๐ฅจ Fresh Out the Drawer
Applause louder than the action, as usual.
Also available:๐ซ๐ท รdition franรงaise
Good morning!
The bill for keeping Europe a serious economy was first put at โฌ800B a year. It now stands at almost โฌ1.2T a year, and the โฌ400B of difference is defence, the price of an assumption that held from 1949 until it stopped. The revised figure was delivered in a coronation hall in Aachen, where Mario Draghi collected the Charlemagne Prize in front of Friedrich Merz, Christine Lagarde and Kyriakos Mitsotakis, which is to say the audience the report was addressed to. Rarely has a continent applauded a diagnosis so warmly while leaving the prescription in the drawer.
Capital markets union has been an official project since 2015 and was renamed the Savings and Investments Union in 2025, on the reasonable grounds that the old name had started to sound like an accusation. Its flagship remedy for 27 incompatible national legal systems is to add a 28th. Precedent offers little comfort: the unitary patent has been adopted by 18 member states, the cross-border divorce regime by 17. A union with firmer views on how to separate than on how to incorporate. That same fragmentation burns โฌ60B a year in economies of scale never realised on defence procurement, on top of the โฌ40B to โฌ70B European governments hand annually to American arms manufacturers.
InvestAI put โฌ20B behind up to five AI gigafactories and drew 76 expressions of interest worth โฌ230B. Proposals are not the scarce input. Alphabet’s capital expenditure for this year runs to $205B, roughly the entire โฌ200B that InvestAI hopes to mobilise by 2030, spent by one company in twelve months. Google separately pays SpaceX $920M a month to rent computing capacity from a rocket manufacturer. About half the capital invested through European funds flows back across the Atlantic, so European savers are quietly co-financing the gap they are invited to worry about.
Mocking the slowness is cheap. The machinery was built slow on purpose, by people who had seen what this continent does when one state decides alone, and for seventy years the premium was worth paying. It is being called in now. Brussels fined Google โฌ890M under the Digital Markets Act, a decision reportedly held back for months to avoid unsettling trade talks, and Washington answered within a day with a Section 301 investigation and a promise to reverse the penalties. Whether the โฌ890M is ever collected describes Europe’s position more accurately than any investment target, because every shock absorbed without reply discounts the next one. A compute gap does not wait to be closed the way a trade deficit does: these systems improve through use, and the first to assemble the advantage keeps it. The bill was quoted per year. The window was not.
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๐๏ธ Top Story
- ๐ฌ๐ง Patriot Games. Britain commits ยฃ100M for Patriot missiles and artillery to Ukraine, just as Russian attacks on Kyiv leave two dead and many wounded. (Spiegel)
- ๐ฉ๐ช Fact or Fiction. Angela Merkel warns that the AfDโs success in Saxony-Anhalt shows feelings now outweigh facts, calling it a dangerous setback for German democracy. (Die Zeit)
- ๐ต๐น Motion Denied. The far-right Chega partyโs bid to topple Portugalโs conservative government failed as most parties either voted against or simply abstained, leaving Montenegro unscathed. (El Pais)
- ๐ธ๐ช Left Out. Sweden’s Left Party dropped eight local candidates after revelations of antisemitic and pro-Hamas posts, casting doubt on its coalition prospects. (Le Monde)
- ๐ช๐บ Minor Adjustments. Over 130 NGOs and experts urge the to impose stricter age-based social media rules for minors instead of a blanket ban, insisting platforms should bear real responsibility. (France Info)
- ๐ช๐บ Help Wanted. Juan Jesรบs Vivas, president of Ceuta, appeals to the for Frontex support and financial aid as the enclave faces a humanitarian crisis. (Spiegel)
- ๐ช๐บ Settling Scores. A coalition of 12 Western nations moves to restrict imports from Israeli settlements, with Israel retaliating by vowing to shut down the UK consulate in East Jerusalem. (Spiegel)
- ๐ท๐ธ Poll Position. Serbian President Aleksandar Vucic announced snap parliamentary elections for October 25, dissolving the Assembly after months of student-led protest demanding a vote. (Le Monde)
- ๐บ๐ธ Toxic Cover. Mayor Mamdani claims New York misled residents about post-9/11 air safety and will publish thousands of documents to prove the city hid asbestos risks. (Spiegel)
- ๐ธ๐ฌ Wong Percent. Singapore’s Prime Minister Lawrence Wong will see his annual salary jump 62% to โฌ2.4M, keeping his title as the world’s best-paid leader. (Le Figaro)
- ๐ธ๐ฆ Kingdom Comeback. Saudi Arabia promises retaliation after Houthi attacks injure 73 civilians in four regions, escalating a conflict that never really left the stage. (New York Times)
- ๐ฎ๐ท Drone Alone. Tehran says it captured one of the US Navyโs most advanced submersible drones at the mouth of the Strait of Hormuz, just to keep things interesting. (Le Parisien)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Trading Places. Britain launches sanctions on Israeli settlements, prompting Israeli officials to accuse the UK of siding against Israel in the West Bank dispute. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ PAC to the Future. Elon Musk’s America PAC launches $100M in ads targeting Democrats over transgender issues in key Senate races, hoping to tip the balance in November. (New York Times)
- ๐บ๐ธ Money Where His Mouth Is. Governor JB Pritzker pours $20M into a new PAC to help Democrats in tough midterm races, raising both party hopes and his own profile for 2028. (New York Times)
๐๏ธ Economy
- ๐ฌ๐ง Tax and Learn. A Compass report urges Prime Minister Andy Burnham to fight inequality with a wealth tax, free personal social care, and public control of energy networks, because nothing says optimism like a radical to-do list. (The Guardian)
- ๐ฌ๐ง Gilt Trip. The UK paid a 5.82% yield to sell ยฃ4.25B of 30-year gilts, its highest borrowing cost since 1998, as fiscal pressures mount. (The Guardian)
- ๐ฌ๐ง Pixel Patrol. The UK will compel Apple ๐บ๐ธ and Google ๐บ๐ธ to build safeguards into phones and apps that stop kids from sending or viewing nude images, in what ministers call a global first. (Financial Times)
- ๐ซ๐ท Screen Saver. The French CNC is launching a global fund called IRIS with โฌ30M to help struggling independent cinemas worldwide, aiming to revive moviegoing where it’s needed most. (France Info)
- ๐ฉ๐ช Out of Forward. German exports declined 0.8% in July, breaking a half-year run of gains and reminding Berlin that momentum is not guaranteed. (Wall Street Journal)
- ๐ช๐บ Merge Ahead. The European Commission signals it will now consider larger corporate mergers if they boost investment or help firms compete globally, marking a shift from its traditional hard line. (Financial Times)
- ๐ช๐บ Out of Sight. Europe celebrates Yaraโs ๐ณ๐ด new carbon capture project, quietly noting that most of the continentโs emissions are still left above ground. (Financial Times)
- ๐ช๐บ Euro Vision. France wants the to collect more than โฌ60B in fresh taxes, but its ambitious pitch is meeting a wall of resistance from other capitals. (Politico)
- ๐บ๐ธ Insiderโs Game. Treasury Secretary Bessent boasts of asymmetric information on yen intervention, inviting traders to challenge his supposed edge. (Bloomberg)
- ๐จ๐ฆ Border Dispute. Canada imposes tariffs of up to 50% on $20B of US goods, leaving several states to tally the cost of a trade war. (Wall Street Journal)
- ๐ฆ๐ท License to Drill. Argentina files complaints against Navitas ๐ฎ๐ฑ and JHI Associates ๐จ๐ฆ for allegedly securing UK-backed oil rights in the disputed Falkland Islands, escalating the sovereignty standoff. (Le Temps)
- ๐ฎ๐ถ Quota Unquote. Iraq wants OPEC+ to recalculate its oil output limit from a 6M barrel per day baseline, aiming for a substantial boost. (Bloomberg)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Gilt Trip. The UK just sold ยฃ4B of 30-year bonds at a 5.82% yield, the highest borrowing cost since 1998: investors cheer, taxpayers wince. (Financial Times)
- ๐ฌ๐ง Patent Pending. Former PM Gordon Brown calls for a national push on innovation to revive UK growth, arguing that inventiveness is Britainโs best chance at closing the productivity gap with the US. (Financial Times)
๐ข Real Estate
- ๐ซ๐ท Stars, Stripes, and Stones. The US government will help restore Lafayetteโs chรขteau in Chavaniac-Lafayette with a $250K grant, a first for French heritage. (Le Figaro)
- ๐บ๐ธ Serverance Package. Ohio and other states are pulling back on lucrative tax exemptions for tech giants after AI-fueled data center incentives ballooned far beyond original estimates. (Wall Street Journal)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Rate Expectations. UK mortgage borrowers hoping for relief are hit with higher rates from major lenders, adding over ยฃ5,000 a year to typical repayments. (BBC)
๐ On-chain
- ๐บ๐ธ Crypto Hunter. Hunter Biden launches a meme cryptocurrency referencing his infamous laptop scandal, turning the Trump campโs favorite attack into digital currency. (Le Parisien)
- ๐บ๐ธ Chain Reaction. Visa ๐บ๐ธ links its payment network to blockchain lending, aiming to funnel working capital to stablecoin card programs and fintechs at crypto speed. (FinExtra)
- ๐ฏ๐ต Catch and Release. A hacker stole $340M in bitcoin from Blockstream’s ๐จ๐ฆ Liquid Network, then returned most of it after the company fixed a bug. (TechCrunch)
- ๐ฎ๐ท Coin of Last Resort. Facing tightened US sanctions and a trade blockade, Iran now openly encourages businesses to use crypto for cross-border payments and imports. (Financial Times)
๐ฑ Listed Markets
- ๐ช๐บ Local Motive. Dacia shifts Spring production from China to Europe, betting that a continental address will spark fresh demand for its city EV. (Les Echos)
- ๐บ๐ธ Rocket Weighted. SpaceX could see its shares surge as the Nasdaq 100 index prepares to increase its weighting and more stock lockups expire, unlocking a wave of trading. (Bloomberg)
- ๐บ๐ธ Chip Shot. Marvell Technology ๐บ๐ธ has seen its stock jump 241% in a year, as its CEO points to AI growth fueling the rally. (CNBC)
- ๐บ๐ธ Bend It Like Apple. New CEO John Ternus introduces Appleโs ๐บ๐ธ first foldable iPhone amid price hikes and AI lag, betting premium hardware will distract from playing catch-up. (Le Figaro)
- ๐บ๐ธ Truth in Trading. Trump Media launches Truth Social-branded ETFs, targeting investors who want their portfolios as MAGA-friendly as their news feeds. (New York Times)
- ๐บ๐ธ Level Up. GameStop ๐บ๐ธ reports a sharp jump in profit to $299M for the quarter and upgrades its full-year forecast, powered by collectibles. (Wall Street Journal)
- ๐ต๐ฆ Dry Run. The new Panama Canal chief faces immediate tests: record-low water levels and a tug-of-war between US and Chinese interests in global shipping. (Wall Street Journal)
๐๏ธ Big Deals (M&A)
- Toscafund ๐ฌ๐ง acquires Spire Healthcare ๐ฌ๐ง for over $1.4B.
- Leiber ๐ฉ๐ช acquires Romanian brewerโs yeast producer AGSIRA ๐ท๐ด and its Mizil production facility.
- UniCredit ๐ฎ๐น acquires a minority stake in VC Trade ๐ฉ๐ช, a fintech providing digital infrastructure for debt transactions.
- Lexroom ๐ฎ๐น acquires French legal AI company Query Juriste ๐ซ๐ท and Bulgarian legal AI company Praven Intelekt ๐ง๐ฌ.
- BCC-Grupo Cooperativo Cajamar ๐ช๐ธ ends talks to acquire Banco CTT ๐ต๐น from CTT – Correios de Portugal ๐ต๐น.
- Waterland ๐ณ๐ฑ plans to make a higher offer for Gamma Communications ๐ฌ๐ง than Epiris ๐ฌ๐งโs $1.4B bid.
- EQT ๐ธ๐ช acquires a majority stake in UK insurance broker McGill and Partners ๐ฌ๐ง from Warburg Pincus ๐บ๐ธ for $2B.
- Sweden ๐ธ๐ช acquires Lockheed Martin ๐บ๐ธโs HIMARS artillery rocket system for $730M.
- Daniel Kretinsky ๐จ๐ฟ acquires shares in West Ham United ๐ฌ๐ง from Vanessa Gold, becoming the clubโs largest shareholder with a 46% stake. David Sullivan ๐ฌ๐ง raises his stake to 40% despite sex abuse allegations.
- Cristian Erbaศu ๐ท๐ด and Vlad-Francisc Iman ๐ท๐ด acquire medical equipment supplier Vici Evolution ๐ท๐ด.
- Cerberus ๐บ๐ธ could acquire Goodwinโs defense division ๐ฌ๐ง for ยฃ1B.
- Anthropic ๐บ๐ธ abandons its planned $6B acquisition of Decart AI ๐ฎ๐ฑ.
- EverBank Financial ๐บ๐ธ acquires WaFd ๐บ๐ธ in a $3.9B reverse merger expected to close in early 2027, creating a lender with $75B in assets.
- GE Aerospace ๐บ๐ธ acquires metal-castings provider Consolidated Precision Products ๐บ๐ธ for $11.75B.
- Citadel ๐บ๐ธ is seeking to acquire U.S. shale oil production assets.
- Blackstone ๐บ๐ธ is looking to buy a 15.2% stake in IIFL Finance ๐ฎ๐ณ, valued at $3B, from Fairfax Financial Holdings ๐จ๐ฆ.
- Warburg Pincus ๐บ๐ธ was rejected by Ingenia Communities ๐ฆ๐บ over its $1.4B takeover bid, despite a 30% premium.
- L Catterton ๐บ๐ธ is close to acquiring a controlling stake in fitness competition brand Hyrox ๐ฉ๐ช from Infront Sports & Media ๐จ๐ญ at a $700M valuation.
- American firms ๐บ๐ธ are exploring the acquisition of a majority stake in G42 ๐ฆ๐ช.
- Circle ๐บ๐ธ acquires Singapore-based cross-border payments platform Tazapay ๐ธ๐ฌ. Financial terms were not disclosed.
- DigitalBridge ๐บ๐ธ-led consortium acquires VodafoneZiggo ๐ณ๐ฑโs telecom towers for โฌ669M ahead of Ziggo Groupโs planned 2027 listing.
- Tamarack Valley Energy ๐จ๐ฆ acquires Headwater Exploration ๐จ๐ฆ in a $7.24B all-stock deal.
- Xiaomi ๐จ๐ณ invests tens of millions of yuan in electric sports car startup Tianjin Gongjiangpai Auto Technology ๐จ๐ณ, also known as Small Sports Car.
- Santos ๐ฆ๐บ acquires an additional 3.3% stake in the Papua LNG project from TotalEnergies ๐ซ๐ท for $190M, raising its stake to 21%.
- ADNOC ๐ฆ๐ช is in talks to acquire stakes in refineries owned by PTT ๐น๐ญ and Dangote ๐ณ๐ฌ.
- Industrial Development Corp. ๐ฟ๐ฆ plans to sell its 10.5% stake in Rossing Uranium ๐ณ๐ฆ.
- Angola ๐ฆ๐ด plans to sell a 34% stake in Standard Bank de Angola ๐ฆ๐ด for $230M.
๐บ๐ธ United States
- One Equity Partners ๐บ๐ธ invests in railcar and locomotive maintenance and repair services provider Metro East Industries ๐บ๐ธ.
๐งณ Private Markets & VC
- ๐ฌ๐ง Fund Flight. Chris Rokos, one of the UK’s highest-earning hedge fund founders, is preparing to leave Britain, adding to the billionaire brain drain. (Bloomberg)
- ๐ฌ๐ง Bank Shot. Revolut ๐ฌ๐ง targets FTSE 250 companies with its newly licensed business banking push, hoping to swipe clients from Barclays and HSBC by 2027. (Financial Times)
- ๐ฌ๐ง Model Behavior. Anthropic ๐บ๐ธ kept its latest AI, Claude Mythos 5.1, away from UK regulators, leaving Whitehall worried about being locked out by Washingtonโs new rules. (Financial Times)
- ๐ซ๐ท Space Invaders. Infinite Orbits launches its first French plant to assemble satellite tugs and orbital guardians, betting $7.5M on the future of in-space servicing. (Les Echos)
- ๐บ๐ธ Proof of Concept. OpenAI claims its newest AI model has solved the Navier-Stokes Millennium Problem in just 88 hours, shaking the foundations of elite mathematics. (New York Times)
- ๐บ๐ธ Izzy’s Big League. Izzy Englander’s Millennium Management ๐บ๐ธ is racing toward $100B in assets, using a strategy of funding would-be competitors to expand its empire. Apparently, in hedge funds, it pays to multiply. (Bloomberg)
- ๐ Artificial Selection. Tech giants slashed 129,000 jobs in 2026 as they chase AI ambitions, proving that progress sometimes means deleting the workforce to upgrade the code. (Startupper)
๐บ๐ธ United States
- ๐ฆ๐บ Shift Happens. Thoma Bravo invests in Australian HR platform Tanda ๐ฆ๐บ to accelerate its AI roadmap and global expansion, with founders staying at the helm. (PR Newswire)
Fundraising
- Cinven ๐ฌ๐ง (Private equity): โฌ2.3B
- Adani Airport Holdings ๐ฎ๐ณ (Aviation): $1B (Alpha Wave Global, Premji Invest, Temasek Holdings, BlackRock)
- HDBank ๐ป๐ณ (Banking): $721M (ADB, Standard Chartered, ANZ, Cathay United Bank, Commerzbank, Maybank Securities, MUFG Bank, State Bank of India)
- Uforce ๐ฌ๐ง (Drones): $500M (Valor Equity Partners)
- The Exploration Company ๐ซ๐ท๐ฉ๐ช (Space): $450M (Bessemer Venture Partners, Atomico, Scaleup Europe Fund, Balderton, Plural, Cherry, Red River West)
- Gimlet Labs ๐บ๐ธ (AI): $300M (a16z)
- Celero Communications ๐บ๐ธ (AI infrastructure): $275M (Atreides Management, Valor Equity Partners, CapitalG, Sutter Hill Ventures, Maverick Silicon)
- New startup ๐ซ๐ท (Robotics): โฌ200M
- Forus ๐บ๐ธ (Healthcare): $150M (Bain Capital Ventures, Thrive Capital, General Catalyst, Accel, Redpoint, BoxGroup, Pear VC, Avra, Human Capital, Neo, Vast Ventures, SV Angel)
- BrainChild Bio ๐บ๐ธ (Biotech): $116M (Seattle Childrenโs, WRF Capital, undisclosed private family fund and foundation)
- Quantinuum ๐บ๐ธ (Quantum computing): $100M (U.S. Department of Commerce)
- Pixxel ๐ฎ๐ณ (Space): $100M (Temasek, Seraphim, Radical Ventures, growX Ventures, 360 ONE Asset, IMM Investment)
- XDOF: $70M
- Moonwalk Biosciences ๐บ๐ธ (Biotech): $70M (Alpha Wave, YK Bioventures, Eli Lilly and Company, Gaorong Ventures, ARCH Venture Partners, Khosla Ventures, Future Ventures)
- Poseidon Aerospace ๐บ๐ธ (Aerospace): $60M (TQ Ventures, Hanwha Asset Management, G Squared, JAWS, Starship Ventures, Draper Associates, Drover Ventures)
- Nua ๐ฎ๐ณ (Wellness): $50M (Peak XV Partners, Filter Capital)
- Bluecore Energy ๐บ๐ธ (Energy): $50M (Silverton Partners, Slauson & Co., Harlem Capital, Chris Larsen, Collab Capital, HartBeat Ventures)
- Yellow Card ๐ณ๐ฌ (Fintech): $40M (SC Ventures by Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital)
- Sapiom ๐บ๐ธ (AI): $35M (Dragonfly, Accel, Gradient, Coinbase Ventures, Operator Collective, Formus Capital, VanEck Ventures, Okta Ventures, Menlo Ventures, Anthropic, Array Ventures)
- CloudNC ๐ฌ๐ง (Manufacturing software): $20M (Nimble Ventures, Calculus Venture Capital, Entrepreneur First, LM Capital)
- Blee ๐บ๐ธ (AI): $20M (Fin Capital, SMBC Fin Atlas Beyond Fund, Hannah Grey VC, National Bank of Canada, Y Combinator, Penny Jar Capital, Cardumen Capital, Treasury)
- Soulhouse ๐ฉ๐ช (Wellness): โฌ20M (Spheres, Schwarzkopf Family Office, Heinemann Family Office, Vรถlkers Family Office, Business Angels)
- iPremom ๐ช๐ธ (Biotech): โฌ15M (Amadeus Capital Partners, Asabys, APEX Ventures)
- ZeroRisk ๐ฎ๐ช (Cybersecurity): $10M (MiddleGame Ventures, Elkstone)
- Ground A ๐ฉ๐ช (Defence): โฌ9.1M (Vsquared, Quantum Systems)
- Olenbee ๐ซ๐ท (Fintech): โฌ7M (Go Capital, Bpifrance, European Regional Development Fund, business angels)
- Cato ๐ฎ๐น (AI): โฌ6M (Keen Venture Partners, Vento, Heartfelt, Moonstone, BHeroes, Alecla7)
- Hope Care ๐ต๐น (Healthcare): โฌ6M (Iberis Capital, Vieira de Matos – VDM Capital, S.A., Buenavista Equity Partners)
- Creditstar Group ๐ช๐ช (Fintech): โฌ4.6M (Kilde)
- Jaipur Robotics ๐จ๐ญ (AI): โฌ4.3M (EquityPitcher Ventures, High-Tech Grรผnderfonds)
- Lightsage ๐บ๐ธ (AI): $4M (Nexus Venture Partners, Steven Tamm, Abhinav Asthana, Matt Curl, Robert Chatwani, Hila, Zeno, Eric, Ivan, Shuhao, Adam Frankl)
- Tickets for Good ๐ฌ๐ง (Ticketing): ยฃ3.9M (NPIF II – Mercia Equity Finance, Shaping Impact Group, Finance Yorkshire, Leansquare, private investors)
- Fluencify ๐ธ๐ช (Marketing): โฌ3.7M (byFounders, Wave Ventures)
- Fusionality ๐ฌ๐ง (Energy): $3.7M
- Veridue ๐ฌ๐ง (Proptech): โฌ3.44M (Episode 1 Ventures, HTGF, Pi Labs)
- Outline ๐ซ๐ท (Fintech): $3M (Founders Future, 100in, Newschool, business angels)
- sci2sci ๐ฉ๐ช (AI): โฌ1.2M (Heliad, IBB Ventures, Robin Capital, Superangels)
Fund Watch
- Millennium Management ๐บ๐ธ: $22B (fundraising haul, multi-strategy hedge fund)
- HUMAIN ๐ธ๐ฆ: $10B (venture capital fund, planned)
- BNP Paribas Asset Management Alts ๐ซ๐ท: โฌ1.2B (European Junior Infrastructure Debt Fund II, junior infrastructure debt fund)
- Claret Capital ๐ฌ๐ง: $670M (4th European growth debt fund, venture debt)
- Molten Ventures ๐ฌ๐ง: ยฃ175M (growth fund for European tech scale-ups, ยฃ350M target, currently raising)
- Clean Growth Fund ๐ฌ๐ง: โฌ94.5M (Fund II, ClimateTech VC fund, โฌ174M target)
- WNC & Associates, Inc. ๐บ๐ธ: $66.3M (23rd California-focused affordable housing fund)
- Rohati Capital ๐บ๐ธ: $50M (Rohati Fund I, inaugural venture fund)
- BioInnovation Institute ๐ฉ๐ฐ: โฌ8M (investment in six health and sustainability companies)
๐IPO
- EM&E ๐ช๐ธ (Defense): the Escribano family is planning an IPO following รngel Escribanoโs exit from Indra.
- Oura Health ๐ธ๐ช (Wearables): named Robinhood as an underwriter for its first IPO.
- Anthropic ๐บ๐ธ (AI): launching a $100B IPO in mid-October, led by Morgan Stanley and Goldman Sachs.
- Blue Owl Capital ๐บ๐ธ (Real Estate): seeking to launch a $6.5B listed data center REIT.
- Adarx Pharmaceuticals ๐บ๐ธ (Biotech): filed for an IPO.
- Longsys ๐จ๐ณ (Electronics): raised $903M in a Hong Kong IPO, with shares slipping 1% on debut.
- Moonshot AI ๐จ๐ณ (AI): considering a Hong Kong IPO that could raise $5B this year.
- SHEIN ๐จ๐ณ (Fashion): raised $1.75B at a $26.5B valuation. Shares are down 19% from the IPO price.
- Preferred Networks ๐ฏ๐ต (Semiconductors): plans to go public in Japan before 2030.
- Musinsa ๐ฐ๐ท (Fashion): planning a South Korean IPO at a $7.5B valuation.
- Merdeka Battery Materials ๐ฎ๐ฉ (Mining): considering a Hong Kong IPO.
- Jio Platforms ๐ฎ๐ณ (Telecom): set to market a record $4B IPO at a potential $150B valuation.
- Dangote Petroleum Refinery and Petrochemicals ๐ณ๐ฌ (Energy): seeking to raise $1.6B at a $49B valuation in Africaโs largest IPO.
- Eskom Transmission ๐ฟ๐ฆ (Energy): South Africa plans to spin it off as an independent transmission system operator.
๐งณ Debt
- Nscale ๐ฌ๐ง: seeking $1.5B in convertible debt and $2B in financing from Nvidia ahead of its $3B US IPO.
- Orange ๐ซ๐ท: raised โฌ4.1B through a four-tranche bond issue.
- Clariane ๐ซ๐ท: raised โฌ500M in senior unsecured notes due 2032.
- Portugal ๐ต๐น: secured โฌ1.5B from the EIB for affordable housing.
- Bittnet ๐ท๐ด: raised โฌ7.7M in bonds at a 10.6% annual coupon to fund projects, repay debt and buy back shares.
- Amazon ๐บ๐ธ: plans its first sterling bond issue, with maturities of 3-19 years.
- Blue Owl Technology Finance Corp. ๐บ๐ธ: raised $150M in its third financing since June.
- ByteDance ๐จ๐ณ: secured a $29.6B loan from 30 banks for its AI push.
- Chinese University of Hong Kong ๐ญ๐ฐ: seeking a $510M bank loan to refinance a private hospital facility.
- MTN Group ๐ฟ๐ฆ: exploring its first international bond sale in a decade to fund a $2.2B IHS Towers buyout.
- Standard Bank Angola ๐ฆ๐ด: Angola seeks $228M from a 34% stake sale.
๐บ๐ธ United States
- NextEra Energy ๐บ๐ธ: secured a $1.9B DOE loan to restart Iowaโs Duane Arnold nuclear plant.
- ErieView Development ๐บ๐ธ: secured $217.6M in financing for its Cleveland redevelopment, including $93.4M in C-PACE capital.
- Ares Capital ๐บ๐ธ: priced $750M of unsecured notes due 2033.
- Bladex ๐ต๐ฆ: raised MXN 5B in three-year Mexican notes.
โ Failures
- Cerba Healthcare ๐ซ๐ท: the EQT-backed medical diagnostics firm is heading for court-supervised restructuring over $5.8B in debt.
- Ferrexpo ๐บ๐ฆ: the iron ore miner raised $100M to stave off insolvency.
- LIV Golf ๐บ๐ธ: filed for Chapter 11 bankruptcy protection after seeking up to $350M in funding.
๐ฏ For a Few More Minutesโฆ
- ๐ฉ๐ฐ Dig Rich Quick. A man building a terrace in Rebild, Denmark, unearthed the country’s largest Viking treasure: 18.5 kg of silver coins and jewelry from the 10th century. (Le Figaro)
- ๐จ๐ฟ Wish Upon a Star. The Fermi Explorer team wants to contact possible life at Proxima Centauri with a $15M message, but patience is required for a reply. (Cc)
- ๐บ๐ธ Name Drop. The creators of South Park mock Trumpโs geographic renaming spree by rebranding their show as South America, with a nod to Apple and Googleโs โpatriotism.โ (CNBC)
- ๐บ๐ธ Bad Bloodlines. Nathan Fielderโs new film follows Elizabeth Holmes in the final weeks before her prison sentence, promising a closer look at Silicon Valleyโs most infamous fraudster. (Breakit)
- ๐จ๐ณ Mao Power. Half a century after his death, Mao Zedongโs image and ideology remain central for young Chinese searching for meaning in a changing China. (El Pais)
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