Business

Associated Press
Stephen A. Schwarzman, center, founder of the U.S. private equity firm Blackstone, attends a press conference at the Great Hall of People in Beijing, China Sunday, April 21, 2013. Schwarzman announced Sunday the establishment of a $300 million endowed scholarship program in China for students from around the world, and billed it as a rival to the prestigious Rhodes Scholarship. Schwarzman said he would give $100 million as a personal gift and raise another $200 million to endow the Schwarzman Scholars program at Beijing's Tsinghua University. It will be the largest philanthropic gift with foreign money in China's history, according to the tycoon and the university. Sitting on the right is Chen Jining, president of Tsinghua University and on the left is Robert A. M. Stern, dean of the Yale School of Architecture. (AP Photo/Didi Tang)

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