Worldwide News
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U.S. stocks tumbled as a report showed weaker-than-forecast growth in service industries and concern grew that a political impasse in Washington could lead to a recession. Treasuries gained, reversing losses, while gold pared an earlier slide.
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Blackstone Group LP raised more than $4 billion in 2009 to buy European property assets anticipating that cash-strapped banks would be forced to sell as the region’s debt crisis worsened. Almost all of it sat idle for two years.
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Vodafone Group Plc’s Chief Financial Officer Andy Halford will step down in March following the completion of the company’s $130 billion sale of its stake in Verizon Wireless.
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Marc Jacobs’s departure from Louis Vuitton to focus on an initial public offering of his own brand is set to provide a double boost for LVMH Moet Hennessy Louis Vuitton SA, the owner of both luxury fashion labels.
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