Blackstone gears up for $11 billion European property buying spree
The fundraise for the Europe Real Estate Partners VII fund is the largest ever pool of external capital amassed for European property, Blackstone said.
"The real estate recovery is coming into view," said James Seppala, head of European Real Estate at Blackstone, with the firm adding in a statement that it saw an "opportunity-rich" environment.
Real estate markets had shown signs of recovery in recent months, although industry participants are wary of the impact U.S. President Donald Trump's latest barrage of tariffs could have on activity.
Blackstone's opportunistic strategies - which generally target higher risk properties that need turning around, with potential for higher returns - have raised nearly $47 billion of capital globally, the company said.
($1 = 0.9073 euros)
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Yahoo
14 minutes ago
- Yahoo
Trump calls on Federal Reserve governor Lisa Cook to resign, renewing attack on central bank
Donald Trump has called on a Federal Reserve governor to immediately resign, renewing his extraordinary attack on the central bank's independence as officials mull next steps on interest rates. A close Trump ally accused Lisa Cook, an appointee of Joe Biden, of 'potentially committing mortgage fraud' and urged the US Department of Justice to investigate. The claims have not been confirmed. The US president has repeatedly broken with precedent in recent months to demand the Fed cut rates and urge its chair, Jerome Powell, to quit after disregarding such calls. On Wednesday, Trump leaped on the allegations about Cook. The governor 'must resign, now!!!' he wrote on Truth Social, his social media platform. Cook and the Fed did not respond to requests for comment. Cook, whose current term on the Fed's board extends until 2038, previously served on the council of economic advisers under Barack Obama. When she took office in May 2022, she became the first Black woman to sit on the central bank's board. This morning, Bill Pulte, head of the US Federal Housing Finance Agency, who has become – beyond the president himself – one of the Trump administration's most vocal critics of Powell and the Fed, published allegations against Cook. In June 2021, Cook entered into a 15-year mortgage agreement on a property in Ann Arbor, Michigan, and declared her intention to use it as her principal residence, according to Pulte. In July 2021, Cook bought a property in Atlanta, Georgia, and also committed to use that property as her primary residence when taking out a 30-year mortgage, according to Pulte. Pulte referred Cook to the justice department for a criminal investigation, and promptly called on her to resign. 'How can this woman be in charge of interest rates if she is allegedly lying to help her own interest rates?' he wrote on X, formerly Twitter. Cook, who has not commented on the allegations, is the latest figure to be targeted by Trump officials over claims of mortgage fraud. Pulte has made similar allegations about the New York attorney general, Letitia James, and the California senator Adam Schiff, both Democrats. The justice department is reportedly investigating. James has dismissed the claims as 'baseless'. Schiff has vehemently denied the allegations, and accused the administration of weaponizing the US justice system. As Trump and his officials continue to pressure the Fed to cut rates, new minutes from the central bank's latest meeting underlined how most policymakers plan to scrutinize data over the coming weeks to gauge the economic impact of the administration's policies. While Fed policymakers again opted to leave its benchmark interest rate unchanged in July, two of its governors opposed the decision – the first time that multiple governors have voted against the majority since 1993. Fed officials 'assessed that the effects of higher tariffs had become more apparent in the prices of some goods but that their overall effects on economic activity and inflation remained to be seen,' the minutes said. 'They also noted that it would take time to have more clarity on the magnitude and persistence of higher tariffs' effects on inflation.' After the meeting, official employment data showed that jobs growth stalled this summer – prompting Trump to fire the federal government official in charge of labor statistics – as inflation continued to rise. The two governors who called for rate cuts, Christopher Waller and Michelle Bowman, were each appointed by Trump during his first term. Both have been floated as potential replacements for Powell, whose term as chair will end next May. Powell is due to deliver a highly-anticipated speech at the annual Jackson Hole Economic Policy Symposium in Wyoming on Friday, which will be closely scrutinized for signs of where the Fed plans to take rates over the coming months.
Newsweek
17 minutes ago
- Newsweek
Trump Escalates His War on Windmills
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. President Donald Trump launched a fresh attack on windmills on Wednesday, again calling the renewable energy source inefficient and expensive, just a day after his administration unveiled new tariffs on wind turbines. "Any State that has built and relied on WINDMILLS and SOLAR for power are seeing RECORD BREAKING INCREASES IN ELECTRICITY AND ENERGY COSTS," the president posted to Truth Social on Wednesday, before calling these forms of renewables "THE SCAM OF THE CENTURY!" On Tuesday, Trump's Department of Commerce announced it would be expanding the scope of the Section 232 tariffs on steel and aluminum—doubled to 50 percent in June—to include 407 new product categories, including wind turbines as well as their "parts and components." 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Trump provided no sources linking renewable power to the state's electricity prices or tying states' reliance on wind and solar to "record-breaking" cost hikes. According to the most recent estimates from the U.S. Energy Information Administration, renewable sources accounted for only around 8 percent of New Jersey's total generation in 2023, though the state aims to increase this to 50 percent by the end of the decade. Electricity costs have surged in recent months. According to the latest Consumer Price Index (CPI) from the Bureau of Labor Statistics (BLS), average electricity prices were 5.5 percent higher in July compared to a year prior. This has been attributed in part to surging loads from artificial intelligence data centers, as well as outmoded energy infrastructure. Renewable energy experts who spoke to Newsweek previously also believe provisions in the One Big Beautiful Bill Act, signed into law by President Trump on July 4, could eventually lead to even higher costs as planned projects are postponed or abandoned. Power generating wind turbines tower over the rural landscape on July 05, 2025 near Pomeroy, Iowa. President Donald Trump answers questions from reporters in the Oval Office on August 14, 2025 in Washington, DC. Power generating wind turbines tower over the rural landscape on July 05, 2025 near Pomeroy, Iowa. President Donald Trump answers questions from reporters in the Oval Office on August 14, 2025 in Washington, DC. Scott Olson /While not directly tied to Trump's latest attack on windmills, the Commerce Department's announcement of a tariff hike on wind turbines could hold implications for those companies seeking to set up wind projects on U.S. soil. "Some of these goods are composed of steel and aluminum. Without these tariffs steel and aluminum products could be imported to the US at a low tariff rate," said Christopher M. Meissner, professor of economics, professor of economics at U.C. Davis. "In principle, this is an attempt to close loopholes and to direct producer demand for steel and aluminum to American producers." "Whatever the motivation, the end result, as is usual with such tariffs, will likely be that the cost of renewable energy coming from wind turbines will be higher in the American market," he told Newsweek. In addition to wind turbines, the Commerce Department will be hiking steel and aluminum tariffs for hundreds of goods, including mobile cranes, bulldozers, and railcars. The announcement followed a months-long comment period, during which outside parties were able to submit requests for products to be subject to the Section 232 duties. One of these came from the Wind Tower Trade Coalition, a group representing domestic manufacturers of utility-scale wind towers. The group requested that foreign-sourced wind turbines and towers be subject to the Section 232 tariffs as "imports of these derivative steel products threaten to impair U.S. national security." "Rising U.S. imports of low-priced wind towers have already caused significant harm to the domestic steel mill industry," the group said. "Specifically, these imports have forced domestic wind tower producers to purchase imports rather than domestic steel mill products, resulting in fewer sales for domestic steel mills." US President Donald Trump, backdropped by turbines at the European Offshore Wind Deployment Centre, also known as the Aberdeen Bay Wind Farm, walks on the first fairway after playing off the first tee to officially... US President Donald Trump, backdropped by turbines at the European Offshore Wind Deployment Centre, also known as the Aberdeen Bay Wind Farm, walks on the first fairway after playing off the first tee to officially open the Trump International Golf Links course in Balmedie, Aberdeenshire, north east Scotland on July 29, 2025. More Brendan Smialowski/AFP via Getty Images Alan Sykes, professor of international law and diplomacy at Stanford University, told Newsweek that the process for choosing what products to subject to tariffs "is not entirely transparent and is no doubt influenced by political considerations, which may include issues other than just the interests of U.S. manufacturers." Don Graves, who served as Deputy Commerce Secretary during the Joe Biden administration, called the list of new tariffed products "quite something" and said that the Commerce Department would have been able to exempt wind turbines if it had wished. "Commerce is able to make very discrete decisions on specific categories of products as detailed in the Harmonized Tariff Schedule of the United States (HTSUS) codes," he told Newsweek. "I think it is clear that the current Administration has real problems understanding the value of renewable energy, our leadership in clean energy production and American energy sustainability." What People Are Saying Under Secretary of Commerce for Industry and Security Jeffrey Kessler said on Tuesday: "Today's action expands the reach of the steel and aluminum tariffs and shuts down avenues for circumvention – supporting the continued revitalization of the American steel and aluminum industries." President Donald Trump, during a meeting with U.K. Prime Minister Keir Starmer in Scotland last month, said: "Wind is the most expensive form of energy. And it destroys the beauty of your fields and your plains and your waterways. And look, look out there — there's no windmills. But if you look in another direction, you see windmills. If, when we go to Aberdeen, you'll see some of the ugliest windmills you've ever seen. They're the height of a 50-story building. And you can take a thousand times more energy out of a hole in the ground... It's called oil and gas." Former Deputy Commerce Secretary Don Graves told Newsweek: "A significant factor in US economic success has been the clarity, transparency and predictability in our policies and laws that workers, businesses, innovators and investors use to make long-term decisions. These new tariffs are almost certainly political and will lead to significant increases in costs to American businesses and consumers." Christopher M. Meissner, professor of economics at U.C. Davis, told Newsweek: "These [tariffs] add enormous complexity to the business environment. What is likely is that consumer prices will go up, costs for 'downstream' producers or users of the covered products will go up, and employment in these industries will grow more slowly. Some local American producers of competing products may see a rise in order flow and revenue. It will be interesting to watch the adjustment process – moving workers from the downstream industries that are hurt to the protected industries that are benefitting. What we have learned from the past is that this process or adjustment can be slow and it is likely to be economically costly." What Happens Next? In addition to steel and aluminum, the Commerce Department has launched Section 232 investigations into the impact of other imports on U.S. national security, potentially paving the way for tariff hikes on semiconductors, pharmaceuticals and other goods.
CNBC
24 minutes ago
- CNBC
Trump has snapped up more than $100 million in bonds since taking office
Key Points U.S. President Donald Trump has spent at least $100 million on bonds since taking office, according to CNBC calculations based on official filings. As well as purchasing debt issued by local governments, school boards and gas districts, Trump bought corporate debt issued by Meta, Home Depot and T-Mobile. Companies and other entities issue bonds to raise capital for reasons including refinancing debt, funding projects or boosting liquidity. U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office in January, investing in debt issued by local authorities, gas districts and major American corporations. Across 33 pages of filings with the U.S. Office of Government Ethics, or OGE, dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday. According to CNBC calculations, the purchases had a total value of at least $100 million, assuming the lower value end listed for each disclosed transaction. By law, the U.S. president, vice president and other select officials must periodically declare "reportable transactions" to the OGE. The precise value of these dealings does not have to be reported. The extensive lists filed earlier this month show that, over the course of this year, Trump has bought bonds sold by various entities, including local U.S. governments, as well as gas districts, water supply districts, hospital authorities and school boards. Trump also bought debt issued by an array of big-name companies. The documents point to purchases of between $500,000 and $1,000,000 worth of bonds issued by T-Mobile U.S., United Health and Home Depot each in early February. Later that month, he procured debt issued by Facebook and Instagram parent Meta, worth between $250,000 and $500,000. The White House did not immediately respond to a CNBC request for comment. Companies, governments and other groups issue bonds to raise capital to carry out projects, fuel growth, refinance existing debt or to bolster financial stability. Investors who purchase the bonds receive interest payments — either fixed or variable — over an agreed period, along with the return of the full loan amount at the end of that period. Some of the companies whose debt is now owned by Trump have been directly impacted by his policies or business dealings. The White House leader has a net worth of $5.5 billion, according to Forbes. In 2020 — the last year of his first presidential term — Trump was worth $2.1 billion, according to the magazine. Forbes has labeled the years between his two terms "the most lucrative post-presidency in American history" thanks to a series of ventures marketed to his supporters. Trump's political rivals have previously accused him of various conflicts of interest during his tenure as president. Under federal law, the president and vice president are exempt from some regulation relating to conflicts of interest among federal officials — but according to nonprofit watchdog CREW, every modern president prior to Trump has opted to divest their business interests before taking office.
