blackstone: dr. june was my pediatrician, a black woman and i talk about how growing up my mother would take us -- she was in leadership roles in black organizations and she would take my sister and me to the meetings so i was exposed to what it means to be a black physician at an early age. dr. mulvaney was well known and respected, someone who had been caring for me and my sister since we were babies. mildred clark is an ob/gyn on our block in crown heights, the only neighborhood we lived in. what i did not realize was i had a rare experience being surrounded by black women physicians to the point where i thought most physicians were black women until i got to college and recognized most students did not look like me. these women were role models to me just like my mother and that representation was important in giving me the confidence to recognize that being a physician was possible. host: you describe your mother at harvard as a fish out of water. dr. blackstone: yes, i talk about how when she g

later we will hear from blackstone private equity's asia head. let's have a look at how asian markets are tracking. it is a broadly risk on day, particularly when it comes to the nikkei, better by 2.5% at the moment, perhaps a function of a rapidly weakening yen. the yen hovering around 143.19. you might think that is a somewhat counterintuitive move, considering the 50 basis points of easing we just saw from the fed, but jay powell saying 50 basis points is not the new base case. the mliv blog saying this is a classic sell the factory action following that long-awaited start to the easing cycle. elsewhere around the region, we are seeing a little bit of strength from the csi 300 after slow start, but if i .8% in china. the kospi, the only soft market at the moment, only off by about .1% right now. in australia, the sx better by .3%. we are not expecting any change in the bank australia blocks, and the bank of japan will announce its rate decision tomorrow, and we are not expecting any change they are either. let's hear from the man of the hour,

so, blackstone is making--blackstone originally port has documented how blackstone is getting millions to keep initiative here in california and protecting residential benefits, blackstone made the contribution frz real estate funds at the san francisco retirement system and other pension funds have invested in. blackstone has been using retirement funds from work political contributions and invest on policies that would benefit over people. they have lobby against to rent increases in california. we are asking that the san francisco employment retirement system before they make another investment in blackstone ask them why they have used investments from retirement funds and let them know that is not acceptable. thank you. >> thank you for your comments. moderator are there any further comments on the line? >> madam secretary, there are no other callers on the line. >> thank you, hearing no other callers, public comment is now closed. >> thank you, motion has been made by commissioner o'connor and seconded by commissioner driscoll, any comments? seeing none, all in favor say aye. >> a

you mentioned blackstone and vista, but also the abby dobbie investment authority. >> i noticed that, is fascinating. they are obviously looking for opportunities. what will private equity do with it? it is being used by 80% of wharton 500 companies, how do you scale it? >> one thing to think about with any enterprise software buyout, thinking about stripping costs, you try and rationalize the cost base. one way to do that is thinking about the impact of ai. anything involving a software company is thinking how do we incorporate ai into our day to day. there are certain companies that have been particularly impacted by the likes of chatgpt. if you're a customer experience software. smart sheet in particular, it is kind of clear that will be part of the equation for them. private equity has a lot to do. and the model playbook for this kind of deal. >> i wanted to mention cost optimization. also, vista does have interests in other software companies. might have some synergies there. >> it is a great example. a couple of the portfolio companies clearly know the space well. blackstone's p

it was he using blackstone? william blackstone was the most important british legal writer in the late 18th century, and he created this collection commentaries on the common law, and he reprinted entire of blackstone's treatise, which had been published originally between 1630, 1765 and 1769, but then he made modifications, created fitness. and so what i want to point your attention to in the table of contents is the sections from blackstone's original treatise about the the talked about some of the powers and privileges of king next page. and i want to point out what what st george tucker did. so st george tucker the text at the top is blackstone's just literally reprinted and then to the right at the footnote and i made it bigger to the right is what st george tucker had to say. he said the fundamental principle on the american constitutions and governments being the perfect equality of rights. there was no room to admit anything therein that should bear the most distant resemblance to the subject of this cha

what about for blackstone and tomasek's investment plans?dia is such a key market in the region. and for thomas that, they have made it clear that they want to build a presence there mostly through minority stake deals. they want to invest in companies. they want to be a part of the growth story and deploy some of the capital that they have. for blackstone, they have made clear that they are very devoted to india. they have something like $25 billion to do ploy in investments there as well as some of the executives have mentioned in previous interviews with us. and they have been a key investor in the country for years. very active of late in the whole asia-pacific region. we saw blackstone close a big deal in australia a couple weeks ago. the biggest deal they have done in a pack -- in aipac. for both firms, temasek, india is turning into a hotspot. paul: bloomberg deals reporter. here is a look at indian markets just ahead of the open. we do have a lot of markets in the region closed today with nothing happening in china, japan or south ko

more than a dozen names have ties to wall street that includes former blackstone president tony james, but the lion's share are former public company ceos like dan schulman of paypal, arnold donald of carnival. now i'm told the letter was organized by top harris backers that included blair efron and comes as harris is tacking to the middle including that move this week to soften biden's stance on capital gains taxes solely in order to shore up private sector support. trump does have executive-level support as well, including a number of billionaires and players like elon musk and howard lutnick, but the letter does help harris argue the momentum is on her side. it comes on the same day her campaign reported out fundraising trump in august, 361 million to $130 million. while polls are mostly tied in those battleground states we can see now how harris is leaning on her cash advantage in these

david: now it's privately owned by blackstone. deborah: that is correct.avid: presumably, blackstone, since i know that business reasonably well, would probably try to sell it at some point or take it public but not in the immediate future? deborah: they are the owners and our partnership with them is very close. david: how will you grow the company? the company is now the biggest in the united states, the biggest in the world. everybody wants growth. so how will you grow the company? do you have new lines of activity you will get into or something like that? deborah: as i said, 75% of the united states has said that they are interested in family history. you look at that globally in many key countries we are in, it's very similar as well. so many more people are interested in the category. part of that is pretty intimidating. you come to our site. you try to figure out how to make it work. we want to make it simpler. one of the things we are doing, on top of ancestry for all, we have something called me to we. how do we take genealogy from the solo activi

as blackstone bluntly told the chronicle. in march 1967, while colleagues sought sever the conceptual link between white transsexual womanhood and criminalized sex work, other trans political formations treated sex work as a feminist labor issue and a critical variant of train of struggle against an expanding carceral state. one of the organizations that most thoroughly developed this line of analysis was, the transsexual action organization vertigo, founded in los angeles in the 1870s to established at least ten chapters across the united states and united kingdom, mobilizing a largely working class group of latina and white transsexual women around a feminist political program to challenge the, quote, severe abuse of transsexuals by the police, quote, too extensively reported on police officers used anti-prostitution laws as a pretext to sexually or racially profile members. and beyond working to limit police power to encourage their to act in solidarity with the paris sex workers strike during the summer of 1975, according

getting on for 300 million applications since 2001, so blackstone weighing the potential sale of that be worth $70 billion, said to be holding early toxic. still to come, fitch rating will join us discussing their it is on ending up at you because sovereign debt and the country's long-term out look. this is bloomberg. ♪ paul: welcome back to "bloomberg markets: asia." you are watching the end of focus. we are 1.5 minutes away from the open. moderately risk on day. the nifty bank index better by about .3 of 1%. inflation will be split up in august, giving the central bank more wiggle room to stay on hold as it has been for more than 18 months. let's dig into the data with our south asia economy editor in new delhi. inflation stickier than expected. how is the rb are looking at price pressures at the moment? >> the central bank has been saying disinflation is proving to be sticky. in fact, inflation is below the central bank's target for the second month in a row, but it did unexpectedly accelerate a little bit mostly on account of full prices, and this will give the central bank more a

i actually went bankruptcy started for solar, cost off. blackstone, how much is from germany? and light year from the netherlands, because manufacturing the south is quite complex. usually panel across straight part in solar costs. they need to be carved to be like drones become more of a challenge when the surface is quite curved. it gives them one sort of cell, is it looking at this on, in a different way than the other side of the cell? and then you need complex side from x to to still get most of the you, it's open. but that's not the only challenge the cell should be robust and shouldn't spend if the car crashes and integrating them into a cop out isn't easy, either. buying the machines, buying the materials, developing manufacturing processes. and after you did all that, you need to get your newly developed. so the car pops certified for every day street. all of those costs a lot of money sign motorsports if needed to, to 300000000 euros. just to go into mass production. no pocket money full stops sales only one part of the problem, the other one being how many kilometer

of course, blackstone today have $10 billion investment in the uk in the northeast. the uk. >> how much of what you plan to do about a growth economy -- how do you balance that against a perception that you are labour party and what that means in terms of working with labour? >> the first thing to say is you now have, we now have a labour government whose number one priority is wealth creation. i said that at the roundtable. of course, we want good public services. of course, we want the national health service to work well. the only way that will happen is if we grow the economy and have wealth creation. we're a labour party that is proud to say we are pro-business as much as pro-worker. >> let me ask you this issue of pro-balance and pro-growth and pro-labour and growth. it was in the run-up to the election and they appreciate stability and growth agenda, but a coming package on employee rights which many companies fear will tilt the balance too far toward the workers is a key test. what do you think about that? >> we have the discussion on the rights we want to pu

also partied with elliot elliott blackstone to establish a job training program that intr overwhelmingly group of women to lead the work and become secretaries of the occupation. through the job-training program and public relations work, because he challenged the widespread presumption that members were, quote, prone to prostitution as blackstone held the chronicle in march of 67. the link between white transsexual woman headedr criminalized sex work, the political formation treated in the feminist labor issue and expandinggainst the states. one of the organizations analysis was the action organization founded in los angeles 1970s and established ten chapters across the united states and the united kingdom and mobilizing the working class around the political programs to challenge the severe abuse of police and extensively reported on police officers used anti-prostitution laws with a pretext and beyond working to limit the police power, and encouraged the members to act in solidarity with the workers strike during the summer of 1975. strongly supportingg the strugge to obtain freedom f

blackstone, macquarie, a big corporates there.. aside from all that we're seeing interesting chats on the side of this very big week in diplomacy in new york, not least keir starmer meeting ursula von der leyen, the european commission president. that's ahead of a meeting next week on the agenda you might expect could be freedom of movement for the under 30s, which is an issue i think the eu are keen to push. but whether we want to reopen elements in such a big way of the deal we have with the european union is questionable, we have heard so far from both. number 10 say it's about the eu, uk reset when they met yesterday and we heard from sir keir starmer , he said i want to reset starmer, he said i want to reset our relationship with the eu and make brexit work for the british people. so that's the diplomacy. but as you, as you've been saying on your on the programme all afternoon , one big issue for all afternoon, one big issue for this government, for the prime minister is the acceptance of freebies. i interviewed the pm last n

blackstone are splitting. not the first time they've done that.tnereden a smaller deal this year. been some cases they sold assets to each other. they agreed to sell a stake in seavent. to blackstone. numbers are high. and the 45-day go shop. that you see in many of the privates. and the stock is reacting a bit. no fluz on financing. i was curious, many times the last few years, the fact that the banks have been very much intermediated by private credit when it comes to financing. certainly not, the likes of $8.4 million go private. splitting the equity check helps there. you are talking about a significant check. >> are we going to see more of this? rate cuts? >> all year long -- rate cuts don't hurt, in terms of the cost of borrowing. you need to have, as importantly, if not more so, a sense on the buyers and can engage there. i believe the economy is stable. i don't believe software companies are overvalued. we've not seen as many privates as we thought. not nearly, bob pisani, the exits or firms that look for in terms of the public markets. ma

then you suddenly have a tax on it you're going to be forced to sell probably forced to sell to blackstoneg bank i don't think it is encouraging innovation. >> do you think she heard you do you think she gets that congressman? because i know overall, you do support harris's economic plan and say her plans are better than trump's. >> i do think she -- gets that, there are other ways to tax extraordinary wealth step up in basis giving money to kids don't avoid colonels tax taking out loans against assets you can tax at that point i think you need a smart approach to it, mark cuban offered suggestions, the economy she is follower raising minimum wage people living paycheck to paycheck putting more money in pocket also increases productivity so non inflationary, that is one of the reasons i think the polling shows resonating with middle class. >> i am getting back to inflationary story in a second i want to tell you what we heard this morning in week on "fox business" congressman this morning i had on jay hatfield a money manager said if kamala harris wins the presidency he is expecting a big

tony james, former vice president of blackstone and some republican ceos.o be secretary of state under trump. the letter highlights harris as the best way to secure strength and reliability of the economy. it goes on to say with harris, quote, the business community can be confident it will have a president who wants american industries to thrive. people involved in coordinating the letter say it was backed by the wall street investors as a which of showing support for harris from business. it comes as she and trump are pitching them shelselves as the for business. elon musk and howard lutnik are behind trump. this as some are throwing weight behind harris. frank. >> interesting letter. is there reason for the timing right now for the letter to come out from the ceos? all right. megan cassella with the latest. we had technical difficulties. megan, are you still there? okay. that was megan cassella reporting from d.c. >>> as we head to break, we are watching shares of docusign with the top and bottom line beat for the recent quarter. the ceo touting they are

blackstone vista equity making a billion-dollar take private offer to smart sheet.s that the sort of software long-term revenue they want to be digging into? where do you see other opportunities in the tech private field? phil: that's exactly spot on. we anticipate to see more of this. i think artificial intelligence embedded on two years of data points and enterprise software is going to start to become really interesting. when you think about the first quarter of this year, the ai investment boom focused on hardware, focused on chips. we saw weakness in software driven by a divergent enterprise funds towards ai. now we have more data points and we are starting to see a pickup in activity for enterprise software with embedded ai and how that can be a catalyst for enterprise. you are spot on. we will see more of this in 2025 and 2026. we will see the private supply come to market which has held off because companies were well-capitalized. private equity has not had to do anything. now there is some pressure around dpi and we will see a more vibrant sell side and buy

that includes charlottesville down to blackstone and we could see flooding.to watch out for it today. we have a chance for flooding where you see blue. that includes charlottesville and areas around there. as we go through the afternoon we're looking at a quarter inch, 2 inches in some spot. they don't need any rain, and we're going to see that throughout the day. >> we'll bring you the latest as the day goes on. thank you so much. >>> next up here, we'll turn back to politics, and vice president harris takes her campaign to the southern border in the battleground state of arizona. we'll take a look at what she has to say about immigration as polls show her trailing on the issue. we'll be right back with that. issue. we'll be right back with that. with moderate to severe plaque psoriasis my skin was no longer mine. my active psoriatic arthritis joint symptoms held me back. don't let symptoms define you... emerge as you, with clearer skin. with tremfya®, most people saw 100% clear skin... ...that stayed clear, even at 5 years. tremfya® is proven to significant

. >>> and private equity giant blackstone announced it is selling the business to indian hospitalityer brand have roughly 1,500 hotels across the u.s. and canada. tyler, that's the news. back to you. >> thank you very much. >>> the global agriculture industry is great for food and plant life, but it's on the l biggest climate offenders. we'll highlight some startups trying to change that when we return. business. it's not a nine-to-five proposition. it's all day and into the night. it's all the things that keep this world turning. it's the go-tos that keep us going. the places we cheer. trust. hang out. and check in. they all choose the advanced network solutions and round the clock partnership from comcast business. powering more businesses than anyone. powering possibilities. this is clem. clem's not a morning person. or a night person. or a...people person. but he is an "i can solve this in 4 different ways" person. and that person... is impossible to replace. you need clem. clem needs benefits. work with principal so we can help you help clem with a retirement and benefits plan t

we know that jonathan gray, though, from blackstone, they bought another datacenter, they wouldn't beoing that unless they felt datacenters were a secular story. right now, datacenters became cyclical. out of nowhere, the biggest theory of what's going on in the economy became cyclical and that's going to be verified by the manufacturing jobs not going higher. i thought they would go higher. that was not good. >> we did get some decent prints on construction job growth. >> yes, and that could be related. i just never want to see manufacturing down because that's -- we've got this whole reshoring concept, and what happened to that? and now, people are putting in politics and just saying, you know what? we're looking at what trump's policies did, and they led not to new plans, but they led to more buybacks. i think that's wrong. i think there is a rap which says that china tariffs did hurt our country. again, i think infinitesimal, not what you should go on. i am watching the politics like a hawk, though, because i know that there's a debate next week, and i'm sure that former president

stuart: yep, and i've made more money in microsoft -- >> how have you done in blackstone? stuart: it was the mike murphy. >> it was not. [laughter] t a dividend grower. cisco, similar situation. we bought it at about $16, and the dividend at the time was 3%. now it's at $50, and the dividend on what we paid for it is about 18%. that's what dividend growth is for, is to get dividends growing over time. and, ultimately, that's why stock prices go higher, because cash flow is growing, earnings is growing. if they're not growing, the stock price isn't growing. and if they are growing, they should be returning more of it to us to constant9ly derisk our -- stuart: cisco -- >> 17 times earnings we've you've got to pay 50 times earnings -- stuart: yeah, i'm willing to pate because i've got a capital gain. moving on, what do they do? >> they are the largest maker in the country petrochemical, so deals with commodities. big factories out of houston. definitely has exposure to what the price of oil or natural gas would be. cosmetics, plastics, all these things. we love the company. i

. >> what you think of blackstone near-term and longer-term? >> i'm glad you distinguish between the near-term and long- term. near-term i don't have a lot of conviction. this stock has had a big run. longer-term i think the team is brilliant and the actions they took this week in the data center are very strong. i like it. let's go to mark in iowa. mark. >> hi, jim. i've been with you since the beginning and the investing club and glad that i have been. >> we will keep trying hard and put things in perspective. how can i help now? >> two things. one, are the eagles going to run berkeley more than they ran henry last night? the mac let me dial in and see what coach nick is thinking. the offensive coordinator seems very partial. how can i help you? >> you were on the cable a while back to buy the stock when it was under 76. i picked up about a quarter of a position in it and it went up from there. i just didn't get back to it. i'm wondering what i should do with the quarter position in ge healthcare. >> i want you to hold it because as rates go

you have people away from their desk and you have negative commentary coming out of jpmorgan and blackstonethought some of the issues were going to be. now you more focused on the payroll reports. we are supposed to only get 106 to 5,000 new jobs which is fairly weak. if it comes in and every thing is good if it comes in significantly weaker, they're going to wrap up the conversation and say we are going off the edge we need immedimmediate rate cuts i thins with the argument is going to be although i don't see that, i don't think we do. 25 is fine. i think everyone is getting all up and anxious for no reason. >> charles: there is a history when the economy slows down particularly the labor market, it's sort of like the sun also rises, ernest hemingway. how did it happen? suddenly you fall off a cliff. you mentioned nvidia. lost $240 billion in market cap. they lost more than many countries are worth. the anxiety to your point is building, what about that the fed may not have their finger on the pulse was met that lasted jobs report that was a dud the market sold off and everyone said the fe

the courts this blackstone and or functionalist view of free speech that it needs to be protected too because. we need it for democracy. and that put us on this slippery slope. that means that unpopular people whose speech is viewed as a rageful or hateful tool is given virtually no protection, while other speech is recognized as for democracy. well, what happened then? yes, of course. do i? i'm so sorry. i was going to say, as somebody who has written in defense of what is probably the least one of the least popular types of not speech that the supreme court as expressly called low value and continues to not protect becoming more and more discordant with other decisions so-called pornography or obscenity. right. so i'm very familiar with the dangers of doing that. and we see that today in many contexts with the the stigmatizing epithet pornography being used to censor library books and curricula as well as online expression. jonathan, i agree with you there for that. it is really important to recognize the intrinsic value of, an inherent value for all of us as human beings of free. b

we are watching shares of smart sheet, according to reports blackstone and vista equity are nearing toare maker for $8 billion. >>> now to the "markets navigator." almost all eyes are on the fed this week, one technician believes we really should start looking at fedex. here to explain why and how to trade it, jay woods, chief global strategist at freedom capital markets. jay, fedex's numbers come out on thursday. that would be one reason to dip in. but you're going to look at some of the technicals on this stock. >> yeah, we have to follow this stock closely. it's the most heavily weighted stock in the transportation average. the transports are 3% away from an all -- 52-week high and on the verge of a major breakouts. for dow theorists that want to see the transports go to new highs with the industrials, this is a stock you have to watch. let's talk about how we traded. you ready? >> take me through it. >> all right. let's go. you want to look at this three ways. there are two ways i would buy, one way i would tell it. let's talk about the daily chart going back a year. this historica

private -- sorry, public equity and public debt, so, they're going to be the first ones but the blackstonesrwards of the world, they're going to be having access to the debt, they already have the equity capital that's been committed, they've been unable to put it out. so, they're going to be coming in, as well as many other real estate private equity firms, and many of those commitments are from the sovereign win wealth f. >> in terms of the cycle of this commercial real estate trade, i say this somewhat tongue in cheek, but jerome powell and the fed are certainly the most important guys in any room, in almost any market, but hour about the hr managers and the c-suite at amazon and google and the guys calling people back to work the trend here getting back to office space is real and it's very different than it was even a year and a half ago. is that at all playing into the demand side of the trade >> so, you know, there's a lot of rhetoric around who is coming back to the office and the executives want everybody back, and it's hard to know, from talking to folks, how many people are actua

blackstone and vista the energy partners have entered an agreement unanimously approved by smart sheet'snd is expected to close in the quarter ending january 31st of next year. >>> a.i. server maker super micro computer today unveiling new servers based on intel's sue onprocessers. so smci has been dog toggling back and forth, intel's gaining just under 1% the ceo of smci said its systems have been completely reengineered to support the latest perjury technologies. smci had been quite the high flyer a.i. play but was recently the target of a short seller attack. so while shares are up nearly 100% over the last year, down 600% since the peak in march. >>> -- 60%. president biden grabs the world stage at the u.s. general assembly for the last time to warn of the profoundriesings surrounding artificial intelligence. profound risks. up next we've got a.i. and we'll talk about a.i. risks-rewards and the global race to make a.i. chips with silicon valley standout ray wang. and in a classic case of your surroundings can determine who you eventually become, frank ohio remember sow's immigrant pa

i remember i saw this one, blackstone. they went on campus say. how do you feel about this one black student saying? now you know how it feels because most looked on campus and saw celebrities because the only you're here is legacy. and most people look at us and say the only reason you're here is because of affirmative action. and this guy says, i had a 99.9 average. i was for class. and people think i got here because of affirmative action. i wow. that's that's jarring. i you know, i would no one invited me to an ivy league school, so i would i would not even know what that is. my hope is that the playing field is level enough where that's not where you don't need any of those things. and my hope is there'll be type of governing philosophy where after ten years, if we out that there's a problem to be addressed. but i do believe most people i talk to and there really should be african-americans on the stage with us, but most people i talk to and if a soccer player had this, i was known as the american on my team, i was one of three americans, no

i remember i saw this one, blackstone. they went on campus say. how do you feel about this one black student saying? now you know how it feels because most looked on campus and saw celebrities because the only you're here is legacy. and most people look at us and say the only reason you're here is because of affirmative action. and this guy says, i had a 99.9 average. i was for class. and people think i got here because of affirmative action. i wow. that's that's jarring. i you know, i would no one invited me to an ivy league school, so i would i would not even know what that is. my hope is that the playing field is level enough where that's not where you don't need any of those things. and my hope is there'll be type of governing philosophy where after ten years, if we out that there's a problem to be addressed. but i do believe most people i talk to and there really should be african-americans on the stage with us, but most people i talk to and if a soccer player had this, i was known as the american on my team, i was one of three americans, no

well, historian kristin blackstone writes about the the mutiny problem, why it was distinctive to the american army and how it was dealt with, how it was unique. while none of those four people could be here today, but we have four of the other contributors here with us, which is even better. first off, we're going to have john reese talking about another one of the problems that the continental army had besides mutiny. they had some really serious problems with recruiting during the war. and john is going to talk about the american militia system and the continental army in new jersey and how those two worked together to try to solve some of these really difficult challenges of recruiting. thank you for starting your. oh, that's right. i'd rather present up here. it is really good. be good to be here tonight with all of you and with all of my friends here to upfront. and i just wish the other authors could have made it. eugene murdock in his book, 1 million men the civil war draft in north claimed at the 1863 1865 draft broke new ground. there had never been a draft before because tr