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Blackstone considers a cash bid for UK storage firm Big Yellow; stock soars
Blackstone announced on Monday that it is in the preliminary stages of evaluating a potential cash offer for the self-storage firm Big Yellow Group. Shares of the London listed company rose by up to 21%. The Big Yellow Group shares rose to 1,166 pence - the highest since November 2024 - giving it a valuation of 2,29 billion pounds (3,05 billion dollars). Big Yellow Group has 111 storage units in London and across the UK. It is the UK's latest takeover target, attracted by its relatively low valuation. The European subsidiary said that its evaluation of Big Yellow is at an early stage. It was also weighing macroeconomics factors, such as the possible impact of the UK budget due next month on self-storage. Private equity firms have until November 10 to either make a firm bid or withdraw. The shares of Big Yellow Group, which have fallen by about 21% in the last year, are on track to achieve their largest one-day percentage increase ever.
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Poland accuses a Russian couple of spying for Moscow
On Monday, Polish prosecutors announced that they had charged two Russians with spying on behalf of Russian intelligence. One of the Russians was also accused of plotting to send an explosives parcel. Since a series explosions near Warsaw, Poland's capital in July 2024 in Britain, Germany and other European countries, European authorities are on high alert. Western officials blamed Russia for those incidents. Moscow denies these accusations A Russian, identified as Igor R. in Poland's privacy laws, has been charged with taking part in a plot involving a courier to deliver a bomb parcel. An Ukrainian was also charged for this earlier this year. The parcel contained explosives and materials, including nitroglycerine. It also had hidden detonators of military grade and initiating devices. "The entire package was a shaped-charge bomb", prosecutors claimed. Igor R., and his wife Irina, were charged with providing Russian intelligence information about Russian opposition activists living in Poland as well as the individuals and institutions that provide assistance to them.
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Blackstone buys stake in Tritax Big Box following $1.4 billion UK Logistics Deal
Tritax Big Box announced on Monday that it had agreed to purchase Blackstone's UK logistic assets for 1,04 billion pounds ($1,39 billion). The U.S. Private Equity firm will take a 9% share in the London listed real estate investment trust. Recently, two UK-based companies engaged in a bidding battle over Warehouse REIT. In the UK, the real estate investment trust sector (REIT) has undergone significant consolidation over the last two years. Warehouse landlords, investment firms and other companies are capitalizing on the growing demand for quick delivery by increasing occupancy rates and securing increased rents for logistic spaces in UK cities. Tritax will be able to expand its small-box and urban logistics services in the UK’s South East and Midlands. According to LSEG data, Blackstone is expected to acquire a 9% stake in Tritax. This will make it the second largest shareholder of Tritax, behind Phoenix Life Limited.
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Air India asked by Indian regulator to check emergency power systems on certain 787 jets
India's aviation regulator asked Air India inspect the emergency power system of some Boeing Dreamliner after it unexpectedly activated during a flight last month. In a Monday statement, the Directorate General of Civil Aviation said that it had also requested that the U.S. aircraft manufacturer submit a report that outlines the preventive measures which can be taken in order to prevent the deployment of this system. The regulator has asked Boeing for details about similar uncommanded RATs deployed on 787s around the world. Reports last week stated that the DGCA asked Boeing for additional information following the incident which occurred on a flight from Amritsar, a northern Indian city, to Birmingham, Britain on October 4. The aircraft landed without incident and the pilots didn't report any abnormalities. Later, it returned to commercial use. After the Air India 787 crash on June 12, which killed 260 people, the unexpected deployment of the system has been questioned. Indian investigators' preliminary report showed that the fuel engine switches on the aircraft had switched from run to shut off almost simultaneously after takeoff. A source with first-hand knowledge of the incident said last week that India's Aircraft Accident Investigation Bureau is analyzing and gathering details about the Birmingham flight accident. However, it has not yet seen a link between the unexpected RAT deploy on October 4, and the crash of June 12, according to a source. The DGCA asked Air India for a re-inspection of the RAT in aircraft that recently had a new system installed to regulate power distribution. The number of affected aircraft was not immediately known. Requests for comments from Boeing, Air India, and AAIB were not immediately responded to. The Federation of Indian Pilots wrote to India's Civil Aviation Minister Ram Mohan Naidu on Friday to ask the government to stop all Air India 787s, and to check their electrical system. Air India, Boeing or Naidu’s office did not respond immediately to requests for comments on the letter. Reporting by Abhijith Tandon and Kashish Ganapavaram, both in New Delhi; editing by Mrigank Dahniwala
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China arrests dozens of underground pastors as part of a crackdown
A church spokesperson and family members said that police in China arrested dozens of pastors from one of the largest underground churches in China over the weekend. This is the most severe crackdown against Christians since 2018. Marco Rubio, Secretary of State, condemned the detentions which came amid renewed tensions between China and the United States after Beijing expanded its rare earth export controls dramatically last week. He called for their immediate release on Sunday. Sean Long, a spokesperson for the church, and Grace Jin, his daughter, confirmed that Pastor Jin Mingri was arrested at his home on Friday night in Beihai, a southern city. Long said that the incident was part of a "new wave" of religious persecution in this year. He added that in recent months, police have questioned over 150 worshippers. Long, speaking from his home in America, said that authorities had detained 30 pastors or church members across the country around the same period, but released five. He added that about 20 pastors and leaders of churches remain detained. Telephone contact with the Beihai Police was not possible. China's Ministry of Public Security did not respond immediately to a faxed comment request. Jin, 56, was arrested in Beihai City No. 2 Detention Centre on suspicion of "illegal use of information networks", according to an official detention notice that Long provided. A notice of detention that Long had provided showed that Jin, 56, was being held in Beihai City No. This charge is punishable by a maximum of seven years in prison. Supporters are worried that Jin and other ministers may be charged with illegally using the Internet to spread religious information. He's been hospitalised for diabetes in the past. Grace Jin stated that they were concerned because he needs medication. "I was also told that lawyers were not allowed to speak with pastors. This is very worrying to us." The crackdown follows a new rule from China's top religious regulator that banned unauthorised online sermons or religious training for clergy as well as "foreign colusion". Last month, President Xi Jinping vowed also to "implement strict laws enforcement" and advance the Sinicisation religion in China. Official figures indicate that China has over 44 million Christians who are registered in state-sanctioned churchs, with the majority being Protestants. Tens of millions of people are believed to be members of "house churches" which operate illegally and outside of the control of the Communist Party. Long explained that Zion Church with its 5,000 regular members in nearly 50 cities quickly added new members during the COVID-19 Pandemic by using Zoom sermons and smaller, personal gatherings. Jin, who is also known as Ezra founded the church in 2007, following his resignation as a minister for the official Protestant Church. Long said that Jin, a graduate of Peking University's elite, converted to Christianity in 1989 after witnessing Tiananmen Square's crackdown. In 2018, the police closed down its church in Beijing, China's capital, as part of a crackdown against major house churches. Long reported that earlier this year police detained temporarily 11 Zion Church Pastors. Grace Jin stated that the government had placed travel restrictions for Jin in 2018 so that he couldn't visit his wife or three children, who were resettled in America. She added, "I believe he knew that he could be jailed." Bob Fu, founder of Christian NGO ChinaAid, stated that dozens of police officers forcedfully intercepted Jin in the middle of the month as he tried to board a flight bound for the United States from Shanghai's commercial hub. They also restricted his travel beyond Beihai. Fu said, "The main reason is the explosive growth of Zion Church into a well organised network in recent times. This must have scared the Communist Party leadership." (Reporting and editing by Clarence Fernandez; Reporting by Laurie Chen)
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Air India asked by India's watchdog to check emergency power systems on certain 787 jets
India's aviation regulator announced on Monday that it had asked Air India for an inspection of the emergency power system known as the Ram Air Turbine on some 787 jets. The regulator stated that the Directorate General of Civil Aviation had also requested Boeing, the manufacturer of these aircraft to submit a detailed report, including details on preventive measures taken at the time of an RAT deployment accident. Air India said that the crew of a 787 Dreamliner, which was flying between the northern Indian city Amritsar and Birmingham, UK, detected the deployment of the power during the final approach. Boeing and Air India didn't immediately respond to requests for comment. Indian investigators said in July that the RAT was also deployed during the initial ascent before the Air India Boeing 787 accident, which claimed 260 lives in June.
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Trump's renewed trade war with China clouds IMF and World Bank meetings
The U.S. President threatened 100% tariffs on Chinese imports, sending the markets into a tailspin. Questions about whether Trump's threat to retaliate for China's dramatic expansion of export controls on rare Earths will lead to a full-blown war between the two world's largest economies are likely to dominate the annual meetings of the International Monetary Fund (IMF) and World Bank. Washington and Beijing reached a delicate truce over the last five months, which brought down tariffs from triple-digits and led to an upgrade of the IMF's outlook for global growth. Trump's plans to meet Chinese President Xi Jinping in the latter part of this month fueled hope for a further thaw. This optimism was dashed on Friday when Trump threatened to cancel this meeting and impose "massive increases" in tariffs against Chinese goods. He also announced other countermeasures. China's decision on Friday to charge the same port fees as the U.S. for vessels built in China or owned by Chinese companies, or by companies owned by more than 25% U.S. investment funds. More than 10,000 people, including finance and central bank governors of more than 190 nations, will attend the IMF and World Bank Meetings in Washington. Martin Muehleisen is a former IMF strategist who now works for the Atlantic Council. He said that Trump's threats could be a way to gain leverage in negotiations, but they would inject volatility into this week's proceedings. "Let's pray that sanity will prevail." Muehleisen warned that if Trump returns to 100% tariffs, he will face a lot more pain on the markets. Trump's Friday threat triggered the largest U.S. share sell-off since months. This was at a moment when investors and policymakers were already becoming anxious about an artificial intelligence investment boom that could harm future employment. Muehleisen stated that while China does have some leverage with Trump because of its global dominance over rare earths which are vital for manufacturing tech, it would not be in Beijing's best interest to return to a world of triple-digit duties. Scott Bessent, the U.S. Treasury secretary who has led U.S. China trade talks, is not expected to meet any Chinese officials in Washington this week. A Treasury spokesperson declined comment on Bessent’s bilateral meeting schedule. GROWTH PROSPECTS HOLD UP Kristalina Georgeeva, IMF's Managing Director, had praised the global economy for its ability to handle multiple shocks. She cited a number of factors, including the slowing U.S. jobs market, the rising debt level, and the rapid changes brought about by AI adoption. Georgieva stated last week, in a preview to the IMF World Economic Outlook forecasts that are due on Tuesday: the global GDP growth for 2025 will be just slightly lower than the 3.3% rate of 2024. The IMF raised its GDP growth forecast for 2025 by two tenths of one percentage point in July, based on lower tariff rates than originally feared. This included the U.S. China duties. In an interview, Georgieva said: "We are witnessing a world of demonstrable resilience." "But we also say it's a time when there is exceptional uncertainty and downside risks still dominate the forecast." Watch it and don't become too comfortable. G7 FOCUS RUSSIA The Group of Seven Industrial Democracies' finance ministers will meet on Wednesday in order to discuss ways to increase sanctions on Russia to end the war that Moscow is fighting against Ukraine. According to a British government source, finance minister Rachel Reeves wants to ensure that G7 and European Union nations take joint action to reduce Russia's revenues from energy and to gain access to assets overseas that are compliant with international law. G7 ministers are expected to discuss a plan by the European Union to use frozen Russian sovereign assets as collateral for a loan to Ukraine of 162 billion euros. BESSENT'S AGENDA for Institutions The U.S. will have a large presence at the meetings, from the tariff discussions to Bessent’s call for the IMF to withdraw from climate change and gender issues and focus on its core mission of financial stability. Dan Katz, IMF's No. 2 official, will make his public debut at the meetings. 2 official. The member countries will watch to see if Katz, the former investment banker and Bessent's chief staff, can carry out the agenda of U.S. Treasury Chief, which calls for stronger IMF critique of China's government-led economic policies. The U.S. Treasury’s market intervention in favor of Argentina, IMF’s largest borrower will also take center stage during the meetings, as Argentine's libertarian right-wing president Javier Milei, will join Trump, his ally, two blocks away, at the White House, on Tuesday. Georgieva welcomed the move to keep Argentina's reforms based on market principles on track. Muehleisen said that the Fund could be pushed to implement Trump's geopolitical objectives - increasing pressure on China, and possibly extending more assistance to U.S. Allies such as Argentina, without adequate reforms. Is it still a multilateral, global organization or is it more like an appendage to the U.S. Treasury? Treasury?" "Treasury?" This will be a fascinating debate," he said. (Reporting and editing by Dan Burns, Paul Simao and Dan Burns; additional reporting by Andrea Shalal, David Milliken and David Lawder)
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Unipec diverts supertanker away from Shandong after US sanctions
LSEG data show that a supertanker transporting oil to the Chinese Port of Rizhao, in Shandong Province, changed its destination over the weekend. The U.S. imposed restrictions on an import terminal there on Friday. The Very Large Crude Carrier New Vista chartered by Unipec - the trading arm for China Petroleum and Chemical Corp, also known as Sinopec - changed its destination to Ningbo and Zhoushan, arriving on October 15th, according to LSEG data. Data showed that the New Vista had originally been scheduled to discharge in Rizhao, Sunday. The vessel can hold 2 million barrels and is currently transporting Abu Dhabi's Upper Zakum crude oil. Sinopec didn't immediately respond to an inquiry for comment. The U.S. Treasury listed the Rizhao-Shihua Crude oil Terminal, which is half owned by a Sinopec Logistics unit. It was also included in a list of entities that includes ships transporting Iranian crude and liquefied petrol gas as well as a Chinese independent refinery. The U.S. announced that the terminal in Lanshan, a city in Shandong Province, which is a major Chinese oil refinery hub, had been sanctioned because it received Iranian oil aboard vessels sanctioned by the U.S. Analysts and industry executives claim that Sinopec imports one-fifth its crude oil at the Rizhao Terminal.
Trump's trade battle with China in 2025
U.S. president Donald Trump targeted China, the top economic rival with a cascade tariff order on billions in imported goods. The orders were aimed at narrowing an enormous trade deficit, bringing manufacturing back and crippling the trade of fentanyl.
The reverse chronological timeline below shows the U.S. - China trade war in this year.
U.S. trade representative Jamison Greer said that after China announced it would expand its rare earth export controls, the U.S. had reached out to China via phone but Beijing declined. China calls the new U.S. Tariffs hypocritical and defends its export controls.
Trump re-starts the trade war on October 10, imposing additional tariffs of 100% on China’s U.S. bound exports and new export controls by November 1, including "any critical software". This ends an uneasy truce between both countries that was reached in August.
Trump has said that there is no reason for him to meet Chinese President Xi Jinping, but he also did not cancel the meeting. They are expected to meet again in South Korea, on the sidelines the Asia-Pacific Economic Cooperation Forum later this month.
Trump says that the United States may also impose export controls for Boeing parts in response to China's export restrictions on rare earth minerals.
China has launched an antitrust investigation against U.S. chip manufacturer Qualcomm for its acquisition of Israeli chip designer Autotalks.
China Announces
Port fees
On Oct. 14, the U.S. will begin charging port fees for vessels owned, operated, constructed, or flying the flag of America. This is a response to U.S. charges on ships with ties to China that began on the same date.
October 9 - China expands
Export controls
The government has tightened its control over rare earths by including five additional medium to heavy elements as of Nov. 8 and adding extra scrutiny to semiconductor users.
Grab and dominance
The critical minerals that are key to the energy transformation
Trump Administration Proposals
Ban
Chinese airlines are preventing American airlines from flying above Russia on routes between the United States and China, claiming that the shorter flight times put American carriers at an unfair disadvantage.
Trump hopes to discuss soya beans with Xi, but warns that the U.S. could halt a significant share of its imports from China.
U.S. lawmakers demand a broader ban on chipmaking equipment going to China following a bipartisan report that found Chinese chipmakers purchased $38 billion worth of sophisticated gear in the past year.
Trump's October 1st statement
Soybeans
When he meets Xi, this will be a main topic of conversation. China has drastically reduced U.S. purchases of soybeans, a move Trump has called a negotiating tactic.
Greer said that around 55% of tariffs applied to Chinese imports is a "good state-of-the-art" but the U.S. wanted bilateral trade to be more free. However, she did not indicate any immediate moves towards lowering Trump’s tariffs.
U.S. Treasury Sec. Scott Bessent said aircraft engines, parts and chemicals could be a powerful tool for the United States to use in negotiations with China.
The first time since 2019 that a group of U.S. House of Representatives lawmakers visited China to talk, is on September 21. The group said to Premier Li Qiang that both the largest economies in the world need to "break the ice" and increase engagement.
September 19 - Trump & Xi have a phone call. Trump says they made progress in a TikTok deal and will meet in South Korea in six weeks to discuss illicit drugs, trade and Russia's conflict in Ukraine.
China has said so
Welcome to the new year
Commercial negotiations on TikTok according to market rules.
China announces that it will review TikTok’s technology exports, and its intellectual property licensing. It calls the framework agreement reached "win-win".
15 September - U.S. & China reach a framework deal to transfer TikTok under U.S. control. This decision will be confirmed by Trump and Xi in a phone call later this week.
Bessent states that the Trump administration won't impose tariffs on Chinese products over Russian oil imports, unless European countries first impose tariffs.
September 14 - Bessent, China's Vice Premier He Lifeng and the Spanish government lead a fourth round in Madrid of discussions to discuss trade relations as well as TikTok’s impending divestiture deadline.
Trump and his administration ask the G7, EU, and NATO to put pressure on China to impose tariffs between 50% and 100% in order to stop Russian oil revenues.
U.S. and China extend tariff truce by another 90 days.
August 10 - Trump asks China to quadruple their soybean purchases from the U.S., as the expiration date of the trade truce is approaching on August 12.
U.S. begins issuing licenses to Nvidia for exporting H20 chips to China on August 8.
Bessent is "optimistic", according to Bessent, about the future.
After two days of discussions in Stockholm, U.S. officials and Chinese officials agreed to extend their 90-day truce on tariffs. The talks were described as constructive by both sides, but there was no significant breakthrough.
U.S. Commerce secretary Howard Lutnick announced that Nvidia will resume sales of their advanced AI H20 chip to China in the U.S. rare earths negotiations, reversing an export ban by the U.S. in April.
Trump threatens to impose an additional 10% on countries that he says are aligning themselves with "Anti-American Policies" of BRICS. This includes China.
Bessent reports that the U.S. has resolved its issues with China regarding rare earth minerals, magnets and shipments into the U.S.
On June 11-12, some Chinese rare earths producers will begin receiving export licenses. Trump claims that the trade truce has been re-established.
The U.S.A. and China have a second round of negotiations in London, and they reach an agreement on a framework.
June 5, Xi and Trump have a phone call lasting an hour.
Trump claims that China has violated the Geneva agreement to reduce tariffs and Chinese restrictions on vital minerals exports. China denies the accusation and says that U.S. has introduced a number of "discriminatory restrictive measures" against China.
The U.S. will begin "aggressively," revoking Chinese student visas on May 28-29. The order also instructs a wide range of companies to cease shipping semiconductors, software design and aviation equipment into China.
Beijing and Washington have trade talks in Geneva over the weekend, May 10-12. Both sides issued a joint declaration agreeing to a 90 day pause in tariffs.
Tariffs between the U.S. and China were reduced to 10%, from 125%. China has also agreed to remove non-tariff measures that have been imposed on the United States by China since April 2.
Nvidia reveals that U.S. officials informed them that their H20 chip will require an export license for China.
China raises its levies to 125% on U.S. imports, calling the Trump tariff strategy "a joke". It also said it would ignore any future U.S. "numbers games with tariffs".
China announced that it would immediately limit imports of Hollywood movies on April 10.
China increases levies on U.S. imported goods to 84%. It also added 12 U.S. firms to a list of companies that are prohibited from exporting dual-use products, and six more to the "unreliable entity" list. This allows Beijing to take punitive measures against foreign entities.
The U.S. has increased tariffs on Chinese imports from 84% to 125%. China warns citizens not to travel to the U.S.
April 8: The U.S. increases tariffs on all Chinese imports from 34% to 84%.
April 4: China announces that it will impose retaliatory duties of 34% on U.S. imports starting April 10, and that export restrictions on rare earths will be implemented. About 30 U.S. companies, mostly involved in the defence industry, were subject to restrictions.
Beijing has also suspended shipments of sorghum and poultry and bone meals from certain U.S. companies.
Trump increases global trade friction by imposing "liberation day tariffs" on April 2. He announced a 10% baseline for all imports as well as significantly higher duties against some countries. Trump will impose 34% tariffs on all Chinese products, which will take effect on the 9th of April.
From May 2, the Trump administration will also end duty-free access to low-value shipments of goods from China and Hong Kong (known as "de minimis exemptions").
China retaliates with a 10-15% levied on U.S. agricultural exports. This affects about $21 billion of U.S. imports. Beijing has also placed export and investment restrictions on 25 U.S. companies, citing national security concerns. It also banned the import of genetic sequencers made by U.S. medical device maker Illumina.
March 4 - U.S. increases tariffs by 20% on all Chinese imports due to fentanyl.
China responds to the U.S. companies with a variety of measures, including Google, farmers and Calvin Klein's owner.
Beijing will also begin imposing levies on February 10 of 10% for some autos and crude oil, and 15% for imports of US coal and LNG. Beijing also restricted the exports of five metals that are used in defence, clean-energy and other industries.
Trump imposes a 10% tariff on all goods imported from China, and 25% on those imported from Mexico and Canada to demand that they reduce the flow of illegal immigrants and fentanyl into the U.S.
January 21: A day after taking the oath of office, Trump threatens a 10% punitive tariff on Chinese imports citing the fentanyl coming from China. Reporting by Liz Lee, Shi Bu and Jacqueline Wong; Editing by Ronojoy Mazumdar and Jacqueline Wong
(source: Reuters)