the apostle paul was mentioned about as many times as william blackstone. it is an interesting question, why is deuteronomy so appealing to this generation of americans? i think there are several responses. first, deuteronomy is a digest. it condenses the books and laws of moses, which has exerted significant influence on american law going back to the fears. 10 commonwealths and continuing -- first. commonwealth and continuing. texts one are government and the responsibilities of citizenship that refined in the new testament, but what is particularly appealing in the accounts of deuteronomy is americans, in the wake of independence, in the aftermath of this war, they have to build a new government. they see in the history of israel having departed from egypt, the same exercise taking place, the building of a new nation with its various political institutions. this has a particular attraction to americans and the founding era, who see themselves engaged in a similar project. now to be sure, they are drawn to many other texts. yes, deuteronomy is particular

four years ago, blackstone group --d one of the story a history hotel for a record price.it again. according to people familiar with the matter, blackstone has had talks about bidding for the waldorf and other assets. the sale is being overseen by china's government. oil prices are rising today after the worst week in two years. that is good news for seamen. the engineering darren says the number of projects -- said number of projects collapsed. 60, 70, very disciplined management of opec and associated oil countries, i believe, this will react celebrate a project going forward. taylor: and comcast may make another bid for much of 20 for century fox. two months after fox agreed to a deal with disney. according to person from a with the matter, comcast originally offered $60 billion, which was higher than disney's successful bid. disney agreed to buy fox movie into production house, a line of paid tv channels, and a 39% stake in skype. that is your bloomberg business flash. francine: thank you. let's stick with the last tour. for more on the potential bidding war for fox's

david: but blackstone is in the business of investing money.you could argue he was the cfo, it was his job to make sure the company's finances were good. they were making $5 million a month based on this, according to the story. alix: steve wynn, we were talking about a few weeks ago if he would be forced out. guess what, he resigned. see what thel market does today, i don't think anyone was super shocked that this happened, as there was this continuous drip of reporting. in lashe was legendary vegas, but they also need him for macau, massachusetts. i don't know if this 42-year-old who stepped in will be able to fill that out. alix: i was struck by how chinese regulators came out in full force against steve wynn. that surprised me. jason: and it doesn't seem like that story is over yet. one of the things mentioned, in macau, all of their clauses around how their casino doestors need to behave not just involve the consecutive's, but also shareholders. steve green is still a massive shareholder of the company that he created. david: i think 11%.

writings and the ai postl paul was mentioned about as frequently as the great english jurist william blackstone. by the way, i think it's an interesting question, why is deuteronomy so appealing to this generation of americans? i think there are several responses. first, deuteronomy is a digest. it condenses the books and the laws of moses, which had exerted significant influence on american law going all the way back to the first puritan commonwealths in the 17th century and continuing up to their own time. this book also records god's dealings with a chosen nation, especially in establishing the political and legal institutions necessary to govern a nation. yes, there are texts on government and the responsibilities of citizenship that refined in the new testament, but what's particularly appealing, i think, in the accounts of deuteronomy is americans in the wake of independence, in the aftermath of this war, they have to build a new government. and they see in the history of israel, having departed from egypt, the same exercise taking place, the building of a new nation with its various poli

john blackstone gives us a taste of the controversy. >> reporter: coffee sellers are steamed.hat's been grinding on for years alleges no matter how you make it your daily jolt of java comes with a potential carcinogen. acrylamide. >> that's the major reason coffee turns brown. >> reporter: a chemical engineer teaches the science of coffee at uc davis. as an expert witness he testified that acrylamide forms naturally as foods cooked at high temperatures turn brown. >> it's a major reason you get this yummy brown stuff on the outside of your steak when you char it. >> reporter: but in high doses acrylamide has been found to cause cancer in mice. that puts it on a list of cancer-causing chemicals that businesses in california are required to alert consumers about. thanks to a law passed in 1986. so now under california's proposition 65 coffee shops are being forced to post signs like this. trouble is in california right now cancer seems to be brewing everywhere. at least it appears that way if you pay any attention to these prop 65 warning signs. park your car in an indoor garage

often as john locke's writings, and the apostle paul was mentioned about as many times as william blackstone. it is an interesting question, why is deuteronomy so appealing to this generation of americans? i think there are several responses. first, deuteronomy is a digest. it condenses the books and laws of moses, which has exerted significant influence on american law going back to the fears. 10 commonwealths and continuing -- first. 10 --puritan commonwealth and continuing. yes, there are texts on government and the responsibilities of citizenship of moses, which has exerted that refined in the new testament, but what is particularly appealing in the accounts of deuteronomy is americans, in the wake of independence, in the aftermath of this war, they have to build a new government. they see in the history of israel having departed from egypt, the same exercise taking place, the building of a new nation with its various political institutions. this has a particular attraction to americans and the founding era, who see themselves engaged in a similar project. now to be sure, they are drawn

working from richard bernstein, now he's like this big job with blackstone.eet leadership, the retail industry and more u are watching "squawk box" on cnbc ♪ big thinking in the finger lakes is pushing the new new york forward. we're the number one dairy and apple producers in the eastern united states supported by innovative packaging that extends the shelf life of foods and infrastructure upgrades that help us share our produce with the world. all across new york state, we're building the new new york. to grow your business with us in new york state, visit esd.ny.gov >> all right, welcome back take a look at the equity futures. for the most part, they're in positive territory we were down about 100 points before the show started for the dow futures. right now they're up by 17, the nasdaq is up by just over 7. joining us is joe zidle. he is the new investment strategist in the group at blackstone welcome. >> thank you for having me three weeks into the new roam. i appreciate you having me on here this morning. >> are you nervous >> it's a lot to learn i'm en

and i've depicted here magna carta, the great english jurist sir william blackstone. they also drew on enlightenment ideas in a variety of forms and expressions, and just as representative examples here, i have lock and montesque. i have representing this, again there are many other figures we could illustrate this with, but i have here cicero and machiavelli, both from ancients and modern thinkers. the thesis i advance in my book is this, both that he break and christian biblical traditions must be studied alongside these other prospectives if we want to truly understand the ideas that shape, that inspired the founding of the american constitutional republic, and our great experiment in republican self-government and liberty under law. i'm speaking here of course of the biblical traditions as we find in the hebrew scriptures, also speaking more broadly about that christian tradition, and here i have illustrated this with a depiction of the apostle paul. but also in the american experience they're drawing on protestant articulations of political ideas. and particularl

blackstone, i was with those people yesterday. they invest in residential.emand will continue. ratesn: we've seen rental rise quite a bit in recent months. but we are getting back us the calculation end line is becoming more attractive to people. the dynamic is to push more and more purchase -- purchasable housing. we think about his apartments in stephen it: the increase in the interest rates is inclusive of that, buying has become more attractive. mike: it's a psychological thing. we don't know when people start to think that mortgage rates are high. historicallyh, but it's been so much higher on average. michael: what is your price for the month? lisa: there is some talk about loosening requirements for mortgages and make it more affordable. we've heard that before. there is a trend in the last five years with people who have been buying homes, tending to be wealthier in the people who don't. >> and numbers are better. you are exactly right. are we putting 2007, 2008 behind us. is it fixed? stephen: i think that overhang has been gone for several years. o

. >> another management takeover on wall street, blackstone, as the investment firm named john gray asperating officer. tony james will transition to another full-time role as executive vice chairman. >> this has been one of the worst-kept secrets in the world of private equity. john gray has long been considered the likely successor to tony james and eventually steve schwarzman, founder and ceo of blackstone. gray has distinguished himself as one of the world's leading real estate investors, so this completes the puzzle for the private equity business as an industry transitions to a new generation of leadership. >> barclays has said the serious fraud office has brought charges against its barclays bank operating unit in a case linked to a 2008 fundraising at the peak of the financial crisis. we thought barclays had faced charges on this. explain the second leg we are seeing here. >> in june, the serious fraud office in the u.k. charged the holding company and four of its top executives, including the former executive, so what has come up now is that the operating company here is being

blackstone managed more than $22 billion of insurance assets.d up its infrastructure investing team. united parcel service has put some life into the boeing 747. the world's largest package delivery service has ordered 14 more of the jumbo jets. boeing will keep making the plane into the 2020's. that is your latest "bloomberg business flash." coming up on the european close, we are following stocks. less than 35 minutes away from the end of the session. stocks down for the fourth consecutive day today. stocks down, bond deals rising, core european bond markets today. 35 minutes away from the end of the thursday session. this is bloomberg. mark: it's 11:00 a.m. in new york. there's 30 minutes left in the trading day in europe today. from bloomberg's european headquarters i'm mark barton. vonnie: and from new york i'm vonnie quinn. this is the "european close" on bloomberg markets. mark: here are the top stories we're covering from the bloomberg and around the world. the one-day rebound stocks proved to be short lived is in the tech sector spreadi

3%, would that cause you to do something differently at blackstone if he hit 3%. >> i think we have toook at what's going on in the world the real world not markets. markets get ahead of things, hein things the real world looks like it's in fine tape is at the home and economies are expanding all over the world it's one of the few times that happens. the developed world will probably grow-at-least 3% the only question is, how does that relate to markets? if the interest rates go to 3%, if wages go a little higher than people think those wages are going to people who need the money that's not a tragedy that's a good thing. >> your cost of borrowing will go up. >> that's okay it doesn't go up a lot we have been at such low levels we have been stimulated in a really favorable way in ten years. whether you have 50 or 75 basis points, more of cost, it may slow housing a little bit. businesses will power through it >> there is an unsettling event. that's what the president decides to do with the steel and alluminum industry i know you have advised him and given him advice specifically. he ap

blackstone group sold waldo first doria to anbang insurance.he firm may get the chance to on the landmark again. according to people family with the matter, blackstone has talks about bidding for the waldorf and other anbang assets. the sale is being overseen by china's government. broadcom has lined up one of the biggest debt commitments ever to fund its proposed $121 billion takeover of qualcomm. 12 lenders have agreed to provide $100 billion worth of credit facility and bonds affiliated with silver lake and cbc capital will provide $6 billion to convertible notes. qualcomm seems poised to reject broadcom's offer all the same. in italy, the high-speed train operator had a surprise takeover bid from a new york investment firm and called it a vote of confidence. the ceo spoke with bloomberg tv. >> i'm not pessimistic at all. it means that somebody coming from the united states with a huge amount of money that they believe in italy. vonnie: it accepted the $2.4 billion offer last week. that is the latest bloomberg business flash. let's get a che

. >> the halftime performances music director adam blackstone said the group consisting of musicians dancers will give justin an epic look and sound. >> the way the set looks emotionally we'll take the view or on the ultimate roller coaster of emotions. >> justin's grind is intense. >> i've never done this before. ♪ >> we have learned he is rehearsing eight to ten hours a day. tonight his crew has a six hour window reserved for their first dress rehearsal on the field. >> he's going to be fantastic. we're going to be with justin tomorrow at his super bowl press conference. get ready to swoon. just when you thought you heard everything about jernl and amal clooney's relationship you hadn't heard this. here is what happened when george first met amal. >> i got a call from my agent who called me and said i met this woman she's coming to your house who you're going to marry. >> this was arranged by your talent agent. he had done all the paperwork ahead of time. >> it really worked out that way. >> you didn't even have to leave the house. >> i didn't leave the house. >> the house was cloo