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OCT 2009 |
Worst
over, Future Is Brighter
Oil Poised for Price 'Breakout' Higher |
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Blackstone CEO:
Worst over, Future Is Brighter
BLACKSTONE, WORST, FUTURE, ECONOMY, CRISIS, RECESSION, DEPRESSION, INDUSTRY,
IPO, STOCK MARKET Reuters
| 14 Oct 2009 | 04:05 AM ET
Private equity firm Blackstone Group's chief executive said the worst of the
industry's slump is behind it, and dealflow and IPO investments are opening
up again."We've all been through a trying period," Stephen Schwarzman said
on Wednesday in a speech at the Super Return Middle East private equity
conference in Dubai.The future looks brighter and he is seeing "more than
green shoots" of recovery, though the scale of economic growth through next
year is still unclear."We do not expect the U.S. economy to slip back into
recession, but we do believe that weak consumer spending and continued
constraints on bank lending will dampen the U.S. economic recovery in 2010
and 2011,"Schwarzman said.He is evaluating the prospects for up to seven
IPOs, in addition to one already filed, which he said were spread across a
variety of sectors and geographies.There are also signs of life in the bank
financing market, he said."We can certainly do transactions in the $3
billion to $4 billion range at this stage in the cycle," he said on the
sidelines of the conference. "And with low leverage involved, deals of that
size can use in excess of $1 billion equity." Schwarzman sees the
opportunity for more deals ahead but noted Blackstone had been outbid by
strategics ? meaning companies rather than private equity firms ? on several
occasions.He said Blackstone is open to investing in the Middle East and
sees the firm opening an office somewhere in the region. He declined to
specify which city.Schwarzman earlier made some of the details of his speech
available to investors in Blackstone's funds.
Oil
Poised for Price 'Breakout' Higher, Goldman Says (Update1)
2009-10-13 14:57:51.580 GMT
By Grant Smith
Oct. 13 (Bloomberg) -- Crude oil prices are poised for a "breakout" from a
five-month trading range as importing of goods for Christmas retailing
bolsters diesel demand, Goldman Sachs Group Inc. said in report. Futures in
New York have traded "in a very tight band" capped at $75 a barrel since
mid-May, Goldman analysts including London-based Jeffrey Currie said in a
report today. "Diesel demand typically rises by mid-to-late October, as
shipping of goods to restock shelves in anticipation of the Christmas retail
season starts to pick up," they wrote. "The market is increasingly focused
on evidence of a rebound in distillate demand" which would "likely be the
primary catalyst to create a sustainable breakout above the recent trading
range." Crude prices today reached a seven-week high of $74 on growing
confidence in a global economic recovery. Gains have been kept in check by
above-average inventories of distillate fuels, such as heating oil and
diesel, which are at their highest in 26 years in the U.S. In another report
e-mailed earlier today Goldman kept its forecast for crude to reach $85 a
barrel by the end of this year on "modest"
improvements in global demand in the fourth quarter.
NOV 2009 TBA
DEC 2009 TBA
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