Private equity groups unable to sell or list China-based portfolio companies

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Right this moment’s agenda: France’s new finance minister; UK housebuilding droop; EU’s saved gasoline utilization; Mozambique political turmoil; and love misplaced for courting apps

Good morning. We start with the world’s greatest non-public fairness teams, which have been unable to promote or checklist their China-based portfolio firms this yr as Beijing’s crackdown on preliminary public choices and a slowing financial system depart international traders’ capital trapped within the nation.

What the info exhibits: Among the many 10 largest international non-public fairness teams with operations in China, there isn’t a file of any having listed a Chinese language firm this yr or absolutely offered their stake via an M&A deal, in accordance with figures from Dealogic. It’s the first yr for a minimum of a decade the place this has been the case, although the tempo of exits has been gradual since Beijing launched restrictions on Chinese language firms’ skill to checklist in 2021.

Why it issues: Buyout teams depend on having the ability to promote or checklist firms, usually inside three to 5 years of shopping for them, with a purpose to generate returns for the pension funds, insurance coverage firms and others whose cash they handle. The difficulties in doing so have in impact left these traders’ funds locked away, with future returns unsure. Read the full report.

Right here’s what we’re conserving tabs on at present:

Moldova: Professional-EU president-elect Maia Sandu is sworn in. Her slender victory, regardless of alleged Russian interference, places the nation on a path to EU membership.

5 extra high tales

1. France’s new prime minister François Bayrou has chosen Eric Lombard, head of state-backed monetary group Caisse des Dépôts, as finance minister, entrusting him with devising a price range that may cross the nation’s raucous hung parliament. The appointment got here after days of wrangling between Bayrou and President Emmanuel Macron. Here are the other officials in the new cabinet.

2. The UK’s listed housebuilders are on observe to construct the fewest new houses on the market in a decade as planning guidelines and excessive mortgage charges maintain the market again regardless of the brand new Labour authorities’s push to extend housing provide. The sector is forecast to finish simply over 50,000 houses this yr, in accordance with a Monetary Instances evaluation, the lowest level of output since 2013.

3. The EU is emptying its gasoline storage services on the quickest tempo for the reason that power disaster three years in the past as colder climate and a decline in seaborne imports elevate demand. The quantity of gasoline within the bloc’s storage websites has dropped 19 per cent from the top of September, when the refilling season ends in gasoline markets, to mid-December, in accordance with an business physique. Read the full report.

4. Mozambique’s highest electoral physique confirmed the ruling celebration’s controversial election victory regardless of allegations of vote-rigging, reigniting the most important anti-government protests to hit the gas-rich nation since independence. The announcement sparked a brand new spherical of unrest within the capital Maputo, with thousands taking to the streets.

5. Airways on either side of the Atlantic are bracing for his or her busiest Christmas season. Within the UK, carriers will fly 6.1mn seats between December 20 and January 2, a 5 per cent improve on the earlier file set in 2019, in accordance with aviation knowledge, whereas a file 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Here are the top destinations.

The Huge Learn

A couple on a date reflected in a mirror behind the table where they are sitting — © Stephanie Keith/Getty Pictures

The world’s greatest on-line courting firms are in disaster as ladies and youthful customers more and more look in direction of area of interest apps and real-life meets — and even decide out of romantic relationships altogether. Why have customers fallen out of love with dating apps?

We’re additionally studying . . .

‘Waste of time’: The FT spoke to ministers, enterprise leaders and Labour MPs to piece collectively what went wrong for Sir Keir Starmer after his landslide election victory.
Dispatch from Syria’s Latakia: Within the Assad dynasty’s residence province and one-time stronghold, many concern the regime change marks the beginning of a cycle of disempowerment and retribution.
Dax bull run: Germany’s personal “magnificent seven” have pushed a robust rally within the nation’s inventory market this yr, defying the gloom enveloping the home financial system.
Misinformation: A Russian on-line advert company with a London affiliate has been implicated in influence campaigns in France, Germany and Romania.

Chart of the day

Three extra EU member states — together with probably the most populous, Germany — have joined the checklist of nations with “ultra-low” fertility charges, highlighting the extent of the area’s demographic challenges. Delivery charges have fallen even in international locations the place family-friendly insurance policies had previously helped boost the number of babies.

Take a break from the information

In our society, momentous information tends to be shared first with these in vital or high-profile positions, because it has been all through historical past. So it’s notable, writes Enuma Okoro, {that a} group of “lowly” shepherds was deemed essential sufficient to obtain the information of the start of Jesus. The common-or-garden characters of the Nativity story have much to teach us about being open to concepts of spirituality.