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"It is hard to understand how the ECB ended up buying the bonds of property companies, while at the same time warning of the risks of property price inflation," former ECB chief economist Otmar Issing told Reuters. But data this week shows the central bank still owned the two bonds issued by SBB as of Nov. 24. While Sweden is not in the euro zone, SBB issued the debt bought by the ECB in neighbouring Finland, which is. Alongside the SBB bonds, the ECB also hoovered up the debt of other property companies which have since hit problems, including Sweden's Heimstaden. The ECB also gobbled up many German real estate bonds, including 39 issued by Vonovia, which has been selling property to cut debt.

Persons: Otmar Issing, Daniel Gros, Gros, Sweden's, Heimstaden, it's, Alexander Smith Organizations: SBB, European Central Bank, ECB, Reuters, Research, Institute, European, Bocconi University, Fitch, Vonovia, Thomson Locations: FRANKFURT, Europe, Germany, Sweden, Milan, Swedish, Finland

A view of the sign of Signa Holding on their headquarters in Vienna, Austria, November 6, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsVIENNA/FRANKFURT, Nov 29 (Reuters) - Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, the biggest casualty so far of Europe's property crash. Signa blamed its problems on external factors affecting its property business and pressure on high-street shopping. Fuelled by low interest rates, billions were funneled into property, which was viewed as stable and safe. Weakness in commercial real estate in the United States as offices remain empty after the pandemic and the struggles of major property developers in China have focused global attention on the sector.

Persons: Leonhard Foeger, Rene Benko, Signa, Switzerland's Julius Baer, Hannes Moesenbacher, Matthias Inverardi, Rachel More, Madeline Chambers, Catherine Evans Organizations: Signa, REUTERS, Rights, Chrysler, Austria's Raiffeisen Bank, Thomson Locations: Vienna, Austria, FRANKFURT, Germany, Switzerland, Hamburg, Bavaria, Hesse, Europe's, United States, China

View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. On Friday, Signa Real Estate Management filed for insolvency in a local court in Berlin, according to a court filing. The real estate sector was a bedrock of Germany's economy for years, accounting for roughly a fifth of output and one in 10 jobs. Now a sharp rise in rates has put an end to the run, tipping some developers into insolvency as deals freeze and prices fall. Weakness in commercial real estate in the United States as offices remain empty after the pandemic and the struggles of major property developers in China have focused global attention on the sector.

Persons: Rene Benko’s Signa, Fabian Bimmer, Signa, Elliott, Rene Benko, Switzerland's Julius Baer, Hannes Moesenbacher, Matthias Inverardi, John O'Donnell, Miranda Murray, Sharon Singleton, Mark Potter Organizations: REUTERS, Rights, Elliott Investment Management, Chrysler, Estate Management, Austria's Raiffeisen Bank, Thomson Locations: Hamburg Germany, Austrian, Germany, Austria, Switzerland, Sweden, Berlin, Bavaria, Hesse, Hamburg, Europe's, United States, China

☆ Signa unit files for insolvency as crisis at Benko's empire deepens -Spiegel
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, Nov 24 (Reuters) - Signa Real Estate Management Germany filed an official application for bankruptcy at the Berlin Charlottenburg district court, German magazine Spiegel reported on Friday, as the crisis at Rene Benko's property group deepens. Separately, Austrian newspaper Der Standard said a bankruptcy filing for Signa Group could come next Tuesday, citing a source. Meetings of Signa employees are planned for the same day, when employees will be given information about the insolvency and further steps, the paper reported. Signa Group declined to comment when contacted by Reuters. The Signa group has holdings of 27 billion euros ($28.8 billion) and 25 billion euros in development.

Persons: Spiegel, Rene Benko's, Benko, Signa, Emma, Victoria Farr, Matthias Inverardi, John O'Donnell, Elisa Martinuzzi, Louise Heavens Organizations: Estate Management, Signa, Reuters, Thomson Locations: FRANKFURT, Estate Management Germany, Berlin Charlottenburg, Austria, Germany, Europe's

☆ ECB says property slump could last years in threat to lenders
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +4 min

An ECB report which examines threats to financial stability underscored heightened concern over a property boom that is now unravelling in countries such as Germany and Sweden. Commercial property prices have been hit by economic weakness and high interest rates over the last year, challenging the sector's profitability and business model, the ECB said. The sector is not big enough to create a systemic risk for lenders, but could increase shocks across the financial system and greatly impact the financial firms, from investment funds to insurance firms, collectively known as shadow banks. The ECB issued its report as deep cracks emerged in the property market of the euro zone's top economy, Germany. Commercial real estate transactions were down 47% in the first half of 2023, compared with the same period in 2022.

Persons: René Benko, Banks, Balazs Koranyi, John O'Donnell, Barbara Lewis, Alexander Smith Organizations: European Central Bank, ECB, Signa, Chrysler, Signa Group, Reuters, Raiffeisen Bank, Bank, Thomson Locations: FRANKFURT, Germany, Sweden, Austrian, Hamburg, Austria, Bank Austria

☆ UBS CEO says mergers can help strengthen Europe's banks
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: 1 min

FRANKFURT, Nov 15 (Reuters) - UBS CEO Sergio Ermotti said Europe needs stronger banks and that this could be achieved through mergers. "It’s crystal clear that Europe needs to have stronger banks and the way to achieve that is only possible allowing consolidation in the industry," said Ermotti. Reporting By Stefania Spezatti; editing by John O'DonnellOur Standards: The Thomson Reuters Trust Principles.

Persons: Sergio Ermotti, Stefania Spezatti, John O'Donnell Organizations: UBS, Thomson Locations: FRANKFURT, Europe

The logo of Swiss Financial Market Supervisory Authority FINMA is seen outside their headquarters in Bern, Switzerland April 5, 2016. We want reform so that we don't end up in the same mess again as we had with Credit Suisse." Earlier this year, Switzerland's financial regulator deflected blame for the collapse of the country's second-biggest bank saying it had been quick to respond, calling instead for more powers to take lenders to task. The regulator, however, has enjoyed little support among Swiss politicians, many of whom long sought to keep it weak. In the run up to the collapse of Credit Suisse, FINMA saw a string of key departures.

Persons: Ruben Sprich, Eva Herzog, Herzog, FINMA, Noele Illien, Sharon Singleton Organizations: Swiss Financial Market, Authority, REUTERS, UBS Group, Credit Suisse, Swiss, UBS, International Monetary Fund, Thomson Locations: Bern, Switzerland, Europe, Swiss

☆ Russia's VTB in Europe changes name as it liquidates
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +2 min

The logo of VTB bank is seen on the bank's headquarters in Tehran, Iran, May 23, 2023. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions. But after the war began, savers withdrew their money, resulting in a bank run and prompting regulators to manage the outflow. VTB in Russia did not immediately respond to requests for comment. The Direktbank division that served retail savers has closed with its last customer - who used VTB for a deposit for a garden shed.

Persons: Majid Asgaripour, Russia's, Frank Hellwig, VTB, Hellwig, Miro Zadro, Tom Sims, John O'Donnell, Alexander Marrow, Barbara Lewis Organizations: West Asia News Agency, REUTERS, Rights, Reuters, Lions, savers, Thomson Locations: Tehran, Iran, Frankfurt, Europe, Russia, Ukraine, VTB, Ost, West

☆ UBS dragged into the red with Credit Suisse takeover
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +3 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) posted a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. Stripping out the impact of the takeover, UBS made an underlying profit of $844 million. With the takeover, UBS now oversees more than $5 trillion in assets. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. It also continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Switzerland, Zurich

☆ UBS dragged into the red by Credit Suisse takeover but inflows cheer
▼ + stars: | 2023-11-07 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

ZURICH, Nov 7 (Reuters) - UBS Group (UBSG.S) reported a $785 million loss in the third quarter after expenses tied to the Swiss bank's takeover of Credit Suisse while signalling that its core wealth business is stabilising. "We are executing on the integration of Credit Suisse at pace and have delivered underlying profitability for the group in the first full quarter since the acquisition," said Chief Executive Sergio Ermotti. Analysts at Goldman Sachs had expected $14 billion for the group, with the Swiss bank already disclosing $8 billion for the months of July and August. It has been working to recover from the exodus of client funds from Credit Suisse with above-market rates on deposits. UBS has continued to cut staff, which accounted for a big chunk of the more than 2 billion Swiss francs ($2.22 billion) of costs related to integration.

Persons: Sergio Ermotti, Goldman Sachs, Andreas Venditti, Colm Kelleher, Noele Illien, John O'Donnell, Christopher Cushing, Tomasz Janowski Organizations: UBS, Credit Suisse, Goldman, Thomson Locations: ZURICH, Swiss, Zurich, Switzerland

The Swiss National Bank and the Swiss Finance Ministry are part of the conversations with lenders, one source said. A representative for the finance ministry said that the issue of bank runs is part of an overall evaluation of the too-big-to-fail regulatory framework in Switzerland. Regulators worldwide have since been grappling with the risk of bank runs, which in the era of digital banking have accelerated in speed. Financial regulators will need to make sure that banks retain adequate financial buffers as advances in technology increase the risk of bank runs, Bank of England executive director for markets, Andrew Hauser, said on Friday at a conference in London. They risk penalizing Swiss banks if they were to be introduced only in Switzerland, one of the sources said.

Persons: SNB, Zürcher, PostFinance, Raiffeisen, Andrew Hauser, Thomas Jordan, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, John O'Donnell, Paritosh Bansal, Nick Zieminski Organizations: UBS, Swiss National Bank, Swiss Finance Ministry, Reuters, Swiss, Raiffeisen, Credit Suisse, Regulators, Bank of England, Thomson Locations: ZURICH, Switzerland, Swiss, Zurich, U.S, London, Bern

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ Explainer: Crypto's role in terrorist financing
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsLONDON, Oct 23 (Reuters) - Cryptocurrency's role in terrorist financing and funding militant groups has come under renewed scrutiny following a deadly attack in Israel by Palestinian militant group Hamas. HOW MUCH CRYPTO IS USED IN TERRORIST FINANCING? The FATF said this year that crypto presents "increasing terrorist financing risks", but that the "vast majority" of terrorist financing still uses regular money. Chainalysis said that terrorist financing "represents a small fraction of the less than 1% of the entire crypto market occupied by illicit activity". Terrorist financing is a small part of the illicit uses of crypto, which include scams, ransomware and theft.

Persons: Dado Ruvic, cryptocurrency, Chainalysis, Elizabeth Howcroft, Tom Wilson, John O'Donnell, Ed Osmond Organizations: REUTERS, Hamas, U.S, United Nations, Bloomberg, North, Thomson Locations: Israel, Palestinian, cryptocurrencies, North Korea

Last February, the State Department said that Hamas raises funds in other Gulf countries and gets donations from Palestinians, other expatriates and its own charities. Blockchain researchers TRM Labs said this week in a research note that crypto fundraising has previously increased following rounds of violence involving Hamas. However, since last weekend's violence, prominent Hamas-linked support groups had moved just a few thousands dollars through crypto, TRM noted. Between Dec. 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas. SHIPS AND SHELLSWhether through crypto or other means, Hamas' allies have found ways to get money to Gaza.

Persons: Matthew Levitt, Levitt, Tom Robinson, TRM, Israel, they've, Stephen Reimer, Saeed Azhar, Sinead Cruise, Tom Wilson, Tommy Wilkes, Andrew Mills, John O'Donnell, Frank Jack Daniel Our Organizations: LONDON, Hamas, Barclays, Islamic Resistance Movement, State Department, Reuters, TRM Labs, The U.S . State Department, U.S . Treasury, UN, Qatari, Royal United Services Institute, Parisa, Thomson Locations: DUBAI, Gaza, Israel, U.S, Iran, Qatar, United States, Britain, The, Turkey, Saudi Arabia, Tehran, Islamic Republic, New York, London, Doha, Dubai

☆ Analysis-Hamas' Cash-To-Crypto Global Finance Maze in Israel's Sights
▼ + stars: | 2023-10-13 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +6 min

In the past, Hamas has said financial restrictions placed on its donors were an attempt to neutralise legitimate resistance against Israel. However, since last weekend's violence, prominent Hamas-linked support groups had moved just a few thousands dollars through crypto, TRM noted. Between Dec. 2021 and April this year, Israel seized almost 190 crypto accounts it said were linked to Hamas. SHIPS AND SHELLSWhether through crypto or other means, Hamas' allies have found ways to get money to Gaza. "Qatari aid to the Gaza Strip is fully coordinated with Israel, the UN and the U.S.," the Qatari government official said.

Persons: Al Sayegh, John O'Donnell, Elizabeth Howcroft, Matthew Levitt, Levitt, Tom Robinson, TRM, Israel, they've, Stephen Reimer, Saeed Azhar, Sinead Cruise, Tom Wilson, Tommy Wilkes, Andrew Mills, Frank Jack Daniel Organizations: Elizabeth Howcroft LONDON, Reuters, Hamas, Barclays, Islamic Resistance Movement, State Department, TRM Labs, The U.S . State Department, U.S . Treasury, UN, Qatari, Royal United Services Institute, Parisa Locations: DUBAI, Gaza, Israel, U.S, Iran, Qatar, United States, Britain, The, Turkey, Saudi Arabia, Tehran, Islamic Republic, New York, London, Doha, Dubai

Germany's property sector is in stress, underscoring a major change of fortune for real estate in Europe's largest economy after an end to the era of cheap money. REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsFRANKFURT, Oct. 13 (Reuters) - German Chancellor Olaf Scholz is facing fresh demands to stem a property crisis in Europe's largest economy after a recent summit aimed at rescuing the sector disbanded in acrimony. The industry's demands reflect alarm that Germany is being sucked further into a global property rout that has been most acutely felt in China. There is also concern that the government is dragging its feet after a contentious industry meeting with the chancellor on Sept. 25. The number of people employed in the building sector has begun to drop for the first time in a decade.

Persons: Kai Pfaffenbach, Olaf Scholz, Wolfgang Schubert, Raab, Schubert, Nicole Razavi, Scholz, Francesco Fedele, Kirsten Donovan Organizations: REUTERS, Rights, Reuters, International Monetary Fund, chancellery, Thomson Locations: Frankfurt, Germany, Germany's, Europe's, China, Razavi, United States

☆ How Hamas secretly built a 'mini-army' to fight Israel
▼ + stars: | 2023-10-13 | by ( Samia Nakhoul | ) www.reuters.com time to read: +9 min

[1/2] Palestinian Hamas militants take part in a rally marking the 31st anniversary of Hamas' founding, in Gaza City December 16, 2018. In the 2008 Gaza war, Hamas rockets had a maximum range of 40 km (25 miles), but that had risen to 230 km by the 2021 conflict, he added. For Iran, Hamas has helped it realise a years-long ambition to encircle Israel with legions of paramilitaries, including other Palestinian factions and Lebanon's Hezbollah, according to Western officials. After Israel withdrew from Gaza in 2005, Hamas began importing rockets, explosives and other equipment from Iran, Western intelligence sources have said. Iran seized the opportunity to co-opt Hamas in 1992 when Israel deported about 400 Hamas leaders to Lebanon, the source close to Hamas said.

Persons: Abu Mustafa, Ali Baraka, Baraka, Israel, Gazans, Ismail Haniyeh, SHEIKH YASSIN, Sheikh Ahmed Yassin, It's, Jonathan Saul, John O'Donnell, William Maclean, Pravin Organizations: REUTERS, Israel, Hamas, Britain's Royal United Services Institute, Jewish Institute for National Security of, European Union, Al Jazeera, U.S . State Department, Front, Liberation of Palestine, General Command, Brotherhood, Hezbollah, U.S, Thomson Locations: Gaza City, DUBAI, Gaza, Iran, Israel, Iranian, Lebanon, Jihad, U.S, United States, Canada, Egypt, Japan, Qatar, Tehran, Syria, Sudan, Iraq, Yemen, Islam, Damascus, Lebanese, Al Aqsa, Britain, London

"There's been very little marking down of (private) assets," said Con Keating, head of research at Brighton Rock Group, an insurance company for pension schemes. "No-one knows where the next big blow-up for pensions will come from," said Henry Tapper, founder of pension market analysis group AgeWage. He said heavy selling of commercial property and private equity stakes by pension schemes is raising questions over private capital valuations. "It's the right approach to obviously put some scrutiny on private market valuations." But in deals where private equity firms and investors buy and sell portfolios of investments, assets are being valued at less.

Persons: Yann Tessier, Con Keating, Henry Tapper, EY's, Paul Kitson, Burgiss, Ben Leach, Willis Towers Watson, IOSCO, Wilfred Small, Sinead Cruise, John O'Donnell, Kirsten Donovan Organizations: City of, REUTERS, Britain's, Authority, Brighton Rock Group, Reuters, Numis Securities, Thomson Locations: City, City of London, Canary, London, Britain, Germany, Sweden

REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsLONDON/DUBLIN, Sept 18 (Reuters) - Societe Generale's (SOGN.PA) much-hyped new strategy plans were given a thumbs down by investors on Monday, underscoring uncertainty over European banks as they face a brittle economy. "There are more questions about the future and the economy," Legras said, adding that transformative mergers between banks, which investors have waited for in vain, remained unlikely. Reuters GraphicsThat dampens the prospects for Europe's banks, whose valuations are low and static, said one adviser who works with top executives from the region's lenders, adding that investors struggle to see much promise for the sector. European banks' modest earning power has dampened investor appetite for their shares, which often trade at just a fraction of book value - the sum of their assets. While in the United States, JP Morgan and Morgan Stanley are valued at around 1.5 times book value, Germany's Deutsche Bank, Dutch lender ABN Amro, France's Credit Agricole and Britain's Standard Chartered are valued at just half book value or less.

Persons: Gonzalo Fuentes, Jerome Legras, Legras, Slawomir Krupa, Krupa, Goldman Sachs, JP Morgan, Frederic Rozier, Morgan Stanley, Karel Lannoo, Elisa Martinuzzi, John O'Donnell, Alexander Smith Organizations: Societe Generale, La Defense, REUTERS, Reuters, European Central Bank, European Union, Commission, Deutsche Bank, ABN Amro, France's Credit, Thomson Locations: La, Paris, France, DUBLIN, France's, Europe, United States, Germany, Mirabaud, U.S, Brussels

Swedbank estimates the current shortfall for Heimstaden Bostad could be roughly 30 billion crowns ($2.7 billion). Sweden's financial regulator launched an inquiry into why and how Alecta had invested $4.5 billion in the property giant, in the first place. "If interest rates continue to rise and it's coupled with unemployment, that's what we are afraid of." With interest rates still climbing, analysts such as Marcus Gustavsson of Danske Bank, believe the worst is not yet over. "With rising interest rates, that funny money has turned into real money and it is painful."

Persons: Heimstaden Bostad, Alecta, Christian Dreyer, Karolina Ekholm, Heimstaden's Dreyer, we're, Dreyer, Niklas Wykman, Heimstaden, David Perez, Marcus Gustavsson, Andreas Cervenka, Sweden, Simon Johnson, Johan Ahlander, Greta Rosen Fondahn, Chiara Elisei, John O'Donnell, Hugh Lawson Organizations: International Monetary Fund, GOVT, Sweden's, Financial, Reuters, SBB, Danske Bank, Thomson Locations: STOCKHOLM, Nordic, Stockholm, Berlin, Sweden, Heimstaden, Germany, Gdansk, London

☆ As war grinds on, HSBC halts Russia payments
▼ + stars: | 2023-09-08 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

HSBC Bank logo is seen in this illustration taken March 12, 2023. "We have therefore reached the decision to restrict commercial payments by our corporate entity customers to or from Russia and Belarus through HSBC," a HSBC spokesperson said. Business customers have been informed the bank no longer intends to process the payments, the spokesperson added, rolling out globally from this month. HSBC has announced an exit from Russia, but the planned sale of its unit to local lender Expobank has hit delays and is pending final regulatory approval. The United States has pushed for harsher action against banks with Russia links, while China in contrast has deepened economic ties with Russia.

Persons: Dado Ruvic, Expobank, Iain Withers, John O'Donnell, Philippa Fletcher Organizations: HSBC Bank, REUTERS, HSBC, Belarus, Business, Nikkei, SWIFT, Raiffeisen Bank, United, Thomson Locations: Russia, Belarus, Ukraine, Europe's, China, United States, Hong Kong, Moscow, Europe, Russian

As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. But the secrecy with which STC (7010.SE) built its stake did catch some observers off guard, the person said. Telefonica said it was informed Tuesday about STC'S investment, after the companies had become more acquainted in recent months. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Nadia Calvino, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio, Ros Russell Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

Private equity firms are looking at Statista ahead of a formal sale process, which is likely to kick off later next year, the sources told Reuters. Only once this transaction is finished will a Statista process begin, they added. Asam sits alongside Statista in Stroeer's data-as-a-service and e-commerce division, which it has signalled as non-core to its advertising business. Statista is viewed as non-core because the rest of Stroeer operates out-of-home advertising, online advertising and billboards across Germany. Stroeer acquired a 78.8% majority stake in Statista in December 2015 for around 57 million euros ($61 million).

Persons: JP Morgan, Friedrich Schwandt, Stroeer, Christian Schmalzl, Asam, Statista, Emma, Victoria Farr, Jo Crowley, John O'Donnell, Alexander Smith, David Evans Organizations: Reuters, NASDAQ, Thomson Locations: FRANKFURT, LONDON, Statista, Stroeer, Germany, Hamburg, Frankfurt, London

He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

For years, low interest rates fuelled a global boom, igniting interest in German property, seen as safe and stable as the country. The health of Germany's property sector - Europe's biggest property investment market outside of Britain - is critical, making up roughly a fifth of output and providing one in 10 jobs. Late last year, Hoeglmaier put his penthouse on the market, and Euroboden closed its Frankfurt office. In 2020, as the property market heated up, the Bundesbank warned the country's banks, for whom property accounted for about 70% of all domestic loans, of the risks. The 380-square meter (4,090 square foot) penthouse, which occupies the fifth through seventh floors and includes a rooftop terrace, originally listed for just under 13 million euros.

Persons: Leonhard Simon, Stefan Hoeglmaier, Chancellor Olaf Scholz, Tillmann Peeters, Hoeglmaier, Oscar Loya –, –, Euroboden, Daniel Bauer ,, Oliver Schartl, Loya, Christoph Niering, Matthias Inverardi, Tomasz Janowski Organizations: REUTERS, Rights, FalkenSteg, European Central Bank, Reuters, Facebook, Garden, Graphics, Thomson Locations: Munich, Germany, Europe's, Britain, Berlin, Frankfurt, Ukraine, Sweden, Europe, homebuilders, China, Evergrande

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