🥂 Champagne on Credit
The bond guy's face says it all.
Good morning!
David Ellison is days from owning Warner Bros., HBO, CNN and the Harry Potter vaults, and the bond market has greeted him like a bank manager watching an overdrawn client order champagne for the room. The $41B of dollar bonds paying for the $110B takeover slid on their first full day of trading, while the cost of insuring Paramount against default over five years jumped to 432 basis points, a level unseen since April 2009, when Wall Street was still in intensive care. The combined group will carry more than $80B of debt, about seven times EBITDA, including a 40-year note sold as investment grade at almost 9%: a blue chip priced like a poker chip.
Every obstacle that friendship could clear was cleared. The FCC, the US broadcast regulator run by a Trump appointee, let the sovereign funds of Saudi Arabia, Qatar and Abu Dhabi take 49.5% of the equity. Larry Ellison, Republican megadonor whose Oracle got a slice of TikTok's American arm from Trump, put his fortune behind $47B of equity. The CBS precedent was public: $16M paid to settle Trump's suit against 60 Minutes while the Ellisons waited for approval to buy Paramount, Stephen Colbert cancelled three days after calling that cheque a "big fat bribe", Bari Weiss installed at CBS News, and reported calls with the White House about which CNN anchors could be shown the door. Paramount denies making any promise. But flattery works on regulators, never on the yield curve. Twelve states sued and froze the deal for months, inflation fears lifted rates in the meantime, and the wait will cost an estimated $250M to $500M a year in extra interest.
In fairness, two mid-sized studios stand a better chance against Netflix, Amazon and Apple together than apart. The investors selling the bonds now are the very ones who queued for them, with more than $23B of orders for $12.4B of junk, the largest high-yield deal on record. And Ellison showed rare self-awareness by hiring Ynon Kreiz, the Mattel boss who turned Barbie into Warner's biggest hit ever, to run the business day to day. If the $6B of promised savings fail to show up, the sequel writes itself: he's just Ken, down to his swimming trunks.
The Ellisons will survive that. Their staff will pay the coupons. Savings on that scale come out of newsrooms and writers' rooms, and CNN and CBS News will report to one owner, nearly half financed by funds that answer to governments, one of them chaired by a crown prince whom US intelligence found had approved an operation to capture or kill a Washington Post columnist. A news empire assembled with a president's blessing and Gulf money will service 9% coupons by cutting the one part of itself meant to say no to both. No spread prices that risk.
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🗞️ Top Story
- 🇫🇷 Truth or Dare. Mediapart publishes authenticated messages showing Jordan Bardella authored antisemitic texts, directly contradicting his repeated public denials and claims of a smear campaign. (Mediapart)
- 🇪🇸 Border Games. Spain’s Prime Minister Pedro Sánchez now admits Morocco let 70,000 migrants cross into Ceuta in July, turning border control into a diplomatic lever. (Le Parisien)
- 🇫🇮 House Rules. Finland opens a probe after a significant number of MPs report home intrusions, with Prime Minister Orpo refusing to rule out foreign interference as the motive. (France Info)
- 🇷🇺 Arms and the Man. Vladimir Putin claims Russia’s arsenal outclasses all others, warning that no one matches Moscow’s destructive capabilities. Even as he acknowledges France and the UK as nuclear powers. (Le Figaro)
- 🇺🇸 Liability Check. The family of Renee Good, a citizen killed by an ICE agent in Minneapolis, is suing Trump officials and the government, accusing them of creating the conditions for her death and demanding accountability in court. (BBC)
- 🇨🇦 Unbreakable Code. Canadian officials insist their government sites remain uncompromised despite a research lab's report of aggressive AI-driven hacking attempts in late May and early June. (Le Figaro)
- 🇧🇷 Dollar Diplomacy. Authorities in Brazil demand an investigation into claims that Washington sent $1M to organizations backing a right-wing agenda before the national vote, putting US motives under the spotlight. (Le Figaro)
- 🇰🇷 Prisoner’s Dilemma. Seoul demands an official apology from Ukraine and hints at retaliatory measures after a South Korean citizen’s imprisonment sparks outrage at the top. (CNBC)
- 🇪🇬 Pressing Charges. Egyptian authorities arrested all six editors of investigative site Matsda2sh in coordinated raids, sending a chilling message to the country’s independent media. (Le Monde)
🇬🇧 United Kingdom
- 🇬🇧 Internal Affairs. Nigel Farage hints Reform UK’s own inquiry could clear two aides put on ice after Channel 4’s investigation, suggesting the scandal may fizzle out. (The Guardian)
- 🇬🇧 Return of the Flank. Farage credits Andy Burnham’s EU remarks with reopening the Brexit battlefield and giving Reform UK a fresh shot at relevance. (The Guardian)
🇺🇸 United States
- 🇺🇸 Greatest Hits Tour. Trump kicks off his midterm push in Oklahoma with cash promises, celebrity cameos, and a plea for his base to act as if he is running, even though the crowd already seems convinced. (New York Times)
🏛️ Economy
- 🇬🇧 Gilt Trip. UK government bond yields have climbed to levels last seen in Italy during the euro crisis, reviving old fears with a British accent. (Bloomberg)
- 🇫🇷 Sell France. Global investors are fleeing French debt as political gridlock and a widening deficit shatter the country’s reputation as a safe bet. (Bloomberg)
- 🇩🇪 Current Affairs. Germany's electrical industry hits its highest business climate rating in over three years, powered by a surge in new orders and a rare mood of optimism. (Die Zeit)
- 🇪🇺 Rate Expectations. Eurozone manufacturing growth hit its fastest pace since May 2022 in September, with the PMI climbing to 52.9 and hiring finally picking up after years of declines. (Boursier)
- 🇪🇺 Size Matters. Brussels hints at a softer line on mega-mergers, so companies rush to frame their deals as essential for building champions in a global contest. (Financial Times)
- 🇪🇺 Diesel Diplomacy. The US is pressuring countries to release their diesel reserves, threatening a ban on American diesel exports if Europe does not comply. (Financial Times)
- 🇷🇺 Shell Game. The Kremlin uses a web of front companies in Kyrgyzstan and its own stablecoin to quietly move billions abroad and dodge Western sanctions, with Ilan Shor as architect and crypto as the getaway car. (El Pais)
- 🇺🇸 Yield Sign. The 10-year Treasury yield surged to its highest level since 2002, as a global bond selloff accelerates and investors brace for more volatility. (CNBC)
- 🇺🇸 Shell Game. The Treasury blacklists Russia's A7 for running a global network of shell companies that let sanctioned entities keep shopping without a hitch. (New York Times)
- 🇦🇺 Cable Management. Australia’s major banks and government have run crisis simulations for undersea cable blackouts, building contingency plans to keep payments and ATMs working if the country is cut off from global networks. (Financial Times)
🇺🇸 United States
- 🇺🇸 Kid Vested. The Treasury just auto-enrolled over 60M children into "Trump accounts," giving nearly every American child a starter retirement fund. Whether parents asked or not. (New York Times)
🏢 Real Estate
- 🇪🇸 Eviction Notice. The ousting of an elderly tenant sparks nationwide protests, with Spain’s Tenant Union pressuring lawmakers to pass two emergency housing laws. (Libé)
- 🇺🇸 Home Smart Home. Zillow CTO David Beitel says artificial intelligence is now steering everything from house searches to mortgages, promising a future where algorithms do the heavy lifting in real estate. (Bloomberg)
- 🇨🇳 Plan B. China introduces new rules restricting off-plan home sales, forcing developers to finish main structures before collecting buyers’ cash up front. (Les Echos)
- 🇸🇬 Sold Out Crowd. Over 60 people showed up for Singapore’s seized luxury condo auction, but not a single bid was placed on the $33.6M lineup. (Bloomberg)
🇬🇧 United Kingdom
- 🇬🇧 Cap and Deliver. Zack Polanski plans to open the Greens' conference by demanding a three-year ceiling on private rent hikes, promising renters a rare pause in the upward spiral. (BBC)
- 🇬🇧 Rate Expectations. UK house price growth slowed to 0.8% in September as rising mortgage rates and economic jitters sent the property market into reverse. (The Guardian)
🇺🇸 United States
- 🇺🇸 Sold Before Told. Swire Properties 🇭🇰 secured $1.7B in sales for The Residences at Mandarin Oriental Miami, moving record-breaking luxury units before a single brick was laid. (Bloomberg)
- 🇺🇸 Fixed Feelings. With 30-year mortgage rates now at 7.28 percent, American homebuyers are ditching fixed rates for ARMs, betting inflation will eventually blink first. (New York Times)
🔗 On-chain
- 🇺🇸 Betting on a Pardon. The CFTC is investigating former lawmaker Adam Kinzinger for placing bets on Kalshi about whether President Biden will issue pardons, raising questions about ethics and market boundaries. (Bloomberg)
- 🇸🇬 Gone in a Flash. After losing $388M to hackers, Bitget 🇸🇬 freezes a tiny fraction and shrugs off hopes of major recovery, plugging the gap with company cash. (CNBC)
- 🇦🇪 Clean Getaway. Changpeng Zhao, who pleaded guilty to anti-money-laundering violations, is back in Abu Dhabi living large after a Trump pardon erased his prison stint. (New York Times)
💱 Listed Markets
- 🇬🇧 Platform Shoes. Andy Burnham’s government is scrambling to find a UK-made replacement for Palantir’s $430M NHS data contract, hoping to walk the “buy British” talk before next March. (Financial Times)
- 🇫🇷 Gold Standard. Sanofi 🇫🇷 renews its blockbuster partnership with Regeneron 🇺🇸, betting up to €8B on a new wave of high-earning drugs after Dupixent’s €15B haul. (Le Figaro)
- 🇺🇸 Asset Lightyear. Amazon wants to beam $8B worth of Nvidia Grace Blackwell chips into a special-purpose vehicle, letting investors hold the hardware while Amazon rents it back. (Financial Times)
- 🇺🇸 Space Invaders. Google sends computer chips into orbit to test space-based data centers, promising clean energy but raising new questions about cosmic pollution. (France Info)
- 🇺🇸 Fee Speech. Analysts warn that Meta's Muse AI could cost Apple $10B in lost App Store revenue as AI agents help users cancel subscriptions and developers jump ship. (CNBC)
- 🇺🇸 Profit Rocket. Accenture 🇮🇪 posted stronger-than-expected results, triggering a 20% surge in its stock and marking its most dramatic single-day rally to date. (CNBC)
- 🇭🇰 Hang Sinking. Hong Kong's Hang Seng Index plunged 3% after the holiday, its worst drop since March, as financial stocks like HSBC 🇬🇧 tumbled on US yield worries and weak China stimulus. (Bloomberg)
🇬🇧 United Kingdom
- 🇺🇸 Stay Tuned. David Ellison wants CNN CEO Mark Thompson to remain in charge after the Paramount-Warner Bros. Discovery deal, but a new contract is still up in the air. (Wall Street Journal)
🇺🇸 United States
- 🇺🇸 Missile Command. The Navy awards Raytheon 🇺🇸 up to $24.4B for Standard Missile-6 interceptors, because nothing says defense like a blockbuster contract. (Wall Street Journal)
- 🇺🇸 Stay Tuned. David Ellison wants CNN CEO Mark Thompson to remain in charge after the Paramount-Warner Bros. Discovery deal, but a new contract is still up in the air. (Wall Street Journal)
🛎️ Big Deals (M&A)
- Actis 🇬🇧 plans to invest $2B in a new renewable energy business in India 🇮🇳.
- Aspirity Partners 🇬🇧 will acquire a majority stake in Onomondo 🇩🇰 for over $110M.
- The UK regulator 🇬🇧 accepts remedies offered by Co-operative Group 🇬🇧 over its takeover of Southern Co-operative 🇬🇧.
- BT 🇬🇧 is in talks with the UK government over a potential takeover bid for TalkTalk 🇬🇧, including its wholesale and retail businesses.
- CNP Assurances 🇫🇷 has completed its combination with Embracon 🇧🇷’s consórcio business, taking a 40% stake in the Brazilian company.
- Unify Group 🇫🇷 acquires CAD (College of Art & Design 🇧🇪, a Brussels-based design school).
- Harrison Street 🇫🇷 will acquire Vicinity Energy 🇺🇸 from Antin Infrastructure 🇫🇷 at a $2.9B valuation, including debt.
- OPmobility 🇫🇷 has agreed to acquire Hyundai Mobis’ lighting business 🇰🇷 for $444M.
- Airbus 🇫🇷 has completed the acquisition of cybersecurity company Quarkslab 🇫🇷 after receiving regulatory approvals.
- Saint-Gobain 🇫🇷 has completed the acquisition of Canadian waterproofing additives and coatings company Xypex 🇨🇦.
- Wendel 🇫🇷 has completed the sale of its stake in Stahl 🇳🇱, excluding Muno, to Henkel 🇩🇪 for €2.1B in enterprise value.
- Lufthansa 🇩🇪 and Air France-KLM 🇫🇷 submit improved final offers to acquire a 49.9% stake in TAP 🇵🇹.
- Belgium 🇧🇪 extends negotiations to buy Engie 🇫🇷's nuclear assets.
- Slovakia 🇸🇰 approved $214M in funding to acquire CEZ 🇨🇿’s 49% stake in Jadrová energetická spoločnosť Slovenska 🇸🇰, the company developing a new nuclear reactor.
- Partners Group 🇨🇭 is exploring a $1.7B sale of Finnish modular building maker Parmaco 🇫🇮.
- Glencore 🇨🇭, Peabody Energy 🇺🇸, Heeney Capital 🇺🇸 and Drummond 🇺🇸 are weighing bids for coal-producing assets in Venezuela.
- Vianode 🇳🇴, backed by Altor 🇸🇪, is exploring a partnership or sale.
- H.I.G. Capital 🇺🇸 has completed the sale of Pinalli 🇮🇹 to Borletti Group 🇮🇹.
- Hormel Foods 🇺🇸 will acquire chicken company Brakebush Brothers 🇺🇸 for $1B.
- Grindr 🇺🇸 will acquire HIV-prevention telehealth provider Freddie 🇺🇸 for $250M in cash and stock.
- ON Semiconductor 🇺🇸 has agreed to acquire Synaptics 🇺🇸 for $5.7B in cash, at $123 per share.
- Energy Distribution Partners 🇺🇸, backed by Pritzker Private Capital 🇺🇸, is exploring a sale valued at over $1B.
- The Weston family 🇨🇦 is close to acquiring UK pharmacy chain Boots 🇬🇧 from Sycamore Partners 🇺🇸 for $9B including debt.
- Clio 🇨🇦 acquires judge-focused AI startup Learned Hand 🇺🇸.
- Hapvida 🇧🇷 is exploring a $290M sale-and-leaseback transaction involving some of its hospitals.
- Nubank 🇧🇷 has abandoned acquisition talks for Monzo 🇬🇧 after its shares plunged.
- Lionel Messi 🇦🇷 has officially acquired CD Eldense 🇪🇸, a Spanish second-division football club.
- Toho Holdings 🇯🇵 is in talks to acquire KKR-backed medical device maker PHC Holdings 🇯🇵 for $1.3B, a 20% premium.
- GIC 🇸🇬 acquired 16 Marriott 🇺🇸 hotels in Japan for $800M.
🇺🇸 United States
- The Vistria Group 🇺🇸 has completed a strategic investment in Curi Capital 🇺🇸, alongside its employee owners and existing shareholders.
- Manna Tree 🇺🇸 has agreed to acquire a majority stake in creative agency Zambezi 🇺🇸.
🧳 Private Markets & VC
- 🇫🇷 Premium Player. Football star Kylian Mbappé joins Alan 🇫🇷 as a minority shareholder and brand ambassador, bringing his athletic image to the insurer's latest campaign. (Le Parisien)
- 🇺🇸 Trust Issues. OpenAI has dismissed three AI safety researchers accused of sharing sensitive company information, just as internal critics warn about the risks of unchecked artificial intelligence. (Le Figaro)
- 🇺🇸 Trust Issues. OpenAI has dismissed three members of its safety team for mishandling sensitive company data, as internal tensions over security practices spill into public view. (TechCrunch)
- 🌍 Deal or No Deal. Global M&A activity slumped in Q3 as AI hype faded and borrowing costs rose, with only six megadeals over $10B making the cut. (Wall Street Journal)
🇺🇸 United States
- 🇺🇸 Fare Play. After years of legal battles over driver status, Lyft 🇺🇸 agrees to a $272.5M settlement for treating California drivers as contractors, not employees. (TechCrunch)
Fundraising
- GMI Cloud 🇺🇸 (AI): $668M (ARCHIV, NVIDIA, CTBC, DSC Investment, Trend Micro, KB Investment, Kyobo Life, KT Corporation)
- ElevenLabs 🇬🇧 (AI): $300M (Wellington, T. Rowe Price)
- Armadin 🇺🇸 (Cybersecurity): $255.5M (Andreessen Horowitz, Accel, Bain Capital Ventures, Redpoint, 8VC, Ballistic Ventures, Google Ventures, In-Q-Tel, Kleiner Perkins, Menlo Ventures)
- PaleBlueDot AI 🇺🇸 (AI): $200M (ComputeCore, B Capital)
- NexBank Capital 🇺🇸 (Fintech): $150M
- Homeward 🇺🇸 (Proptech): $120M (Saluda Grade, Continental General Insurance Co., Citi Ventures, Magnetar Capital, Norwest, LiveOak Ventures)
- Volantis 🇺🇸 (Semiconductors): $88M (Lachy Groom, Abstract Ventures, John Doerr, VXI Capital, Triatomic, Susa Ventures, Dwarkesh Patel, Naveen Rao, Sholto Douglas)
- doxx.net 🇺🇸 (Networking): $38M (Andreessen Horowitz, Animo Ventures, Focal.vc)
- Humaitech 🇸🇬 (AI): $25M (Vertex Ventures, Golden Gate Ventures)
- OuterSignal 🇺🇸 (AI): $22M (Long Journey Ventures, Abstract Ventures)
- Arceus 🇺🇸 (Legaltech): $17M (Greycroft, Craft Ventures, South Park Commons)
- Kuro 🇩🇪 (ConTech): €10M (UVC Partners, Foundamental, Realyze Ventures, helloworld)
- Foundational 🇬🇧 (Space technology): £8.2M (Inflection, BACKED, Final Frontier, Adjacent, Type One Ventures)
- Zenithon AI 🇬🇧 (AI): $10M (BACKED, Lunar, Seraphim, MMC)
- Parakeet Health 🇺🇸 (Healthcare): $10M (Canvas Ventures, Blank Space Ventures, StoryHouse Ventures, HMC INQ)
- Osavul 🇬🇧 (Cybersecurity): €8.5M (33N Ventures, Balnord, G+D Ventures, 42CAP)
- Blue Fire AI 🇸🇬 (Fintech): $9M (Asset Management One)
- Biotia 🇺🇸 (Healthcare): $9M (Convergent Ventures, DigitalDx Ventures, Cloquet Capital Partners, Continuum Health Ventures, I-Lab Angels, EGB Capital, Leawood Venture Capital, Red Bear Angels, Red Bear Ventures)
- Deepslate 🇩🇪 (AI): €7.7M (42CAP, Alstin Capital, SIVentures, business angels)
- Satlyt 🇺🇸 (Space): $8M (Non Sibi Ventures)
- Photon 🇺🇸 (Messaging): $4.5M (Gradient, A*, Vercel, HongShan, Z Fellows, Llama Ventures, Karman, angel investors)
- SedMed 🇺🇸 (Healthcare): $4M (108 BioCapital)
- FRANK 🇵🇹 (Insurtech): €2.9M (Armilar, Start Ventures)
- Voltaback 🇫🇷 (Mobility): €2.8M (Serena, Aurélien de Meaux, Maxime Brousse)
- Revnu 🇬🇧 (AI): €2.6M (NPIF II - PXN Equity Finance)
- 1club 🇧🇬 (Sports): €2.2M (LAUNCHub Ventures, BrightCap Ventures)
- Joe AI 🇫🇷 (Proptech): €2M (Xplore, Plug and Play Ventures, Marc Menasé, Benjamin Chemla)
- Novig (Prediction market): Amount undisclosed
Fund Watch
- TPG 🇺🇸: $10B (2nd climate-focused PE fund)
- Ares Management 🇺🇸: $4.2B (inaugural Global Structured Solutions Fund, final close)
- Stride Consumer Partners 🇺🇸: $550M (Stride Consumer Fund II, growth-equity fund for consumer brands)
- Hao Dong 🇸🇬: $200M-$300M (Windrise Capital, new commodities hedge fund, currently raising)
- Access Capital 🇫🇷: launching a 2nd secondaries fund
- Facktor Ventures 🇺🇸: launching Fund I (early-stage VC fund for community health and the healthcare safety net)
🔔IPO
- EG Group 🇬🇧 (Fuel Retail): delaying its IPO until 2027 after targeting a $1B raise at a $9B valuation, while attracting takeover interest.
- KNDS 🇫🇷🇩🇪 (Defense): still considering a 2026 IPO if market conditions improve.
- AXA 🇫🇷 (Insurance): plans to buy back up to €470.8M of shares for cancellation.
- Vinci 🇫🇷 (Construction): plans to repurchase up to €270M of its shares by December 21, 2026.
- Evonik 🇩🇪 (Chemicals): RAG Foundation could sell its entire 43% stake in the $11B-listed company as BASF pursues a takeover.
- Accelevation 🇺🇸 (Data Centers): raised $540M at a $4B valuation in an IPO priced below its marketed range.
- Howard Hughes Holdings 🇺🇸 (Real Estate): Bill Ackman is seeking third-party capital to boost returns at the $4.4B-listed developer.
- Hindustan Coca-Cola Beverages 🇮🇳 (Beverages): considering an India IPO that could raise $1B at a $10B valuation.
- Inox Clean Energy 🇮🇳 (Renewables): filed for a $1B India IPO.
- Firmus Grid 🇦🇺 (Data centers): priced its IPO at A$11 per share, targeting at least A$5B at a A$43.7B valuation.
🧳 Debt
- Deutsche Bank 🇩🇪: working on an SRT tied to $2B of fund financing.
- European Investment Bank and BNP Paribas 🇪🇺🇫🇷: will mobilize $800M in guarantees for European electricity grid manufacturers.
- Paramount Skydance 🇺🇸: set to raise $44B in bonds as part of a $52B debt package.
- Tesla 🇺🇸: lined up $30B in loans and credit lines for AI and robotics investments.
- Bank of America 🇺🇸: helped arrange a $3.2B financing for Platinum Equity’s acquisition of a 50% stake in Nestlé’s water business.
- PGIM 🇺🇸: secured limits on AI-related debt for a $500M CLO it anchored.
- Broadcom 🇺🇸: will lend up to $42B to Anthropic for AI infrastructure.
- Polar Asset Management 🇨🇦: entered the residential MBS market with $305M.
- Vale 🇧🇷: considering a $520M debut panda bond sale.
- Gabon 🇬🇦: seeking to raise $580M in dollar bonds.
🇺🇸 United States
- Gentoo Media 🇲🇹: secured a €50M senior loan and underwriting for a €50M share issue.
❌ Failures
- Aston Martin 🇬🇧: the luxury automaker plans to cut 20% of its workforce, or around 600 jobs, after years of declining revenue and losses.
- Cariad 🇩🇪: Volkswagen’s software subsidiary plans to cut around 1,000 jobs, nearly a quarter of its workforce, while reducing investments by €6.1B.
- White Cap 🇺🇸: banks postponed an offering to amend and extend its $4.13B loan.
- Nuveen 🇺🇸: dumped $190M of bankrupt Brightline’s debt at 45¢ on the dollar.
- Leslie's 🇺🇸: the pool supplier filed for Chapter 11 bankruptcy, planning to cut its debt by 90% and hand control to creditors.
- Hertz Global 🇺🇸: the car rental firm hired PJT Partners to extend debt maturities, with $2.7B due in 2028.
- Nike 🇺🇸: announced job cuts and $2.5B in planned savings by fiscal 2031 after weak results, including a 22% sales drop in China.
- China Evergrande 🇨🇳: entered an exclusivity agreement to potentially sell its stake in its property services unit.
🎯 For a Few More Minutes…
- 🇬🇧 Holy Groundwork. A community-led excavation on Lismore has revealed the remains of a major early Christian monastery, rewriting the island’s religious history. (Le Parisien)
- 🇺🇸 Track Wreck. NASCAR driver Jennifer Jo Cobb must pay $850K to Tracey Hughes after a North Carolina jury ruled she broke up Hughes’s 17-year marriage under the state’s “homewrecker” law. (Le Parisien)
- 🇺🇸 Left Behind. Selby General Hospital in Ohio amputated Sharon Jacks' left leg instead of her right, leaving her doubly amputated and suing for gross negligence. (Le Parisien)
- 🇺🇸 Case Closed? More than 50 years after Watergate, the Justice Department is investigating if Nixon’s prosecutors crossed the line during his downfall. (Wall Street Journal)
- 🇸🇬 Trading Places. Zhi Ge, accused of running an international insider trading ring, lost his court battle and will be extradited from Singapore to the US. (Bloomberg)
- 🇮🇳 The Art of the Steal. Kiran Nadar invests $854M to convert her vast private collection into a public museum, hoping to change India’s relationship with art. (Bloomberg)
- 🇹🇷 The Usual Suspects. The Turkish Football Federation refers 448 current and former club officials to its disciplinary committee for betting while in office, as the scandal widens to include top teams. (Le Parisien)
- 🇿🇦 No Country for Women. The discovery of 11 murdered women in Johannesburg exposes South Africa's staggering rate of femicide, where daily violence is the rule, not the exception. (Le Monde)
