>>> What to look at today - 22nd of September 2025

Asian shares rose after a Wall Street rally, with Japanese shares advancing after concerns about the Bank of Japan’s plan to offload its massive exchange-traded fund holdings eased. MSCI’s regional stock gauge gained 0.3% with Japanese equities jumping 1.5%. The yen also weakened against the dollar, which typically benefits exporters. Indian equities edged lower, with technology companies such as Infosys Ltd. and Tata Consultancy Services Ltd. declining as traders weighed the impact from the sharp increase in H-1B visa application fees. A gauge of the dollar edged up 0.1%, extending its gains into a fourth day. Treasuries edged lower with the yield on the 10-year rising one basis point to 4.14%. Oil rose 0.6% after notching a modest drop last week while silver climbed to the highest since 2011. Global stocks are trading at record levels, and with earnings season around the corner, improving expectations for corporate America’s profit growth suggest the rally can continue. Sentiment also improved after US President Donald Trump touted progress on China-related issues and said he would meet Xi Jinping following a call between the two leaders. Trump said he would meet with Xi on the sidelines of the upcoming Asia-Pacific Economic Cooperation summit. Trump hailed progress on a deal to keep the TikTok app running in the US. While the Chinese readout of the call struck a measured tone, Xi expressed confidence that Washington and Beijing could handle issues that arose between their countries. Former Treasury Secretary Lawrence H. Summers says the situation facing Powell’s Fed is unlike anything in modern history. Wall Street closed out the highly anticipated Federal Reserve week with stocks notching fresh all-time highs as prospects for more rate cuts bolstered the outlook for corporate earnings. On Friday, Trump also called for a sweeping overhaul of the H-1B visa program, including a $100,000 application fee. The move rattled companies that have long depended on the program to recruit global talent, particularly in California’s tech-heavy economy, where employers rely on skilled computer programmers, data analysts and engineers.  The move may inject fresh uncertainty into global markets. Pressure may be most acute in India and its $280 billion IT sector that’s already grappling with sluggish growth and tensions between Prime Minister Narendra Modi and Trump.  It’s “hard to escape the idea it’s not aimed at Modi and India,” said Tony Sycamore, an analyst at IG in Sydney. Traders this week will parse a swath of data including activity readings in Europe and the Fed’s preferred measure of inflation. Fed Chair Jerome Powell is also due to speak on the outlook for the economy on Tuesday, after last week he pushed back against expectations of rapid rate cuts. In other political news, Japan’s ruling party leadership race formally kicked off Monday under close market scrutiny, with the outcome likely to determine who will lead the nation following Prime Minister Shigeru Ishiba’s decision to step down.

Nikkei +1.25% Hang Seng -1% CSI +0.07% Shanghai +0.07% Shenzen +0.10%

Eur$ 1.1731 CNH 7.1146 CNY 7.1139 JPY 148.30 GBP 1.3463 CHF 0.7970 RUB 83.4484 TRY 41.3936 WTI$ 63.10 +0.67% Gold 3,696 +0.29% BTC 114,440 -0.84% ETH 4,292 -4.120%

S&P -0.09% Nasdaq -0.05% EuroStoxx +0.02% FTSE -0.10% Dax -0.02% SMI -0.08%

Macro :
- Switzerland in fresh push to woo Donald Trump on tariffs - FT
- Popular Hedge Fund Strategy Draws Contrarian Bets: Options Watch
- EU Queries Italy’s Sicily Bridge Plan Over Environmental Issues
- Goldman Sachs’ Kostin Boosts 3-Month S&P 500 Target to 6,800
- Italy Gets First Fitch Upgrade Since 2021 in Applause for Meloni
- California Won’t Replace Expiring $7,500 Federal EV Tax Credit
- EU Weighs Trade Measures Aimed at Russian Druzhba Pipeline Oil
- Greece Welcomes More Cross-Border Banking Deals, Stournaras Says
- Billionaire Sawiris Seeks to Invest Up to $50b in US Infra: FT
- French entrepreneurs decry ‘communist’ wealth tax proposal

Keep an eye on :
- IF IM : Banca Ifis Reached 100% of Illimity Bank Share Capital
- BBVA SM : BBVA Raises Sabadell Bid to 1/4.8376 New Shr Plus €0.70 Cash
- BA US : Boeing Closing In on 250-Jet Order as Trump Hosts Erdogan
- BA US : Vietjet Takes Delivery of First Boeing 737 MAX After Long Delays
- BP/ LN : BP, Others Seek to Join S. Korea Deep-Sea Gas Project: Daily
- BC IM : Brunello Cucinelli chief hits back at short seller over alleged sanction breach
- CPR IM : Campari Appoints Francesco Mele as CFO, Marchesini Vice Chairman
- DBHN GY : Deutsche Bahn to Appoint Evelyn Palla as CEO, Officials Say
- FUR NA : Fugro Withdraws Financial Guidance for 2025
- G IM : Generali’s $2.2 Trillion Natixis Tie-Up Faces Growing Doubts
- IPN FP : Ipsen’s IPN10200 Phase II Study Shows ‘Significant Improvement’
- KER FP : Hedge fund bears are scaling back Kering short positions as new CEO plots resurgence - CNBC
- KVUE US : Trump Administration to Link Tylenol to Autism, WaPo Reports
- LB Pharma : LB Pharmaceuticals Falls to IPO Price for First Time
- MC FP : French entrepreneurs decry ‘communist’ wealth tax proposal - FT
- HLUNB DC : Otsuka, Lundbeck Get FDA Complete Response Letter for Rexulti
- MPLT US : Novo-Backed Drug Developer MapLight Therapeutics Files for IPO
- MB IM : Mediobanca Investors Tendered 70.5% Stake in Paschi Bid: Filing
- MRK US : Merck Gets FDA Approval for Keytruda Qlex Sub-Q Formulation
- MTSR US : Pfizer Nears Potential $7.3 Billion Takeover of Metsera, FT Says
- 8031 JP : Berkshire Holds 10% or More Voting Rights Stake in Mitsui & Co.
- Navan IPO : NAVN US : Travel Software Firm Navan Files for IPO Showing Rising Losses
- NOVOB DC : Novo-Backed Drug Developer MapLight Therapeutics Files for IPO
- NOVOB DC : Ozempic’s Maker Got Crushed. The Rebound Is Under Way - WSJ
- NVDA US : Samsung Shares Hit Year's Intraday High on Reports of Product Approval by Nvidia
- OCI NA : Orascom Construction, OCI Global Pursuing Potential Merger
- ORCL US : Oracle in Talks With Meta on $20 Billion AI Cloud Computing Deal
- PAH3 GY : Porsche SE Cuts FY Adjusted Profit After Tax Forecast
- P911 GY : Porsche’s EV Pullback Highlights Cracks in German Auto Empire
- ROG SW : Roche’s Evera Breast Cancer Study Met Co-Primary Endpoints
- 005930 KS : Samsung Shares Hit Year's Intraday High on Reports of Product Approval by Nvidia
- SAN FP : Sanofi Says FDA Extended Target Date of Tolebrutinib Review
- STLA US : Stellantis Detected Unauthorized Access to Third-Party Platform
- TSLA US : Musk Says xAI Is Not Raising Any Capital Right Now
- TSLA US : Tesla Wins Approval to Test Autonomous Vehicles in Arizona
- DG FP : UK government approves second runway at Gatwick airport - FT
- VOW GY : VW Cuts FY Operating Return on Sales Forecast
- WBD IM : EU Queries Italy’s Sicily Bridge Plan Over Environmental Issues
- WDI GY : Two Men Convicted Over Falsified Documents in Wirecard Case: CNA
- xAI : Musk’s X Shows Weaker Sales After Initial Post-Election Surge

>>> Europe : Brokers Upgrades & Downgrades - 22nd of September 2025

>>> Up
* ABN Amro GDRs Raised to Overweight at Morgan Stanley
* Ahold Delhaize Raised to Buy at Jefferies; PT 42 euros
* ASML Raised to Overweight at Morgan Stanley; PT 950 euros
* Barclays Raised to Neutral at Mediobanca SpA; PT 400 pence
* Barrick Mining Raised to Outperform at National Bank; PT C$51
* Better Collective Raised to Buy at Nordea; PT 200 kronor
* CA Immo Raised to Neutral at Van Lanschot Kempen; PT 23.50 euros
* Cameco Raised to Buy at President Capital Management
* Jardine Matheson Raised to Outperform at Macquarie; PT $71.10
* Legal & General Raised to Outperform at BNPP Exane; PT 265 pence
* MFE Raised to Overweight at Barclays; PT 4.15 euros
* Mondi Raised to Buy at Investec; PT 1,300 pence
* PSP Swiss Raised to Neutral at Van Lanschot Kempen
* Swiss Prime Raised to Neutral at Van Lanschot Kempen
* Theon International Cut to Neutral at Stifel; PT 30 euros
* Ypsomed Reinstated Underperform at BNPP Exane

>>> Down
* EssilorLuxottica Reinstated Buy at Stifel; PT 305 euros
* HUTCHMED China ADRs Cut to Underweight at Morgan Stanley
* KH Group Oyj Cut to Reduce at Inderes; PT 52 euro cents
* Kosmos Energy Cut to Neutral at Goldman; PT $2
* Mo-BRUK Cut to Hold at Wood & Company; PT 321 zloty
* Safilo Reinstated Buy at Stifel; PT 1.70 euros
* Tate & Lyle Cut to Underweight at Morgan Stanley; PT 500 pence

>>> Initiation
* FastPartner Rated New Buy at Pareto Securities; PT 65 kronor
* Gerresheimer Reinstated Neutral at BNPP Exane; PT 44 euros
* Kering ADRs Rated New Neutral at BNPP Exane; PT $36
* Schott Pharma Reinstated Outperform at BNPP Exane; PT 25 euros
* Senior Rated New Buy at Peel Hunt; PT 225 pence
* Tin Inn Holding Rated New Buy at Baader Helvea; PT 14.50 euros

>>> Call

>>> Stoxx 600 Pre-Market Indications

  • Sabadell (BDSB TH) +2%
    • *BBVA RAISES SABADELL BID TO 1/4.8376 NEW SHR PLUS €0.70 CASH
  • Legal & General (LGI TH) +2%
    • Legal & General Raised to Outperform at BNPP Exane; PT 265 pence
  • Novo (NOV TH) +1.8%
  • BAE (BSP TH) +1.7%
  • Ahold Delhaize (AHOG TH) +1.6%
  • Diageo (GUI TH) +1.2%
  • Renault (RNL TH) -0.8%
  • Voestalpine (VAS TH) -0.9%
  • BMW (BMW TH) -0.9%
  • Mercedes (MBG TH) -1%
  • Stellantis (8TI TH) -1.2%
  • AstraZeneca (ZEG TH) -1.4%
  • Deutsche Post (DHL TH) -1.7%
  • VW (VOW3 TH) -2.9%
  • Porsche SE (PAH3 TH) -4.2%
  • Porsche (P911 TH) -5.6%
    • Porsche and VW Lower Forecasts Due to Pullback From EVs (2)

>>> TradeGate Pre-Market Indications

DAX:
  • Siemens Healthineers (SHL TH) +1.5%
  • Deutsche Post (DHL TH) -1.4%
  • VW (VOW3 TH) -2.8%
  • Porsche SE (PAH3 TH) -3.4%
    • Porsche and VW Lower Forecasts Due to Pullback From EVs (2)
MDAX:
  • Evonik (EVK TH) +1.4%
  • AUTO1 (AG1 TH) +1.3%
  • Gerresheimer (GXI TH) -0.4%
    • Gerresheimer Reinstated Neutral at BNPP Exane; PT 44 euros
  • Porsche (P911 TH) -5.7%
    • Porsche’s EV Pullback Highlights Cracks in German Auto Empire
SDAX:
  • ProCredit Holding (PCZ TH) +3.2%
  • Schott Pharma AG & Co KGaA (1SXP TH) +1.8%
    • Schott Pharma Reinstated Outperform at BNPP Exane; PT 25 euros
  • Deutsche Beteiligungs (DBAN TH) +1.5%
  • Heidelberger Druck (HDD TH) +1.5%
  • Draegerwerk (DRW3 TH) -1.4%

FT : Dutch reject next EU budget in early skirmish over bloc funding model

Dutch reject next EU budget in early skirmish over bloc funding model

Minimalist
The European Commission’s proposal for the next EU budget is “dead on arrival,” Eelco Heinen, the Netherlands’ finance minister, tells Paola Tamma, as capitals begin a likely two-year period of haggling over the next shared pot.

Context: The commission in July proposed a €2tn budget for 2028-35, a large increase in absolute terms from the current €1.2tn, but — EU officials argue — a much smaller one when accounting for inflation. The current budget accounts for 1.13 per cent of the bloc’s national income; the proposal would amount to 1.26 per cent.

The Netherlands’ opening stance is hardline. Heinen argues that it would add around €5bn per year to what Dutch taxpayers give Brussels. “At a time where all our budgets are under pressure” from the need to boost defence spending, he said in an interview, “you cannot ask member states to spend more on the EU budget”.

That’s not at all a surprise: the Netherlands are a net contributor to the budget (they pay more into it than they get out) and a member of the “frugal four” club that for decades has sought to reduce EU spending.

“It’s a budget that looks to spend more while I think we should spend better,” said Heinen. For him, this means investing in “defence, innovation, migration” and finding savings elsewhere.

“Spending better” is exactly what the budget’s proponents say they are doing. They argue that the increased size is down to both the need to repay the joint debt raised to fund the EU’s recovery from the Covid-19 pandemic, and the creation of new instruments, such as a €409bn “competitiveness fund” that will target industrial priorities and — in theory — generate more in economic growth.

Capitals should ignore the numbers for now, the proposals’ backers argue, and instead focus on the budget’s overhauled structure, which slashes the number of spending programmes (many of which are overlapping and bureaucratic) from 52 to 16, and means roughly four times more of the expenditure can be reassigned during the seven-year period.

Denmark, which chairs the Council of EU member states until the end of the year, is focusing on finding broad agreement on the new structure before turning to the numbers.

But after that, the calculators will come out. Ultimately, convincing frugal countries — which include the Netherlands, Finland, Austria and Sweden, plus Germany — and fiscally constrained countries such as France will be the commission’s key task.

It will be a careful balancing act between requesting more resources and directing them to new priorities, while keeping everyone on board.

“There’s a focus on innovation and security, and I think those are exactly the two directions the EU should go,” Heinen said.

WSJ : Saks in Talks to Sell 49% of Bergdorf Goodman for About $1 Billion

Saks in Talks to Sell 49% of Bergdorf Goodman for About $1 Billion
The department-store operator intends to use the proceeds to pay down debt after last year’s acquisition of Neiman Marcus

  • Saks Global is considering selling 49% of Bergdorf Goodman for about $1 billion to unlock value and reduce debt.
  • Potential buyers for the stake in Bergdorf Goodman include Middle Eastern sovereign-wealth funds and strategic investors.
  • Bergdorf Goodman, known for luxury goods and superior service, might be valued between $1.5 billion and $2.5 billion.

The parent of Saks Fifth Avenue is in talks to sell 49% of Bergdorf Goodman, the ultraluxury department store, for about $1 billion, according to people familiar with the situation.

There are at least four potential bidders, including Middle Eastern sovereign-wealth funds and strategic investors, the people said. A deal could come as soon as early next year.

“We have initiated a strategic process to explore the potential sale of a minority stake in Bergdorf Goodman,” said Richard Baker, executive chairman of Saks Global. “While Bergdorf Goodman is core to our strategy, this process is intended to unlock value for our stakeholders and de-lever our business.”

Saks Global, which acquired the department store when it bought rival Neiman Marcus for $2.7 billion last year, is also in the process of selling $600 million of real estate. It currently owns properties valued at roughly $9 billion, one of the people said.

Bergdorf Goodman is considered the crème de la crème of department stores. It is known for its superior service, selection of high-end goods from Chanel and Hermès, as well as its iconic location on the site of the former mansion of Cornelius Vanderbilt II on Manhattan’s Fifth Avenue just south of Central Park.

A buyer would receive a stake in the operating company—not its valuable real estate, which is owned by the founding Goodman family.

The store traces its roots to 1899 when Herman Bergdorf, an Alsatian immigrant opened a tailor’s shop near Union Square. Edwin Goodman apprenticed with Bergdorf and the two eventually became partners.

The retailer occupied various locations over the years and moved to its current Beaux-Arts home in 1928. It was sold to the now-defunct Broadway-Hale stores, which also owned Neiman Marcus, in 1972.

Before Neiman was acquired by Saks, it had received an offer from a sovereign-wealth fund to buy all of Bergdorf Goodman for $1.5 billion, the people familiar with the situation said. The total value of Bergdorf Goodman is currently between $1.5 billion and $2.5 billion, they added.

The merger of Saks and Neiman has faced challenges, including the recent slump in sales of luxury goods. Saks has struggled to pay some vendors. In June, Saks raised $600 million in fresh capital from bondholders.

The combined companies are on track to achieve more than $600 million in synergies by combining back-office functions, including information technology, and reducing overlapping staff.

Baker, a seasoned real-estate executive, has a record of seeing value where others don’t.

A year after buying Saks Fifth Avenue in 2013, the retailer’s flagship Manhattan store was valued at $3.7 billion—more than the $2.9 billion that he paid for all of Saks.

About a decade after acquiring the Lord & Taylor chain, Baker sold its Manhattan flagship to Amazon.com for $1.15 billion. Lord & Taylor was later sold to fashion-rental subscription service LeTote and subsequently filed for bankruptcy in 2020.

Bergdorf Goodman has largely avoided the fate of other department stores, which expanded into the suburbs and diluted what made them special. It continues to operate just two locations: one devoted to women and the other for men, across the street from each other.

The store has appeared in numerous movies, including “How to Marry a Millionaire” and “Arthur,” and was a favorite shopping destination of Carrie Bradshaw on “Sex and the City.”

It was the subject of the 2013 documentary “Scatter My Ashes at Bergdorf’s,” which featured testimonials from celebrities and designers. In one anecdote, a former fur buyer for the store describes how he brought trunks of furs to Yoko Ono and John Lennon’s apartment in the Dakota building on Christmas Eve so they could buy gifts for themselves and family. The couple bought nearly 80 furs.

WSJ : The Waldorf’s Makeover Went a Billion Over Budget—and China Is Footing the

The Waldorf’s Makeover Went a Billion Over Budget—and China Is Footing the Bill
Storied New York hotel fully reopens next month after eight-year saga in which buyer went to prison and Chinese government took over


Over breakfast at Manhattan’s Peninsula Hotel 11 years ago this month, the nattily dressed Chinese businessman got straight to the point. He wanted to buy the legendary Waldorf Astoria hotel.

The two American real-estate executives at the table excused themselves to call the chief executive of Hilton, which owned the 1,400-room slice of New York history. Although brokers had advised the two executives that the property was worth a little more than $1 billion, the three men decided to shoot for the moon.

The Americans returned to the table and told Wu Xiaohui he could have it for $2 billion. They were floored when he countered at $1.9. By the end of the day, they had a handshake deal at $1.95 billion.

So began the strange saga of what may be the most complicated and likely the most expensive real estate conversion ever attempted in the U.S. Along the way, Wu landed in prison and the Chinese government took over the property. Deadlines came and went, and the all-in cost of the overhaul eventually ballooned to about $6 billion, according to people involved with the project. Initially proposed as a three-year project, the process stretched to eight years.

Next month, the Waldorf is finally reopening in full, newly configured into 375 hotel rooms and 372 condominiums. Hilton, which insisted on a 100-year deal to manage the hotel, has made it the new flagship of its Waldorf luxury brand.

While marveling at the completed project, some of the American real estate professionals involved also are mulling the enormous dollar outlays and the current state of the New York market, and expressing doubt that the Chinese owners will ever make their money back.

“We used to joke that it would have been cheaper to tear it down and build a new one,” said Bob Accardi, who worked on the Waldorf conversion early on as an executive vice president at Aecom Tishman construction.

Andre Zotoff, CEO of Chicago-based Strategic Hotels & Resorts, which is managing the asset for a company owned by the Chinese government, said the public response to Waldorf’s reopening is “reaffirming the iconic hotel’s place as a landmark.”

When it opened in 1931, the Waldorf, which occupies a full city block on Park Avenue, was the world’s most luxurious hotel. For decades, it attracted global attention for its luxury suites, lavish parties and famous guests. At various points, it was the New York home of Frank Sinatra, Gen. Douglas MacArthur and the Duke of Windsor after he abdicated his throne to marry American socialite Wallis Simpson.

Hotelier Conrad Hilton, who acquired control of it in 1949, once scribbled on a photo of the hotel that it was “The Greatest Of Them All.” By 2014, though, it had become an aging grande dame badly in need of costly renovations.

Chinese wave
When Wu came around 11 years ago, he was part of a wave of Chinese investors taking advantage of new rules in China allowing them to more easily buy real estate and make other investments abroad. Chinese insurers and other buyers didn’t mind paying top dollar, U.S. property analysts said, because they viewed trophy buildings as prestigious holdings that would appreciate in value for years.

Wu, who was married to a granddaughter of former Chinese leader Deng Xiaoping, had founded Anbang Insurance Group in 2004 as a regional auto insurance firm. He rapidly expanded into life insurance and asset management.

During an event at Harvard University in 2015, Wu said his investment team has made so many trips abroad that the number of miles they had traveled was “equal to a round-trip between the earth and the moon.”

The two real-estate executives who met him for breakfast were Blackstone’s Jonathan Gray, who is also chairman of Hilton, and Tyler Henritze. At the time, Gray was head of real estate at Blackstone and was working with the giant hotel operator on its property sales. Not long after putting the hotel on the block, they heard from Wu.

At first, they didn’t know what to make of the man whose staff told everyone in the U.S. to address him as Chairman Wu. They knew little about his background, his company or his source of financing.

When Wu made his surprising offer, though, it became abundantly clear to the executives and to Hilton CEO Christopher Nassetta just how free-spending he would be with Anbang’s money.

To Wu, though, what he paid for the Waldorf seemed reasonable. He noted at the Harvard event that the hotel was 163,000 square meters, so on a square-meter basis the purchase was less than certain properties auctioned off in Beijing’s financial district.

“Such a lifetime ownership of this trophy hotel is very cheap in my eyes,” he said.

Wu aimed to convert the hotel into a five-star property with a much smaller number of hotel rooms, with luxury condos stacked above. He reached out to some prominent New York developers, including Will Zeckendorf, asking if they were interested in becoming partners on the condo conversion.

After several meetings with Wu, Zeckindorf got the impression that he was more interested in extracting ideas and local knowledge than in entering a genuine partnership. Later Zeckendorf learned that Wu intended to lead the project on his own.

Wu’s original timetable was extraordinarily ambitious. He reminded his team of planners and construction executives that the Empire State Building had been completed in little more than a year. He wanted the Waldorf renovation to be just as quick.

His team told him that wasn’t remotely possible. When the Empire State Building started going up in 1930, the Great Depression was under way, labor was cheap and construction bosses could work employees long hours, without paying overtime and with little concern about safety.

Wu grudgingly agreed to a three-year timeline.

Architecture firm Skidmore, Owings and Merrill presented detailed plans to the city’s Landmarks Preservation Commission, winning approval for them in 2017. The hotel’s exterior was landmarked and couldn’t be changed, nor could 62,000 square feet of the interior, including the main lobby, ballroom and other public spaces. Most of the rest of the 1.6 million square feet of the property would undergo a gut renovation.

The big expenses started mounting even before the demolition began. The hotel’s union workers had to be bought out of their contracts, an expense that eventually ran to some $150 million, according to people briefed on the matter. That cost was split between Hilton and Anbang.

Wu had visions of a glorious new era for the Waldorf. He told some on the renovation team he wanted to create a private club in the Waldorf that would admit only the city’s billionaires. He mulled transforming the grand ballroom into a private gym for residents that would turn into a nightclub in the evening.

He hatched a grandiose plan to mark the property’s reopening with a ball for VIPs, where holograms of ancient Chinese warriors would enter the hotel followed by similar images of former residents Sinatra and Marilyn Monroe emerging from a black limousine. Then, he hoped, the Canadian pop singer Celine Dion—the real one, in the flesh—would perform.

Owner arrest
All those dreams went up in smoke in 2017. Chinese officials, concerned about tens of billions of dollars flowing overseas, had begun cracking down on some types of outbound investments, including real estate, partly to help stabilize the currency.

Wu was arrested by Chinese authorities and subsequently tried on charges of fraudulent fundraising and abusing his power. He is now believed to be serving an 18-year sentence.

The Chinese government took over Wu’s company and installed state-run Dajia Insurance Group to handle its assets, including the Waldorf. That meant government officials in Beijing were now in charge of the renovation.

American Andrew Miller oversaw the project as CEO of Dajia’s U.S. subsidiary. Wu’s original timetable had called for the project to be finished in 2020. That February, as the conversion dragged on, project managers started trying to sell the condos.

Prices ranged from about $1.7 million for a studio to $28 million for a more than 4,000-square-foot, four-bedroom. But the New York City luxury condo market was oversaturated with new upscale units, and other developers were delaying sales and reducing prices. Only weeks after the sales gallery opened, it shut down for the Covid pandemic, allowing only virtual tours.

By 2022, the costs had exceeded $2 billion, and the reopening date had been pushed back to 2024. Miller, at odds with executives in Beijing over the cause and magnitude of the cost overruns, left the company.

The Chinese government kept pouring in money and pushing ahead, even as it weighed a potential sale or taking on a partner, according to people familiar with the project. It owns the property through a Delaware-registered limited liability company known as AB Stable, according to New York public records.

“Everyone underestimated the time, cost and complexity of the project,” said John Fish, chief executive of Suffolk, the main construction firm on the Waldorf’s conversion.

This summer, five years after the project was supposed to be done, work is finally wrapping up. People who worked on the conversion said the final tally for construction alone exceeded $2 billion, about $1 billion more than the initial projection.

The total cost of the Waldorf acquisition and makeover came to about $6 billion, including the purchase price and eight years of lost revenue while the hotel was closed but the owners were still paying property taxes and insurance, according to people involved with the project, though some said the number was likely even higher. Much of it was covered by the Chinese government.

The expenses included restoration of the ornate lobby clock and of the floor mosaic up the grand staircase to the lobby, using 148,000 pieces of hand-cut marble tiles fashioned by a French artist. Ceiling murals from a 17th century English house, moved to the Waldorf in the early 1930s, were also restored.

But much of the money went into more fundamental upgrades, including hundreds of millions of dollars to replace the plumbing and electrical systems and all 5,400 windows.

“Everyone hoped we could reuse the elevator shafts,” said Ken Lewis, the managing partner for Skidmore, Owings & Merrill, the main architect on conversion. Instead, he said, they had to build entirely new elevators and stairs.

In July, the lobby area and bar opened to the public, and today, nearly all the hotel rooms are available to the public. The restaurant Lex Yard is serving three meals a day. When the 20,000 square-foot spa and residential public spaces open next month, the transformation will be complete. A grand opening celebration is scheduled for early November.

Nightly room rates are among the highest in the city. Starting rates for a king deluxe room are $1,500 a night.

More than 30 of the 372 new condo units have been recorded as sold, though many more may be in contract, according to Olshan Realty, which specializes in selling New luxury residences. “I would imagine that sales will pick up speed with the hotel opening,” said Donna Olshan, the company’s president.

The units that have closed sales average $3,272 a square foot, which is in line with prices at some of the highest priced luxury condo buildings but not at the top.

Accardi, the Aecom Tishman who worked on the project early on, went back in July to check out the reopened landmark. He strolled through the new lobby area, admiring the tasteful finishings and ornate touches.

“It’s a spectacular renovation and a really beautiful building,” he said. “If you look at it financially, I’m not sure it makes a lot of sense”

WSJ : Vietnam’s Masan Consumer Mulls Up to $1 Billion Stake Sale Ahead of IPO

Vietnam’s Masan Consumer Mulls Up to $1 Billion Stake Sale Ahead of IPO
The company is keen to onboard a pre-IPO investor that could take a 15% to 20% stake in its business

  • Masan Consumer, a Vietnamese food and beverage company, plans to sell a minority stake for up to $1 billion.
  • The company aims to secure a pre-IPO investor, taking a 15% to 20% stake, before its Vietnam listing in the second quarter of next year.
  • Masan’s IPO was delayed due to global market volatility after tariffs; a recent trade deal has improved investor sentiment.

Vietnamese conglomerate Masan Consumer is planning to sell a minority stake for up to $1 billion ahead of its initial public offering, people familiar with the situation said.

The food-and-beverage company, one of the biggest private enterprises in Vietnam, is keen to onboard a pre-IPO investor that could take a 15% to 20% stake in its business, the people said.

Masan Consumer aims to secure the investment ahead of its Vietnam listing, now slated for the second quarter of next year, the people said.

The pre-IPO investment plans are still in the early stages, and a deal may or may not happen, they said.

Masan Group, the company’s majority owner, didn’t respond to requests for comment.

The IPO was postponed in late April amid global market volatility following President Trump’s “Liberation Day” tariff announcements, The Wall Street Journal reported previously, citing people familiar with the matter.

Vietnam was among the hardest hit by the Trump administration’s trade policy, which had originally threatened a 46% tariff on the Southeast Asian country. Over $100 billion worth of goods are exported from Vietnam to the U.S., including products for brands like Nike and Samsung.

A deal struck in July brought the tariff rate on Vietnam’s exports down to 20%, and set a 40% duty on goods from other countries that pass through on the way to the U.S. The clarity soothed some investor concerns, and sentiment in the local equity market has been rebounding. The main index gained about 22% over July and August, after dropping nearly 7% in April. Year-to-date gains stand at 31%.

One person familiar with the process said having a pre-IPO investor could help the company market the offering more effectively in terms of valuations.

Deal activity in Asia has been on the rise, fueled by renewed investor confidence as tariff clouds clear. A recent rate cut by the Federal Reserve has buoyed expectations of further easing ahead, adding to the risk-on mood.

The pickup in IPOs in Southeast Asia after a prolonged lull has been led by Singapore and Malaysia, which have been among the top destinations for companies looking to raise funds or bring on investors.

Late last year, Masan Consumer, which trades on the unlisted securities trading system of the Hanoi Stock Exchange known as UPCoM, announced its intention to list on the main board of the Ho Chi Minh Stock Exchange.

Established in 1996, Masan Consumer is a major fast-moving consumer goods company that produces and distributes a wide range of items, including instant noodles, coffee, sauces, and drinks. According to its website, it operates the largest distribution network in Vietnam and exports to more than 15 countries.

The consumer giant is nearly 70%-owned by Ho Chi Minh-listed Masan Group, whose businesses span retail to financial services, mineral resources and chemical processing.

CNBC : Hedge fund bears are scaling back Kering short positions as new CEO plots

Hedge fund bears are scaling back Kering short positions as new CEO plots resurgence

  • Kering's share price nears year-to-date high as new CEO Luca de Meo names Francesca Bellettini to lead Gucci revival.
  • Interest in short positions on luxury group's stock has fallen since the summer, suggesting some hedge funds are easing their negative stance.
  • The group's fortunes under the new regime will be keenly watched by investors following a sluggish second-quarter earnings report.

Short sellers are offloading their negative bets against Kering S.A., as the troubled luxury giant looks to mount a fightback under new CEO Luca de Meo following years of upheaval.

Short sellers look to benefit from a company's falling share price by borrowing its stock to sell on the open market, then later buying it back at a lower price.

Shares of the Paris-headquartered multinational – which counts Gucci, Saint Laurent, Balenciaga, and Alexander McQueen among its key brands – rose 0.67% to the Thursday close after new CEO Luca de Meo, who took up his position on Sept. 15, appointed deputy group CEO Francesca Bellettini to reinvigorate Gucci.

De Meo, who was hired from Renault, is tasked with shaking up the group, which has struggled with U.S. tariff pressures and falling demand for luxury goods in key markets such as China.

Kering's second-quarter earnings disappointed investors in July, with sales revenues tumbling 15% year-on-year, as the ailing Gucci brand and the group's 9.5 billion euros ($11.17 billion) debt pile were flagged as key concerns.

Separate from its financial troubles, Kering earlier this week revealed it suffered a data breach in April, with customer names, addresses and details of money spent in stores globally compromised. The company stressed that credit card and other financial information was unaffected by the hack.

Kering's woes have made it a perennial target among hedge fund short sellers, who have raked in gains from the company's sliding value in recent years.

But this week's advance continues Kering's recent positive momentum. The company's stock has surged 27.4% in the past six months, according to FactSet data, putting it on course to reverse this year's slide.

Bearish investors now appear to be scaling back their negative wagers, with the percentage of Kering's free float out on loan falling from over 10% earlier in the summer to 8% in September, according to reported estimates by short-selling data analytics firm Ortex, cited by Reuters.

Kering was the most crowded short position among European large cap names last month, according to analysis by treasury and liquidity data provider Hazeltree, which monitors short positions in some 15,000 publicly-listed global equities, using a database of about 700 hedge funds.

Regulatory filings with France's Autorité des marchés financiers show Marshall Wace — one of the U.K.'s largest hedge funds— held a 0.67% net short position in Kering as of Sept. 16 — down from a reported 1.6% on July 16, according to ShortRegister data.

A Marshall Wace spokesman declined to comment on the matter.