Privat Equity giant Blackstone is set to acquire stake in European warehouse portfolio run by landlord Burstone. South Korea's factory activity growth gathered pace in August despite weak overseas demand. China has warned of an economic retaliation against Japan if it imposes further restrictions on the sales and servicing of chipmaking equipment to Chinese firms.
Money into the Estate
Private equity giant Blackstone will acquire an 80 percent stake in a European warehouse portfolio managed by landlord Burstone, making up another move by the PE firm into the booming e-commerce-driven warehouse sector. The Johannesburg-listed Burstone, previously Investec's property fund, announced the sale of the controlling stake in the €1.1 billion ($1.2 billion) portfolio, which includes properties in seven countries, including Germany, France, and the Netherlands.
Gathers pace
South Korea's factory activity growth gathered pace in August, with output expanding at its fastest pace in over three years, despite weaker overseas demand, according to a private survey released Monday. The purchasing managers index (PMI) for manufacturers, compiled by S&P Global, rose to 51.9 in August from 51.4 in July, marking the fourth consecutive month above the 50-mark, indicating continued expansion.
Tussle for power
China has warned of severe economic retaliation against Japan if it imposes further restrictions on the sales and servicing of chipmaking equipment to Chinese firms, Bloomberg News reported. Toyota Motor reportedly informed Japanese officials that Beijing might respond by cutting off Japan's access to essential minerals for automotive production. Chinese officials have repeatedly conveyed this stance in recent meetings with their Japanese counterparts. China's foreign ministry reiterated its firm opposition to the "artificial disruption" of global supply chains, the politicisation of economic cooperation, and technological blockades against China.
Top boss
HSBC's new chief executive, Georges Elhedery, who took the helm on Monday, expressed his commitment to building on the bank's existing strategy, according to an internal memo. Elhedery, who joined HSBC in 2005, succeeds Noel Quinn as the bank transitions from restructuring to growth amid peaking interest rates and ongoing geopolitical tensions.
He began his role with a visit to Hong Kong, HSBC's largest market, to gather feedback from leadership, meet clients, and engage with staff. Investors are keen to see how Elhedery plans to drive growth, especially as revenue sources beyond the bank's fee-based wealth business face pressure from anticipated interest rate cuts.
Tough Times
French IT firm Atos announced on Monday that it expects reduced cash availability in the coming years due to a weaker business environment affecting sales, though it assured that this would not alter the key terms of its financial restructuring plan.
Atos has faced financial challenges but secured a crucial restructuring deal with banks and bondholders in June. The company now projects full-year 2024 revenue at €9.7 billion ($10.72 billion), slightly down from the previous estimate of €9.8 billion, and anticipates positive but lower cash generation in 2026. It also revised its operating margin forecast for this year to 2.4 percent of revenue, down from the earlier target of 2.9 percent.
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