Private equity firms are facing a new reality: a growing crop of companies that can neither thrive nor die, lingering in portfolios like the undead. These so-called “zombie companies” refer to businesses that aren’t growing, barely generate enough cash to service debt and are unable to attract buyers even at a discount. They are usually trapped on a fund’s balance sheet beyond its expected holding period. “Now, as interest rates were rising, people felt they were stuck with businesses that were slightly worthless, but they couldn’t really sell them … So you are in this awful situation where people throw around the word zombie companies,” Oliver Haarmann, founding partner of private investment firm Searchlight Capital Partners, told CNBC’s ” Squawk Box Europe ” on Tuesday. Haarmann added that private equity firms loaded up on piles of debt with “very cheap” rates in 2020 and 2021. However, central banks began rapidly hiking rates in 2022, and higher-for-longer rates have inflated debt service costs. Waiting around for the undead to resuscitate is often not a luxury available to a PE firm. Cliffe Dekker Hofmeyr “They don’t have enough cash flow because of the rising interest rates to keep investing in growth, and there aren’t potential buyers for [these companies], and that’s a really big challenge for our whole industry,” Haarmann said. Traditionally, PE firms could ride out downturns, refinance debt and sell when markets rebounded. But industry veterans warned that today’s freeze appears to be lasting longer. “Private equity firms are having difficulties because the machine is stuck,” said Oliver Gottschalg, a professor at HEC Paris, whose research focuses on private equity. “If you don’t distribute back, you don’t get LPs in a position where they have liquidity to commit to new funds. So it’s really problematic,” Gottschalg said, adding that “zombie” assets are becoming more frequent and harder to clear. LPs are limited partners, also known as private equity fund investors. The logjam echoes the aftermath of the 2008 financial crisis, when stale portfolios and refinancing cliffs clogged the market, Gottschalg said. According to accounting firm PwC, private equity firms are sitting on about $1 trillion of unsold assets capital that would typically have been exited under a normal cycle. The average holding period for PE portfolio companies reached its longest on record at 5.6 years , according to data published in August from global management consulting firm VDS Consulting Group. What’s more, an increasing number of private equity investors say their capital is trapped in “zombie funds,” according to a 2024 survey by the major secondaries asset manager . Nearly half of institutional respondents, including pension funds and insurers, reported exposure to vehicles unlikely to exit assets or secure fresh commitments. A jammed private equity flywheel? This backlog is colliding with the very mechanics of private equity, where funds are built to turn assets into cash by a certain deadline. “Waiting around for the undead to resuscitate is often not a luxury available to a PE firm,” Nastascha Harduth and David Pinnock, lawyers from Cliffe Dekker Hofmeyr (CDH), wrote in a recent note . However, general partners (GPs), who are the firms or people managing the private equity funds, often cling to zombie portfolio companies because acknowledging defeat is more damaging than deferring it, CDH added. Liquidating a failed investment locks in realized losses that hurt fund performance and jeopardize future fundraising, giving firms strong incentive to “kick the can down the road” in hopes of a turnaround or a better exit market. “It is easier to keep the corpse politely seated at the board table than to host a funeral that invites post-mortems,” CDH said. The reputational dent is just as punishing: liquidation signals not just a bad investment call but an inability to rescue it. CDH cited an example of a stressed market like South Africa’s, where there are few willing buyers and a failed sale process can stigmatize an asset further, making it even harder to exit. “A failed sale process is its own horror story, carrying nearly as much of a stigma as a liquidation for PE firms and, because the failure becomes known, makes the asset even harder to sell.” However, a potential ease may be on the horizon: Gottschalg pointed to the rise of mass-affluent and private wealth capital, also known as the “retailization” of private equity, as a potential pressure valve to unlock the exit freeze. Unlike traditional PE funds backed by pensions and endowments targeting 25% net returns, this new pool of capital accepts lower return thresholds of around 10–12%, and potentially longer holding periods, giving it a lower cost of capital. While these investors won’t rush into truly broken companies, their flexibility and scale could still “help unblock the temporary freeze” by absorbing assets that no longer fit the traditional PE model, he said.
Category: 3. Business
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ASICS EMEA reports growth in all channels and categories in Q3 2025
[12 November 2025 – Hoofddorp, The Netherlands] – ASICS EMEA today reported its Q3 2025 financial results, with revenues increasing by 17.7%* versus Q3 2024.
ASICS EMEA reported significant growth across all channels in Q3 2025 compared to Q3 2024, with Wholesale channels reporting a year-on-year growth of 22.5%, with increases in Europe’s North East (31.9%) and North West (28.1%) regions, as well as France (19.7%), versus the previous year.
ASICS EMEA experienced profitable growth in all categories during Q3 2025, including Performance Running and Core Performance Sports (CPS). SportStyle and Apparel showed the most significant increases, with SportStyle increasing by 41.8% and Apparel by 25.8%.
In Q3 2025, ASICS remained the clear market leader in the premium performance Running segment in Europe. ASICS saw strong market share growth in Core Performance Sports (Tennis, Indoor and Padel) and SportStyle versus the last 12 months in the period ending September 2025.**
ASICS EMEA Chief Executive Officer, Carsten Unbehaun: “It’s incredible to see ASICS continue to grow profitably in EMEA. We are growing in every category and in every channel, thanks to the strength of our brand and our commitment to innovation. I’m proud to see that more people are choosing to move with ASICS than ever before. I would like to thank our partners and our teams across the region for their commitment and teamwork.”
* Excluding Onitsuka Tiger
** According to Circana data for:
- “Made For / Used For” Running category above and equal to 90 euros in EU5 markets (UK, France, Germany, Italy and Spain) – source Consumer Panel
- Core Performance Sports (combining Tennis, Indoor and Padel) footwear category in EU4 markets (France, Germany, Italy and Spain)- source Point of Sale Panel
- Sports Leisure (adults), above and equal to 90 euros, footwear category in EU2 markets (France, Germany) – source Point of Sale Panel
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Tietoevry Create recognized with two partner awards at ElasticON
Amsterdam, November 2025 — Tietoevry has been honored with two prestigious partner awards from Elastic, one of the world’s leading companies in search and AI technology. The recognition took place during ElasticON Amsterdam, where innovators and experts gathered to share insights and breakthroughs in the rapidly evolving world of data, search, and AI.
Tietoevry Create received:
🔸 Innovation Award Nordics – for pioneering ways of using search and AI to meet large demographic needs.
🔸 Top Sourced Partner – for driving the highest sourced business in our region.
“These awards are a true reflection of our talented team, our findwizards, who use data, AI, and search to create real impact for customers every day,” said Johan Sjöberg, Head of Findwise, Tietoevry Create.
The collaboration between Tietoevry Create and Elastic focuses on helping organizations harness the power of search and AI to improve decision-making, enhance user experiences, and enable data-driven transformation at scale.
With these awards, Tietoevry Create strengthens its position as a key innovation partner in the Nordic tech landscape, and the company looks forward to continuing its journey of driving digital excellence through intelligent use of data and AI.
“We’re incredibly proud of this partnership with Elastic and excited about what lies ahead.” said Johan Sjöberg, Head of Findwise, Tietoevry Create.
About Tietoevry Create
Tietoevry Create is the digital innovation arm of Tietoevry, combining strategy, design, data, and software engineering to help organizations grow and innovate. With deep technical expertise and strong industry understanding, Tietoevry Create delivers solutions that make a real difference for people, businesses, and society.About Elastic
Elastic is a leading platform for search-powered solutions, helping organizations find insights and drive outcomes from all types of data — structured and unstructured, text and numeric, geospatial and temporal.Continue Reading
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Ten-Year Treasury Yield Could Rise to 4.50% Near Term – The Wall Street Journal
- Ten-Year Treasury Yield Could Rise to 4.50% Near Term The Wall Street Journal
- Treasuries Rally After Holiday as Jobs Worry Fuels Fed Cut Bets Bloomberg.com
- Treasury yields are little changed as investors continue to face economic data blackout CNBC
- US 10-Year Yield Holds Upswing TradingView
- Asian shares edged higher along with US equity-index futures CNBC TV18
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BBVA supports the expansion of Northern Lights, a global leader in cross-border CO₂ storage
BBVA assumes a strategic role as one of the key banking partners in the financing of the second phase of Northern Lights, the landmark CO₂ storage initiative developed in Norway. Through its involvement in this financing, the bank plays a role in enabling a significant expansion of the project’s storage capacity, from 1.5 million to minimum 5 million tonnes per year, while reaffirming its firm commitment to accelerating industrial decarbonisation and advancing the energy transition across Europe.
Northern Lights is a joint venture established by Shell, Equinor, and TotalEnergies with the aim of developing and operating the world’s first commercial-scale, cross-border carbon capture, transport, and storage system. Located in Norway and already operational, it is also the first open-access infrastructure in Europe designed to enable the transport and permanent storage of CO₂ across national borders.
The project’s design will allow industrial emitters across the continent to leverage this solution beyond the Norwegian context. Its recent entry into operation, including the commencement of actual CO₂ storage, marks a milestone in the maturity of CCUS (Carbon Capture, Utilisation and/or permanent Storage) technologies and consolidates Europe’s leadership in delivering scalable climate solutions for hard-to-abate sectors.
BBVA’s involvement in this project further strengthens its position as a strategic financial partner in the clean technologies space, building on its proven track record in supporting pioneering industrial decarbonisation efforts.
“We are proud to have supported our clients in a transaction of such significance, which not only represents a major technological milestone, but also a decisive step towards the tangible decarbonisation of European industry. The scalability and commercial viability of Northern Lights set a precedent for the future of CCUS as a key enabler in the energy transition,” said Carlos Zuloaga, Global Sector Head of Energy in BBVA CIB.
“This project not only represents a major technological milestone, but also a decisive step towards the tangible decarbonisation of European industry”
BBVA believes that carbon capture, utilisation and permanent storage technologies are essential to achieving climate neutrality, particularly in sectors where emissions are inherently difficult to eliminate. As part of its commitment to the energy transition, the bank continues to enhance its capabilities in financing clean and innovative infrastructure, with a proactive focus on cleantech projects that accelerate progress towards a low-carbon economy.
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Chubb Launches AI-Powered Embedded Insurance Engine
Chubb Studio’s new AI capability personalizes insurance offers, boosting digital partner revenue and data-driven insights
NEW YORK, Nov. 12, 2025 /PRNewswire/ — Chubb, a world leader in insurance, debuted today a new AI-powered optimization engine within Chubb Studio, its global technology platform for embedded insurance distribution partnerships, at the Singapore Fintech Festival. The new capability uses proprietary AI to analyze data and deliver personalized insurance offerings at the point of sale, making it one of the first solutions of its kind available to digital distribution partners in the insurance industry.
The optimization engine will enable Chubb’s partners to increase customer engagement and build stronger brand loyalty with measurable growth by aligning protection solutions with the unique needs of their customer base. Consumers gain access to simple, highly curated insurance options offered from the platforms and apps that they trust and within everyday digital experiences, providing peace of mind when it matters most.
“The launch of the Chubb Studio optimization engine represents a significant leap forward in how we empower our digital distribution partners to engage their customers, increase conversion and build financial resilience through highly relevant insurance protection,” said Sean Ringsted, Chief Digital Business Officer at Chubb. “By combining data-driven insights with Chubb’s breadth of products and deep industry and regional market expertise, we’re enabling unique insights for our partners, and delivering tailored insurance products and services that drive results.”
Chubb Studio enables digital platforms worldwide to seamlessly integrate insurance products into their customer journeys via APIs and SDKs. The new capability combines data-driven insights, click-to-engage technology and direct marketing strategies. These market-leading tools empower Chubb’s partners to offer the most relevant products — such as phone damage, travel, or hospital cash and life protections — through marketing campaigns based on their specific customer personas.
Key features of Chubb Studio’s AI optimization engine include:
- Personalized Recommendations: Artificial intelligence driven insights identify customer personas and recommend products and engagement channels tailored to individual needs.
- Click-to-Engage Technology: A frictionless way for customers to instantly engage with a trusted advisor via phone, video or text to learn more about higher-value, complex insurance products.
- Flexible Integration Models: The platform offers three integration options— Chubb managed, partner managed and hybrid —allowing partners to choose the level of control and data sharing that best suit their needs.
- Data-Driven Insights: Performance data is analyzed in real-time, feeding back into the recommendation model to continuously refine and enhance insurance marketing campaigns.
“This latest Chubb Studio innovation underscores our commitment to providing the latest technology to benefit our digital partners and their customers,” Ringsted added. “It’s about delivering customer-first experiences through precision, personalization, and innovation.”
For more information about Chubb Studio, visit studio.chubb.com.
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.Logo – https://afnnews.qaasid.com/wp-content/uploads/2025/11/CHUBB_Black_RBG_Logo.jpg
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Squire Patton Boggs to Open Office in Baku Azerbaijan | 11 | 2025 | News
Global law firm Squire Patton Boggs announced that it has incorporated and registered a presence in Azerbaijan and imminently will open its 48th office worldwide in Baku, the nation’s capital and commercial center.
“The opening of our Baku office represents an important milestone in our firm’s continued international expansion,” said Chair and Global CEO Mark Ruehlmann. “Azerbaijan is a growing and strategically important market, and our new office will allow us to be even closer to our clients and the opportunities driving investment and development across the region.”
Richard Gibbon, Head of our Azerbaijan practice and Managing Partner of the Baku office, commented: “We are delighted to be establishing a permanent presence in Baku, building on our long-standing and deep relationships with valued clients across sectors of the country’s increasingly diverse economy. Having worked closely with many of these clients for years, we look forward to continuing to support their growth and success from within the country’s vibrant capital.”
“As one of the only international firms with an established presence in Azerbaijan, our first-mover status demonstrates our commitment to the market and gives us an important advantage as we continue our growth trajectory for years to come,” said Steve Mahon, the firm’s Global Managing Partner – Clients and Strategy.
Mahon continued, “Under Rich’s leadership, our growing relationships and workflows are a true team effort involving partners from across our transactional, disputes and policy practices. We are ideally positioned to support clients as they navigate the opportunities emerging from Azerbaijan’s dynamic economy, energy transition, and expanding role in regional and global trade.”
The new office is expected to open in the first quarter of 2026, following the completion of a fit-out of premises in Port Baku Tower 2, located in the city’s central business district and heart of its financial hub.
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World oil and gas demand could grow until 2050, IEA says – Reuters
- World oil and gas demand could grow until 2050, IEA says Reuters
- World Energy Outlook 2025 – Analysis IEA – International Energy Agency
- Supply boom in cheaper renewables will seal end of fossil fuel era, says IEA The Guardian
- Oil and gas demand to rise for 25 years without global change of course, says IEA Financial Times
- PLATTS: 100–Global energy emissions to peak in early 2030s, plateau as climate action stalls: IEA TradingView
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Nvidia supplier Foxconn third-quarter profit beats expectations, rising 17% on AI demand
Foxconn Chairman Young Liu delivers a speech during the Hon Hai Tech Day in Taipei on Oct. 18, 2023.
I-hwa Cheng | AFP | Getty Images
Foxconn, the world’s largest contract electronics maker, reported Wednesday that its third-quarter profit jumped 17% from a year earlier.
Here’s how Foxconn did in the September quarter compared with LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:
- Revenue: $2.06 trillion New Taiwan dollars ($66.29 billion) vs. NT$2.06 trillion expected
- Net profit: NT$57.67 billion vs. NT$50.41 billion
Foxconn, formally known as Hon Hai Precision Industry, is best known as the world’s largest manufacturer of Apple‘s iPhones, but has been shifting into other business avenues, including AI.
The firm manufactures server racks designed for AI workloads and has become a key partner to American AI chip darling Nvidia.
Foxconn’s server manufacturing business is currently in a strong growth phase, underpinned by robust demand, Ivan Lam, a senior analyst at Counterpoint Research, told CNBC.
The company is leveraging its dominance in contract manufacturing to secure both current and future orders, Lam said, describing it as a clear case of “follow the cash” — a strategy that naturally involves sacrificing some consumer electronics orders.
He added that Foxconn’s pivot toward high-growth server manufacturing “is clearly paying off,” even as it trades parts of its consumer electronics footprint for longer-term momentum.
While component price volatility, currency swings, and logistics challenges can pressure margins, Lam said he expects Foxconn’s fourth-quarter results to “remain favorable.”
This is breaking news, please refresh for updates
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SPIE signs an agreement to acquire PIK AG, strengthening expertise in audiovisual systems in Germany
Headquartered in Berlin, PIK employs around 170 people and primarily operates in northern and eastern Germany. The company specialises in the integration, and maintenance of complex audiovisual systems, particularly for conference rooms, lecture halls and concert halls. Its comprehensive service portfolio includes the full integration of audiovisual and lighting technologies — from planning and project management to installation, commissioning, service, and maintenance. PIK works with clients from various industries, including critical infrastructure.
In the 2024 financial year, PIK generated revenue of around €42 million. The company has achieved steady organic growth and maintains a solid customer base.
Niklas Niehuus, who took over PIK in 2018 as part of a succession process and has successfully expanded the company since then, is pleased about this next step: “I am proud of what we have accomplished in recent years and deeply grateful for the outstanding commitment of the entire team. Now is the right time for the next phase of development. I am confident that SPIE is the right choice for PIK’s future.”
The experienced management team Christoph Wegner (CEO), Christian Hieckel (CFO), Daniel Gallin (CSO), and André Rechenberg (CTO) will continue to lead the company’s future development: “We are looking forward to the future as part of SPIE and are confident that we will make a strong contribution with our experience and enthusiasm for audiovisual systems. Together with the entire team, we want to further develop the business and systematically expand the strong position we have built up over the past few years and continue to gain strength.”
Marcus Hänsel, Member of the Management Board of SPIE Germany Switzerland Austria and General Manager of the Operational Division Information & Communications Services (ICS): “Welcome to SPIE! With a strong presence in this exciting market environment, high technical expertise, and a broad customer portfolio, we are deliberately strengthening our position in the field of audiovisual systems and related service models. We look forward to shaping the future together with the entire PIK team and driving the company’s successful development alongside the experienced management team.”
Markus Holzke, Managing Director/CEO of SPIE Germany Switzerland Austria: “With PIK, we are gaining a strong team with a high level of technical expertise. The existing project pipeline is well filled, and demand in critical and digitally driven infrastructure areas continues to grow — a good basis for long-term, profitable growth. We look forward to our future together!”
SPIE acquires 89% of the shares in PIK AG, while 11% of the shares are held by the previous owner and the management team. The agreement includes put and call mechanisms related to these 11%. The transaction is expected to be finalised in December and is subject only to approval by the antitrust authorities.
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