European gas price jumps 13% after Norwegian outage

Standard DigitalWeekend Print + Standard Digital

wasnow $75 per month

Complete digital access to quality FT journalism with expert analysis from industry leaders. Pay a year upfront and save 20%.

What’s included

Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital

Fund selectors ‘considering walking away’ from SDR labels as compliance burden mounts

According to the ESG data provider, fund selectors are “considering walking away from the labels” due to the scale and costs required to comply with the regulation. Asset managers face SDR implementation challenges as deadlines approach One of the biggest challenges has been the need for asset managers to document and evidence in detail their investment policies, according to the firm’s managing director Neill Blanks. “No one is finding it plain sailing,” he said, as many asset managers will be forced to hire independent advisers and/or increase their resources to deal with the spe…

UBS AM launches carbon credit ETC

By purchasing the carbon credit ETC, investors will be able to access the EU carbon market through stock exchanges, as well as trade the ETC on the market in either sterling or euro. UBS explained that, since EU allowances are capped, investors will be blocking industrial firms from using them to pollute, thereby pushing up the price of carbon allowances and forcing companies to transition to lower emission production methods and/or energy sources. The total expense ration for the ETC will be of 0.75%. Tabula IM launches first ESG-focused physical gold ETC EU allowances are issu…

Tyndall IM hires Anthony Snowden as investment director as it expands private client team

Tyndall’s private client division has expanded significantly over the last 12 months as Snowden becomes the eighth person to join the team in the past year, bringing the total to 25. Tyndall IM rebrands Real Income fund to reflect ‘unconstrained’ asset allocation Snowden joins the boutique with 13 years’ experience, having served as an investment director at both EFG Harris Allday and RBC Brewin Dolphin. Prior to that, he spent over a decade at Ruffer, where he managed portfolios on behalf of private clients, financial planners, charities and pension schemes. Tyndall’s head of priv…

Turkey’s inflation passes 75% in what economists believe is peak

Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency. The sectors seeing the steepest annual consumer price rises were education at 104.8%, housing at 93.2%, and hotels, cafes and restaurants at 92.9%. Economists had previously forecast that inflation in the country of 85 million would peak around 75% before beginning to ease. City scene Yeni Camii great mosque by Golden Horn of Bosphorus River, Topkapi Palace, Hagia Sophia Istanbul, Republic of Turkey  Tim Graham | Getty Images

Inflation in Turkey topped 75% in May in what economists expect to be the peak before prices start to ease.

Consumer prices rose 75.45% in May on an annual basis and 3.37% on a monthly basis, according to the Turkish Statistical Institute, a government agency.

The sectors seeing the steepest annual price rises were education at 104.8%, housing at 93.2%, and hotels, cafes and restaurants at 92.9%.

Economists had previously forecast that inflation in the country of 85 million would peak around 75%. Turkey has been on a year-long journey of steadily hiking interest rates in an effort to cool prices, resulting in significant financial difficulties for the average Turkish consumer.

Turkey’s central bank has kept its interest rate at 50% since March, citing the continuing need to counter climbing inflation in the country. The bank said at the time that “tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed.”

CNBC

Are we closer to an impact-driven future?

Where we are with impact investing: a conversation with Adam Robbins, Triodos IM

Every investment has an impact, says Adam Robbins, Head of Business Development at Triodos Investment Management. “Some are positive, others aren’t.”

Impact investing was formulated on the thesis that every investment should have a positive influence, whether on environment or society. The sector boasts more than $1tn in assets as of 2022, according to the Global Impact Investing Network (GIIN), yet its continued branding as a separate asset class is what frustrates proponents of its all-encompassing avatar.

As for the Sustainable Development Goals (SDGs) – the global objectives that form guardrails of the impact space – the world remains well off-target. Speaking on a webinar organised by Oxford’s Said Business School last year, Amie Patel, a Partner at Elevar Equity with over 20 years of experience investing in emerging markets, argued that more than $4tn per year was required to deal with issues –including poverty – that affect the global majority.

A shift in perception away from impact being a class of investments, towards a baseline for all deployment, is key to unlocking those levels of capital. Robbins says: “We’re not there yet, but I do think there is evidence of change. There is more interest from larger institutional investors, for one. And real-life events – such as the unprecedented frequency of named storms we’ve had in the UK this year, or the flooding in Dubai, to name a few – are all fuelling momentum in this space.”

The duality of performance

Robbins points out two central blockers to progress. One is a perennial issue, namely the scepticism that surrounds the space about the real influence these investments can have. The second, a more cyclical problem, is a flight towards what are perceived to be more financially stable or lucrative investments at a time of uncertainty.

As expected, the latter tendency has manifested amid recent economic turbulence. “Whether on the public markets, where consumers are feeling the cost-of-living squeeze, or the private markets, financial return has been more important for investors than positive impact.

“It’s been hard going for impact investing in the last two quarters, particularly when comparing against traditional benchmarks such as utilities, oil and gas, financial services and so on. Strong performance in the passive market has been a factor – allowing investors to trim off excess costs. It’s hard for impact investing to

Digital bank Monzo reports first annual profit

Standard DigitalWeekend Print + Standard Digital

wasnow $85 per month

Billed Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.

What’s included

Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital

Adenia Partners exits Cresta Paints stake to Uhuru Investment Partners 

Africa-focused private equity firm Adenia Partners has exited its entire stake in Cresta Paints to Uhuru Investment Partners, a middle-market private equity firm focused on investing in West Africa. 

According to a press statement, Adenia first invested in Cresta Paints in 2015 and has since helped the company export its flagship “SuperShine” brand to 10 countries across West Africa. Adenia also oversaw improvements to the company’s business practices, governance, financial management, as well as environmental, safety and reporting standards.

Cresta Paints is headquartered in Ghana and offers products including paints, clear coats, hardeners and thinners. The company operates in Ghana, Nigeria and francophone West African markets including Côte d’Ivoire, Benin and Togo.

Adenia Partners was advised by Natrium, EY, Stafford Law and Bowman’s Mauritius. Uhuru was advised by PwC, DLA Piper Mauritius / Juristconsult Chambers and Kimathi & Company.

KKR mulls Japan credit push

With Japan already the destination for about 40% of its investment activity in Asia, private investment major KKR & Co is now weighing up a move into the country’s private credit market, according to a report by Bloomberg.

The report quotes Hiro Hirano, Head of KKR Japan, in an interview: “It will be a medium to long-term initiative. I think it is very important in Japan that we do it ourselves.”

While the private credit industry has in the US and Europe has swelled to around $1.7tn — with lenders focusing on companies with high credit risk and private equity funds that need help financing acquisitions — in Japan, most direct lending has been conducted overseas and the domestic loan market is dominated by major banks.

The firm sees Japanese companies as being increasingly willing to sell non-core businesses that can do better as individual entities in carve-outs that often provide higher returns than other investments.

Australia orders Chinese-linked funds to sell rare-earth stakes in ‘national interest’

Standard DigitalWeekend Print + Standard Digital

wasnow $85 per month

Billed Quarterly at $199. Complete digital access plus the FT newspaper delivered Monday-Saturday.

What’s included

Global news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts10 monthly gift articles to shareGlobal news & analysisExpert opinionFT App on Android & iOSFT Edit appFirstFT: the day’s biggest stories20+ curated newslettersFollow topics & set alerts with myFTFT Videos & Podcasts20 monthly gift articles to shareLex: FT’s flagship investment column15+ Premium newsletters by leading expertsFT Digital Edition: our digitised print editionEverything in PrintWeekday Print EditionFT WeekendFT Digital EditionGlobal news & analysisExpert opinionSpecial featuresExclusive FT analysisPlusEverything in Premium DigitalEverything in Standard DigitalGlobal news & analysisExpert opinionSpecial featuresFirstFT newsletterVideos & PodcastsFT App on Android & iOSFT Edit app10 gift articles per monthExclusive FT analysisPremium newslettersFT Digital Edition10 additional gift articles per monthMake and share highlightsFT WorkspaceMarkets data widgetSubscription ManagerWorkflow integrationsOccasional readers go freeVolume discountFT Weekend Print deliveryPlusEverything in Standard DigitalFT Weekend Print deliveryPlusEverything in Premium Digital