Skaters gliding across the ice rink at the five-star Le Meridien Lav hotel are unwitting extras in the final acts of the financial crisis as they practice their turns on the shores of the Adriatic Sea.
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.
Ireland’s National Asset Management Agency is preparing to sell Irish, German and U.K. real estate loans with a face value of 1.8 billion euros ($2.5 billion) as demand for property debt rises, two people with knowledge of the plan said.
Power-One Inc., the maker of electrical inverters whose stock has more than quadrupled in a year, plans to ship its first U.S.-made units to solar power developers Dec. 1, anticipating growth in its home market.
Florida, the U.S. state with the highest percentage of troubled mortgages, may collect almost one-quarter of the national $25 billion foreclosure settlement. For Cheryl Alexander, who had a court halt the forced sale of her home, that’s not enough.
High wind and heavy rain swept across the U.S. East Coast, tying up air traffic in New York, prompting Washington to hand out sandbags and knocking out power in North Carolina and Virginia. More rain is expected in New York late today.