Non-public fairness teams unable to promote or record China-based portfolio corporations

Right now’s agenda: France’s new finance minister; UK housebuilding hunch; EU’s saved fuel 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 record their China-based portfolio corporations this 12 months as Beijing’s crackdown on preliminary public choices and a slowing financial system go away 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 report of any having listed a Chinese language firm this 12 months or absolutely bought their stake by means of an M&A deal, in accordance with figures from Dealogic. It’s the first 12 months for not less than a decade the place this has been the case, although the tempo of exits has been sluggish since Beijing launched restrictions on Chinese language corporations’ skill to record in 2021.

Why it issues: Buyout teams depend on having the ability to promote or record corporations, sometimes inside three to 5 years of shopping for them, in an effort to generate returns for the pension funds, insurance coverage corporations and others whose cash they handle. The difficulties in doing so have in impact left these traders’ funds locked away, with future returns unsure. Learn the complete report.

Right here’s what we’re holding tabs on right now:

• 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 prime 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 go the nation’s raucous hung parliament. The appointment got here after days of wrangling between Bayrou and President Emmanuel Macron. Listed below are the opposite officers within the new cupboard.

2. The UK’s listed housebuilders are on monitor to construct the fewest new properties 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 properties this 12 months, in accordance with a Monetary Occasions evaluation, the bottom stage of output since 2013.

3. The EU is emptying its fuel storage services on the quickest tempo because the power disaster three years in the past as colder climate and a decline in seaborne imports increase 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 accordance with an business physique. Learn the complete report.

4. Mozambique’s highest electoral physique confirmed the ruling celebration’s controversial election victory regardless of allegations of vote-rigging, reigniting the biggest 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 1000’s taking to the streets.

5. Airways on each 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 enhance on the earlier report set in 2019, in accordance with aviation information, whereas a report 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Listed below are the highest locations.

The Large Learn

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

We’re additionally studying . . . 

• ‘Waste of time’: The FT spoke to ministers, enterprise leaders and Labour MPs to piece collectively what went mistaken 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 powerful rally within the nation’s inventory market this 12 months, defying the gloom enveloping the home financial system.

• Misinformation: A Russian on-line advert company with a London affiliate has been implicated in affect 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. Beginning charges have fallen even in international locations the place family-friendly insurance policies had beforehand helped increase the variety of infants.

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 standard characters of the Nativity story have a lot to show us about being open to concepts of spirituality.

FirstFT shall be taking a break tomorrow however we’ll be again in your inboxes on Thursday. Thanks for studying, and completely satisfied holidays!