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The article discusses the competition in the office chair manufacturing industry. Topics explored include the reputation earned by the Aeron office chairs designed by office furniture manufacturer MillerKnoll Inc., the development of the Karman ergonomic office chair by Steelcase Inc. to rival Aeron, and brief details about the business operations of Steelcase and MillerKnoll during the coronavirus disease 2019 (COVID-19) pandemic.

Private equity firm ATL Partners is considering selling Global Critical Logistics, a company that provides freight forwarding and logistics for live entertainment events like music tours. The potential sale could be valued at over $1 billion, attracting interest from industry players and investment firms. This move comes amidst increased deal activity in the transportation and logistics sector, with other companies like RXO Inc. and GXO Logistics Inc. also exploring sales or acquisitions. Global Critical Logistics owns specialty transportation companies like Rock-It Cargo and Dietl, with offices in various countries worldwide. [Extracted from the article]

Police in Toronto are investigating gunfire at the offices of GFL Environmental Inc., with evidence of shots fired and damage found at the scene. No injuries were reported, and the company declined to comment due to the ongoing police investigation. This incident follows previous reports of gunfire targeting GFL's operations and personnel, as well as arson at related locations. GFL Environmental has grown rapidly in recent years through acquisitions but has faced financial challenges, leading to the sale of less profitable businesses. [Extracted from the article]

The article discusses how a lack of green-certified office spaces in Hong Kong is impacting the city's property sector, with only 40% of premium office spaces being green-certified compared to over 70% in other Asian financial centers. Developers in Hong Kong are hesitant to invest in costly building upgrades for sustainability, potentially risking the city's competitiveness. As companies prioritize sustainability, cities offering greener office spaces are gaining attention, leading to a potential talent and investment drain from Hong Kong. The government is considering regulatory changes to spur building upgrades and improve energy efficiency in response to rising temperatures and environmental concerns. [Extracted from the article]

Airwallex, a fintech company backed by Tencent Holdings Ltd., is in talks to raise $200 million in funding to support its growth, aiming for a valuation of $6 billion. The company, founded in Australia in 2015, has reached half a billion dollars in annual recurring revenue and serves over 100,000 businesses globally. Airwallex has been investing heavily in artificial intelligence for customer onboarding, due diligence, and support, with plans to potentially go public by 2026. [Extracted from the article]

Centaline Wealth Management Ltd., a subsidiary of Centaline Group in Hong Kong, is partnering with China Asset Management (Hong Kong) to offer wealth management products amidst a real estate downturn. The collaboration aims to provide clients with options such as fixed-income, money market funds, and exchange-traded funds. As Hong Kong's private wealth sector grows, Centaline is expanding its family office services to tap into clients with $3 million to $5 million in assets, leveraging its real estate network. The move reflects the competitive landscape in wealth management in Asia, with Hong Kong positioning itself as a key cross-border wealth center. [Extracted from the article]

Hongkong Land Holdings Ltd. saw a significant increase in its shares following the announcement of a new strategy focusing on commercial property management and real estate investment trusts. The company aims to double profits and dividends by expanding its assets under management to $100 billion by 2035, with a shift away from residential development. This move comes amidst a challenging property market in mainland China and Hong Kong, with the company planning to raise $10 billion in the next decade through asset disposals and REIT listings. CEO Michael Smith emphasized the company's commitment to sustainable growth and expertise in premium mixed-use projects across the Asia-Pacific region. [Extracted from the article]

AMP Ltd. suggests that Australian office valuations may have hit their lowest point after a 26% decline. Chief Investment Officer Anna Shelley believes that prices in the struggling sector are close to stabilizing, with a similar drop to the global financial crisis. Despite significant write-downs by major pension funds, AMP, along with other funds like Australian Retirement Trust and HESTA, are now exploring opportunities in the office market both domestically and internationally. [Extracted from the article]

Starbucks Corp. is implementing a policy requiring corporate staff to work in the office three days a week, with potential consequences, including termination, for non-compliance. The company's CEO, Brian Niccol, emphasized the importance of working in the office for most employees, while allowing exemptions for health reasons. This move reflects a broader trend among companies, such as Amazon and Dell, to enforce return-to-office policies, despite some pushback from employees and concerns about experienced staff leaving as a result. [Extracted from the article]

General Atlantic, a prominent tech investor, has opened its first office in Saudi Arabia to expand its presence in the Middle East. The office will be led by Ziyad Baeshen and will focus on investing in growth companies across various industries. With assets set to reach $100 billion, General Atlantic aims to strengthen relationships with investors in the region and support the growth of market-leading companies in the Middle East. Other global fund managers, such as BlackRock and TPG Capital, have also been increasing their presence in the region to tap into the growing entrepreneurial ecosystem. [Extracted from the article]

General Atlantic, a prominent tech investor, has opened its first office in Saudi Arabia to explore investment opportunities in the Middle East. The office will be led by Ziyad Baeshen and will focus on technology, healthcare, financial services, consumer, and climate industries. With sovereign wealth funds in the region becoming influential sources of capital, General Atlantic aims to strengthen its relationships with investors and support the growth of market-leading companies in the Middle East. Peers like BlackRock and TPG Capital have also expanded their presence in the region, reflecting a growing interest in the Middle Eastern market. [Extracted from the article]

KKR-owned Selecta Group BV has enlisted advisers, including Goldman Sachs and PJT Partners, to address €1.1 billion in debt maturing in 2026. The company faced financial challenges due to the pandemic's impact on foot traffic in offices, stations, and airports, leading to a debt restructuring in 2020. KKR's special situations arm gained control of Selecta in 2015, and the company's credit profile is noted for strong liquidity and resilient margins, though concerns about cash generation and inflation persist. [Extracted from the article]

Aware Super and Delancey Real Estate have partnered to invest £1 billion in UK property, focusing on high-end offices in central London. This collaboration also includes plans to explore retail, logistics, and mixed-use properties. The move comes amidst the turmoil in commercial real estate due to the global pandemic, presenting buying opportunities at discounted prices. Australian pension funds, like Aware Super, are increasingly turning to property investments, with a focus on anticipating future trends and making counter-cyclical choices. The International Monetary Fund has raised concerns about the amount of money Australian pension funds are investing in illiquid markets, warning of potential liquidity issues in times of stress. [Extracted from the article]

Storm Trami has caused seven deaths in the Philippines, leading to massive flooding and the closure of the currency market for a second day. The storm, also known as Kristine locally, made landfall over northern Isabela province with sustained winds of 95 kilometers per hour. Nearly 200,000 people have been displaced, with schools closed and flights canceled. The Philippines, prone to extreme weather events due to climate change, faces significant challenges in managing the aftermath of the storm. [Extracted from the article]

The Philippines has suspended government work and schools in Luzon for a second day due to heavy rain from severe tropical storm Trami. Essential services like health and disaster response are exempt from the suspension, while private companies can decide on work stoppages. Trami, also known as Kristine, has intensified into a severe storm, potentially causing more heavy rain and affecting thousands of people in Luzon. [Extracted from the article]

South Africa is planning to relax visa regulations for tourists from India and China in an effort to attract visitors from these populous nations. Currently, travelers from Western countries like the US and UK do not require visas for short visits, while tourists from India and China face barriers. The country will introduce a Trusted Tour Operators system to streamline the process for visitors from these countries. These changes are part of broader reforms aimed at addressing migration issues and boosting tourism, as South Africa aims to capitalize on its natural advantages in the sector. [Extracted from the article]

India's central bank has approved Pranav Chawda as the new CEO of JPMorgan Chase & Co.'s local banking unit for a three-year term. Chawda, who currently heads commercial banking, will now lead the corporate banking entity following the departure of former CEO Prabdev Singh. With experience in the industry, Chawda is expected to drive the corporate banking business forward in India, where JPMorgan has had a presence since 1945. [Extracted from the article]

Cummins Inc. plans to double its revenue from Africa by 2030, aiming to provide electricity to 300 million people on the continent. The company sees a growing demand for power solutions in Africa due to the significant gap between supply and demand. With a focus on extractive industries and key economies, Cummins expects to drive demand for its products and services in the region. The World Bank and the African Development Bank have pledged $30 billion to provide electricity to 300 million Africans by 2030, supporting Cummins' goal. [Extracted from the article]

The Philippines canceled currency trading due to tropical storm Trami, which also led to the suspension of government work and classes in Luzon. The Bankers Association of the Philippines announced the closure of dollar/peso spot and swap markets, with the central bank suspending monetary operations. Trami, locally known as Kristine, intensified with strong winds and gustiness, affecting transportation and causing disruptions in the region. The Philippines faces frequent extreme weather events, with an average of 20 typhoons hitting the nation annually. [Extracted from the article]

The Philippines has announced the suspension of work and classes in government offices and schools on the main Luzon island due to tropical storm Trami. Essential services such as health and disaster response will continue to operate. Private companies have the discretion to suspend work. Trami, also known as Kristine, has strong gale-force winds and is currently located east of Daet, the capital of Camarines Norte, with a cyclone warning in place for Luzon and central provinces. [Extracted from the article]

Wendel has acquired a 75% stake in private lender Monroe Capital for $1.13 billion, with plans to invest an additional $1 billion to expand the Chicago-based firm's business. Monroe Capital, founded in 2004, provides private credit to borrowers in the US and Canada and manages over $19.5 billion across various investment vehicles. The deal aligns with Wendel's new strategic direction of building an asset management business, and reflects the growing interest in the private credit sector among firms like Apollo Global Management, Blackstone, and Ares Management. [Extracted from the article]

Paul Weightman, founder of Corinthia Global Management, aims to surpass the $36 billion direct-lending unit he helped build at Barings in half the time. After poaching a team from Barings with Nomura Holdings Inc.'s support, a legal battle ensued. The team at Corinthia, each with an equity stake, is positioning itself to capitalize on the growing private credit industry. With offices in multiple locations and financial backing from Nomura, Corinthia is focused on building infrastructure to compete at the top level of private credit. [Extracted from the article]

The top technology executive at Sam's Club, Cheryl Ainoa, is leaving the company due to Walmart's policy requiring corporate employees to relocate to Arkansas. Ainoa, based in California, is declining to move to Bentonville due to personal reasons after nearly five years with the company. Walmart's relocation policy has led to many executive roles moving to Arkansas, with Sanjay Radhakrishnan being promoted to CTO of Sam's Club as Ainoa prepares to depart in early February. [Extracted from the article]

Anirudha Taparia, co-CEO of Bain Capital-backed 360 One WAM Ltd., is leaving the firm as India's wealth management sector experiences significant growth. Taparia, instrumental in building the firm into one of India's largest wealth managers, is considering starting his own venture. The departure comes amidst a surge in wealth generation in India, with private equity firms also showing interest in expanding their wealth management businesses in the country. 360 One has confirmed Taparia's resignation and is ensuring a smooth transition as the firm continues to grow its assets and expand its services. [Extracted from the article]

Hong Kong is set to implement measures to boost gold trading and become an international trading center for commodities, according to Financial Secretary Paul Chan. The government plans to enhance gold inventory facilities, develop related businesses, and expand gold-related derivatives trading. Additionally, Hong Kong aims to accelerate the development of non-metals commodities trading and is studying policies to attract large commodities companies to set up offices in the city. [Extracted from the article]

The top technology executive at Sam's Club, Cheryl Ainoa, is leaving the company due to Walmart's policy requiring employees to relocate to Arkansas. Ainoa is declining to move due to personal reasons after nearly five years with the company. Walmart's relocation policy has led to many executive roles moving to Bentonville, Arkansas, with Sanjay Radhakrishnan being promoted to CTO of Sam's Club. [Extracted from the article]

South Africa has instructed Taiwan to relocate its Taipei Liaison Office from Pretoria to Johannesburg at the request of China, a move that underscores Beijing's growing influence among developing nations. This decision, made after a BRICS summit attended by Chinese leader Xi Jinping, is seen as a diplomatic victory for China in isolating Taiwan and expanding its global influence. Taiwan, in response, may ask South Africa to move its representative office out of Taipei, reflecting the ongoing tensions between the two nations. [Extracted from the article]

A survey of 250 institutional investors in the UK, Europe, and the Middle East conducted by asset manager PGIM Inc. revealed that firms catering to ultra-wealthy clients are planning to increase their allocations to private credit. Family offices, private banks, foundations, and endowments are expected to boost their investments in the $1.7 trillion asset class over the next two years. While insurers and pension funds are likely to maintain their current allocations to private credit due to investment limits, 44% of respondents overall expressed intentions to increase their holdings in private credit. [Extracted from the article]

JPMorgan Chase & Co. has expanded its presence in Africa by opening representative offices in Kenya and Ivory Coast. The US bank has hired Sailepu Montet and Michael Ahonzo Avou to run its operations in Kenya and Ivory Coast, respectively. This move comes as part of JPMorgan's efforts to grow its business on the continent, with CEO Jamie Dimon expected to visit Africa for the first time in seven years. Kenya's improved relations with the US have facilitated JPMorgan's entry into the country, where Citigroup Inc. is currently the largest international bank. [Extracted from the article]

Stellantis NV, the carmaker behind brands like Jeep and Fiat, is reversing its work-from-home policy and requiring employees to return to the office three days a week on average. This change comes after a profit warning led to a management shakeup. Stellantis had previously championed remote work, but poor sales and other issues prompted a reevaluation of the strategy. The company will be revamping workspaces to accommodate the return of employees. [Extracted from the article]

Stellantis NV, the carmaker behind brands like Jeep and Fiat, is reversing its work-from-home policy and requiring employees to come into the office three days a week on average. This change comes after a profit warning led to a shakeup in the company's top management. Stellantis had previously championed remote work, but poor sales and other issues prompted a reevaluation of the strategy. The company will be revamping work spaces to accommodate the return of employees. Stellantis is also focusing on retraining workers for the transition to electric cars. [Extracted from the article]

Cycle Pharmaceuticals Ltd. has reaffirmed its $488 million offer to acquire Vanda Pharmaceuticals Inc. despite one of Vanda's drugs failing to receive regulatory approval. Vanda's board has declined to discuss the proposal and has implemented new rules to prevent the acquisition. Vanda has stated that it believes Cycle's offer undervalues the company and is not in the best interests of its stockholders. Vanda's shares rose by 19% following the news. Cycle Pharmaceuticals, based in Cambridge, UK, has six drugs on the market that treat rare metabolic and immunological conditions, as well as multiple sclerosis. [Extracted from the article]

Cycle Pharmaceuticals Ltd. is still interested in acquiring Vanda Pharmaceuticals Inc. despite one of Vanda's drugs failing to receive regulatory approval. Cycle has reaffirmed its $488 million offer for Vanda, even though Vanda's stock has fallen 29% since June. However, Vanda's board has declined to discuss the proposal and has implemented new rules to prevent the acquisition. Vanda owns the commercial rights to three drugs, while Cycle has six drugs on the market. [Extracted from the article]

Private equity firm Apax Partners has announced that it will no longer be making new investments in the healthcare industry due to a decrease in opportunities. As a result, the firm will disband its dedicated healthcare team and reassign most of its members to other roles. The remaining healthcare portfolio companies will continue to be managed by the broader team, while Apax will shift its focus to investing in "healthcare-adjacent" businesses. The firm will now exclusively focus on the technology, services, and internet consumer sectors. [Extracted from the article]

Private equity firm Apax Partners has announced that it will no longer be making new investments in the healthcare industry due to a decrease in opportunities. As a result, the firm will disband its dedicated healthcare team and reassign its members to other roles. The remaining healthcare portfolio companies will continue to be managed by the broader team, while Apax will shift its focus to investing in "healthcare-adjacent" businesses. The firm will now exclusively focus on the technology, services, and internet consumer sectors. [Extracted from the article]

German lender Deutsche Pfandbriefbank AG, also known as PBB, is planning to reduce its exposure to office and US loans following the property crisis. PBB will gradually decrease its focus on office real estate and instead target business in areas such as data centers, senior living, and hotels, with a geographic focus on Europe. The US market will be limited to the East Coast, while lending on the West Coast will be discontinued. PBB aims to bring down the share of offices in its overall portfolio from 50% to below 40%. The bank also plans to distribute at least 50% of its profit to shareholders and conduct share buybacks. [Extracted from the article]

Abu Dhabi's largest property developer, Aldar Properties PJSC, is planning a $480 million project in Dubai near the Expo City Dubai. The project will include homes, offices, and retail locations and will be constructed on 1.1 million square feet of land near Dubai's new airport. The demand for property in Dubai has been increasing, attracting developers and causing home values to surge. Abu Dhabi generated $844 million from the sale of homes in Dubai last year, and Aldar has announced several more developments in the city since then. [Extracted from the article]

HongShan Capital Group, formerly known as Sequoia Capital China, is opening a London office to seek investment opportunities in Europe. The company, led by Neil Shen, plans to focus on late stage and private equity deals in areas such as consumer, consumer internet, healthcare, and new energy. HongShan has already made nearly 10 portfolio investments in Europe and manages about $56 billion in assets. The move comes as Chinese investment firms seek new breakthroughs amid slowing economic growth and tightening regulations in China. [Extracted from the article]

Commerzbank AG is expanding its wealth management services for ultra-rich clients in an effort to increase fee income and defend against a potential takeover by UniCredit SpA. The bank is creating a division specifically for family offices and ultra-high-net-worth clients, with additional teams being added in Hamburg and Stuttgart. Commerzbank's move comes as other banks, such as JPMorgan Chase and Deutsche Bank, also focus on expanding their wealth management offerings in Germany. Acquisitions in the wealth management sector have also been on the rise, with BNP Paribas and ABN Amro Bank making recent purchases. [Extracted from the article]

Commerzbank AG is expanding its wealth management services for ultra-rich clients in an effort to increase fee income and defend against a potential takeover by UniCredit SpA. The bank is creating a division specifically for family offices and ultra-high-net-worth clients, with additional teams being added in Hamburg and Stuttgart. Commerzbank's move comes as other banks, such as JPMorgan Chase and Deutsche Bank, also focus on expanding their wealth management offerings in Germany. Acquisitions in the wealth management sector have also been on the rise, with BNP Paribas and ABN Amro Bank making recent purchases. [Extracted from the article]

Innovation Network Corp. of Japan (INCJ) is reportedly reviving the sale of its 21% stake in Malaysian telecommunications tower company Edotco Group Sdn. INCJ is expected to begin the process of selling its stake this quarter and has reached out to potential investors, including private equity firms and family offices. Edotco is also considering an initial public offering in Kuala Lumpur in 2026. INCJ needs to sell its holding by the end of March when its mandate to operate ends. [Extracted from the article]

President Joe Biden has requested that Congress expedite the authorization of approximately $1.6 billion for the Small Business Administration (SBA) in order to address the aftermath of Hurricane Helene and other disasters. The SBA provides low-interest loans to businesses affected by disasters, but the agency is expected to run out of funding before Congress reconvenes. While the specific dollar request was not included in Biden's letter to congressional leaders, the White House is optimistic that lawmakers will approve the additional funding during the pre-election recess. Biden also emphasized the need for comprehensive disaster relief after Congress returns on November 12th. The devastation caused by Hurricane Helene, which affected multiple states and resulted in over 200 deaths, underscores the urgency of the situation. The larger aid package is likely to be negotiated alongside an extension of current government funding, which expires on December 20th. Former President Donald Trump has criticized Biden's response to the storm, falsely claiming that federal disaster funding had been misappropriated by undocumented immigrants. The White House has denounced these claims as lies and attempts to divide the nation. [Extracted from the article]

Adam Neumann, co-founder of WeWork, is introducing a new competitor called Workflow. Unlike WeWork, Workflow aims to create a calm atmosphere with fancy artwork and plush furniture instead of targeting twentysomethings with kombucha and beer. Workflow is building offices in residential buildings it already owns or partnering with landlords to manage spaces it doesn't. Neumann believes Workflow will benefit from the high demand for flexible workspaces since the pandemic. [Extracted from the article]

According to Victor Khosla, founder of credit investor Strategic Value Partners LLC, the US office real estate market is facing significant challenges that make it difficult to underwrite. Khosla warns that there is a "tsunami" of debt maturities approaching, with $1.5 trillion of debt due by the end of next year. This is particularly concerning for office landlords, as demand has decreased due to remote work and many buildings require substantial investment to attract tenants. Khosla believes there are more opportunities for distressed investing in Europe compared to the US and expects high-yield defaults to rise in the coming years. [Extracted from the article]

McKinsey & Co. is considering increasing the number of days its North American staff are expected to work in the office each week, following a trend among large firms to limit remote work. The potential change has caused concern among consultants who often work remotely when they are not assigned to a project. McKinsey has about 45,000 employees worldwide and has seen a rise in demand for artificial intelligence-linked projects. The company's own research has shown that flexible work arrangements are particularly valued by working women. [Extracted from the article]

State Street Corp., a global asset management firm, is expanding its presence in the Middle East to tap into the growing wealth in the region. The company is building teams in Dubai and Riyadh, and estimates that financial assets in the region will grow to $9 trillion by 2027. State Street is also hiring key personnel and applying for a regional headquarters license in Saudi Arabia. The United Arab Emirates and Saudi Arabia have attracted hedge funds, family offices, and foreign capital due to their business-friendly environments and economic reforms. State Street aims to capture increased allocations to the region as international clients show interest in investing in the Middle East. [Extracted from the article]

Saudi Arabian firm Kingdom Holding, backed by billionaire Prince Alwaleed bin Talal, is resuming construction on a tower in Jeddah that is set to become the world's tallest skyscraper at 1,000 meters. The tower, designed by American architect Adrian Smith, will feature a Four Seasons hotel, apartments, offices, and the world's highest observation deck. Construction is expected to take 42 months, with 63 of the 157 floors already built. The project, originally called "Kingdom Tower," will be the centerpiece of an economic city and will join the exclusive list of mega-tall skyscrapers. [Extracted from the article]

State Street Corp., a global asset management company, is expanding its presence in the Middle East to tap into the growing wealth in the region. The firm is building teams in Dubai and Riyadh, and estimates that financial assets in the region will grow to $9 trillion by 2027. State Street is hiring investment advisors and portfolio managers, and is also applying for a regional headquarters license in Saudi Arabia. The company recognizes the importance of providing local coverage and is responding to client feedback by expanding its footprint in the region. [Extracted from the article]

Canary Wharf Group, co-owned by the Qatar Investment Authority and Brookfield Corp., plans to raise new debt using its retail assets to repay £350 million ($465 million) of bonds maturing in April. The company is also considering refinancing other bonds, including €300 million ($332 million) in debt maturing in 2026. Canary Wharf's retail centers have seen increasing visitor numbers, and the company is open to selling assets to strengthen its finances. The group is also working on a planning application to re-purpose HSBC's current premises into a mix of uses, including workspace, leisure, entertainment, education, and cultural attractions. However, the CEO expressed concerns about the slow pace of development in Canary Wharf due to issues in the UK planning system. [Extracted from the article]