Finance GERMANY: Cordes & Graefe KG, the holding company of GC GROUP, is preparing for a major leadership transition: effective January 1, 2026, Dr. Ulrich Hüllmann will assume the role of CFO and general partner, succeeding Andre Wedemeyer. After more than 20 years on the Executive Board, Wedemeyer is retiring from operational duties at the age of 60, as planned. Dr. Hüllmann brings a distinguished track record as a CFO and board member of international industrial companies.

Building CANADA: Building permits in Canada continued their decline in August, dropping 5.9% year-on-year, according to Statistics Canada. The total value of permits fell by $139.2 million from July, reaching $11.6 billion, a 1.2% monthly decrease. The largest declines were recorded in Ontario, Alberta, and British Columbia, while Quebec posted a modest increase. Single-family home permits decreased by $112.3 million, primarily driven by Ontario and Alberta, partially offset

Economy AUSTRALIA: Australia’s unemployment rate unexpectedly jumped to a near four-year high of 4.5% in September, as more people entered the labor market, a weak outcome that has reignited expectations of further policy easing. Following the data, investors sharply increased bets on a Reserve Bank of Australia (RBA) rate cut in November, with the probability rising to 72% from 40% prior to the report. Optimism for easing had previously waned amid concerns over persistent in

Fibo Holding UK: Norcros, a UK-based bathroom and kitchen products manufacturer, has completed the US$ 53.5 million acquisition of Norway’s Fibo Holding. Fibo is known for its wall panel systems used in bathrooms and interiors, and the deal gives Norcros access to an established brand in the Scandinavian market. The acquisition supports Norcros’s growth strategy to expand its product range in the waterproof interior systems segment. The company expects operational synergies t

Shinsung South Korea: South Korean HVAC manufacturers Shinsung Engineering and KD Navien are ramping up efforts in the growing heat pump segment as part of their sustainability and export expansion strategies. The domestic market, valued at roughly US$ 1.4 -2.1 billion, is expected to grow around 10% annually due to government incentives and green energy policies. The company is also focusing on developing geothermal and water-source systems for commercial buildings, while KD

Smith Briten UK: Aqualisa has appointed Smiths Briten as an additional distribution partner in the UK, expanding its regional supply network for shower products. The move aligns with Aqualisa’s broader plan to strengthen market reach through strategic partnerships with regional distributors. Smiths Briten’s Bolton distribution centre will now act as a key logistics hub, enabling the company to better serve independent retailers and installers while offering faster access to A

South Korea South Korea: South Korean companies such as Samsung and LG are leveraging AI and eco-friendly heat pump and HVAC technologies to expand into emerging markets across Africa, Southeast Asia, and Latin America. They are targeting these “Global South” regions with offerings tailored to local needs, such as off-grid cooling, solar-driven systems, and modular designs. These firms aim to take advantage of growing demand in countries seeking sustainable climate control so

United Arab Emirates UAE: The International Monetary Fund (IMF) has upgraded its economic growth forecast for the United Arab Emirates, projecting GDP to expand by 4.8% in 2025 and 5.0% in 2026, reflecting stronger activity across both oil and non-oil sectors. The revision follows consistent economic resilience and ongoing diversification efforts, which continue to position the UAE as one of the fastest-growing economies in the Gulf region. According to the IMF, the UAE’s rob

Fix It Frankie US: Fix It Frankie has expanded its HVAC operations in Arizona, US, through the acquisition of SunTech Air Conditioning. The transaction adds SunTech’s established service base and technical staff to Fix It Frankie’s network, enabling the company to cover a wider geographic area within the state and improve service response times. The acquisition also brings new maintenance contracts and long-standing customers under Fix It Frankie’s management. The company sta

Kitchen and Shaker Cabinets US: New US tariffs on imported kitchen cabinets and bathroom vanities have officially come into force, affecting suppliers primarily from China and Vietnam. The measure is expected to raise import costs by up to 25%, influencing wholesale and retail prices across the kitchen and bath sector. Industry participants have expressed concerns that the tariffs could disrupt supply chains and delay shipments during peak remodeling season. While some domest

Daikin Belgium: Daikin Europe has inaugurated its new European Development Centre (EDC) in Ghent, Belgium, following an investment of around US$ 162.8 million. The 30,600 m² facility will serve as a key research and testing site for next-generation heating and cooling systems, including advanced heat pump and air conditioning technologies. Daikin aims to use the centre as a base for developing energy-efficient solutions to support Europe’s decarbonisation goals, with a focus

Sanitec Philippines: Sanitec has launched JOMOO, a smart living brand, in the Philippines, marking its first showroom opening in Metro Manila. The event, themed "JOMOO: The Eos of Smart Living," showcased a range of innovative bathroom and kitchen solutions designed to enhance modern living. Source: Philstar