FT News Briefing Abu Dhabi bids for Germany’s industrial jewel
Sep 13, 2024
Amid recession fears, investors are flocking to staples like Coca-Cola and Colgate. Abu Dhabi's oil giant Adnoc is eyeing a massive €14.4bn purchase of the German chemical firm Covestro. The European Central Bank has lowered interest rates, impacting the region's economic landscape. Meanwhile, Los Angeles is tackling its notorious car culture with plans to improve public transport as the city gears up for the 2028 Olympics. In a surprising twist, amateur astronauts have completed the first private spacewalk, redefining space exploration.
AI Snips
Chapters
Transcript
Episode notes
Defensive Stocks in Recessionary Times
- Investors are buying stocks like Coca-Cola and Colgate, anticipating a potential recession.
- These "defensive" stocks perform well before interest rate cuts, offering safer investment options.
Abu Dhabi Acquires German Industrial Jewel
- Abu Dhabi's state oil company, Adnoc, is set to acquire Covestro, a German chemical giant.
- This marks the first time an Arab state-owned company has bought a major publicly listed German company.
German Industry at a Crossroads
- Germany is experiencing angst about its industrial competitiveness compared to the US and Asia.
- High energy prices and the Covestro acquisition raise concerns about the future of European industry.