FT News Briefing How English Channel ports avoided a Brexit meltdown
Jul 1, 2021
Private equity firms have shattered records with $500bn in deals, driving global M&A activity to new heights. Didi Chuxing, China's ride-hailing giant, has made waves as the largest Chinese company to list in the U.S. fears of chaotic traffic and port congestion post-Brexit were largely unfounded. Effective strategies, such as stockpiling and proactive government measures, helped English Channel ports navigate potential disruptions. Additionally, Tim Berners-Lee's NFT auction ignited interest, selling for a stunning $5.4 million.
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Private Equity Boom
- Private equity firms had a record-breaking first half of 2021, with over $500 billion in deals.
- Low interest rates fueled this activity, but rising inflation poses a significant risk.
Didi's Debut
- Didi Chuxing, China's largest ride-hailing app, debuted on the NYSE.
- Investor sentiment was mixed due to Didi's market dominance but regulatory uncertainties in China.
Averted Brexit Meltdown
- The nightmare predictions about Brexit's impact on Channel ports didn't materialize.
- Factors include stockpiling by traders, effective communication with hauliers, and a surprisingly pragmatic approach by French customs.