Chinese private equity funds are emerging in big cities as China promulgates new regulations aimed at creating a homegrown private equity industry, one that Beijing hopes will strengthen the country’s capital markets and fuel private sector growth in an economy overly dependent on government investment.

Stocks tumbled Thursday after an analyst downgrade on the chip sector and gains in the dollar. Intel, Alcoa and GE were the Dow's biggest losers.

The Dow dropped over 100 points Thursday, led by Intel, after an analyst downgrade on the chip sector. A stronger dollar also weighed on the market.

Packaged foods company Pinnacle Foods Group is buying Birds Eye Foods, the nation's largest frozen food company, for $1.3 billion.

Stocks fell sharply Thursday as a jobless-claims report did little to assuage economic worries and investors pushed the dollar higher.

Stocks were set to extend the previous session's losses at the opening bell Thursday, with European stocks dragging on sentiment as miners and food producers struggled.

Blackstone Group's Pinnacle Brands is expected to buy U.S. frozen vegetable company Birds Eye Foods for more than $1.3 billion, a source familiar with the matter said Thursday.

(Reuters) - Blackstone Group's <BX.N> Pinnacle Brands Corp is likely to buy U.S. frozen vegetable company Birds Eye Foods for more than $1.3 billion, the Wall Street Journal said, citing people familiar with the matter.

By Simon Meads

High credit default rates and consumer debt will cause the US economy to recover at a slower pace than it did after previous economic downturns, said Steve Schwarzman, CEO of private equity firm The Blackstone Group.

Private equity firm Blackstone Group, run by co-founder Stephen Schwarzman, bought a $7.8 million stake in Southwest Airlines Co., cut its stake in Eastman Kodak Co. and sold its holdings in Calpine Corp. during the latest quarter.

TOKYO (Reuters) - Citigroup Inc said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion).

Citigroup Inc said on Sunday it has agreed to sell its stake in Japanese telemarketer Bellsystem24 to U.S. private equity firm Bain Capital for 93.5 billion yen ($1 billion).

PHILADELPHIA (Reuters) - Blackstone Group <BX.N> said on Friday its Chief Operating Officer sold $67.5 million of his stake in the private equity firm to invest in various Blackstone funds.

By Nicola Leske and Philipp Halstrick