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These hubs will, with the help of local electoral commissions and civil society groups, provide “trusted and authoritative information” about the vote, said TikTok’s head of safety and integrity for EMEA, Kevin Morgan.

Ian Massey, Head of Corporate Intelligence, EMEA, at global risk consultancy S-RM, said the arrests showed how few options departing multinationals had.

The number and volume of real estate loans due for refinancing in 2024 is unclear because many deals are struck privately between borrower and lender, Ed Daubeney, co-head, debt and structured finance, EMEA, at real estate services firm Jones Lang LaSalle, told Reuters.

"We believe the rates set by major central banks may be nearing a peak – a positive for equity markets – but the lagged effects of this potent rate-hiking cycle still present the risk of recessions, as we have seen in Germany this year," said Helen Jewell, CIO at BlackRock Fundamental Equities, EMEA.

"There are clearly going to be winners in all this," said Niall O'Sullivan, chief investment officer of multi-asset for EMEA, at Neuberger Berman.