The UK government has approved Gatwick Airport's plan to make its northern runway operational on a routine basis, a project valued at 2.2 billion pounds (USD 2.96 billion). The plan aims to handle millions of additional passengers in the 2030s and create approximately 14,000 jobs. VINCI Airports, which holds a majority stake, confirmed full funding for the project. Safety upgrades include moving the backup runway by 12 metres. While legal challenges may arise, the government believes sustainable aviation fuels ensure airport growth aligns with net-zero targets.Read more

New World Development has secured a substantial term loan of HKD 5.9 billion (USD 758.62 million) from Deutsche Bank to support its financing needs. The facility includes an initial tranche of HKD 3.95 billion and is backed by a first-priority mortgage on Victoria Dockside, although the property can still be used for further financing. Despite refinancing USD 11.24 billion earlier this year, the company seeks additional funding to manage debt and sustain operations in a weak property market. Its debt issues stem from past expansion, Hong Kong's unrest, the pandemic, and a prolonged real estate slump.Read more

Amazon has announced it will close its Amazon Fresh convenience stores in the UK, with five locations set to be converted into Whole Foods Market outlets. Launched as checkout-free stores using "walk out" technology, the Fresh format carried groceries and "by Amazon" products but was reassessed after a business review. The company said online grocery and household essentials via Amazon.co.uk, Amazon Fresh online, Whole Foods Market, and partners like Morrisons and Co-op are seeing stronger demand. From next year, Amazon plans to expand into perishable groceries with same-day delivery. The move reflects a focus on digital-first growth and premium food retail.Read more

Azerbaijan's state-owned energy company SOCAR has signed an agreement to acquire Italiana Petroli, securing control of one of Italy's largest petrol station networks. The deal was formalised during an international investment forum in Baku, though financial details were not disclosed. Industry insiders previously indicated that the Brachetti Peretti family, the seller, was seeking an enterprise value of around EUR 2.5 billion (USD 2.95 billion). The transaction, still subject to regulatory approval, is expected to be completed by the first quarter of next year.Read more

Vietnam faces the steepest losses in Southeast Asia from the recent US tariffs, with exports to America projected to fall by nearly USD 25 billion, or about one-fifth of the total shipped last year. UNDP estimates show that Vietnam's dependence on the US market makes it more vulnerable than regional peers such as Thailand, Malaysia, and Indonesia. The first trade figures since the tariffs came into force already show a decline in shipments, particularly in footwear. The World Bank has cut Vietnam's growth forecast, while global brands sourcing from Vietnam have stayed silent on the issue.Read more

Germany's home prices rose 3.2% in the second quarter, continuing a three-quarter streak of growth, though values remain 9% below 2022 levels amid high interest rates and inflation. Residential property shows signs of recovery, while office and retail spaces remain under pressure due to remote work and online shopping. Germany's property sector is a major economic contributor but has faced challenges from tighter financing and rising costs. Insolvencies have risen 33% this year, reflecting ongoing liquidity risks and highlighting the fragile state of the broader real estate market.Read more

Emeis, in partnership with Farallon Capital and TwentyTwo Real Estate, has created a real estate company to manage its healthcare properties. This initiative goes beyond the group's original divestment plan of EUR 1.5 billion, bringing the total to about EUR 1.9 billion. The partners will invest EUR 761 million later this year, helping Emeis cut its net debt by nearly EUR 700 million. The portfolio was valued at EUR 1.22 billion at the close of 2024. Emeis will retain control of the new company while continuing to operate its healthcare assets.Read more

Saks Global, the parent company of Saks Fifth Avenue, is considering selling a minority stake in Bergdorf Goodman as part of efforts to reduce debt. The luxury retailer, which operates women's and men's stores on Fifth Avenue in New York, is seen as central to the group's long-term strategy. Reports suggest the company is in talks with multiple bidders for a potential 49% stake valued at around USD 1 billion, though no final decision has been made. The move follows Saks Global's acquisition of Neiman Marcus last year for USD 2.65 billion.Read more

Hong Kong shut down this past week as Super Typhoon Ragasa, the world's strongest tropical cyclone this year, swept across southern China. Authorities suspended most flights, closed schools and businesses, and urged people to remain indoors. Panic buying left supermarket shelves empty, while Guangdong province evacuated more than 770,000 residents and prepared to relocate over one million. With hurricane-force winds, torrential rainfall and storm surges forecast, the Hong Kong Observatory warned of conditions similar to previous devastating typhoons Hato and Mangkhut.Read more

KEC International has secured new orders worth INR 3,243 crore for power transmission and distribution projects in the UAE and the Americas. These include 400 kV transmission lines and the supply of towers, poles, and hardware. With these orders, the company's year-to-date total has reached INR 11,700 crore. The Middle East continues to be an important growth region, and KEC's work across power, civil, transport, renewables, and pipelines helps it maintain a strong position in global infrastructure projects.Read more