Sign up to receive free world updates from us! Get the latest world news delivered to your inbox every morning with our myFT Daily Digest email. In today’s scoop, we have some interesting news about Goldman Sachs. The Wall Street bank has utilized a $2.5 billion private equity “partnership fund” it established in 2017 with China Investment Corporation, the sovereign wealth fund, to acquire several US and UK companies. One of these companies specializes in cyber security and provides services to the British government.
While Goldman Sachs did announce its investment in these companies, it failed to disclose that the deals were partially funded by the Chinese partnership fund. Despite the strained relations between China and the West, the bank has been proactive in increasing the fund’s activities.
The deals include investments in a startup that tracks global supply chains, a consultancy that offers cloud computing advice, a drug testing company, and a manufacturer of AI systems, drones, and electric vehicle batteries. If you want more information on the fund’s investments, you can visit our China Focus hub.
In addition to the Goldman Sachs news, here are some other updates that we are keeping an eye on today:
– Economic data: Analysts predict that the US gross domestic product growth will remain steady at 2.4% when the revised numbers are released today. Germany and Spain will be publishing preliminary consumer price indices for this month, and Italy will provide consumer confidence data.
– Corporate results: Bertelsmann, Brown-Forman (the maker of Jack Daniel’s), Prudential, and Salesforce will be announcing their latest results.
– La Tomatina: The town of Buñol in Spain will host the world’s largest tomato fight, where up to 20,000 participants will throw tomatoes at each other. The event takes place 40km from Valencia.
Here are five other top stories worth noting:
1. The European Union is expected to import record volumes of liquefied natural gas from Russia this year, with Belgium and Spain being the top buyers after China.
2. Exclusive: UK ministers are planning to reinstate an EU-derived law protecting equal pay for women this year, reversing an earlier decision to scrap the regulation.
3. Exclusive: US insurer Centene is withdrawing from the UK healthcare market and is expected to sell its chain of GP clinics before Christmas.
4. Ukraine has sought France’s assistance in expanding its influence in Africa, Asia, and Latin America following Russia’s strengthened position after the Brics summit.
5. Exclusive: Amazon is facing potential legal action for selling “unapproved” drugs claiming to treat a skin condition, according to the US Food and Drug Administration.
In our featured article, we take a closer look at Italy’s ambitious plan to revitalize its economy with the help of a €191.5 billion EU-funded initiative. However, the current government led by Giorgia Meloni has struggled to meet the targets set by Brussels. With a heavy debt burden, can Italy effectively utilize this opportunity to revive its economy?
Lastly, our chart of the day explores the global economy’s shift from sustainable 4% growth before the 2008 financial crisis to a new speed limit of 3%. Our economics editor, Chris Giles, discusses four other major shifts currently taking place in the global economy.
Take a moment to relax and learn about the sakes preferred by sommeliers at the world’s new omakases, including the choices of renowned chef Kenji Gyoten. Check out HTSI’s expert guide to great rice wines.
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