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Blackstone Staffers Return to Park Avenue One Week After Tragedy
(Bloomberg) -- Blackstone Inc.'s Steve Schwarzman walked into the company's headquarters at 345 Park Ave., through the lobby that a week ago had been the scene of horror and chaos when a gunman killed one of its rising stars and put scores of employees in lockdown. Michael Chae, the firm's chief financial officer, came through too, stopping to shake hands with three staff stationed outside the door, and then inside had a huddle with Bill Rudin, whose family owns the Midtown skyscraper and also lost an employee last Monday. Schwarzman, Blackstone's chief executive, and firm President Jon Gray also stood in the lobby, greeting people as they walked in. After what Schwarzman and Gray called 'the worst day' in the firm's history, Blackstone was open for work. In some ways the scene bore the hallmarks of a normal weekday morning in a busy Manhattan office tower. A man walked in carrying a Yeti mug; a woman toted a Citarella bag. Roughly 30 people entered the building over a 20-minute period and boarded the elevators, heading to their desks for a day of work. But other signs underscored the enormity of what had happened. On July 28, the gunman walked into the lobby with an assault rifle and opened fire, killing three people. He then took an elevator to the 33rd floor, where he shot and killed another person and then turned the gun on himself. The victims were senior Blackstone real estate executive Wesley LePatner, Rudin employee Julia Hyman, security guard Aland Etienne and Didarul Islam, a New York City police officer working at the building. On Monday, extra security guards and police stood sentinel outside of the building. One woman paused before entering the building to pet the security dog, tears springing to her eyes as she stroked its tan coat. Another woman walked up to her and gave her a hug. They clasped hands as they headed into the building together. Another woman exited an Uber with a man who walked her right up to the revolving door: her boyfriend, who kissed her before she headed in. He said he'd just wanted to make sure she got into the building safely. Bill Rudin, co-executive chairman of the property owner, huddled with staff in the lobby, where security guards and police officers were scattered, and a small vase of pink and white flowers rested on the check-in console. A woman toting a leather bag embraced Rudin and others standing in the lobby, before walking out to greet some of the guards. Blackstone had told employees at headquarters that the building would be open today for employees who wished to come in, but it won't resume a normal schedule until Aug. 11. The firm will accommodate those who aren't comfortable returning by then, and executives reiterated that counseling is available to those who want it. Schwarzman and Gray walked the floors on Monday, checking in on employees and welcoming back those who returned. Its standing Monday morning firmwide Zoom meeting was a tribute to LePatner, with people sharing their memories of her. Over the weekend, building staff made preparations for the return. On Friday, the veil that had covered the entrance was taken down. By Saturday, the dozens of bouquets placed in memory of the victims on a ramp on the 51st Street side of the building had been removed. Inside the building, a cleaner mopped the floor. That day, with Park Avenue closed for a Summer Streets event, thousands of bikers, walkers and runners streamed by. People spilled onto the plaza in front of the building, from children on scooters to a family eating lunch to a unicyclist taking a respite from a ride from Brooklyn's Midwood neighborhood. Some stopped to take photos, and one couple even walked up to the glass wall of the entrance. A security guard stationed outside said he hoped the site would not become a spectacle. Blackstone also told employees that it has been working with Rudin, the New York Police Department and outside contractors to enhance security measures. The 44-story tower in Midtown Manhattan is also home to KPMG and the National Football League. Rudin had already bolstered security in recent years in response to crime in the area and the December murder of UnitedHealth Group Inc. executive Brian Thompson. On Saturday, a man named Vince, who visits the Crossroads soup kitchen nearby, sat on the plaza with his lunch. 'I was surprised that they even opened up this area,' said Vince, who declined to give his last name. 'I thought it would be like a week before anybody can even sit here, you know?' More stories like this are available on
Mint
an hour ago
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German Finance Chief Plans to Ask Bessent About Quotas for Steel
(Bloomberg) -- German Finance Minister Lars Klingbeil plans to bring up the issue of quotas for European steel when he meets with his US counterpart Scott Bessent. 'It's precisely in the steel industry where there are indications that there could be a quota system — exceptions on both sides of the Atlantic,' Klingbeil told reporters in Washington on Monday. 'This would be important for the German steel industry and for many jobs in Germany, and it's one of the topics I will address today.' A US-European trade deal agreed last month will raise duties on most imports from the bloc to 15%. Brussels got a partial waiver on certain industry-specific US tariffs that carry higher rates worldwide – like for automobiles – but not on others like steel and aluminum, where talks on an exemption involving quotas continue. 'I think we were too weak, we cannot be satisfied with the result that was achieved,' said Klingbeil. 'We Europeans must become stronger, focus on the internal market, and ensure that we are force to be reckoned with. Then we can counter the US with greater self-confidence, not against the US, but in dialogue with the US. That has been lacking somewhat in recent weeks.' Still, he added that an agreement does mean that the uncertainties of recent months have been removed, and that there is now planning security for companies on both sides of the Atlantic. Klingbeil, who also is his country's vice chancellor, is in the US on the invitation of Treasury Secretary Bessent, whom he met at the Group of Seven gathering in Banff, Canada, in May. 'I hope that the close relationship between myself and Scott Bessent will help us to clarify issues and gain a better understanding of the situation,' he said. 'This will hopefully lead to sensible solutions that are in the interests of the German economy.' More stories like this are available on
Mint
2 hours ago
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Colombia Launches Tender Offer to Repurchase Global Bonds
(Bloomberg) -- Colombia announced it would repurchase some of its outstanding global bonds with cash, as it looks to revamp its financing strategy amid increasing concerns about the widening budget deficit. The cash tender offer seeks to repurchase global notes maturing in 2030, 2031, 2032, 2041, 2042, 2044, 2045, 2049, 2051 and 2061, the government said in a statement. The offer is not conditioned upon any minimum participation in any of the series. The move was expected after the Finance Ministry said last month that it planned to secure up to $10 billion in bank loans denominated in Swiss francs, and use the proceeds to buy back some of the more discounted maturities. Through the operation, the government seeks to lower borrowing costs and reduce the ratio of debt to gross domestic product. Still, there has been no announcement on the bank loans to date. 'Despite some question marks on the size of the buyback and the ultimate financing source, this should be a positive technical anchor for the Colombia eurobond curve,' said Jason Keene, a strategist at Barclays. 'We would not be surprised to hear some loan announcements in the coming days.' Colombian bonds are among the best performing in emerging markets Monday, with notes maturing in 2061 up 1.7 cents on the dollar to trade at 56.5 cents, according to indicative pricing data compiled by Bloomberg. The impact of the news may be limited though, said Pedro Quintanilla-Dieck, a strategist at UBS. 'While this approach should continue to support longer-dated bonds and may modestly lower sovereign funding costs in dollars, we do not expect it to materially alter the upward trajectory of the debt burden, particularly as the latest data continue to point to higher fiscal deficits,' he said. Last week, Colombia's government approved an increase in the 2026 primary deficit to 2% of GDP from a previous target of 1.4% of GDP. The overall deficit, which includes debt repayments, remained unaltered at 7.1%. The change will make it more difficult to resume the fiscal rule in 2028, which is temporarily suspended due to higher sending pressures, according to an independent committee that oversees the nation's fiscal accounts, called CARF. Colombia has said it plans to tap international markets once this year and twice in 2026, aiming to raise approximately 5 billion euros. --With assistance from Oscar Medina. More stories like this are available on
