๐ฆ Passing the Tray
Everyoneโs holding green slips, nobody wants to ask why.
Also available:๐ซ๐ท รdition franรงaise
Good morning!
The dollar spent the better part of a century enjoying what economists politely call exorbitant privilege and what everyone else recognises as the right to print the world’s IOUs. Foreigners stockpiled Treasuries, accepted dollars for oil they had no intention of selling to America, and asked few questions. In return, Washington borrowed cheap, ran a trade deficit larger than most national economies, and got to weaponise the financial plumbing whenever a sanctions list needed updating. Nice work, provided the man in the office declines to take a wrecking ball to it.
Three things underwrote that arrangement: a willingness to let the rest of the world hold the paper, a military presence that made holding it advisable, and a central bank nobody seriously suspected of taking dictation. Donald Trump has spent his second term on all three. The tariff rounds went after the first, trying to wish away the deficit that supplies the world with dollars to begin with. The retreat from European and Asian commitments is fraying the second, and the Bundesbank does not hold greenbacks out of sentimental attachment to Mount Rushmore. As for the third, Kevin Warsh was confirmed 54-45 in May, the narrowest margin in the history of the job. At the swearing-in the president told him to be totally independent, then mentioned the national debt he would like taken care of.
The replacements are auditioning poorly. The euro has the institutions and roughly nothing else: 14 years into its banking union, the bloc has still not agreed the deposit insurance meant to be its third pillar, and it is unlikely to field a credible army by Christmas. The renminbi is freely convertible into whatever Beijing decides today. Bitcoin remains a speculative chip dressed up as monetary theology, and Tether publishes attestations rather than audits, a distinction its holders may one day study at leisure. The reserve managers supposedly voting with their feet are doing nothing of the kind. The dollar held 57.13% of allocated reserves in the first quarter of 2026, up from 56.42%. The renminbi sits at 1.99%. Gold overtook Treasuries last year on the strength of the gold price, which is a rally rather than a verdict.
The denarius offers the less comfortable version of how this ends. Its silver content fell away through the third century, and so did the lead that Roman smelters had been laying down in Greenland ice since the Republic. The solidus and later the dinar picked up some of the slack. In between sat twenty generations of people trading with strangers less often, over shorter distances, in smaller quantities. What goes on the way down is the arrangement under which people who will never meet agree to trust the same piece of paper. The lead in the ice took more than 500 years to come back.
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๐๏ธ Top Story
- ๐ซ๐ท Tit for Tat. Paris orders out two Iranian diplomats after Tehran barred two French envoys from returning, escalating the ongoing diplomatic standoff. (France Info)
- ๐ธ๐ช Left Turn. A new poll shows Sweden’s Social Democrats and allies with a commanding 10-point lead, making a government change almost inevitable in September. (Boursier)
- ๐บ๐ฆ Poll Position. Former defense minister Mykhailo Fedorov publicly calls for elections and blasts corruption, breaking ranks with President Zelensky and challenging wartime taboos. (Le Monde)
- ๐บ๐ธ Map Quest. Donald Trump posted a map labeling the Strait of Hormuz as ยซย new American territoryย ยป on Truth Social, transforming foreign policy into a real estate listing. (Le Figaro)
- ๐บ๐ธ Mute Button. Trump snapped ยซย shut upย ยป at CNNโs Kristen Holmes when pressed about his aide Natalie Harp, then doubled down by denouncing CNN for ยซย fake newsย ยป and rallying his comms team for more attacks. (Libรฉ)
- ๐บ๐ธ Court Out. The has sanctioned ICC President Tomoko Akane and prosecutor Abdoulaye Seye, blocking their entry and finances over investigations targeting allies. (Le Figaro)
- ๐ฆ๐ช Alert Condition. The UAE issued its first missile warning in a month after accusing Iran of launching two ballistic missiles, one landing in its territorial waters. (Le Monde)
- ๐ฎ๐ท Europe on Notice. Tehran insiders say Iran may target US assets in Bulgaria and Cyprus if Trump resumes hostilities, signaling the war could go transcontinental. (Financial Times)
- ๐ธ๐พ Heavy Elements. The IAEA discovered several tons of nuclear material at a previously secret Syrian site built under Bashar Al-Assad, now placed under international oversight after Damascus reported it in July. (Le Monde)
- ๐ณ๐ฌ Race Day. The Nigerian election season opens with President Tinubu holding a clear lead, leaving rivals scrambling to catch up. (Bloomberg)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Clear Gains. A new study finds Londonโs Ulez has significantly boosted lung size and function in children, turning cleaner air into healthier lives. (Financial Times)
- ๐ฌ๐ง Gift Aid. The new MPsโ register reveals Burnham accepted almost ยฃ350K in donations and perks worth ยฃ12K, including Glastonbury and Aintree tickets, right before taking office. (The Guardian)
- ๐ฌ๐ง Drone and On. Prime Minister Burnham dismisses Moscowโs threats over British drones in Ukraine, insisting UK backing for Kyiv will not waver. (The Guardian)
- ๐ฌ๐ง Eggs Factor. UK health authorities are investigating a salmonella outbreak linked to imported eggs that has left one person dead and over 200 ill, with most cases in England. (Bbc)
๐บ๐ธ United States
- ๐บ๐ธ Sunshine State of Mind. Byron Donalds, backed by Trump, clinches the Republican nomination for Florida governor and now faces Democrat David Jolly in November, with GOP dominance looking hard to break. (New York Times)
- ๐บ๐ธ Border Dispute. Minnesota Governor Tim Walz alleges Texas is stalling the extradition of a jailed ICE officer accused of assault during a local immigration raid. (Wall Street Journal)
- ๐บ๐ธ Operation Overton. Trump taps Dr. Heidi Overton, architect of his ยซย Make America Healthy Againย ยป push and vaccine skeptic, to lead the FDA, raising eyebrows across public health circles. (New York Times)
- ๐บ๐ธ Margin of Error. Median Strategies released and then withdrew fake polling results for high-profile races, claiming it was a test of misinformationโs reach. (New York Times)
- ๐บ๐ธ Primary Colors. Voters in Alaska, Florida, and Wyoming head to the polls with data centers, crypto, and tax reforms dominating the primaries’ spotlight this Tuesday. (Cnbc)
๐๏ธ Economy
- ๐ฌ๐ง Hold the Line. UK unemployment held steady at 4.9% instead of falling as forecast, giving the Bank of England little reason to change rates next month. (Wall Street Journal)
- ๐ฉ๐ช Ze W is Up. German investor confidence climbed for the fourth month in a row as the ZEW index hit 34.2, surprising analysts and outpacing July’s 26.3. (Wall Street Journal)
- ๐ช๐บ Bot Bubble. The ECBโs economists say the AI craze has pushed stock valuations to risky heights and history suggests a sharp market pullback is likely. (Cnbc)
- ๐บ๐ธ Deal or No Deal. President Trump pauses $50B in tariffs on Canadian goods for three days, touting a near-final trade agreement while Canada urges caution. (New York Times)
- ๐บ๐ธ Shot in the Dark. The FDAโs expert panel supports approving peptides for alternative medicine, despite a total lack of clinical evidence. (Les Echos)
- ๐บ๐ธ SIM City. With 134M travel eSIMs expected in 2024, apps like Airalo and Saily are turning roaming into a relic and squeezing mobile giantsโ margins. (Financial Times)
- ๐บ๐ธ Bond Age. The 30-year Treasury yield reached 5.33%, a level last seen in 2005, as inflation and fiscal worries rattle investors and drive up rates. (Cnbc)
- ๐ฐ๐ท Won Direction. The Korean won strengthens past the 1,400 per dollar mark, giving currency traders a rare moment of optimism in a turbulent year. (Bloomberg)
- ๐ธ๐ฌ Fee Escape. The Monetary Authority of Singapore plans to scrap taxes on fund manager profits and loosen visa rules, aiming to keep top talent from fleeing to Hong Kong. (Financial Times)
- ๐ Rate Race. Bond yields have surged to levels not seen in decades across major economies, as investors brace for persistent inflation and central banks dig in their heels. (Bloomberg)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Pounds Up. Average UK salaries (excluding bonuses) climbed 3.5% through June, beating predictions and offering workers a rare win over the experts. (Boursier)
๐บ๐ธ United States
- ๐บ๐ธ Hungry for Less. Conagra ๐บ๐ธ is testing recipes designed to attract customers who no longer crave food, thanks to the rise of weight-loss medications. (Wall Street Journal)
- ๐บ๐ธ W-2 and You. Starting in 2026, employers must list deductible overtime premiums on W-2s, making it harder for workers to over- or under-claim the IRSโs new favorite deduction. (Cnbc)
๐ข Real Estate
- ๐ท๐ด Backlog Mountain. e-Terra resumes operations, says the Romanian government, but with over 100,000 property requests and other ANCPI systems still offline, normalcy is a distant summit. (Startupcafe)
- ๐บ๐ธ Current Affairs. Anthro Energy has begun building a Kentucky factory to supply electrolytes for 300,000 EVs and accelerate the push for solid-state batteries. (TechCrunch)
- ๐ฏ๐ต Trade Secrets. Hitachi Construction Machinery saw its shares tumble after $740M in block trades, with the market left guessing who pulled the trigger. (Bloomberg)
๐บ๐ธ United States
- ๐บ๐ธ Contract Stalled. pending home sales in July hit their weakest level since January, as buyers and sellers both seem to be waiting for a sign. (Bloomberg)
- ๐บ๐ธ Concrete Evidence. Trumpโs team pours 3,000 yards of concrete and installs 1M pounds of rebar, hoping rapid progress will make halting his White House ballroom legally impossible. (New York Times)
- ๐บ๐ธ Home Alone. housing starts for July 2026 fell short at 1.24M, missing forecasts, while building permits jumped past expectations at 1.44M. The recovery is still on the drawing board. (Boursier)
๐ On-chain
- ๐ฎ๐น Stable Gains. Banca d’Italia finds that stablecoins like USDC offer no real cost or speed advantage over traditional remittance channels, deflating the crypto hype for cross-border payments. (FinExtra)
๐ฑ Listed Markets
- ๐ธ๐ช Buy Now, Tank Later. Klarna ๐ธ๐ช plunged nearly 20% pre-market in New York after slashing its annual sales forecast to $149B-$151B, blaming weaker German volumes for the sudden caution. (Boursier)
- ๐ช๐บ Appy Ending. Apple says its revamped European App Store fees. 5% for third-party stores, 26% for its own. Should end disputes with Brussels over the Digital Markets Act. (Cnbc)
- ๐บ๐ธ Blind Spot. Stellantis issues a recall for nearly 1M cars due to faulty backup cameras, urging drivers to rely on old-fashioned mirrors instead of screens. (Le Figaro)
- ๐บ๐ธ Like and Subscribe. Meta faces a landmark trial accused of deliberately designing Facebook and Instagram to addict children, as 29 states demand billions and sweeping reforms. (Bbc)
- ๐บ๐ธ Mouse Trap. Disney and the FCC have been locked in a year-long standoff under the Trump administration, with tensions escalating at every turn. (Wall Street Journal)
- ๐บ๐ธ License to Chill. ABC, owned by Disney ๐บ๐ธ, sues the Trump administration for allegedly threatening its broadcast licenses in retaliation for critical coverage, citing a campaign against free speech. (France Info)
- ๐จ๐ณ Shein Down. Chinese fast-fashion giant Shein prepares for a Hong Kong IPO expected to value it at $25B to $28B, a far cry from its earlier dreams. (Ouest-France)
- ๐จ๐ณ Memory Lane. Xiaomi ๐จ๐ณ posts another disappointing quarter as rising memory chip prices and fierce competition squeeze profits, leaving its EV business as the only hope for a turnaround. (Wall Street Journal)
- ๐ญ๐ฐ Clear Profit. Hong Kong Exchanges & Clearing posted a 21% jump in net profit to $686M for Q2, outpacing expectations and riding a trading boom. (Wall Street Journal)
๐๏ธ Big Deals (M&A)
- SubSea Craft ๐ฌ๐ง acquires LORILLION ๐ฌ๐ง in a multi-โฌM investment for a 40% stake, battery specialist focused on bespoke electrification and clean-energy technologies.
- Frasers Group ๐ฌ๐ง increases stake in Hugo Boss ๐ฉ๐ช to 48%, after 17.6% of shareholders accepted a โฌ38 a share offer.
- Deutsche Telekom ๐ฉ๐ช acquires a Polish fiber company and TV provider from Macquarie ๐ต๐ฑ for $1.2B including debt.
- Henkel ๐ฉ๐ช has its $725M acquisition of Liquid Nails ๐บ๐ธ blocked by the FTC.
- adesso ๐ฉ๐ช acquires omni:us ๐ฉ๐ช. Adesso will progressively integrate omni:us’ AI claims-processing technology into its in|sure Ecosphere core insurance platform.
- Deutsche Private Equity ๐ฉ๐ช acquires a majority stake in FOGTEC ๐ฉ๐ช, fire-protection specialist (high-pressure water-mist systems).
- Dash0 ๐ฉ๐ช acquires Polar Signals ๐ฉ๐ช (integrates Polar Signals’ continuous profiling tech and team, adopts Great Lakes storage engine, developing AutoTune and agentic features. Raised $110M Series B at a $1B valuation. 750+ customers including Zalando, Taco Bell and The Telegraph).
- Virtualware ๐ช๐ธ acquires Virtalis Holding ๐ฌ๐ง for a fixed โฌ5M at closing plus an earnโout linked to 2026โ27 results. VR/immersive visualization software deal, financed 70/30 debt/cash with no shareholder dilution. Pro forma 2026 revenue โฌ10M and EBITDA โฌ2.5M, combined headcount 71 (Virtualware 52, Virtalis 19).
- METLEN ๐ฌ๐ท acquires Joule ๐ฌ๐ท, an energy software GreenTech startup (founded 2020) whose core product jHub.
- Guardsix ๐ฉ๐ฐ acquires Logmanager ๐จ๐ฟ. Brno-based firm bought by Danes, director Jiลรญ Tobola has had several prior successful exits including Flowmon Networks.
- INVL Asset Management ๐ฑ๐น acquires Nordian Group ๐ฑ๐น and Norvelita ๐ฑ๐น, seafood processors.
- KKR ๐บ๐ธ makes a $9B takeover bid for UGI ๐บ๐ธ, offering $42.50 a share.
- Silver Lake ๐บ๐ธ in talks to acquire Workday ๐บ๐ธ. Shares surged nearly 18pc after the report, lifting market cap to >$50B. Workday posted $2.5B revenue in Q1 FY2027 and last year announced a โฌ175M Dublin investment to create 200+ roles.
- Madison Air Solutions ๐บ๐ธ acquires ebm-papst ๐ฉ๐ช in a $5.4B deal, combining HVAC and fan manufacturing expertise.
- Fulcrum Therapeutics ๐บ๐ธ, a $300M-listed company, will merge with Slate Medicines ๐บ๐ธ in an all-stock deal.
- WhiteWater ๐บ๐ธ and JV partners Devon Energy ๐บ๐ธ, MPLX ๐บ๐ธ, Diamondback Energy ๐บ๐ธ, and Western Midstream Partners ๐บ๐ธ reach a final investment decision to build two natural gas pipelines in Texas.
- Clearlake Capital ๐บ๐ธ acquires Chelsea FC ๐ฌ๐ง as TWG Global (Mark Walter) and Todd Boehly explore selling their stakes amid legal issues.
- Duolingo ๐บ๐ธ acquires Animade ๐ฌ๐ง, a London-based animation and motion design studio known for product storytelling, brand work, interactive experiences and character animation.
- Alphabet ๐บ๐ธ acquires Spirit Airlines ๐บ๐ธ data for $10M, including emails, spreadsheets, transaction and HR records. Bankruptcy judge to rule on the sale.
- Brookfield ๐จ๐ฆ offers to buy Reliance Worldwide ๐ฆ๐บ for $2.9B, a 32% premium, plumbing supplies company.
- NexGen Energy ๐จ๐ฆ in talks with BHP ๐ฆ๐บ for $1B in equity for a uranium project
- OceanaGold ๐จ๐ฆ acquires Ausgold ๐ฆ๐บ for $553M. Gold and copper producer buying a miner.
- JBS ๐ง๐ท seeks the rest of the stake in Pilgrimโs Pride ๐บ๐ธ in a $1.2B deal.
- Basefy Innovation Lab ๐น๐ท acquires Maxeo.ai ๐น๐ท, an AI visibility platform that tracks brands’ presence across ChatGPT, Perplexity, Google AI Overviews and Claude. Maxeo.ai will continue operating within Basefy under its own brand and product focus.
๐ฌ๐ง United Kingdom
- TalkTalk Business ๐ฌ๐ง merges with ARO ๐ฌ๐ง, creating an independent connectivity and managed IT services group with ยฃ200M annual revenues, ~650 staff and 70,000+ business and public-sector customers.
๐บ๐ธ United States
- Clearview Capital ๐บ๐ธ acquires a stake in LJM ๐บ๐ธ (strategic partnership closed May 6, 2026. Investment in technology, analytics and Parcel Intelligence Platformโข for parcel shipping advisory and management).
- Hammes Partners ๐บ๐ธ acquires Eagan Medical Center ๐บ๐ธ for $12.75M. 44,000-sq-ft multi-tenant medical office in Eagan, Minn.. Transaction closed Aug. 6, 2026 (Colliers represented the seller).
- PowerBank Corporation ๐จ๐ฆ acquires Highway 28 project ๐บ๐ธ for US$1.25M. 6.9 MW, US$17M construction value and ~US$8M expected ITC.
๐งณ Private Markets & VC
- ๐บ๐ธ Margin Call. OpenAI’s Q2 sales rose to $6.7B, but deeper losses and slower growth than Anthropic leave shareholders questioning the AI leader’s momentum. (Wall Street Journal)
- ๐บ๐ธ Silicon Valley Kids. Etched, run by twenty-something Harvard dropouts, has raised $2B and is poaching Nvidia talent for its AI hardware ambitions. (Wall Street Journal)
- ๐บ๐ธ Private Eyes Shut. Pimcoโs Dan Ivascyn and Marc Seidner say wealth management firms are pulling back from private credit, leaving the sector with fewer eager buyers. (Bloomberg)
- ๐บ๐ธ Cart Inflation. Phia, the AI shopping app co-founded by Phoebe Gates, is accused of artificially boosting its sales figures to attract more users and investors. (Les Echos)
- ๐บ๐ธ Trust Issues. The Buss family is locked in a public feud over selling their remaining Lakers stake, as Jeanie Buss tries to block a $12.5B deal to Bob Iger and Joshua Kushner. (Le Parisien)
- ๐จ๐ฆ Deal or No Deal. Facing a surge in $20B-plus infrastructure transactions, CPPIB now invests in Blackstone, KKR, and EQT funds to stay in the game. (Financial Times)
๐ฌ๐ง United Kingdom
- ๐ช๐บ Ad Sense. OpenAI will introduce ads into ChatGPT across 31โฌpean markets including Germany, promising clear separation from chat answers and no user data for advertisers. (Die Zeit)
๐บ๐ธ United States
- ๐บ๐ธ Stake Out. Mark Walter tried to secure a multibillion-dollar loan from Apollo using his Los Angeles Lakers stake before selling the team for $12.5B as scrutiny mounted. (Financial Times)
- ๐บ๐ธ Service Call. Uplift Investors ๐บ๐ธ acquires Engage fi, targeting the booming demand for technology consulting among banks and credit unions without disclosing the dealโs price tag. (Vcaonline)
Fundraising
- Flexential ๐บ๐ธ (Data centers): $800M (GI Partners, MSIP, TD Securities, RBC Capital Markets, J.P. Morgan, Goldman Sachs, ING, SMBC, Bank of America, KeyBanc, Flagstar, Citibank, Investec)
- Form Energy ๐บ๐ธ (Energy): $750M (T. Rowe Price, Sequoia Capital, Janus Henderson, Franklin Templeton, PEAK6 Investments, Prelude Ventures, Engine Ventures, TPG Rise Climate, Capricorn’s Technology Impact Funds, Breakthrough Energy Ventures, Dustin Moskovitz and Cari Tuna, Gigascale Capital, Coatue, Energy Impact Partners, NGP, GE Vernova, Blindspot Ventures, M&G Catalyst Fund)
- Groq ๐บ๐ธ (AI infrastructure): $350M
- Mariana Minerals ๐บ๐ธ (Mining): $310M (Khosla Ventures, Andreessen Horowitz, Breakthrough Energy Ventures, Greenoaks, Halo Fund, Pax Ventures, StepStone Group, BHP Ventures, Washington Harbour Partners, Greycroft, General Innovation Capital Partners, Mitsubishi Corporation, In-Q-Tel, Earthshot Ventures)
- Wispr ๐บ๐ธ (AI): $280M (Menlo Ventures, Notable Capital, NEA, Neo Ventures, 8VC, MVP Ventures, Acrew, Forerunner, Goodwater, Peak XV, Together Fund, PLUS Capital)
- Neros Technologies ๐บ๐ธ (Defense): $250M (Sequoia Capital, American Strategic Technology Fund, Interlagos, Valor Equity Partners, Allen & Company, Thiel Capital, Spark Capital, Dylan Field)
- Horizon3 ๐บ๐ธ (Cybersecurity): $250M (NightDragon, NEA, Acrew Capital, Blue Cloud Ventures, Demeter Group, EDBI, PSG, SAIC, Sapphire Ventures, Craft Ventures, Prosperity7 Ventures, Qualcomm Ventures, Ridge Ventures, SignalFire)
- Gravis Robotics ๐จ๐ญ (Construction): $200M (SoftBank)
- Velaura AI ๐บ๐ธ (AI): $110M (Seligman Ventures, Capricorn Investment Group, Prosperity7 Ventures, Mayfield, Maverick Silicon, MARA, Premji Invest, Samsung Catalyst Fund, StepStone Group)
- Happy Health ๐บ๐ธ (Healthcare): $75M (ARCH Venture Partners, OpenLoop)
- Abcuro ๐บ๐ธ (Biotech): $66M (New Leaf Venture Partners, abrdn Inc., Bain Capital Life Sciences, Samsara BioCapital, Redmile Group, Mass General Brigham Ventures, RA Capital Management, Pontifax, Sanofi Ventures, Foresite Capital, NEA, Eurofarma Ventures, Kaitai Capital, Soleus Capital, Nancy Chang, Shang Bay, Rock Springs Capital)
- Skan AI ๐บ๐ธ (Enterprise AI): $63M (Cathay Innovation, Dell Technologies Capital, Citi Ventures, Bloomberg Beta, State Farm Ventures, Wipro Ventures)
- Gallos ๐ฌ๐ง (Defense): $50M (Ventura Capital, Aberdeen Investments, Lansdowne Partners)
- Oceanloop ๐ฉ๐ช (Aquaculture): โฌ38.5M (Hatch Blueโs Blue Revolution Fund, Stolt Ventures)
- Leal Therapeutics ๐บ๐ธ (Biotech): $30M (Eli Lilly and Company, OrbiMed, Newpath Partners, Euclidean Capital, SV Health Investors’ Dementia Discovery Fund, Chugai Venture Fund, Alexandria Venture Investments, PhiFund)
- Mindgard ๐ฌ๐ง (AI security): โฌ26M (Album VC, Karma Ventures,.406 Ventures, Atlantic Bridge, IQ Capital)
- Quartr (Fintech): $18M (Altos Ventures, SEB (publ.))
- EUROS ๐ซ๐ท (Medical devices): โฌ12.6M (Fonds pour une transition juste)
- SweGaN ๐ธ๐ช (Semiconductor): โฌ12.09M (Thisbe AB, North Ventures, existing shareholders)
- Preview ๐ท๐ธ (AI): $12M (Sequoia, The General Partnership, Badrul Farooqi)
- Lanyon AI ๐บ๐ธ (AI): $10.6M (Dimension)
- Naran ๐ฆ๐ช (Mobility fintech): $10M (Landel)
- Takt ๐บ๐ธ (Logistics): $9.25M (Ballast Point Partners)
- Edgify ๐ฌ๐ง (Retail): $9M (Rank Ventures, Mangrove Capital Partners)
- Xpander ๐บ๐ธ (AI): $7.5M (Pico Venture Partners, Emerge Ventures, Samsung Next, SeedIL)
- amber ๐ฉ๐ช (AI): โฌ7M (Ventech, NRW.Venture)
- Cytix ๐ฌ๐ง (Cybersecurity): $7M (Northern Gritstone, Auriga Cyber Ventures, NPIF II โ PXN Equity Finance)
- Computomics ๐ฉ๐ช (Agritech): โฌ6.3M (Convent Capital Agri Food Fund, High-Tech Grรผnderfonds, MBG Baden-Wรผrttemberg, Amathaon Capital, founders, scientific advisers, European Union (InvestEU Fund))
- Enogia ๐ซ๐ท (Energy): โฌ5.4M
- InfiniG ๐บ๐ธ (Telecom): $5.2M (J2 Ventures, Stormbreaker Ventures)
- KeratโInnov ๐ซ๐ท (Healthcare): โฌ5M
- Aerleum ๐ซ๐ท (Cleantech): โฌ4.8M
- CAMO Hospitality ๐บ๐ธ (Hospitality): $4M (Anthony Lacavera, Rajan Hansji, Azim Jamal, Parsa Rohani, Evan Weiss, group of hotel owners)
- Birdsview ๐ณ๐ด (Proptech): โฌ3.7M (Sarsia, Butterfly Ventures, Proptechfonden, Kiilto Ventures, Nordic Makers, Momentum, Eviny Ventures, Farvatn Venture, Erik Bakstad, Gunnar Hvammen, Herman)
- AMDB Security Pro ๐ซ๐ท (Security): โฌ2.68M
- Space ๐บ๐ธ (Storage): $2.4M (a16z Speedrun, Golden Ventures, Northside Ventures, a dozen angel investors)
- Noggin HQ ๐ฌ๐ง (Fintech): ยฃ2.3M (Blackfinch Ventures, Oxford Capital, Bethnal Green Ventures, Alastair Douglas)
- Aisot Technologies ๐จ๐ญ (Fintech): โฌ2.13M (family offices, angel investors, Felix Haldner)
- Millow ๐ธ๐ช (FoodTech): โฌ2M (Magnus Emilson, Jan Enhager)
- Astute ๐บ๐ธ (Martech): $1.2M (Flyer One Ventures, Silicon Gardens, Marathon Fund, Entrepreneurs Roundtable Accelerator, strategic angel investors)
- Versatile RobotX ๐ฌ๐ง (Agtech robotics): ยฃ1M (British Design Fund, Innovate UK Growth Catalyst Investor Partnerships, Defra Farming Innovation Programme)
Fund Watch
- PAG ๐ญ๐ฐ: $5B (Asia fund, seeking up to $5B after exit spree)
- Ascend Sport Technology ๐จ๐ญ: $750M (merging with EvoNext Holdings, advanced talks, up to $750M valuation)
- QuantumLight ๐ฌ๐ง: $500M (2nd VC fund, founded by Revolut’s Nik Storonsky)
- Broadwing Capital ๐บ๐ธ: $440M (Fund I, inaugural lower-middle-market manufacturing & services fund, oversubscribed)
- Reach Capital ๐บ๐ธ: $265M (Reach V, 5th early-stage fund for AI in learning, health, work)
- Homestead Capital ๐บ๐ธ: $150M (debut agriculture private credit fund, $150M anchor from state pension)
- Floating Point ๐บ๐ธ: $125M (Fund III, early-stage VC investing in complex real-economy sectors)
๐IPO
- Glencore ๐จ๐ญ (Mining): acquired warrants that could give it a 5% stake in fraudโaccused ironโore trader Radiant World.
- Lyntris ๐บ๐ธ (Defense): raised $297.5M in its IPO.
- General Atlantic ๐บ๐ธ (Growth equity): picked JPMorgan for a revived IPO effort.
- Madison Square Garden Sports ๐บ๐ธ (Sports): filed to spin off NHL’s New York Rangers from NBA’s New York Knicks.
- SailPoint ๐บ๐ธ (Cybersecurity): targeting an $11.5B valuation in its IPO.
- Shein ๐จ๐ณ (E-commerce): targeting a ~$25B valuation in a Hong Kong IPO, offering up to 8% (~$2B), roughly four times below its $98.2B 2022 private valuation.
- Robotera ๐จ๐ณ (Robotics): plans to raise $1B in a Hong Kong IPO backed by HSG and CDH.
- Unitree ๐จ๐ณ (Robotics): raised about โฌ780M in its Shanghai IPO, debuting 629% above the issue price at a ~โฌ57B valuation.
- Sembcorp Industries ๐ธ๐ฌ (Energy): preparing to file for a $500M India IPO for its Sembcorp Green Infra unit.
- Dhoot Transmission ๐ฎ๐ณ (Power equipment): surged 37% after raising $320M an India IPO.
๐บ๐ธ United States
- FORT Robotics ๐บ๐ธ (Robotics): to go public via SPAC at a $556.6M enterprise value, raising about $201M gross.
๐งณ Debt
- Germany ๐ฉ๐ช: set to sell 30-year bonds at the highest yield since 2011.
- Greece ๐ฌ๐ท: to repay โฌ13B of crisis-era debt early by year-end.
- Nvidia ๐บ๐ธ: will provide a $105B backstop to help OpenAI lease an Ohio data center from SoftBankโowned SB Energy.
- Paramount Skydance ๐บ๐ธ: requested a $1.9B bond from the 12 states that sued to pause the deal.
- KKR ๐บ๐ธ: via its Internet Brands unit, plans to issue a bond to refinance debt.
- Blackstone ๐บ๐ธ: sold $750M of investment-grade bonds.
- Export-Import Bank of Korea ๐ฐ๐ท: will lend $1B to Glencore for copper supply to Korean companies.
- Alphabet ๐ฆ๐บ: preparing a $3.6B debut Australian bond sale.
๐บ๐ธ United States
- SolvChem ๐บ๐ธ: secured an expanded senior credit facility from Amegy Bank (amount undisclosed).
- Luminar Capital ๐บ๐ธ: closed a $5M senior secured credit facility, scalable to $15M.
- Universal Technical Institute ๐บ๐ธ: secured a $200M senior secured revolving credit facility.
โ Failures
- Toob ๐ฌ๐ง: Ares will take control and inject fresh equity into the struggling UK broadband provider.
- Nokia ๐ซ๐ฎ: prรฉvoit de supprimer la majeure partie de ses effectifs en Chine (environ 7 200 employรฉs en Grande Chine) et fermer la plupart des sites d’ici la fin de l’annรฉe.
- Rebel Creamery ๐บ๐ธ: filed for bankruptcy after a packaging lawsuit sank the keto ice cream maker.
- Bally’s ๐บ๐ธ: warned of debt covenant breaches as it struggles to raise new funds.
- Blueprint ๐บ๐ธ: after Sanofi’s $9.1B acquisition, 229 of the biotech’s 687 employees were notified of collective dismissal.
- Grupo Casas Bahia ๐ง๐ท: filed for bankruptcy in Brazil after an out-of-court restructuring with creditors proved insufficient.
- SDIC Commodities ๐จ๐ณ: a Hong Kong court ordered a state-backed unit to be liquidated.
๐ฌ๐ง United Kingdom
- Ferguson Marine ๐ฌ๐ง: to cut about 70 jobs while awaiting confirmation of ยฃ14.2M in modernisation funds and promised new ferry contracts.
๐ฏ For a Few More Minutesโฆ
- ๐ฌ๐ง Bench Mark. Sam Wilmot, creator of Rate This Bench, finally awards his first perfect 10/10 after marrying his wife beside his favorite seat. (Bbc)
- ๐ซ๐ท City of Lightsabers. With the Esports World Cup landing unexpectedly in Paris, the capital trades football for Rocket League and a shot at digital dominance. (Le Temps)
- ๐ซ๐ท Bug-Out Business. Time on Target fills its survival classes with city dwellers eager to master catastrophe basics, from Siberian knots to the rule of six. (Les Echos)
- ๐บ๐ธ Crash Landing. NASA has released new images of the 18-meter-wide crater left by a SpaceX Falcon 9 rocket stage crashing into the Moon, revealing striking surface patterns. (Le Monde)
- ๐บ๐ธ Will Power. Aretha Franklin left behind multiple handwritten wills, sparking a years-long legal battle among her sons over her estate. (Libรฉ)
- ๐ต๐ช Bone Voyage. Peru’s Culture Ministry announces the discovery of a possible sacrificial victim from 1,400 years ago at Lima’s Huaca Pucllana, adding another chapter to its ceremonial history. (Die Zeit)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Family Plot. Earl Spencer announces a new book about Princess Diana, promising to reveal his version of her life and legacy before others rewrite the script. (Bbc)
๐บ๐ธ United States
- ๐บ๐ธ Name Drop. Alaskaโs Senate ballot will feature two Dan Sullivans, one a GOP incumbent and one a mysterious challenger, leaving Republicans fuming over alleged sabotage and voter confusion. (New York Times)
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