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Good morning and welcome again to the final FirstFT earlier than we take a short Christmas Day break. Right here’s what’s on the agenda right this moment:
The world’s prime non-public fairness companies have discovered themselves trapped in China, unable to promote or record their China-based portfolio corporations this yr, as Beijing has cracked down on preliminary public choices and the economic system slows.
Among the many 10 largest world non-public fairness teams with operations in China, there isn’t any file of any having listed a Chinese language firm this yr or totally bought their stake by way of an M&A deal, figures from Dealogic present.
It’s the first yr for not less than a decade the place this has been the case, although the tempo of exits has been gradual since Beijing launched restrictions on Chinese language corporations’ potential to record in 2021.
Goldman Sachs chief govt David Solomon stated at a Hong Kong convention in November that one of many causes traders have been “predominantly on the sidelines” over deploying funds in China was that “it’s been very troublesome . . . to get capital out”. Read the full report.
5 extra prime tales
1. A Russian cargo vessel operated by the defence ministry’s logistics fleet sank right this moment in worldwide waters between Spain and Algeria whereas en route from St Petersburg to Vladivostok. The ship, known as Ursa Main, sank following an explosion in its engine room. Two crew members stay lacking, whereas 14 others have been rescued and brought to the Spanish port of Cartagena, Russia’s overseas ministry stated.
2. 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 finances 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.
3. The EU is emptying its fuel storage amenities on the quickest tempo because the power disaster three years in the past as colder climate and a decline in seaborne imports elevate demand. The quantity of fuel within the bloc’s storage websites has dropped 19 per cent from the top of September, when the refilling season ends in fuel markets, to mid-December, in response to an trade physique. Read the full report.
4. Joe Biden has stamped his legacy on the federal bench after Senate Democrats raced to verify greater than 200 nominees to lifetime appointments in courts throughout the US, outpacing Donald Trump’s tally throughout his first presidency. Read more about the full list.
5. Airways on each side of the Atlantic are braced 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 response to aviation information, 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
The world’s largest on-line courting corporations are in disaster as ladies and youthful customers more and more look in the 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 . . .
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‘Waste of time’: The FT spoke to ministers, enterprise leaders and Labour MPs to piece collectively what went wrong for UK Prime Minister Sir Keir Starmer after his landslide election victory.
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Dispatch from Syria’s Latakia: Within the Assad dynasty’s residence province and one-time stronghold, many worry the regime change marks the beginning of a cycle of disempowerment and retribution.
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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 economic system.
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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 essentially the most populous, Germany — have joined the record of nations with “ultra-low” fertility charges, highlighting the extent of the area’s demographic challenges. Delivery charges have fallen even in nations 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 important 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 necessary 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.
Extra reporting by Irwin Cruz and Emily Goldberg
FirstFT will probably be taking a break tomorrow however we’ll be again in your inboxes on Thursday. Thanks for studying, and completely happy holidays!
