Blackstone Netted €9.8 Billion for Europe Property During Crash
Blackstone Inc. has raised the largest ever pool of external capital for a European real estate fund, narrowly surpassing its own previous record against the backdrop of a severe property market correction.
The private equity firm hauled in €9.8 billion ($10.8 billion) for Blackstone Europe Real Estate Partners VII after a two-year fundraise that took place as asset values plunged in response to the end of ultra-low interest rates.
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CNBC
9 hours ago
- CNBC
Boeing trims projection for 20-year jet demand
Boeing expects global demand for air travel to increase by more than 40% by 2030, driving the need for thousands of new jetliners in the next few years, according to its 20-year demand forecast for commercial airliners released Sunday ahead of the Paris Airshow. The company expects demand for 43,600 new airliners through 2044. That is essentially the same as last year's edition, which projected demand for 43,975 new deliveries through 2043. European rival Airbus last week revised up its own 20-year commercial demand forecast by 2% to 43,420 jets, saying the air transport industry was expected to ride out current trade tensions. Boeing's delivery projection includes nearly 33,300 single-aisle airliners, just over 7,800 widebody jets, 955 factory-built freighters and 1,545 regional jets. Single-aisle jets include the 737 MAX and competitor Airbus's A320neo family and make up roughly four of every five deliveries now. While Boeing's deliveries projection is roughly the same, it pared down its 20-year forecast for passenger traffic growth from 4.7% in last year's outlook to 4.2% this year. Likewise, it lowered its global economic growth forecast from 2.6% to 2.3%, cargo traffic growth from 4.1% to 3.7% and fleet growth from 3.2% to 3.1%. Despite the lower projection for cargo traffic, Boeing Vice President of Commercial Marketing Darren Hulst told reporters in a briefing that trade volatility is not expected to significantly shift long-term demand. "I think we need to point back to the perspective that the last 20, 40, 60 years have given us in terms of the value of air cargo, and the fact that it's roughly a 4% growth market through all this time," he said. Since Covid-19, air travel demand has bounced back, but airplane production is only half or even less than what it was before the pandemic, resulting in a shortage of 1,500 to 2,000 airliners, he said. Both Airbus and Boeing have struggled to return aircraft production to pre-pandemic levels. Boeing has been dealing with production safety concerns following a 2024 mid-air blowout of a panel on a nearly new Alaska Airlines 737 Max. As a result, the U.S. Federal Aviation Administration capped 737 production at 38 airplanes a month. Boeing has significantly improved production quality in recent months, but the crash of an Air India Boeing 787-8 Dreamliner on Thursday put it back in crisis mode. CEO Kelly Ortberg cancelled his plans to attend the Paris Airshow in order to assist with the crash investigation. Global air travel is projected to increase by more than 40% by 2030, compared to the pre-pandemic high, according to the forecast. During the next 20 years, Boeing expects about 51% of demand for new aircraft to come from growth rather than replacing older airplanes. China and South/Southeast Asia, which includes India, are expected to account for half of that additional capacity, according to the outlook. North America and Eurasia account for more than half of projected deliveries for replacing older aircraft. China makes up an estimated 10% of Boeing's existing order backlog. The country paused taking delivery of new Boeing aircraft as China and the U.S. clashed over tariffs. However, deliveries are expected to resume this month, Ortberg said in May during an investors conference.
Business Insider
13 hours ago
- Business Insider
Airbnb CEO Brian Chesky says his company is a 'convenient scapegoat' as European cities protest overtourism
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Newsweek
15 hours ago
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NASCAR Driver Lists Luxurious European Style NC Estate For a Massive Price
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. NASCAR champion Martin Truex Jr.'s private European-style home in North Carolina just got listed for a massive price tag of $7.5 million. With an area of 14,000 square feet (approx.), located on a property spanning 4.82 acres on Lake Norman, there's a lot more on offer than just a fancy house. Truex Jr. parted ways with full-time NASCAR racing after the 2024 season, having secured a Cup Series championship in 2017 and two Xfinity Series championships in 2004 and 2005. The 44-year-old driver has switched to part-time racing in the stock car series. His last appearance in NASCAR was at the 2025 Daytona 500, where he raced for Tricon Garage in the No. 56 Toyota. The property on sale features 5 bedrooms and 9 baths, and is located on the waterfront. Being a racing driver, the house sports a garage for working on the cars, in addition to a large parking space to store those prized possessions. Austin Cindric, driver of the #2 Discount Tire Ford and Corey LaJoie, driver of the #01 Take 5 Oil Change/DuraMax Ford lead the field during the NASCAR Cup Series Daytona 500 at Daytona International Speedway... Austin Cindric, driver of the #2 Discount Tire Ford and Corey LaJoie, driver of the #01 Take 5 Oil Change/DuraMax Ford lead the field during the NASCAR Cup Series Daytona 500 at Daytona International Speedway on February 16, 2025 in Daytona Beach, Florida. MoreIn addition, the property screams luxury with a spa bath, a 2-story closet, and a lavish living room. Indoor highlights include a gym, theater, custom bar, and game area, while a waterfall with an infinity pool and a private dock with a boat lift make up the exterior attractions. The estate has been listed on Zillow, which states all that is on offer: "Home to NASCAR champion Martin Truex Jr., this private European-style estate on Lake Norman offers over 14,000 sq ft of luxury living on almost 5 gated, waterfront acres. A tree-lined drive leads to a stunning main house, carriage house with guest apartment, and expansive workshop/garage. "The main home features a grand living room with soaring ceilings and lake views, a chef's kitchen, formal dining, and a main-level primary suite with a spa bath and 2-story closet. Upstairs offers en-suite guest rooms and a second office with a loft. The finished basement includes a custom bar, theater, gym, and game area. Outside, enjoy a resort-style infinity pool, waterfall, fire pit, and private dock with boat lift. "A detached garage with finished space above adds even more flexibility. This home is perfect for a car enthusiast, with ample amount of garage spaces and workshop. An entertainer's dream and rare waterfront offering—experience luxury lake living with a championship pedigree." Kyle Busch also recently listed his 15,000-square-foot barndominium for $4.5 million. Newsweek Sports reported the listing earlier this month, which would lure any car or racing enthusiast, considering the underground garages and fuel storage on offer. Busch listed the property for sale since he didn't have enough time to spend there. He wrote: "We love this piece of land and the amazing barndominium but right now we just don't have enough time to spend there. We can't wait for someone to love it as much as we have!"
