FT News Briefing Manufacturing on the ballot in Germany
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Feb 20, 2025 A private equity firm has made a bold move with a £4bn bid for Thames Water, while HSBC is cutting costs dramatically to revitalize its growth strategy. Meanwhile, in Germany, half a million manufacturing jobs have vanished since 2020, raising alarms about industrial decline as federal elections approach. The sector grapples with rising energy costs and fierce competition from China's EV market, pushing political discussions around economic relief and voter concerns about job security to the forefront.
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KKR's Bid for Thames Water
- KKR offers £4 billion for a majority stake in Thames Water, aiming to avoid breaking up the company.
- This differs from other bidders' approaches to the debt-ridden utility.
HSBC Restructuring
- HSBC plans to cut $1.5 billion in annual costs, reinvesting in wealth management, transaction banking, and UK business banking.
- This major restructuring includes job losses, especially in the investment banking sector.
UK Inflation Rise
- UK inflation rose to a 10-month high of 3% in January, driven by rising costs in food, drinks, and other sectors.
- This complicates the Bank of England's plan to cut interest rates.