US job openings drop to three-year low in latest sign of cooling labour market

According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey (JOLTS) report released yesterday (4 June), the number of job openings was slightly down from March’s figure of 8.4 million, a decrease of 133,000. Over the month, the number of hires stood at 5.6 million and 5.4 million, respectively. Within separations, US officials reported 3.5 million quits and 1.5 million layoffs.  Job openings were down by 1.8 million over the year. Healthcare and social assistance recorded the largest drop in vacancies – 204,000 – while the number of jobs in private educa…

Dubai Mall, one of the world’s largest, is getting even bigger with a $400 million expansion

The sprawling shopping complex is already home to 1,200 stores and 200 food and beverage outlets, a 10-million-liter aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores.  The mall’s developer, Emaar Properties this week announced the building’s expansion plan, which will add 240 new luxury stores and food and drink venues. A view of the street near the Dubai Mall in Dubai, United Arab Emirates on November 29, 2023. Jakub Porzycki | Nurphoto | Getty Images

DUBAI, United Arab Emirates — The Dubai Mall, one of the largest malls in the world, is set to get even bigger with a planned expansion that will cost an estimated 1.5 billion dirhams ($408 million).

The sprawling, glitzy shopping complex in the United Arab Emirates’ commercial capital is already home to 1,200 stores and 200 food and beverage vendors, a 10-million-liter (2.2-million-gallons) aquarium, an Olympic-sized ice skating rink, an indoor Chinatown, a virtual reality park, an indoor SEGA theme park, and one of the world’s largest candy stores. 

Spanning 12 million square feet of floor space, the mall is also connected to the Burj Khalifa, the world’s tallest skyscraper.

The mall’s developer, Emaar Properties this week announced the building’s expansion plan, which will add 240 new luxury stores and food and drink venues.

“The new Dubai Mall expansion is a great addition to one of the most visited sites in the world,” Mohamed Alabbar, Emaar founder, said in a statement. He declared that the plan reflects Dubai’s ambition to further its position “as a top global destination.”

Dubai’s fortunes have soared since the Covid-19 pandemic, as the city carried out an early vaccination campaign and then opened its doors to tourism and business, while much of the rest of the world stayed shut.

The UAE introduced remote worker visas and 10-year “golden” visas and relaxed foreign ownership laws for businesses, hosting major international events like Expo 2020 and COP 28. Its population jumped — as well as its tourism and property revenues — after Russia’s 2022 full-fledged invasion of Ukraine, which triggered an inflow of Russians to its balmy, sanctions-free shores.

The record-breaking Dubai Mall is also home to the world’s largest shopping mall aquarium, where visitors can

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Wellington Management’s Natasha Brook-Walters: Divergence is not just about central bank policy

Since the late 1990s, when the US cycle turned, the rest of the world generally followed, with a lag. As a result, central banks have tended to follow the Fed’s lead. However, the new economic era — with its greater volatility, higher inflation, and shorter and more frequent cycles — is likely to result in greater cyclical divergence between countries and the need for different central bank responses. How is potential central bank monetary policy divergence affecting asset allocation? We are already seeing this play out — most notably between the US Federal Reserve and European Cen…

Ninety One AUM slashes dividend after AUM fall and £9.4bn outflow

In its annual results to 31 March published today (5 June), the FTSE 250 Anglo-South African asset manager reported a 3% decrease in AUM to £126bn, as net outflows outweighed positive market and foreign exchange movement of £6.1bn.  Pre-tax profits ticked up 2% to £216.8m despite lower average assets under management of £123.9, down 8% year-on-year. On an adjusted basis, operating profit came in 8% lower than last year.  Janus Henderson poaches UK distribution head from Ninety One Net outflows, which were slower than the £10.6bn reported in 2023, were largely driven by equities, sh…

Raynar Portfolio Management adds to ‘core’ UK small-cap fleet

The WS Raynar UK Smaller Companies fund will be run by Philip Rodrigs, who founded the firm in September 2019 after being dismissed from River and Mercantile the year prior due to what the firm called a professional conduct breach. It will sit in the IA UK Smaller Companies sector and will have an ongoing charges figure of 0.68%, and an introductory share class fee of 50 basis points.  Schroder Income retains Wealth Shortlist spot despite manager Kevin Murphy’s departure Rodrigs described the launch as a “core” offering. Despite consistent outflows from UK equity funds in the last …

Baillie Gifford and HSBC retain Square Mile ratings despite manager exits

For the HSBC Global Strategy range, analysts highlighted the long and effective transition process that followed the exit of Kate Morrissey, head of world selection funds, as the rationale for retaining the funds’ Recommended ratings. “Morrissey had reduced her involvement in the day-to-day management of the range since the second half of 2023, with that responsibility falling to deputy manager Nicholas McLoughlin,” the analysts wrote. “Having met with McLoughin on several occasions, Square Mile’s analysts are confident in his ability to lead this range, supported by the extensive res…

Apollo to lead $11bn investment in Intel’s Irish chip plant

Funds managed by private investment firm Apollo Global Management are to lead an investment of $11bn to acquire a 49% equity interest in a joint venture entity related to Intel’s Fab 34 chip manufacturing facility in Leixlip, Ireland.

The deal represents Intel’s second Semiconductor Co-Investment Program (SCIP) arrangement, which is part of the company’s Intel’s Smart Capital strategy, a funding approach designed to “create financial flexibility to accelerate the company’s strategy, including investing in its global manufacturing operations, while maintaining a strong balance sheet”, according to a press statement.

Fab 34 is Intel’s high-volume manufacturing (HVM) facility designed for wafers using the Intel 4 and Intel 3 process technologies. To date, Intel has invested $18.4bn in Fab 34.

Under the agreement, the joint venture will have rights to manufacture wafers at Fab 34 to support long-term demand for Intel’s products and provide capacity for Intel Foundry customers, with Intel holding a 51% controlling interest.

The transaction is expected to close in the second quarter of 2024.

Sound Growth Partners closes Fund I at $275m hard cap

Seattle-based private equity firm Sound Growth Partners (SGP) has closed its oversubscribed inaugural buyout fund at its hard cap after securing $275m in capital commitments, including anticipated leverage.

The fund will invest in niche market leaders in the lower middle market using the firm’s One-Stop Buyout approach, providing all the capital necessary to close a transaction.

The fund, which secured a Small Business Investment Company (SBIC) license from the Small Business Administration (SBA), attracted support from a diverse group of institutional investors.

SGP was founded in 2023 by four long-term colleagues – Kyle Largent, Peter Roushdy, David Glazer, and Travis Steele – who all have extensive experience investing in, supporting, and growing lower middle market companies.

Around 86% of Home REIT properties inspected as valuation review continues

Back in March, AEW’s CEO told Investment Week it that it was “halfway through” Home REIT’s stabilisation phase. AEW was brought in May 2023 and immediately began a full review of Home REIT’s assets to help inform the portfolios longer-term strategy, which included the offloading of several properties in the subsequent months. Home REIT tenant Noble Tree Foundation enters into administration This continued last month with Home REIT selling 149 properties, valued at around £13.8m collectively. In its monthly update, the trust detailed that it had collected just 7% of the rents owe…

Schroder Income retains Wealth Shortlist spot despite manager Kevin Murphy’s departure

Murphy is leaving after 24-years at the firm to join Ben Whitmore new boutique venture firm Brickwood Asset Management. Nick Kirrage will be stepping in as sole leader of the Schroder’s global value team as a result and Joseph Hill, senior investment analyst at HL, “while we are disappointed to see Murphy depart the business, we are pleased to see Kirrage return to the fund alongside Andrew Evans”. “Kirrage has been an integral part of the global value team since co-founding it with Kevin Murphy in 2013. The global value team employ the same process across multiple regions and we have…