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good morning. Welcome to our last FirstFT before we take a short break for Christmas Day. Today’s topics are:
The world’s top private equity firms have been stuck in China this year, unable to sell or list their China-based portfolio companies due to the Chinese government’s crackdown on initial public offerings (IPOs) and the economic slowdown. I noticed that.
Of the world’s 10 largest private equity groups operating in China, no one has recorded a Chinese company listing or selling all of its shares through an M&A deal this year, according to Dealogic statistics.
The pace of withdrawals has slowed since the Chinese government introduced limits on the ability of Chinese companies to go public in 2021, the first such situation in at least a decade.
Goldman Sachs CEO David Solomon said at a conference in Hong Kong in November that one reason investors are “mainly sitting on the sidelines” when it comes to deploying money to China is because “it’s very difficult.” He said that it was. . . This is to extract capital. ” Read the full report.
5 more top articles
1. A Russian cargo ship operated by the Logistics Fleet of the Ministry of Defense sank today in international waters between Spain and Algeria, en route from St. Petersburg to Vladivostok. The ship, called the Ursa Major, sank due to an explosion in the engine room. Two crew members are still missing, the Russian Foreign Ministry said, while 14 others were rescued and taken to the Spanish port of Cartagena.
2. France’s new prime minister, François Bayrou, has chosen Eric Lombard, the head of the state-backed financial group La Deposit, to be his finance minister and tasked him with crafting a budget that can be passed through the country’s tumultuous parliament. I entrusted it to The appointment came after days of wrangling between Bayrou and President Emmanuel Macron. Other ministers in the new cabinet are:
3. The EU is emptying gas storage facilities at the fastest pace since the energy crisis three years ago, as demand rises due to colder weather and a decline in seaborne imports. According to the industry group, the amount of gas in storage in the block fell by 19% from the end of September, when the gas market’s filling season ends, to mid-December. Read the full report.
4. After Senate Democrats contested the confirmation of more than 200 lifetime appointees in courts across the country, Joe Biden took credit for his accomplishments in federal court, surpassing Donald Trump’s total during his first presidency. exceeded. Learn more about the complete list here.
5. Airlines on both sides of the Atlantic are preparing for their busiest Christmas season. Aviation data shows that in the UK, airlines will operate 6.1 million seats between December 20 and January 2, a 5% increase over the previous record set in 2019, while US airlines The company is expected to carry a record 54 million passengers by Dec. 19. Top destinations include:
big reading
The world’s largest online dating company is in crisis as women and young users increasingly turn to niche apps, real-life hookups, and even reject romantic relationships altogether. Why are users leaving dating apps?
I’m also reading. . .
‘Waste of time’: The FT interviews ministers, business leaders and Labor MPs to find out what went wrong for British Prime Minister Sir Keir Starmer in his landslide election victory.
Deployment from Syria’s Latakia: In the region that is the stronghold and former stronghold of the Assad dynasty, many fear that regime change will begin a cycle of power removal and retaliation.
Dax bull market: Germany’s own ‘Magnificent Seven’ have driven the country’s stock market’s strong rally this year, defying the gloom that has hung over the country’s economy.
Misinformation: A Russian online advertising agency with an affiliate in London was reportedly involved in influence campaigns in France, Germany and Romania.
chart of the day
Three more EU countries, including the most populous Germany, have joined the list of “very low” fertility countries, underscoring the extent of the region’s demographic challenges. Even in countries where family-friendly policies have helped increase the number of babies born, birth rates are falling.
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Take a break from the news
In our society, as has been the case throughout history, important news tends to be shared first with people in important or high-profile positions. It is therefore noteworthy, writes Enuma Okoro, that a group of “lowly” shepherds were deemed important enough to receive the news of Jesus’ birth. The humble characters in the Nativity story have much to teach us about embracing the idea of spirituality.
Additional reporting by Irwin Cruz and Emily Goldberg
FirstFT will be on hiatus tomorrow, but it’ll be back in your inbox on Thursday. Thank you for reading. I hope you have a nice vacation.
