🎯 Bullseye for Nobody

🗞️ Top Story

• 🇩🇪 Logo Motion. MDR alerts viewers to a Russian disinformation campaign using doctored videos and stolen media logos to undermine trust before the Saxony-Anhalt vote. (Die Zeit)
• 🇮🇹 General Admission. Roberto Vannacci, a former general turned politician, is outflanking Meloni by luring hard-right voters with even more extreme positions. (Le Monde)
• 🇳🇱 Blast Call. An explosion at a Gunvor oil storage facility in Rotterdam port killed one and injured several, with police investigating the cause and ruling nothing out yet. (Boursier)
• 🇵🇱 Spy Another Day. Polish authorities arrested a Russian citizen in Warsaw accused of being sent by Moscow to assassinate an American-Ukrainian national on Polish soil. (Ouest-France)
• 🇷🇴 Current Affairs. Romania has shut its only nuclear plant, Cernavodă, after Danube river levels dropped to a 30-year low during a severe heatwave, cutting 20% of the country’s electricity for at least 10 days. (Bbc)
• 🇺🇸 Ctrl Alt Elite. With a presidential memo, Trump invites companies to join government-sanctioned hacking campaigns against cybercriminals, promising oversight but raising fears of digital chaos. (New York Times)
• 🇺🇸 Chill Factor. Trump officials have scrapped the NOAA Arctic report, cutting off a vital source of climate data just as the region hits record heat. (Ouest-France)
• 🇨🇺 Blockade Party. At a Havana gala for Fidel Castro’s 100th birthday, Cuba’s leadership accused the US of a “brutal and immoral siege” as sanctions and threats escalate. (Spiegel)
• 🇦🇫 Out of Sight. The Taliban detained six staff members of a women’s rights group in July and have refused to disclose any information about their fate or charges. (Spiegel)
• 🇮🇱 Eviction Notice. Israeli forces ordered about a dozen Palestinian families to leave their homes in Qusra after settlers besieged several houses and cut off utilities, then used some vacated properties as military posts. (Bbc)

• 🇬🇧 Track Record. Three carriages of a London-to-Eastbourne train left the rails outside Lewes, sending 20 to hospital and forcing a major incident declaration. (Bbc)
• 🇬🇧 Polling in Wonderland. The Clacton byelection closed with Nigel Farage and Reform UK up against a surreal lineup of fringe hopefuls, ballot length breaking records. (The Guardian)
• 🇬🇧 Heat Expectations. The UK hit 38.1C at Kew Gardens, marking its hottest day of the year and fifth hottest on record, with health warnings and emergency services under strain. (Bbc)

• 🇺🇸 Name Drop. Despite a judge’s ruling to erase Trump’s name, the Kennedy Center board votes to restore it on the facade, daring the courts to intervene again. (Cnbc)
• 🇺🇸 Steam Team. President Trump orders the Navy to scrap its high-tech electromagnetic catapults and bring back old-school steam launchers for aircraft carriers, a reversal expected to cost billions. (Spiegel)
• 🇺🇸 Below Decks. After months of sailors enduring broken toilets and rationed food, the USS Abraham Lincoln is being pulled from Middle East duty and replaced by the USS George Washington. (Spiegel)
• 🇺🇸 Double Jeopardy. Luigi Mangione is expected to plead guilty to federal stalking charges tied to the killing of UnitedHealthcare CEO Brian Thompson, potentially complicating his state murder prosecution. (Cnbc)
• 🇺🇸 Case Closed. A federal judge dismissed the Trump administration’s antisemitism lawsuit against Harvard, ruling the cited incidents were too isolated to prove illegal conduct. (New York Times)

🏛️ Economy

• 🇬🇧 Mind the Gap. UK GDP outpaced expectations, catching both economists and the Bank of England off guard in a rare reversal of fortune. (Bloomberg)
• 🇫🇷 Bot and Paid. The ILO highlights that AI is replacing young workers in France’s most vulnerable industries, making the future of youth employment look increasingly automated. (Ouest-France)
• 🇺🇸 Duty Calls. A court has allowed Donald Trump to end tariff exemptions on low-cost imports, meaning bargain shoppers may soon pay the price. (Bloomberg)
• 🇺🇸 Hold Please. Former Dallas Fed President Robert Kaplan says the Fed made the right call by pausing rate hikes in July, but wants Chair Kevin Warsh to finally spell out his policy plans at Jackson Hole. (Bloomberg)
• 🇨🇳 Ship Happens. China is exporting so many cars that global shipping capacity cannot keep up, sending car carrier rates up 65% this year and leaving exporters scrambling for space. (Wall Street Journal)
• 🇯🇵 Yen and Out. Despite joint US-Japan intervention and endless models showing the yen is undervalued, investors keep betting it will sink further, citing Japan’s debt and weak growth. (Financial Times)
• 🇦🇺 Mate Rates. Prime Minister Anthony Albanese asked Donald Trump for Australia to be exempt from new US tariffs, arguing allies deserve a better deal. (Le Figaro)
• 🇴🇲 Crude Awakening. Ambrey coordinates efforts to contain a massive oil spill from the Russian tanker Caroline Bezengi off Oman after weeks of unchecked leakage threaten local wildlife and fisheries. (Boursier)

• 🇬🇧 Code Red. The UK government unveils three-week AI boot camps for unemployed young people, hoping a crash course in coding can reboot the Neets generation. (The Guardian)
• 🇬🇧 Mind the Boost. The UK economy posted 0.4% growth in Q2, surprising analysts who expected more wobble from energy shocks and Middle East tensions. (Wall Street Journal)

• 🇺🇸 Jet Lag. Homeland Security rushed to buy 10 planes for $464M, only to park them unused and scramble to loan out the luxury jets. (New York Times)
• 🇺🇸 Benefit of the Doubt. Jobless claims in the hit 209,000 for the week, beating predictions and putting a dent in the “resilient economy” narrative. (Wall Street Journal)
• 🇺🇸 Flat Out. wholesale prices stayed unchanged in July, defying forecasts of a 0.2% rise and giving the Fed a rare inflation breather. (Cnbc)

🏢 Real Estate

• 🇬🇧 Heat Estate. Wildfires swept the West Midlands on the UK’s hottest day of the year, destroying homes, hospitalizing a child and firefighters, and forcing mass evacuations. (Bbc)

• 🇺🇸 Home Alone. NYC’s tax on pricey second homes survives a legal scare and resumes rollout, as Trump vows to stop what he calls a « disaster » from sunny Florida. (Cnbc)
• 🇺🇸 Home Turf. New York’s proposed pied-à-terre tax on luxury second homes survives its latest legal challenge, letting the city keep targeting absentee owners for now. (Bloomberg)

🔗 On-chain

• 🇨🇿 Cold Comfort. Trezor 🇨🇿 admits a data breach exposed the personal details of nearly 14,000 hardware wallet buyers, putting the supposed “safest” crypto holders at new risk. (Financial Times)
• 🇺🇸 Account Suspended. Polymarket lost JPMorgan as its bank due to ongoing regulatory questions, even as the company insists their ties remain “close and active” elsewhere. (Financial Times)

• 🇺🇸 Bet Blocked. A Seattle judge has ordered Kalshi to halt nearly all operations in Washington State, ruling its prediction market violates state gambling laws and misleading ads did not help its case. (New York Times)
• 🇺🇸 Betting Authority. The CFTC tells Kalshi to stay open despite New York’s $36B gambling lawsuit, insisting federal rules outrank state gaming bans for prediction markets. (FinExtra)

💱 Listed Markets

• 🇪🇺 Auto Pilot. Uber teams up with Pony.ai to launch 2,000 robotaxis in Europe, aiming to steer the continent toward autonomous ride-hailing at scale. (Cnbc)
• 🇺🇸 High Score. The S&P 500 reaches an all-time high and OpenAI’s revenue run rate exceeds $40B, because apparently the only direction is up. (Bloomberg)
• 🇺🇸 Gaslighting. Elon Musk, once the poster child for electric vehicles at Tesla 🇺🇸, is now publicly embracing fossil fuels in a move that rewrites his own origin story. (Wall Street Journal)
• 🇺🇸 Model Citizens. IBM and OpenAI announce a partnership to jointly market AI tools to big business, with IBM retraining staff to deploy OpenAI’s tech for clients. (TechCrunch)
• 🇺🇸 Shadow Play. X is open sourcing its core ranking algorithm and launching a tool so users can finally see if they’ve been « shadowbanned » or downranked. (TechCrunch)
• 🇰🇷 Memory Lane. SK Hynix is spending $720B to build the world’s largest AI-driven memory chip complex in South Korea, betting big that the AI boom will outlast the industry’s usual volatility. (Cnbc)

• 🇺🇸 Bundle of Joy. Charter secures state approval to buy Cox for $21.9B, sweetening the deal with pledges for cheaper broadband to win over regulators. (Wall Street Journal)
• 🇺🇸 Stubbed Out. The World Cup debacle left StubHub 🇺🇸 with angry customers and erased profits, as fake tickets and refund chaos hit the bottom line. (Wall Street Journal)

🛎️ Big Deals (M&A)

• Frasers Group 🇬🇧 acquires Harvey Nichols 🇬🇧 after it was put into administration. Buys majority of UK sites and certain stock/fixtures, preserving over 1,000 jobs.
• Sanofi 🇫🇷 invests in InduPro 🇺🇸 as part of a $77M Series B led by The Column Group, with Eli Lilly among new investors. InduPro begins dosing in a Phase 1 study for IDP-001.
• Paramount 🇺🇸 open to selling CNN 🇺🇸 amid its $110B Warner Bros deal.
• Anthropic 🇺🇸 is in talks to acquire real-world AI startup Decart 🇺🇸 for $6B.
• Goldman Sachs 🇺🇸 will acquire Neos Investments 🇺🇸 for $2.25B in a cash-and-stock deal.
• Bank of America 🇺🇸 takes a 49.9% stake in Jio Credit 🇮🇳, the non-bank lending arm of Jio Financial Services, for $1.9B.
• Blackstone 🇺🇸 and La Caisse 🇨🇦, PSP 🇨🇦 and BCI 🇨🇦 buy a 25% stake in Aeroplan 🇨🇦 for $1.8B.
• Trian Partners 🇺🇸 explores a bid for Wendy’s 🇺🇸, the $1.6B-listed burger chain.
• Ancora Holdings 🇺🇸 is pushing to acquire H.B. Fuller 🇺🇸’s building adhesives unit for $1.2B.
• KKR 🇺🇸 offers to buy an 8% stake in First Gen 🇵🇭 from parent First Philippine Holdings 🇵🇭 and the entire 11.6% public float.
• Thoma Bravo 🇺🇸 acquires Accelerant 🇺🇸 for $4.4B. Shareholders to receive $20.25 a share, a 49% premium.
• Diversified 🇺🇸 said to near deal for Birch 🇺🇸, which is backed by Elliott.

• Balance Point Capital Advisors 🇺🇸 invests in Allied Roofing Partners 🇺🇸, provides committed, flexible capital to the national residential roofing and exterior services group.
• Quad-C Management 🇺🇸 invests in Paradigm HSE 🇺🇸, a North American health & safety services platform (formed from Code Red Safety, Concept Controls and HazTek) with ~700 employees.
• Bernhard Capital Partners 🇺🇸 acquires New Mexico Gas Company 🇺🇸 from Emera 🇨🇦. Deal closed, regulated natural gas utility headquartered in Albuquerque serving >550,000 homes and businesses, approved by the New Mexico Public Regulation Commission.

🧳 Private Markets & VC

• 🇬🇧 Copy That. Shein lost its UK lawsuit against Temu, failing to prove the rival e-commerce giant misused its clothing photos without proper rights or knowledge. (Le Parisien)
• 🇺🇸 Quality Control. Goldman Sachs pivots away from AA and BB bonds, arguing that BBB and B-rated debt now offer better returns as high-quality supply surges. (Cnbc)
• 🇺🇸 Speed Reading. OpenAI launches Ultrafast for GPT-5.6 Sol, letting a lucky few generate text at 14 times the usual pace, powered by Cerebras chips. (TechCrunch)
• 🇺🇸 Token Gesture. OpenAI and Anthropic are slashing prices on mid-tier AI models as Chinese rivals like Moonshot and DeepSeek lure away cost-conscious customers with cheaper alternatives. (Financial Times)
• 🇺🇸 Exit Strategy. OpenAI’s Chief Revenue Officer Denise Dresser is leaving after just eight months, marking the second major executive departure in days as the company prepares for its IPO. (Cnbc)

• 🇺🇸 Power Play. After a rocky IPO and leadership drama, Rick Perry’s Fermi secures its first client for its massive Texas AI energy campus. (Wall Street Journal)

Fundraising

• Databricks 🇺🇸 (Data analytics): $5B (Coatue Management, Blackstone, MGX, T. Rowe Price Investment Management, T. Rowe Price Associates)
• Thrive Holdings 🇺🇸 (AI): $2B (SoftBank, D1 Capital Partners, Altimeter Capital)
• Form Energy 🇺🇸 (Energy): $750M (T. Rowe Price)
• Neros 🇺🇸 (Defense): $250M (Sequoia Capital, American Strategic Technology Fund, Interlagos, Valor Equity Partners, Allen & Company, Thiel Capital, Spark Capital, Dylan Field)
• Bridge to Life 🇺🇸 (Medtech): $110M (Soleus Capital, Lauxera Capital Partners, Bridge to Life directors, officers, and employees, Soleus Capital Credit Opportunities Fund)
• Medicare Platform 🇺🇸 (Healthcare): $50M (Nestpoint Group LLC)
• Khartis Therapeutics 🇺🇸 (Biotech): $50M (Forge Life Science Partners, Longwood Fund, Alexandria Venture Investments, Foresite Capital, Lilly Asia Ventures, Nextech Invest)
• Yuno 🇨🇴 (Fintech): $45M (Global PayTech Ventures, Andreessen Horowitz, Tiger Global, QuantumLight Capital, Monashees, Kaszek, Rasmal Ventures, Further Ventures, GrowthX Capital, Endeavor Catalyst)
• Mindgard 🇬🇧 (AI security): $30M (Album VC, Karma Ventures,.406 Ventures, Atlantic Bridge, IQ Capital, Lakestar)
• Baselayer (Fintech): $20M (Koro Capital, M13)
• Attestable 🇮🇱 (Cybersecurity): $20M (TLV Partners, Altimeter Capital)
• Alloy Robotics 🇦🇺 (Robotics): $8M (Square Peg, Blackbird, Airtree, Skip Capital)
• Cytix 🇬🇧 (Cybersecurity): $7M (Northern Gritstone)

Fund Watch

• Robinhood Ventures 🇺🇸: $200M (Fund II, IPO)
• WovenEarth Ventures 🇺🇸: $155M (WovenEarth Fund II, 2nd cleantech fund. Invests in US early-stage cleantech funds + ~1/3 reserved for co-investments)

🔔IPO

• Reddit 🇺🇸 (Social media): joining the S&P 500 on Aug 18 to replace AvalonBay, sending shares up ~11%.
• Whoop 🇺🇸 (Wearables): planning a IPO by next year after securing a $10B valuation five months ago.
• Londian Wason New Energy Tech 🇨🇳 (Materials): raised $95M at a $2B valuation in a US IPO. The largest US IPO by a Chinese firm in a year.
• Taiyo Yuden 🇯🇵 (Materials): built a 16% stake in the $9B-listed firm before trimming it to 4.4%.
• DMG MORI 🇯🇵 (Machinery): seeking to raise $300M in an overseas share sale.
• SM Investments Corp. 🇵🇭 (Mining): plans to consolidate its mining assets into a single listed entity to create the nation’s largest miner.
• Zetwerk 🇮🇳 (Manufacturing): preparing to file for a $400M India IPO.

🧳 Debt

• Jane Street 🇺🇸: sold $14.6B of bonds in a broad overhaul of its debt load.
• Lambda 🇺🇸: raised $925M in leveraged loans.
• Orange EV 🇺🇸: entered into a $100M revolving credit facility led by Wells Fargo.

• CB&I 🇺🇸: upsized and closed a $625M senior secured credit facility ($500M revolver + $125M Term Loan A).
• Nightpeak Energy 🇺🇸: closed a $75M corporate credit facility with Macquarie to support development of power generation and large‑load projects.
• Recurrent Energy 🇨🇦: raised $695M in project financing and tax equity ($484M debt, $211M tax equity) for a 330 MW California solar project.

❌ Failures

• Uniper 🇩🇪: Germany is seeking non-binding offers for the nationalized energy company.
• Deutsche Finance Group 🇩🇪: a US commercial real estate fund it runs will file for insolvency after its investment in a Boston life‑sciences complex soured.
• Delaware Life 🇺🇸: racing to divest outsized private-credit loans tied to Mark Walter’s TWG Global portfolio, including exposure to Guggenheim Partners.

🎯 For a Few More Minutes…

• 🇬🇧 Stream of the Heart. Bonnie Tyler’s « Total Eclipse of the Heart » saw a 94% surge in UK Spotify streams during the solar eclipse, turning the sky event into a chart revival. (Bbc)
• 🇺🇸 Ship of Debts. R.M.S. Titanic Inc. wants to sell 100 artifacts from the Titanic to pay its bills, but a federal judge questions its financial distress and authority to do so. (New York Times)
• 🇻🇪 Remote Control. Venezuelan migrants like Liz Marrero and Crismar Chacín are forced to grieve family lost in the La Guaira earthquake by videollamada, mourning and identifying bodies from thousands of miles away. (El Pais)

🗞️ Top Story

• 🇬🇧 Track Record. Three carriages of a London-to-Eastbourne train left the rails outside Lewes, sending 20 to hospital and forcing a major incident declaration. (Bbc)
• 🇬🇧 Polling in Wonderland. The Clacton byelection closed with Nigel Farage and Reform UK up against a surreal lineup of fringe hopefuls, ballot length breaking records. (The Guardian)
• 🇬🇧 Heat Expectations. The UK hit 38.1C at Kew Gardens, marking its hottest day of the year and fifth hottest on record, with health warnings and emergency services under strain. (Bbc)
• 🇩🇪 Logo Motion. MDR alerts viewers to a Russian disinformation campaign using doctored videos and stolen media logos to undermine trust before the Saxony-Anhalt vote. (Die Zeit)
• 🇮🇹 General Admission. Roberto Vannacci, a former general turned politician, is outflanking Meloni by luring hard-right voters with even more extreme positions. (Le Monde)
• 🇳🇱 Blast Call. An explosion at a Gunvor oil storage facility in Rotterdam port killed one and injured several, with police investigating the cause and ruling nothing out yet. (Boursier)
• 🇵🇱 Spy Another Day. Polish authorities arrested a Russian citizen in Warsaw accused of being sent by Moscow to assassinate an American-Ukrainian national on Polish soil. (Ouest-France)
• 🇷🇴 Current Affairs. Romania has shut its only nuclear plant, Cernavodă, after Danube river levels dropped to a 30-year low during a severe heatwave, cutting 20% of the country’s electricity for at least 10 days. (Bbc)
• 🇺🇸 Ctrl Alt Elite. With a presidential memo, Trump invites companies to join government-sanctioned hacking campaigns against cybercriminals, promising oversight but raising fears of digital chaos. (New York Times)
• 🇺🇸 Chill Factor. Trump officials have scrapped the NOAA Arctic report, cutting off a vital source of climate data just as the region hits record heat. (Ouest-France)
• 🇨🇺 Blockade Party. At a Havana gala for Fidel Castro’s 100th birthday, Cuba’s leadership accused the US of a “brutal and immoral siege” as sanctions and threats escalate. (Spiegel)
• 🇦🇫 Out of Sight. The Taliban detained six staff members of a women’s rights group in July and have refused to disclose any information about their fate or charges. (Spiegel)
• 🇮🇱 Eviction Notice. Israeli forces ordered about a dozen Palestinian families to leave their homes in Qusra after settlers besieged several houses and cut off utilities, then used some vacated properties as military posts. (Bbc)

🏛️ Economy

• 🇬🇧 Code Red. The UK government unveils three-week AI boot camps for unemployed young people, hoping a crash course in coding can reboot the Neets generation. (The Guardian)
• 🇬🇧 Mind the Boost. The UK economy posted 0.4% growth in Q2, surprising analysts who expected more wobble from energy shocks and Middle East tensions. (Wall Street Journal)
• 🇬🇧 Mind the Gap. UK GDP outpaced expectations, catching both economists and the Bank of England off guard in a rare reversal of fortune. (Bloomberg)
• 🇫🇷 Bot and Paid. The ILO highlights that AI is replacing young workers in France’s most vulnerable industries, making the future of youth employment look increasingly automated. (Ouest-France)
• 🇺🇸 Duty Calls. A court has allowed Donald Trump to end tariff exemptions on low-cost imports, meaning bargain shoppers may soon pay the price. (Bloomberg)
• 🇺🇸 Hold Please. Former Dallas Fed President Robert Kaplan says the Fed made the right call by pausing rate hikes in July, but wants Chair Kevin Warsh to finally spell out his policy plans at Jackson Hole. (Bloomberg)
• 🇨🇳 Ship Happens. China is exporting so many cars that global shipping capacity cannot keep up, sending car carrier rates up 65% this year and leaving exporters scrambling for space. (Wall Street Journal)
• 🇯🇵 Yen and Out. Despite joint US-Japan intervention and endless models showing the yen is undervalued, investors keep betting it will sink further, citing Japan’s debt and weak growth. (Financial Times)
• 🇦🇺 Mate Rates. Prime Minister Anthony Albanese asked Donald Trump for Australia to be exempt from new US tariffs, arguing allies deserve a better deal. (Le Figaro)
• 🇴🇲 Crude Awakening. Ambrey coordinates efforts to contain a massive oil spill from the Russian tanker Caroline Bezengi off Oman after weeks of unchecked leakage threaten local wildlife and fisheries. (Boursier)

🏢 Real Estate

• 🇬🇧 Heat Estate. Wildfires swept the West Midlands on the UK’s hottest day of the year, destroying homes, hospitalizing a child and firefighters, and forcing mass evacuations. (Bbc)

🔗 On-chain

• 🇨🇿 Cold Comfort. Trezor 🇨🇿 admits a data breach exposed the personal details of nearly 14,000 hardware wallet buyers, putting the supposed “safest” crypto holders at new risk. (Financial Times)
• 🇺🇸 Account Suspended. Polymarket lost JPMorgan as its bank due to ongoing regulatory questions, even as the company insists their ties remain “close and active” elsewhere. (Financial Times)

💱 Listed Markets

• 🇪🇺 Auto Pilot. Uber teams up with Pony.ai to launch 2,000 robotaxis in Europe, aiming to steer the continent toward autonomous ride-hailing at scale. (Cnbc)
• 🇺🇸 High Score. The S&P 500 reaches an all-time high and OpenAI’s revenue run rate exceeds $40B, because apparently the only direction is up. (Bloomberg)
• 🇺🇸 Gaslighting. Elon Musk, once the poster child for electric vehicles at Tesla 🇺🇸, is now publicly embracing fossil fuels in a move that rewrites his own origin story. (Wall Street Journal)
• 🇺🇸 Model Citizens. IBM and OpenAI announce a partnership to jointly market AI tools to big business, with IBM retraining staff to deploy OpenAI’s tech for clients. (TechCrunch)
• 🇺🇸 Shadow Play. X is open sourcing its core ranking algorithm and launching a tool so users can finally see if they’ve been « shadowbanned » or downranked. (TechCrunch)
• 🇰🇷 Memory Lane. SK Hynix is spending $720B to build the world’s largest AI-driven memory chip complex in South Korea, betting big that the AI boom will outlast the industry’s usual volatility. (Cnbc)

🛎️ Big Deals (M&A)

• Frasers Group 🇬🇧 acquires Harvey Nichols 🇬🇧 after it was put into administration. Buys majority of UK sites and certain stock/fixtures, preserving over 1,000 jobs.
• Sanofi 🇫🇷 invests in InduPro 🇺🇸 as part of a $77M Series B led by The Column Group, with Eli Lilly among new investors. InduPro begins dosing in a Phase 1 study for IDP-001.
• Paramount 🇺🇸 open to selling CNN 🇺🇸 amid its $110B Warner Bros deal.
• Anthropic 🇺🇸 is in talks to acquire real-world AI startup Decart 🇺🇸 for $6B.
• Goldman Sachs 🇺🇸 will acquire Neos Investments 🇺🇸 for $2.25B in a cash-and-stock deal.
• Bank of America 🇺🇸 takes a 49.9% stake in Jio Credit 🇮🇳, the non-bank lending arm of Jio Financial Services, for $1.9B.
• Blackstone 🇺🇸 and La Caisse 🇨🇦, PSP 🇨🇦 and BCI 🇨🇦 buy a 25% stake in Aeroplan 🇨🇦 for $1.8B.
• Trian Partners 🇺🇸 explores a bid for Wendy’s 🇺🇸, the $1.6B-listed burger chain.
• Ancora Holdings 🇺🇸 is pushing to acquire H.B. Fuller 🇺🇸’s building adhesives unit for $1.2B.
• KKR 🇺🇸 offers to buy an 8% stake in First Gen 🇵🇭 from parent First Philippine Holdings 🇵🇭 and the entire 11.6% public float.
• Thoma Bravo 🇺🇸 acquires Accelerant 🇺🇸 for $4.4B. Shareholders to receive $20.25 a share, a 49% premium.
• Diversified 🇺🇸 said to near deal for Birch 🇺🇸, which is backed by Elliott.

🧳 Private Markets & VC

• 🇬🇧 Copy That. Shein lost its UK lawsuit against Temu, failing to prove the rival e-commerce giant misused its clothing photos without proper rights or knowledge. (Le Parisien)
• 🇺🇸 Quality Control. Goldman Sachs pivots away from AA and BB bonds, arguing that BBB and B-rated debt now offer better returns as high-quality supply surges. (Cnbc)
• 🇺🇸 Speed Reading. OpenAI launches Ultrafast for GPT-5.6 Sol, letting a lucky few generate text at 14 times the usual pace, powered by Cerebras chips. (TechCrunch)
• 🇺🇸 Token Gesture. OpenAI and Anthropic are slashing prices on mid-tier AI models as Chinese rivals like Moonshot and DeepSeek lure away cost-conscious customers with cheaper alternatives. (Financial Times)
• 🇺🇸 Exit Strategy. OpenAI’s Chief Revenue Officer Denise Dresser is leaving after just eight months, marking the second major executive departure in days as the company prepares for its IPO. (Cnbc)

Fundraising

• Databricks 🇺🇸 (Data analytics): $5B (Coatue Management, Blackstone, MGX, T. Rowe Price Investment Management, T. Rowe Price Associates)
• Thrive Holdings 🇺🇸 (AI): $2B (SoftBank, D1 Capital Partners, Altimeter Capital)
• Form Energy 🇺🇸 (Energy): $750M (T. Rowe Price)
• Neros 🇺🇸 (Defense): $250M (Sequoia Capital, American Strategic Technology Fund, Interlagos, Valor Equity Partners, Allen & Company, Thiel Capital, Spark Capital, Dylan Field)
• Bridge to Life 🇺🇸 (Medtech): $110M (Soleus Capital, Lauxera Capital Partners, Bridge to Life directors, officers, and employees, Soleus Capital Credit Opportunities Fund)
• Medicare Platform 🇺🇸 (Healthcare): $50M (Nestpoint Group LLC)
• Khartis Therapeutics 🇺🇸 (Biotech): $50M (Forge Life Science Partners, Longwood Fund, Alexandria Venture Investments, Foresite Capital, Lilly Asia Ventures, Nextech Invest)
• Yuno 🇨🇴 (Fintech): $45M (Global PayTech Ventures, Andreessen Horowitz, Tiger Global, QuantumLight Capital, Monashees, Kaszek, Rasmal Ventures, Further Ventures, GrowthX Capital, Endeavor Catalyst)
• Mindgard 🇬🇧 (AI security): $30M (Album VC, Karma Ventures,.406 Ventures, Atlantic Bridge, IQ Capital, Lakestar)
• Baselayer (Fintech): $20M (Koro Capital, M13)
• Attestable 🇮🇱 (Cybersecurity): $20M (TLV Partners, Altimeter Capital)
• Alloy Robotics 🇦🇺 (Robotics): $8M (Square Peg, Blackbird, Airtree, Skip Capital)
• Cytix 🇬🇧 (Cybersecurity): $7M (Northern Gritstone)

Fund Watch

• Robinhood Ventures 🇺🇸: $200M (Fund II, IPO)
• WovenEarth Ventures 🇺🇸: $155M (WovenEarth Fund II, 2nd cleantech fund. Invests in US early-stage cleantech funds + ~1/3 reserved for co-investments)

🔔IPO

• Reddit 🇺🇸 (Social media): joining the S&P 500 on Aug 18 to replace AvalonBay, sending shares up ~11%.
• Whoop 🇺🇸 (Wearables): planning a IPO by next year after securing a $10B valuation five months ago.
• Londian Wason New Energy Tech 🇨🇳 (Materials): raised $95M at a $2B valuation in a US IPO. The largest US IPO by a Chinese firm in a year.
• Taiyo Yuden 🇯🇵 (Materials): built a 16% stake in the $9B-listed firm before trimming it to 4.4%.
• DMG MORI 🇯🇵 (Machinery): seeking to raise $300M in an overseas share sale.
• SM Investments Corp. 🇵🇭 (Mining): plans to consolidate its mining assets into a single listed entity to create the nation’s largest miner.
• Zetwerk 🇮🇳 (Manufacturing): preparing to file for a $400M India IPO.

🧳 Debt

• Jane Street 🇺🇸: sold $14.6B of bonds in a broad overhaul of its debt load.
• Lambda 🇺🇸: raised $925M in leveraged loans.
• Orange EV 🇺🇸: entered into a $100M revolving credit facility led by Wells Fargo.

❌ Failures

• Uniper 🇩🇪: Germany is seeking non-binding offers for the nationalized energy company.
• Deutsche Finance Group 🇩🇪: a US commercial real estate fund it runs will file for insolvency after its investment in a Boston life‑sciences complex soured.
• Delaware Life 🇺🇸: racing to divest outsized private-credit loans tied to Mark Walter’s TWG Global portfolio, including exposure to Guggenheim Partners.

🎯 For a Few More Minutes…

• 🇬🇧 Stream of the Heart. Bonnie Tyler’s « Total Eclipse of the Heart » saw a 94% surge in UK Spotify streams during the solar eclipse, turning the sky event into a chart revival. (Bbc)
• 🇺🇸 Ship of Debts. R.M.S. Titanic Inc. wants to sell 100 artifacts from the Titanic to pay its bills, but a federal judge questions its financial distress and authority to do so. (New York Times)
• 🇻🇪 Remote Control. Venezuelan migrants like Liz Marrero and Crismar Chacín are forced to grieve family lost in the La Guaira earthquake by videollamada, mourning and identifying bodies from thousands of miles away. (El Pais)

🗞️ Top Story

• 🇺🇸 Name Drop. Despite a judge’s ruling to erase Trump’s name, the Kennedy Center board votes to restore it on the facade, daring the courts to intervene again. (Cnbc)
• 🇺🇸 Ctrl Alt Elite. With a presidential memo, Trump invites companies to join government-sanctioned hacking campaigns against cybercriminals, promising oversight but raising fears of digital chaos. (New York Times)
• 🇺🇸 Steam Team. President Trump orders the Navy to scrap its high-tech electromagnetic catapults and bring back old-school steam launchers for aircraft carriers, a reversal expected to cost billions. (Spiegel)
• 🇺🇸 Below Decks. After months of sailors enduring broken toilets and rationed food, the USS Abraham Lincoln is being pulled from Middle East duty and replaced by the USS George Washington. (Spiegel)
• 🇺🇸 Chill Factor. Trump officials have scrapped the NOAA Arctic report, cutting off a vital source of climate data just as the region hits record heat. (Ouest-France)
• 🇺🇸 Double Jeopardy. Luigi Mangione is expected to plead guilty to federal stalking charges tied to the killing of UnitedHealthcare CEO Brian Thompson, potentially complicating his state murder prosecution. (Cnbc)
• 🇺🇸 Case Closed. A federal judge dismissed the Trump administration’s antisemitism lawsuit against Harvard, ruling the cited incidents were too isolated to prove illegal conduct. (New York Times)
• 🇨🇺 Blockade Party. At a Havana gala for Fidel Castro’s 100th birthday, Cuba’s leadership accused the US of a “brutal and immoral siege” as sanctions and threats escalate. (Spiegel)
• 🇩🇪 Logo Motion. MDR alerts viewers to a Russian disinformation campaign using doctored videos and stolen media logos to undermine trust before the Saxony-Anhalt vote. (Die Zeit)
• 🇮🇹 General Admission. Roberto Vannacci, a former general turned politician, is outflanking Meloni by luring hard-right voters with even more extreme positions. (Le Monde)
• 🇳🇱 Blast Call. An explosion at a Gunvor oil storage facility in Rotterdam port killed one and injured several, with police investigating the cause and ruling nothing out yet. (Boursier)
• 🇵🇱 Spy Another Day. Polish authorities arrested a Russian citizen in Warsaw accused of being sent by Moscow to assassinate an American-Ukrainian national on Polish soil. (Ouest-France)
• 🇷🇴 Current Affairs. Romania has shut its only nuclear plant, Cernavodă, after Danube river levels dropped to a 30-year low during a severe heatwave, cutting 20% of the country’s electricity for at least 10 days. (Bbc)
• 🇦🇫 Out of Sight. The Taliban detained six staff members of a women’s rights group in July and have refused to disclose any information about their fate or charges. (Spiegel)
• 🇮🇱 Eviction Notice. Israeli forces ordered about a dozen Palestinian families to leave their homes in Qusra after settlers besieged several houses and cut off utilities, then used some vacated properties as military posts. (Bbc)

🏛️ Economy

• 🇺🇸 Duty Calls. A court has allowed Donald Trump to end tariff exemptions on low-cost imports, meaning bargain shoppers may soon pay the price. (Bloomberg)
• 🇺🇸 Jet Lag. Homeland Security rushed to buy 10 planes for $464M, only to park them unused and scramble to loan out the luxury jets. (New York Times)
• 🇺🇸 Benefit of the Doubt. Jobless claims in the hit 209,000 for the week, beating predictions and putting a dent in the “resilient economy” narrative. (Wall Street Journal)
• 🇺🇸 Hold Please. Former Dallas Fed President Robert Kaplan says the Fed made the right call by pausing rate hikes in July, but wants Chair Kevin Warsh to finally spell out his policy plans at Jackson Hole. (Bloomberg)
• 🇺🇸 Flat Out. wholesale prices stayed unchanged in July, defying forecasts of a 0.2% rise and giving the Fed a rare inflation breather. (Cnbc)
• 🇫🇷 Bot and Paid. The ILO highlights that AI is replacing young workers in France’s most vulnerable industries, making the future of youth employment look increasingly automated. (Ouest-France)
• 🇬🇧 Mind the Gap. UK GDP outpaced expectations, catching both economists and the Bank of England off guard in a rare reversal of fortune. (Bloomberg)
• 🇨🇳 Ship Happens. China is exporting so many cars that global shipping capacity cannot keep up, sending car carrier rates up 65% this year and leaving exporters scrambling for space. (Wall Street Journal)
• 🇯🇵 Yen and Out. Despite joint US-Japan intervention and endless models showing the yen is undervalued, investors keep betting it will sink further, citing Japan’s debt and weak growth. (Financial Times)
• 🇦🇺 Mate Rates. Prime Minister Anthony Albanese asked Donald Trump for Australia to be exempt from new US tariffs, arguing allies deserve a better deal. (Le Figaro)
• 🇴🇲 Crude Awakening. Ambrey coordinates efforts to contain a massive oil spill from the Russian tanker Caroline Bezengi off Oman after weeks of unchecked leakage threaten local wildlife and fisheries. (Boursier)

🏢 Real Estate

• 🇺🇸 Home Alone. NYC’s tax on pricey second homes survives a legal scare and resumes rollout, as Trump vows to stop what he calls a « disaster » from sunny Florida. (Cnbc)
• 🇺🇸 Home Turf. New York’s proposed pied-à-terre tax on luxury second homes survives its latest legal challenge, letting the city keep targeting absentee owners for now. (Bloomberg)

🔗 On-chain

• 🇺🇸 Bet Blocked. A Seattle judge has ordered Kalshi to halt nearly all operations in Washington State, ruling its prediction market violates state gambling laws and misleading ads did not help its case. (New York Times)
• 🇺🇸 Account Suspended. Polymarket lost JPMorgan as its bank due to ongoing regulatory questions, even as the company insists their ties remain “close and active” elsewhere. (Financial Times)
• 🇺🇸 Betting Authority. The CFTC tells Kalshi to stay open despite New York’s $36B gambling lawsuit, insisting federal rules outrank state gaming bans for prediction markets. (FinExtra)
• 🇨🇿 Cold Comfort. Trezor 🇨🇿 admits a data breach exposed the personal details of nearly 14,000 hardware wallet buyers, putting the supposed “safest” crypto holders at new risk. (Financial Times)

💱 Listed Markets

• 🇺🇸 High Score. The S&P 500 reaches an all-time high and OpenAI’s revenue run rate exceeds $40B, because apparently the only direction is up. (Bloomberg)
• 🇺🇸 Bundle of Joy. Charter secures state approval to buy Cox for $21.9B, sweetening the deal with pledges for cheaper broadband to win over regulators. (Wall Street Journal)
• 🇺🇸 Stubbed Out. The World Cup debacle left StubHub 🇺🇸 with angry customers and erased profits, as fake tickets and refund chaos hit the bottom line. (Wall Street Journal)
• 🇺🇸 Gaslighting. Elon Musk, once the poster child for electric vehicles at Tesla 🇺🇸, is now publicly embracing fossil fuels in a move that rewrites his own origin story. (Wall Street Journal)
• 🇺🇸 Model Citizens. IBM and OpenAI announce a partnership to jointly market AI tools to big business, with IBM retraining staff to deploy OpenAI’s tech for clients. (TechCrunch)
• 🇺🇸 Shadow Play. X is open sourcing its core ranking algorithm and launching a tool so users can finally see if they’ve been « shadowbanned » or downranked. (TechCrunch)
• 🇪🇺 Auto Pilot. Uber teams up with Pony.ai to launch 2,000 robotaxis in Europe, aiming to steer the continent toward autonomous ride-hailing at scale. (Cnbc)
• 🇰🇷 Memory Lane. SK Hynix is spending $720B to build the world’s largest AI-driven memory chip complex in South Korea, betting big that the AI boom will outlast the industry’s usual volatility. (Cnbc)

🛎️ Big Deals (M&A)

• Paramount 🇺🇸 open to selling CNN 🇺🇸 amid its $110B Warner Bros deal.
• Anthropic 🇺🇸 is in talks to acquire real-world AI startup Decart 🇺🇸 for $6B.
• Goldman Sachs 🇺🇸 will acquire Neos Investments 🇺🇸 for $2.25B in a cash-and-stock deal.
• Bank of America 🇺🇸 takes a 49.9% stake in Jio Credit 🇮🇳, the non-bank lending arm of Jio Financial Services, for $1.9B.
• Blackstone 🇺🇸 and La Caisse 🇨🇦, PSP 🇨🇦 and BCI 🇨🇦 buy a 25% stake in Aeroplan 🇨🇦 for $1.8B.
• Trian Partners 🇺🇸 explores a bid for Wendy’s 🇺🇸, the $1.6B-listed burger chain.
• Ancora Holdings 🇺🇸 is pushing to acquire H.B. Fuller 🇺🇸’s building adhesives unit for $1.2B.
• KKR 🇺🇸 offers to buy an 8% stake in First Gen 🇵🇭 from parent First Philippine Holdings 🇵🇭 and the entire 11.6% public float.
• Thoma Bravo 🇺🇸 acquires Accelerant 🇺🇸 for $4.4B. Shareholders to receive $20.25 a share, a 49% premium.
• Diversified 🇺🇸 said to near deal for Birch 🇺🇸, which is backed by Elliott.
• Balance Point Capital Advisors 🇺🇸 invests in Allied Roofing Partners 🇺🇸, provides committed, flexible capital to the national residential roofing and exterior services group.
• Quad-C Management 🇺🇸 invests in Paradigm HSE 🇺🇸, a North American health & safety services platform (formed from Code Red Safety, Concept Controls and HazTek) with ~700 employees.
• Bernhard Capital Partners 🇺🇸 acquires New Mexico Gas Company 🇺🇸 from Emera 🇨🇦. Deal closed, regulated natural gas utility headquartered in Albuquerque serving >550,000 homes and businesses, approved by the New Mexico Public Regulation Commission.
• Sanofi 🇫🇷 invests in InduPro 🇺🇸 as part of a $77M Series B led by The Column Group, with Eli Lilly among new investors. InduPro begins dosing in a Phase 1 study for IDP-001.
• Frasers Group 🇬🇧 acquires Harvey Nichols 🇬🇧 after it was put into administration. Buys majority of UK sites and certain stock/fixtures, preserving over 1,000 jobs.

🧳 Private Markets & VC

• 🇺🇸 Power Play. After a rocky IPO and leadership drama, Rick Perry’s Fermi secures its first client for its massive Texas AI energy campus. (Wall Street Journal)
• 🇺🇸 Quality Control. Goldman Sachs pivots away from AA and BB bonds, arguing that BBB and B-rated debt now offer better returns as high-quality supply surges. (Cnbc)
• 🇺🇸 Speed Reading. OpenAI launches Ultrafast for GPT-5.6 Sol, letting a lucky few generate text at 14 times the usual pace, powered by Cerebras chips. (TechCrunch)
• 🇺🇸 Token Gesture. OpenAI and Anthropic are slashing prices on mid-tier AI models as Chinese rivals like Moonshot and DeepSeek lure away cost-conscious customers with cheaper alternatives. (Financial Times)
• 🇺🇸 Exit Strategy. OpenAI’s Chief Revenue Officer Denise Dresser is leaving after just eight months, marking the second major executive departure in days as the company prepares for its IPO. (Cnbc)
• 🇬🇧 Copy That. Shein lost its UK lawsuit against Temu, failing to prove the rival e-commerce giant misused its clothing photos without proper rights or knowledge. (Le Parisien)

Fundraising

• Databricks 🇺🇸 (Data analytics): $5B (Coatue Management, Blackstone, MGX, T. Rowe Price Investment Management, T. Rowe Price Associates)
• Thrive Holdings 🇺🇸 (AI): $2B (SoftBank, D1 Capital Partners, Altimeter Capital)
• Form Energy 🇺🇸 (Energy): $750M (T. Rowe Price)
• Neros 🇺🇸 (Defense): $250M (Sequoia Capital, American Strategic Technology Fund, Interlagos, Valor Equity Partners, Allen & Company, Thiel Capital, Spark Capital, Dylan Field)
• Bridge to Life 🇺🇸 (Medtech): $110M (Soleus Capital, Lauxera Capital Partners, Bridge to Life directors, officers, and employees, Soleus Capital Credit Opportunities Fund)
• Medicare Platform 🇺🇸 (Healthcare): $50M (Nestpoint Group LLC)
• Khartis Therapeutics 🇺🇸 (Biotech): $50M (Forge Life Science Partners, Longwood Fund, Alexandria Venture Investments, Foresite Capital, Lilly Asia Ventures, Nextech Invest)
• Yuno 🇨🇴 (Fintech): $45M (Global PayTech Ventures, Andreessen Horowitz, Tiger Global, QuantumLight Capital, Monashees, Kaszek, Rasmal Ventures, Further Ventures, GrowthX Capital, Endeavor Catalyst)
• Mindgard 🇬🇧 (AI security): $30M (Album VC, Karma Ventures,.406 Ventures, Atlantic Bridge, IQ Capital, Lakestar)
• Baselayer (Fintech): $20M (Koro Capital, M13)
• Attestable 🇮🇱 (Cybersecurity): $20M (TLV Partners, Altimeter Capital)
• Alloy Robotics 🇦🇺 (Robotics): $8M (Square Peg, Blackbird, Airtree, Skip Capital)
• Cytix 🇬🇧 (Cybersecurity): $7M (Northern Gritstone)

Fund Watch

• Robinhood Ventures 🇺🇸: $200M (Fund II, IPO)
• WovenEarth Ventures 🇺🇸: $155M (WovenEarth Fund II, 2nd cleantech fund. Invests in US early-stage cleantech funds + ~1/3 reserved for co-investments)

🔔IPO

• Reddit 🇺🇸 (Social media): joining the S&P 500 on Aug 18 to replace AvalonBay, sending shares up ~11%.
• Whoop 🇺🇸 (Wearables): planning a IPO by next year after securing a $10B valuation five months ago.
• Londian Wason New Energy Tech 🇨🇳 (Materials): raised $95M at a $2B valuation in a US IPO. The largest US IPO by a Chinese firm in a year.
• Taiyo Yuden 🇯🇵 (Materials): built a 16% stake in the $9B-listed firm before trimming it to 4.4%.
• DMG MORI 🇯🇵 (Machinery): seeking to raise $300M in an overseas share sale.
• SM Investments Corp. 🇵🇭 (Mining): plans to consolidate its mining assets into a single listed entity to create the nation’s largest miner.
• Zetwerk 🇮🇳 (Manufacturing): preparing to file for a $400M India IPO.

🧳 Debt

• CB&I 🇺🇸: upsized and closed a $625M senior secured credit facility ($500M revolver + $125M Term Loan A).
• Jane Street 🇺🇸: sold $14.6B of bonds in a broad overhaul of its debt load.
• Lambda 🇺🇸: raised $925M in leveraged loans.
• Orange EV 🇺🇸: entered into a $100M revolving credit facility led by Wells Fargo.
• Nightpeak Energy 🇺🇸: closed a $75M corporate credit facility with Macquarie to support development of power generation and large‑load projects.
• Recurrent Energy 🇨🇦: raised $695M in project financing and tax equity ($484M debt, $211M tax equity) for a 330 MW California solar project.

❌ Failures

• Delaware Life 🇺🇸: racing to divest outsized private-credit loans tied to Mark Walter’s TWG Global portfolio, including exposure to Guggenheim Partners.
• Uniper 🇩🇪: Germany is seeking non-binding offers for the nationalized energy company.
• Deutsche Finance Group 🇩🇪: a US commercial real estate fund it runs will file for insolvency after its investment in a Boston life‑sciences complex soured.

🎯 For a Few More Minutes…

• 🇺🇸 Ship of Debts. R.M.S. Titanic Inc. wants to sell 100 artifacts from the Titanic to pay its bills, but a federal judge questions its financial distress and authority to do so. (New York Times)
• 🇻🇪 Remote Control. Venezuelan migrants like Liz Marrero and Crismar Chacín are forced to grieve family lost in the La Guaira earthquake by videollamada, mourning and identifying bodies from thousands of miles away. (El Pais)
• 🇬🇧 Stream of the Heart. Bonnie Tyler’s « Total Eclipse of the Heart » saw a 94% surge in UK Spotify streams during the solar eclipse, turning the sky event into a chart revival. (Bbc)