1. Apollo CEO Slams UPenn Over Alleged Antisemitism
2. Ireland’s Commercial Property Investment Hits Record Low
3. Blackstone’s Media Investment Falls Short
4. PepsiCo Closely Monitoring Weight-Loss Drug Trends
5. Property Management App Propify Raises $3.3M
6. Citigroup Buys Huge Aluminum and Zinc Stockpiles
7. Dubai a Golden Week Favorite for Chinese Tourists
1. Apollo CEO Slams UPenn Over Alleged Antisemitism
Apollo Global Management CEO Marc Rowan, a University of Pennsylvania (UPenn) alum, urged all alumni and donors to halt contributions to the school unless President Elizabeth Magill and Board Chair Scott Bok resign.
The backlash stems from UPenn’s hosting of the “Palestine Writes Literature Festival,” which Rowan claims included antisemitic speakers and received no condemnation from school leadership.
In 2018, Rowan and his wife donated $50 million to Wharton School.
UPenn stated on Sept. 12 that it condemns antisemitism while also supporting free expression and the exchange of ideas.
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2. Ireland’s Commercial Property Investment Hits Record Low
According to real estate agency Sherry FitzGerald, Ireland’s Q3 commercial property investment totaled just €430 million, far below the historical Q3 average of €788 million — marking the lowest on record.
Year-to-date, the total stands at €1.4 billion, down 64% from the same period last year.
Senior economist Jean Behand noted that with interest rates at a 22-year high, the downturn was unsurprising.
Similar trends are occurring across Europe.
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3. Blackstone’s Media Investment Falls Short
Blackstone invested over $1 billion into Candle Media, co-founded by ex-Disney executives Kevin Mayer and Tom Staggs, hoping it would become a media powerhouse.
Candle’s assets include Reese Witherspoon’s Hello Sunshine and Moonbug Entertainment (behind CoComelon).
However, YouTube ad revenues have slumped, Hollywood saw two strikes, and content spending is tightening.
Despite spending $4 billion on programming for kids and adults, Candle Media’s profits may fall 50% below expectations this year.
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4. PepsiCo Closely Monitoring Weight-Loss Drug Trends
PepsiCo CFO Hugh Johnston said GLP-1 weight-loss drugs have not yet hurt product sales, but the company is tracking trends in portion sizes and calorie-conscious consumption.
More consumers are choosing smaller, lower-calorie packages. Pepsi is adapting and keeping an eye on how these shifts — and drugs like Ozempic — might affect the market.
Pepsi shares have fallen over 10% in the last 3 months amid slowing revenue growth and Ozempic-related investor concerns.
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5. Property Management App Propify Raises $3.3M
Boston-based startup Propify announced a $3.3 million seed round, led by Fifth Wall, with participation from Prudence, Y Combinator, RXR, PropTech Angel Group, and HubSpot’s co-founder.
Propify is building an all-in-one platform for property management and will use the funds to expand its engineering team and accelerate development.
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6. Citigroup Buys Huge Aluminum and Zinc Stockpiles
Sources say Citigroup has purchased 100,000 tons of aluminum and 40,000 tons of zinc — worth over $300 million — in a bet on metal futures.
Citi believes excess supply has pushed spot prices below futures, creating a profitable arbitrage opportunity.
The bank reportedly partnered with a warehouse operator in Kaohsiung, Taiwan, and is storing the metals locally.
Citi’s zinc purchase alone exceeds half of what’s available on the London Metal Exchange.
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7. Dubai a Golden Week Favorite for Chinese Tourists
Travel site Trip.com reported a surge in Chinese tourists traveling to Dubai during China’s Golden Week, helped by new visa-free policies and added flight routes.
Trip.com CEO Jane Sun told Bloomberg that Chinese visits to Dubai rose over 100% this year.
In 2019, China was the world’s largest outbound travel market. While international trips remain complicated by visa and flight restrictions, destinations like Thailand and Singapore are also seeing strong Chinese demand.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.