Personal fairness teams unable to promote or record China-based portfolio firms

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

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

What the info reveals: Among the many 10 largest international non-public fairness teams with operations in China, there is no such thing as a report of any having listed a Chinese language firm this yr or totally offered their stake via an M&A deal, in keeping 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 sluggish since Beijing launched restrictions on Chinese language firms’ potential to record in 2021.

Why it issues: Buyout teams depend on with the ability to promote or record firms, sometimes inside three to 5 years of shopping for them, in an effort 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. Learn the complete report.

Right here’s what we’re retaining 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 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 funds that may move the nation’s raucous hung parliament. The appointment got here after days of wrangling between Bayrou and President Emmanuel Macron. Listed here are the opposite officers within the new cupboard.

2. The UK’s listed housebuilders are on observe 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 yr, in keeping with a Monetary Instances evaluation, the lowest stage 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 increase demand. The amount of gasoline within the bloc’s storage websites has dropped 19 per cent from the tip of September, when the refilling season ends in gasoline markets, to mid-December, in keeping with an trade physique. Learn the complete report.

4. Mozambique’s highest electoral physique confirmed the ruling social gathering’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 1000’s 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 enhance on the earlier report set in 2019, in keeping with aviation information, whereas a report 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Listed here are the highest locations.

The Massive Learn

The world’s largest on-line relationship firms 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 decide out of romantic relationships altogether. Why have customers fallen out of affection with relationship 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 dwelling province and one-time stronghold, many worry 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 economic 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 nations 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 vital sufficient to obtain the information of the start of Jesus. The common-or-garden 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 comfortable holidays!