Author: Press Room

Carlyle Group’s fundraising slowed sharply last quarter as the absence of a new chief executive deterred some investors from committing capital to the private equity group.The Wall Street group raised just $4.9bn in the quarter, far below the sums it achieved earlier in the year and just a fraction of the $43bn that rival Blackstone secured from investors during the period. The slowdown underlines how much is riding on Harvey Schwartz, the former Goldman Sachs chief financial officer who Carlyle named as chief executive on Monday. The appointment ended a six-month hunt to replace Kewsong Lee, who left abruptly last…

CNN  —  Labor Secretary Marty Walsh is expected to depart the Biden administration soon, according to two people familiar with the matter, marking the first Cabinet secretary departure of President Joe Biden’s presidency. Walsh has been offered a job heading the NHL’s Players’ Association, the people said. His departure isn’t expected to be announced until after Biden’s State of the Union address on Tuesday evening. Biden’s Cabinet has seen remarkably little turnover since he entered office in 2021. Walsh would be the first head of a major agency or department to leave his position. Walsh, a former mayor of Boston,…

Two Republican senators from Texas are publicly calling on China to release a “wrongfully detained” American facing the death penalty after he was arrested for drug trafficking on a business trip to the country over a decade ago.Mark Swidan was 38-years old when he went to China on business looking for flooring for construction work in November 2012. He was arrested after his driver and translator were allegedly found with drugs, Texas Tribune reported.A United Nations report determined that Swidan was not in possession of drugs on his person or in his hotel room, and records show he was not…

Check out the companies making headlines in midday trading Tuesday.Pinterest — Pinterest shares tumbled 5% after the image discovery company posted mixed quarterly results. While its adjusted earnings per share of 29 cents was greater than Refintiv analysts’ estimate of 27 cents per share, its posted revenue of $877 million fell below the $886 million estimate. Companies that rely on ad revenue have struggled with demand amid a macro downturn.Oak Street Health — Shares surged more than 30% after the Wall Street Journal reported CVS Health was close to an agreement to buy the primary-care provider for $10.5 billion.Sweetgreen —…

A leading customer of Sanjeev Gupta’s Liberty Steel has fallen into administration, deepening the crisis engulfing the industry in the UK and prompting speculation the industrialist may step in to rescue the business. Aartee Bright Bar, which is owned by Ravi Trehan, a close associate of Gupta, is Britain’s largest distributor of engineering steel products.It buys steel bars, mainly used in the construction industry, from Liberty Steel. Based in the West Midlands, the company employs 250 people. Alvarez & Marsal were appointed by Aartee’s main creditor, FGI Worldwide, to handle the insolvency process this week, according to a person familiar…

Opposition wins mayoral races in two largest cities, adding to the president’s woes.Ecuador’s President Guillermo Lasso has accepted defeat in a referendum on allowing extradition for organised crime, among other reforms, but added he would continue to fight drug trafficking and keep working to improve social conditions. The results from Sunday’s voting worsened the political difficulties of Lasso, who has struggled to contain rising insecurity, protests by Indigenous groups that have hurt the economy, and widespread violence in prisons. The extradition referendum, one of eight reforms on the ballot, would have allowed Ecuadorean suspects to be sent abroad for trial…

CNN  —  As the Colorado River sinks further into crisis and tensions rise between Western states over how to divvy up painful water cuts, a bipartisan group of senators are formalizing a new caucus to examine how Washington could help. What began as an informal group convened by Democratic Sen. John Hickenlooper of Colorado has grown to a council of senators that represent seven Colorado River basin states – Wyoming, Colorado, New Mexico, Utah, Arizona, California and Nevada, according to Hickenlooper’s office. Details of the group were shared first with CNN. What to do about the shrinking Colorado River and…

[The stream is slated to start at 12:40 a.m.ET. Please refresh the page if you do not see a player above at that time.]Federal Reserve Chairman Jerome Powell speaks Tuesday afternoon in a question-and-answer session with Carlyle Group Chairman David Rubenstein. The event is being held at the Economic Club in Washington, D.C.The discussion comes less than a week after the Fed raised its benchmark interest rate another quarter percentage point to a target range of 4.5%-4.75%. Following the move, Powell said he sees some signs that inflation is cooling in the economy but added that the central bank needs…

Carlyle Group finally has a chief executive. Now it just needs to firm up an identity. The venerable private capital firm, which manages $373bn, has chosen former Goldman Sachs executive Harvey Schwartz as its new boss. Not before time. A leadership void was one reason fourth quarter fundraising pulled in a disappointing $5bn.Schwartz has a background in trading and no high level experience as an investor. This is in contrast to predecessor Kewsong Lee. He departed suddenly in August after clashing with Carlyle’s founders. The C-suite turmoil came at a tricky time. Rising interest rates and falling asset prices hurt…

Us Weekly has affiliate partnerships so we may receive compensation for some links to products and services.  The ultimate dream? Not only to attend an prestigious award show like the Grammys, all dressed up for red carpet photos, but to take home one of those coveted gift bags! Every year, the official Grammy gifts impress more and more, and we want a bag of that swag. For the 2023 Grammy Awards, each bag included 75 gifts and experiences worth $60,000 — but that doesn’t mean there wasn’t anything affordable inside. There are actually plenty of picks under $100, or even…