Blackstone Explores Potential Joint Bid for Drahi's SFR
The New York-based firm has been in early discussions with other potential suitors including SFR competitors as it evaluates the merits of a deal, the people said. Blackstone is likely to team up with another bidder given the operational needs of the Altice France SA -owned carrier, said the people, who asked not to be identified as the information is private.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Entrepreneur
43 minutes ago
- Entrepreneur
The Rise of Social Housing: A Global Shift Toward Inclusive Urban Living
You're reading Entrepreneur Middle East, an international franchise of Entrepreneur Media. In a world where skyrocketing property prices have outpaced wages and urban centers are increasingly unaffordable for everyday citizens, the importance of social housing has surged back into focus. Once seen as a solution for society's most vulnerable, social housing is now being redefined as a fundamental pillar of sustainable and equitable city development. From Europe to the Middle East, Asia to the Americas, governments and developers are reexamining what it means to provide dignified, affordable housing—and in many cases, they're getting creative. Understanding Social Housing: More Than Just Shelter Social housing refers to homes that are subsidized, price- controlled, or publicly owned to ensure affordability for low- and middle-income groups. It's often developed or managed by local governments, non-profit organizations, or public-private partnerships and can take many forms—from tower blocks to scattered-site housing. Importantly, social housing is not just about roofs and walls. It's about building communities, providing stability, and reducing inequality. Research consistently shows that secure housing plays a critical role in improving education outcomes, employment opportunities, and even public health. And in 2025, with housing affordability reaching crisis levels in many global cities, social housing has reemerged as an essential part of the solution. The Affordability Crisis That Changed Everything The shift didn't happen overnight. Over the past two decades, cities around the world have experienced steep increases in property prices. In global capitals like London, New York, Dubai, and Hong Kong, even middle-income earners are being priced out of the housing market. According to a 2024 report by the World Bank, more than 1.6 billion people globally lack access to adequate housing. At least 330 million urban households either live in substandard conditions or are financially overburdened by rent. For city planners, this reality is impossible to ignore. The affordability crisis, exacerbated by the COVID-19 pandemic and ongoing inflationary pressures, has forced governments to reconsider market-driven housing models. The result? A surge in social housing investment and innovation. Europe Leads the Way in Modern Models Europe has long been a leader in public and social housing, with countries like Austria, the Netherlands, and Denmark providing a blueprint for success. In Vienna, for example, nearly 60% of the population lives in publicly owned or subsidized housing. Far from being stigmatized, this model is admired for its quality design, mixed-income integration, and long-term affordability. Developments like Seestadt Aspern—a 240-hectare smart city project—combine social housing, retail, education, and recreation, demonstrating how subsidized living can be at the forefront of urban design. In France, the government has introduced a policy requiring cities to maintain at least 25% social housing stock, backed by strict enforcement and financial penalties for noncompliance. Paris's suburbs are undergoing extensive regeneration with mixed-use developments that feature affordable rental units alongside market-rate apartments and cultural amenities. The Middle East's Evolving Approach In the GCC region, social and affordable housing is taking on a more strategic role. Countries like the United Arab Emirates and Saudi Arabia have launched large-scale national housing programs to cater to their growing populations and support homeownership among nationals. In the UAE, the Sheikh Zayed Housing Programme and Mohammed bin Rashid Housing Establishment are building thousands of subsidized homes for Emiratis. These programs include zero-interest loans, grants, and land allocations. Notably, they have shifted away from one-size-fits-all villas toward community-based developments that integrate schools, parks, and job opportunities. In Saudi Arabia, Vision 2030 has fueled a robust housing agenda, with the Sakani program delivering over 1.2 million housing solutions since its inception. New urban zones like NEOM and The Line also promise to integrate affordable housing as part of their long-term livability goals. A New Model in North America In the United States and Canada, the approach to social housing has long been fragmented, with underinvestment in public housing stock. However, there's a noticeable shift. In cities like Los Angeles, Toronto, and New York, rising homelessness and housing insecurity have triggered public outrage and political action. In response: > New York passed a $25 billion housing plan to build 100,000 affordable units by 2030. > California is investing in modular construction and adaptive reuse (converting old hotels and office buildings into social housing). > In Canada, the National Housing Strategy is investing CAD 70 billion over 10 years to fund non-profit housing and rent-to-own schemes. There's also a wave of innovation: community land trusts, cooperative housing, and micro-housing are all being tested to keep costs down and foster resident ownership. Asia's Mega Cities: Scaling Up with Dignity In Asia, the scale of urbanization is unmatched, making social housing not just a priority but a necessity. Singapore remains a global benchmark, with over 80% of its population living in HDB flats—public housing that is well-maintained, mixed-income, and integrated with transit and amenities. Ownership is encouraged through leasehold schemes, and flats are built with design quality and social cohesion in mind. In China, a recent pivot from luxury development to "people-first" housing policies has led to a target of 6.5 million affordable rental homes between 2022 and 2025. Meanwhile, India's Pradhan Mantri Awas Yojana aims to provide "housing for all," targeting the construction of 20 million urban homes by 2025. Private Sector Involvement: A Win-Win? A newer trend gaining ground is the involvement of private developers in social housing delivery. Through public-private partnerships (PPPs), governments provide land, tax incentives, or financing in exchange for developers including a percentage of affordable units in their projects. This model is especially prevalent in cities like London, Dubai, and Melbourne, where land scarcity and high construction costs make government-only solutions unsustainable. Developers are increasingly aware that long- term profitability can coexist with affordability— especially in mixed-income, mixed-use developments. Additionally, ESG (Environmental, Social, Governance) standards are pushing real estate firms to contribute to social impact goals, with affordable housing projects often seen as flagship initiatives. Technology and Sustainability: The Next Frontier Technology is also playing a key role. Modular construction, 3D printing, and prefabricated building systems have dramatically reduced construction costs and timelines for affordable housing. Startups and architecture firms are creating smart, compact housing that is both dignified and efficient. Sustainability is front and center—solar power, green roofs, and low-carbon materials are being integrated into social housing across cities like Amsterdam, Copenhagen, and Dubai South. In Africa, the combination of tech and microfinance is enabling low-income families to build homes incrementally, using digital platforms and mobile money. Conclusion: Housing As a Human Right The rise of social housing in 2025 is a reflection of a changing world—one that recognizes that urban success is not measured by skyscrapers alone, but by how inclusive, livable, and equitable cities are. From mega-developments to micro-housing, from government-led schemes to private partnerships, the global housing ecosystem is adapting. While challenges remain—particularly around funding, land use, and community integration—the momentum is undeniable. As cities face climate change, migration, and economic inequality, social housing has reemerged not as a charity, but as a necessity—a cornerstone of resilient, modern urban life. In this new era, housing isn't just about supply— it's about values. And in a world where too many people still sleep without shelter, social housing offers more than real estate. It offers dignity, opportunity, and a place to call home.
Yahoo
an hour ago
- Yahoo
UK wine duty: Are hotter countries really being taxed more on their wine?
In February 2025, the UK government updated their alcohol duty rates and ended a temporary concession on wine that had been in place since 1 August 2023. The reprieve had been an 18-month-long move to help wine producers adjust to a new way of calculating alcohol duties. Namely, tariffs are now calculated by alcohol strength (ABV), rather than volume. This could be seen as a gentle push for consumers to more closely consider the strength of what they're drinking, and it aligns with a wider, societal trend towards moderating consumption. 'This approach is supported by public health experts including clinical advisors to the Department of Health and Social Care,' HM Treasury told Euronews. In 2024, the UK wine market, including fortified wine, was worth around £12.3 billion (€14.3bn), according to data from the Wine and Spirit Trade Association (WSTA). Although the UK does produce some wine domestically, it only accounts for around 1% of consumption by volume — roughly 12-15 million bottles per year. As such, the country relies heavily on imports to feed wine habits. Just over five months after the end of the government's grace period, how is the new duty system affecting the alcohol industry in Europe? And what knock-on effect has it had on consumer pricing? The end of the reprieve in the UK has meant that wine with an alcohol strength of 11.5-14.5% ABV will no longer be charged one flat duty rate as if it were 12.5% ABV. Whilst this means that the duty on 11.5-12.4% wine is cheaper, the duty on wines at 12.5-14.5% has increased. Taking into account the Retail Price Index (RPI) uprating, a bottle of 13% wine now pays £2.88 (€3.34) in tax, 21p more than before 1 February. 13.5% wine pays £2.99 (€3.46), 32p more. The biggest rise is for 14.5% wine which now pays £3.21 (€3.72), 54p more than before the end of the grace period. While this might not seem like a huge rise, it follows the key taxation change in August 2023, which saw 11.5-14.5% ABV wine pay 44p more tax, rising from £2.23 (€2.58) per bottle of still wine to £2.67 (€3.09). Added to this, upcoming EPR charges — based on packaging weight — will add extra expense that cannot always be passed on to consumers. Related The Big Question: Will CBD drinks be the new way to relax and socialise? Some suggest this change in duty is disproportionately affecting some producers, as their climates are more suited to certain wine styles. 'The hotter the climate, the higher the strength of the wine,' explained Stannard. Sunny climates produce grapes with more sugar, sugar ferments into alcohol and therefore the more sugar, the stronger the ABV. For example, medium to low alcohol white wines in the 10-11.5% ABV category, such as Muscadet, Soave and Pinot Grigio often come from cooler regions like France, Northern Italy and Germany. Wines with an ABV of 13.5-15% are those most affected by the end of the wine reprieve and typically come from warmer climates like Spain and southern Italy, as well as further afield, like Argentina, USA and Australia. This category includes wines such as Grenache (Garnacha), Shiraz (Syrah) and US Chardonnay. Some Californian reds have even become famous for being over 15% ABV. The wineries themselves are not responsible for paying the alcohol duty; that falls to the importers. While it's too soon to have concrete data on producer sales, the long term effect is predicted to manifest in numerous ways. Freddie Long, export manager at Spain's Long Wines, told Euronews that he expects a decrease in sales for high-alcohol Spanish red wines this year. On the other hand, Jessica Marzo, Director at Italica, a specialist importer of Italian wines said: 'We expect the demand for Italian wines will remain the same as previous years. The demand in general has remained steady however we are expecting more sales of lower ABV wines in comparison to the higher.' One UK-based wine seller told Euronews: 'European wines continue to be successful. Value [can be] found in Spanish, Portuguese and Italian wines, but South Africa still stands as better value.' This continued value in Spanish, Portuguese and Italian wines is perhaps best explained by lower labour costs and therefore lower priced bottles to start with. Italy has no official minimum wage and the legal salary thresholds in both Spain and Portugal are significantly lower than France's monthly €1,767, at €1,323 and €957 respectively. In South Africa, the minimum wage was set in March 2025 at R28.79 per hour (€1.39), which scaling up to a 40 hour week, totals around €240/ month. Related Cost of living: Which are the cheapest and most expensive countries in Europe? Europe's iPhone price gap: Where you'll pay the most and least Many importers stockpiled ahead of the 1 February change so much of the wine sold in the UK over the past few months will not have paid the increased duty rates. However, the impact on consumer habits may be visible in the year ahead. 'Within the Treasury, their modelling is a straight assumption that if you increase taxes by 3-4% there will be no impact on consumer behaviour so you can assume your revenue will go up by 3-4% too. There is plenty of evidence that that isn't true,' Stannard told Euronews. It's at a retailer's discretion if they choose to absorb extra costs. If 100% of charges have been passed down to the customer, here's how they might be affecting your glass. A 250ml glass of 11% still wine would be 3p more expensive. A 250ml glass of 11.5% still wine would be 5p cheaper. A 250ml glass of 13% still wine will be 8p more expensive. Hardly a bank-breaking increase, but if everyone in the supply chain adds a bit extra for profit, it may lead to much bigger price hikes. Related Which European economy stands to suffer the most from US tariffs? The US is the biggest importer of wine in the world by value. Germany is the largest by volume, closely followed by the UK which comes second in both measurements. Australia, France and Italy are the UK's favourite wine producers, with Spain coming in fourth, by volume and by value. In 2024, the UK imported 1.6 billion litres of wine. Much of that is imported in bulk, from new world producers like Australia, New Zealand and South Africa, bottled in the UK and redistributed. Around 20% of the bulk wine is re-exported in bottles to northern Europe. For producers, the major concern is that globally there is an oversupply of wine, WSTA's Simon Stannard told Euronews. Consumption rates are declining and although production rates have dropped a little over the past few years, the supply is still outweighing the demand. Reflecting on various trends impacting wine purchasing, Stannard added: 'Looking at the last 12 months, I think we'll see volume declines but whether those are any more significant than what is a relatively long-term trend [remains to be seen]. Value wise, overall value will be relatively static.' Though not solely caused by changes in taxation, many large producers of all wines, across the world, are looking at how they can produce lower ABV products. This will take time and there are limitations on how much strength can be reduced. This nonetheless aligns with overall market trends as people seek to lower their alcohol consumption. To support the demand for lower alcohol products, the industry is hoping for new reforms in the UK to match EU regulation on what can be labelled as wine. Currently products under a certain ABV must be labelled as a 'wine-based drink', according to UK regulation. This makes it less appealing for European producers as it requires them to produce bespoke packaging for the UK market.
Yahoo
an hour ago
- Yahoo
As South Korea becomes a key arms supplier to US allies, its best customer is on the edge of a warzone
Poland has finalized a deal to acquire a second batch of 180 South Korean tanks under a 2022 agreement that will eventually see Warsaw boost its arsenal with almost 1,000 of the armored vehicles. The deal underlines Poland's emergence as a substantial European military force, as well as South Korea's status as a major arms supplier – especially to US allies as wars around the world exhaust American stockpiles. It comes as Russia ramps up attacks on Ukraine, some of which have come within 100 miles of Polish territory on Ukraine's western border. Warsaw has been increasing defense spending since Russia's invasion of Ukraine, acquiring new weaponry while also helping Kyiv with its defense. As a NATO member bordering Ukraine, it is seen part of the alliance's first line of defense should Russian leader Vladimir Putin decide to expand his aggression beyond Ukraine. Poland's Defense Ministry announced the tank deal, which still needs to be formally signed, in a post on social media platform X earlier this month. It put the price tag at $6.7 billion and said that includes 80 support vehicles, ammunition, and logistics and training packages for the Polish Army. The deal for the K2 main battle tanks, regarded as among the world's most powerful, includes units to be made in South Korea by defense giant Hyundai Rotem and the establishment of a production line in Poland for a Polish variant, the K2PL, according to South Korea's Defense Acquisition Program Administration (DAPA), which oversees Seoul's foreign military sales. Sixty of the batch of 180 tanks will be built in Poland, the Polish Defense Ministry's post on X said. The first 30 of the South Korea-made tanks included in the new contract are expected to arrive in Poland next year, it said. In 2022, the two countries signed a deal for Poland to get 180 K2s. All but about 45 of those have been delivered, with the remainder expected to arrive in Poland by the end of the year, Hyundai Rotem said. That framework was considered South Korea's biggest overseas defense deal ever. It included a total of 980 K2s, 648 self-propelled K9 armored howitzers, and 48 FA-50 fighter jets, the Polish Defense Ministry said at the time. The ministry said the armored vehicles would, in part, replace Soviet-era tanks that Poland has donated to Ukraine to use in its fight against Russia. A March report from the Wilson Center based in Washington, DC, said Poland has given Ukraine more than 300 tanks and more than 350 infantry fighting vehicles and armored personnel carriers. Poland has been on edge in recent days after Russia ramped up drone attacks on Ukraine. A Russian drone barrage against the northwestern Ukrainian city of Lutsk was so intense it caused Warsaw to scramble fighter jets as a precaution. Lutsk is about 50 miles from the Polish border. A NATO report from April cited Polish efforts to dramatically increase defense spending in the face of the Russian threat. Warsaw's defense spending has grown from 2.7% of GDP in 2022 to an expected 4.7% in 2025, according to the report. 'Of all NATO allies, it spends the highest percentage of its GDP on defense,' the NATO report said. It noted Poland's purchase of South Korean arms to quickly fill gaps left by donations to Ukraine. The Wilson Center report said Poland has 'arguably emerged as Europe's most capable military power.' But a May report from the RAND Corp think tank expressed caution over the financing of Poland's arms buildup. Many of its purchases are 'financed through direct loans from countries supplying equipment,' RAND said, adding: 'If securing such loans proves impossible, market financing might be too expensive to turn framework agreements into binding contracts.' RAND also said Poland faces recruitment challenges, needing to increase troop strength by almost 50% in the next 10 years. Meanwhile, South Korea has emerged as the world's 10th-largest arms exporter over the past five years, according to the Stockholm International Peace Research Institute. Over that span, Poland has received 46% of South Korean military exports, followed by the Philippines at 14% and India at 7%, according to the SIPRI's Trends in International Arms Transfers 2024 report. As the war in Ukraine has dragged on, as well as Israel's war in Gaza, US military aid for Ukraine and Israel has drained its arms stockpiles. South Korea is therefore increasingly seen as an option for US allies in need of weapons, according to a 2024 report from the DC-based Stimson Center. And Seoul's arms industry may become important to Washington in the future, the report said. 'Increased South Korean defense industrial base capacity, particularly in arms and shipbuilding, has the potential to directly support the United States,' the report said. Shipbuilding is seen as a particular area of South Korean military industrial strength, and Washington has already seen contracts for maintenance of US Navy supply ships go to South Korean yards as the Navy grapples with a backlog in US shipyards. Along with the K2 tanks, South Korea has sent 174 K9 howitzers to Poland under the 2022 framework, with 38 remaining to be delivered, according to contractor Hanwha Aerospace. A second tranche of 152 K9s is in the works, Hanwha said. Of the 48 FA-50 jets ordered, only 12 have been sent so far, according to manufacturer Korean Aerospace Industries.
