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

Immediately’s agenda: France’s new finance minister; UK housebuilding droop; EU’s saved fuel 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 listing their China-based portfolio firms 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 world 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 12 months or totally offered their stake by an M&A deal, in line with figures from Dealogic. It’s the first 12 months for at the very least 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 listing in 2021.

Why it issues: Buyout teams depend on with the ability to promote or listing firms, usually inside three to 5 years of shopping for them, to be able 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 protecting tabs on as we speak:

• 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 finances that may go 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 12 months, in line with a Monetary Occasions evaluation, the lowest level of output since 2013.

3. The EU is emptying its fuel storage amenities on the quickest tempo because the vitality disaster three years in the past as colder climate and a decline in seaborne imports elevate demand. The amount 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 line with an trade 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 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 line with aviation knowledge, whereas a report 54mn passengers are forecast to fly on US carriers between December 19 and January 6. Here are the top destinations.

The Massive Learn

The world’s largest on-line relationship firms 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 . . . 

• ‘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 house 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 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 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 listing 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 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 delivery of Jesus. The standard characters of the Nativity story have much to teach us about being open to concepts of spirituality.

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