August, 2019

• 20 August

  Ares Management raises $2b Europe property fund

  Bloomberg Ares Management Corp. has raised its largest European real estate fund yet, with plans to target distressed and poorly managed assets. Ares EF V gathered 1.78 billion euros and will be managed by the firm’s property unit, Ares Real Estate Group, headed by Bill Benjamin, company executives said. About 40% has already been committed to nine investments including a ...

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• 20 August

  PG&E tanks as $18bn in fire claims return to haunt utility

  

  Bloomberg Fallout from a deadly wildfire that swept across Northern California in 2017 and pushed PG&E Corp. towards bankruptcy has returned to once again haunt the utility giant, pummeling its shares. A US Bankruptcy judge lifted a freeze on $18 billion in legal claims tied to the blaze, which killed 22. While state investigators cleared PG&E of responsibility for the ...

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• 20 August

  UK manufacturing sector sees slow growth

  Bloomberg British manufacturers recovered slightly in August but export demand remains weak, according to a survey by the Confederation of British Industry. Small to medium businesses suffered more than large ones. Around half of those with fewer than 500 employees said order numbers were below par, compared to just 6% of larger companies. Industrial output was dragged heavily by paper, ...

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• 20 August

  Wood to sell nuclear business for $300m

  

  Bloomberg Wood Plc has agreed to sell its nuclear business for 302 million, as it cuts debt associated with the 2017 acquisition of Amec Foster Wheeler Ltd. and a prolonged oil-price slump. The Scottish engineering and services business will sell the unit to a subsidiary of Jacobs Engineering Group Inc., and expects the deal to close in the first three ...

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• 20 August

  UK regulator opens probe in London blackout

  

  Bloomberg National Grid Plc will investigate how to better incorporate the UK’s increasing share of renewable energy in the power mix after a blackout earlier this month saw more than one million homes lose power. The probe was sparked by the August 9 blackout, that also caused havoc on the transport networks, after a lightening strike north of London led ...

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• 20 August

  Trump tries to play peacemaker with India, Pakistan on Kashmir

  

  Bloomberg US President Donald Trump spoke separately with the leaders of India and Pakistan in a bid to calm tensions between the nuclear-armed neighbours over a territorial dispute. Indian Prime Minister Narendra Modi has kept Kashmir under lockdown for more than two weeks after scrapping the region’s autonomy, a move condemned by Pakistani Prime Minister Imran Khan. Both nations claim ...

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• 20 August

  Russia to continue missile moratorium

  

  Bloomberg Russia said it will continue to observe its moratorium on the deployment of intermediate-range missiles after the US tested a cruise missile following a pullout from a Cold War-era treaty that barred testing and developing the weapons. Russia saw the US move coming and it won’t let itself be dragged into a costly arms race, Deputy Foreign Minister Sergei ...

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• 20 August

  Staffer at UK’s consulate in Hong Kong detained in China

  Bloomberg China has detained an employee of the UK consulate in Hong Kong during a trip to the mainland, according to his friend, in a case that threatens to further strain ties between Beijing and London. Simon Cheng, 28, was reported missing after failing to return from a meeting in the adjacent city of Shenzhen. The Hong Kong police said ...

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• 20 August

  HK’s Lam pledges new effort at dialogue over protests

  

  Bloomberg Hong Kong protesters rejected leader Carrie Lam’s attempt to meet one of their key demands, raising questions about whether a compromise can be reached even as both sides seek to lower tensions. Lam pledged to immediately establish a platform for dialogue, investigate complaints against police and institute a wide-ranging fact-finding study into the demonstrations. While details remained scarce, she ...

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• 20 August

  EU rebuffs Johnson bid to reopen Brexit deal as deadlock remains

  

  Bloomberg The European Union (EU) poured cold water on Boris Johnson’s attempt to renegotiate the Brexit deal, saying the so-called backstop to prevent a hard Irish border — which the British prime minister wants scrapped — was a vital part of the divorce agreement. It means that with just over two months to go until Johnson has said the UK ...

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