UPDATE 1-Blackstone's Baratta to lead global buyouts - Reuters UK
* Baratta helped build European private equity business
* Expected to be succeeded by Lionel Assant (Adds background on Baratta)
July 18 (Reuters) - The Blackstone Group LP said on Wednesday its European head of private equity, Joseph Baratta, would lead its global buyout efforts, which have so far been overseen by Tony James, Blackstone's president who runs the firm day-to-day.
Baratta, who will also join the firm's management committee, has worked on some of Blackstone's most high-profile investments, including SeaWorld Parks and Entertainment, Merlin Entertainments Group, Center Parcs and Spirit Group.
"Joe Baratta embodies the best of Blackstone - high integrity, strong investment acumen, a focus on the needs of our limited partners and a great developer of talent," James said in a statement.
Currently working in London, Baratta will be based in New York from September. Lionel Assant, a senior managing director in London, is expected to assume a leadership role in the European private equity group. James will remain involved in all investment decisions in private equity.
Baratta, who recently turned 40, came to Europe 11 years ago. Together with David Blitzer, another senior Blackstone dealmaker, he is largely credited with building the firm's private equity business in Europe.
One banker, who knows them both, said Baratta is likely to take a more considered approach than his colleague, who had a propensity to "shoot from the hip."
Far from being a "strip-and-flip" merchant, Baratta cemented his reputation with Merlin, then a small theme parks operator, which through acquisition and new openings has grown into world No. 2 behind Walt Disney Co.
Baratta, a graduate of Georgetown University will have a huge amount for deals. Blackstone's latest buyout fund, Blackstone Capital Partners VI, completed fundraising in January, raising just over $16 billion.
Blackstone's private equity group comprises 129 professionals in New York, London, Germany, Mumbai, Singapore, Hong Kong, Shanghai and Beijing. It manages $47 billion in assets. (Reporting by Greg Roumeliotis in New York and Simon Meads in London; editing by Andre Grenon)
Madonna has highest grossing tour, says Billboard - BBC News
Madonna is in the UK playing dates in London, Birmingham and Edinburgh
Madonna has had the highest grossing tour since the beginning of June, according to Billboard magazine.
The pop star, 53, has made nearly $50 million (£32m) on her MDNA world tour since it started in Israel on 31 May.
The singer still has concerts to play across Europe and North America before finishing in Argentina just before Christmas.
Lady Gaga is in second place on the list with Cirque du Soleil's Michael Jackson tour in third.
Other artists in the top 10 include Jennifer Lopez, Iron Maiden and Foster The People.
The rest of the rundown is made up of country acts Rascal Flatts and Brad Paisley, Canadian reality show Star Academie and American singer/songwriter James Taylor.
Madonna has performed to more people then her closest competitors this year with 417,448 watching her shows so far.
In comparison, Lady Gaga has been seen by 180,498 and Jennifer Lopez by just over 20,000.
Former Pink Floyd star Roger Waters' tour tops total worldwide concert ticket sales for the first half of 2012, according to Pollstar magazine.
The top 10 highest grossing tours since the beginning of June are:
1. Madonna - $49.5 million (£32m)
2. Lady Gaga - $23.6m (£15m)
3. Cirque du Soleil's Michael Jackson tour - $5.8m (£3.7m)
4. Rascal Flatts - $2.3m (£1.4m)
5. Jennifer Lopez - $1.7m (£1.08m)
6. Iron Maiden - $1.5m (£959,000)
7. Brad Paisley - $1.2m (767,000)
8. Star Academie - $834,000 (£533,000)
9. James Taylor - $688,000 (£439,000)
10. Foster The People $573,000 (£366,000)
Coachella cruise festival headlined by Pulp to set sail - BBC News
Pulp won an NME outstanding contribution to music award this year
Californian music festival Coachella has announced details of a new event taking place on a cruise ship.
Pulp and Hot Chip are among the acts to perform on board the S.S. Coachella.
The cruise liner, which has capacity for 2,800 fans, will set sail for two journeys around Bahamas and Jamaica in December.
Other acts confirmed to play gigs on board include Yeasayer, Sleigh Bells, Grimes, Warpaint with James Murphy from LCD Soundsystem playing a DJ set.
The festival will make two trips with the first one departing from Fort Lauderdale, Florida, on 16 December.
It follows a number of other music events being staged on cruise ships.
In January US indie-rockers Weezer performed at sea as part of their own festival.
R. Kelly's Love Letter Cruise will also take place in October.
Meanwhile, Coachella's annual land-based music festival, held near Indio, California returns across two weekends in April 2013.
M&S Bank to charge up to £20 per month for current accounts - Marketing
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Marks & Spencer Bank has revealed details of its forthcoming premium current account services, which will charge consumers between £15 and £20 per month. M&S will offer two versions of its Premium Current Account, the first of which charges consumers a ...
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