“The business model coming out of Covid is going to be somewhat changed.”, Schwarzman also sees some incoming changes in supply chains, partly because China hosts so much of the world’s production that producers worldwide couldn’t get the supplies they needed when China closed its borders. Times Internet Limited. Watch Tac Opps portfolio companies’ CEOs discuss how Tac Opps is helping their businesses. It’s good for communication,” he said. All Rights Reserved. All Americans are struggling to make sense of these events. (They have now) happened in three months. In a message to Blackstone’s employees, CEO Steve Schwarzman and president Jon Gray said that, in light of the recent events, it was important to reassert what it “believed as a firm”. Schwarzman and Gray said they were "deeply disturbed by the awful acts of racial injustice our country has recently experienced, particularly the horrific murder of George Floyd in Minneapolis”. In a joint statement, they added: “We are committed to creating a highly inclusive work environment for people of all races, genders, religions, sexual orientations, ethnicities and nationalities. Though we are not all together physically, we encourage each of you to reach out to colleagues and friends, to join our firm wide affinity networks, and continue to give back to your communities.”. Times Syndication Service. When asked about China-U.S. relations, Schwarzman said “the U.S. really wanted to have a lot of these relationships economically changed and China opened up” as the two economies grew closer in size. Fintech Giant Lufax Joins the New York IPO Cavalcade, China Gives Away $1.5 Million to Test Digital Currency. For more on how Blackstone supports its portfolio companies: Watch our video recapping the 2018 CEO Conference. The companies have experienced solid growth. "Not all companies have recovered their valuations," Schwarzman said. On the other hand, there will probably be a smaller high fashion industry because people have gotten used to wearing casual clothes at home, he explained. With the economic interruption from Covid-19, Schwarzman thinks that there will be a restart of the economy. Gold Mining Boss Remarries After Redistributing Wealth, Exclusive: China Takes Another Step Toward Fixing Its Corruption-Plagued Rural Credit Unions. But the CEO who forecasted a V-shaped recovery back in June also said that some companies in other sectors have not rebounded yet and have more room to grow. Protests have taken place, and in many cases violence has erupted, across the US following the death of George Floyd during an encounter with the police in Minneapolis in the US state of Minnesota on 25 May this year. In a recent interview with Caixin, Schwarzman also noted the change in trade relations between China and the U.S., which had been “extremely unbalanced,” as well as the strained tension between the two countries due to the Covid-19 pandemic. Blackstone se dio cuenta de que tenía que estar en España en 2013. It is also unwise to invest in things that require people to travel by air, as people will be more cautious about taking an airplane before there is a vaccine for the virus, he said. ", Read more: A fund manager who's beaten 99% of her peers over the past 5 years told us why she remains bullish on growth stocks despite the recent sell-off — and listed her 3 favorite stocks for continued gains in the decade to come. “We try to construct each of our investments to survive a very bad environment for quite a long time.”. Stephen Schwarzman, chairman and CEO of Blackstone. In Depth: China’s Takeout Wars — Is Meituan Set to Eat Alibaba’s Lunch? All rights reserved.For reprint rights. It’s good for peace. “The world has accelerated trends that would have taken five or 10 years. It’s amazing,” he said. Plus d'informations, LPEA names director of strategy Stephane Pesch as new CEO, Top 100 Executives 2020 – Hamid Moghadam, CEO, Prologis, US Presidential Debate: Welcome to the Idiocracy, Top 100 Executives 2020 – Jean Pierre Mustier, CEO, Unicredit, Meet SES, a satellite manufacturer challenging the big boys, Luxembourg becomes first European country to launch 'Green Bond framework, Top 100 Executives 2020 – Dominique Senequier, president, Ardian, Top 100 Executives 2020 – Daniel Ek, CEO, Spotify. We certainly share his vision.”. Blackstone CEO Stephen Schwarzman said both expensive technology companies and companies that have not yet rebounded are attractive investments in a panel at the CNBC Institutional Investor Delivering Alpha Conference on Wednesday. Iranian by birth, the boss of Prologis has forged an investment empire in the land of Uncle Sam. Copyright © 2020. There have been some dire political debates of late, but Tuesday night’s US presidential debate between Donald Trump and... Named head of Unicredit in 2016, Jean Pierre Mustier has not shied away from making tough decisions to ensure the future... Luxembourg is positioning itself to be the European centre of space business. Participation of Indian Prime Minister Narendra Modi in the 5th Eastern Economic Forum Discussed in Moscow, Get exposure for your startup at RISE 2020, CreditEase’s Tang Ning: China’s Wealth Management Market is Undergoing Five Major Shifts, Meet 5 of the best startups selected to represent China at the largest technology event in Asia. It’s good for the rest of the world. The coronavirus pandemic, however, has created much anxiety in the U.S., and “that kind of frustration and nowhere to direct it is what’s led to intensification,” Schwarzman said. While admitting there would inevitably be geopolitical friction as China’s wealth and power grows, Schwarzman thinks it is valuable to learn in depth about China as an important rising power. In January, the world’s two largest economies reached a truce in their trade war with a phase one trade agreement. "So it gives you a chance to play some technology things because of the power of what's going on in that area as the world's going digital at a much faster rate exists, and it also is possible to buy some other companies that haven't rebounded to the same degree. The program aims to prepare young leaders to help foster greater understanding between China and the rest of the world.

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