🥂 Goldman Had the Situational Awareness

When the music stops, someone pays for the drinks.

A Free Lunch newsletter archive of 28 September 2026

🌍 All editions 🇬🇧 United Kingdom 🇺🇸 United States

Good morning!

Goldman Sachs has crowned its hedge fund client of 2026, and the winner is the one that nearly died in July. Situational Awareness, the AI fund Leopold Aschenbrenner launched in 2024 without a day of trading experience, has paid the bank more than $200M in prime brokerage fees this year, more than any other client of the unit, Citadel and Millennium included. The figure came out this week, two weeks after JPMorgan cut the fund off. It is all that remains of a fairy tale: returns above 400%, assets near $45B at the start of July, then a public portfolio down 67% in one month of falling memory chip stocks, margin calls, and most of the book, roughly $16B, sold to Ken Griffin's Citadel at about a 10% discount.

The prodigy owes his fame to a 165-page essay from 2024 that made him Silicon Valley's Nostradamus, a fair comparison, since neither man ever committed to a date. Before that came a stint at the FTX Future Fund, Sam Bankman-Fried's charitable arm, not the ideal apprenticeship in risk. At the end of June, more than half of his US holdings sat in two stocks, SanDisk and Micron, bought at up to 4x leverage. On July 24 he told investors the rout offered the best buying window since early 2025 and invited fresh cash by August 1. Citadel owned the book before the deadline. His vaticination about artificial intelligence may yet prove right. His forecast for his own portfolio lasted less than a week.

The prodigy deserves every sneer. He did not, however, lend himself the money. Grown-ups did, the same banks that swore after Archegos in 2021, when Bill Hwang's family office cost its lenders more than $10B, that concentrated leverage would never slip through again. Five years later they financed a two-year-old fund with half its book in two tickers, at 4x, and invoiced accordingly. Goldman, which dumped its Archegos blocks early and lost nothing, now has a $200M souvenir. In August the SEC subpoenaed four banks over the fund's trades and what they told it about its borrowing. Nothing is alleged, and nothing needs to be. The model is perfectly legal: lend to whoever believes hardest, then leave first.

Aschenbrenner is back in tech stocks, this time with prepaid options, no borrowing and a new broker, Clear Street. Goldman keeps him as a client and will miss the leverage more than he does. Roughly $35B vanished in July, and the party sure to profit was the one holding the collateral. The arrangement holds as long as some bank is faster than the others. In 2021 the slow one was Credit Suisse, which lost $5.5B on Archegos. It was not the only wound. Two years later the bank no longer existed, absorbed by UBS under a Swiss state guarantee. The next slow bank may be larger, and the guarantee will again be signed by taxpayers who never read the essay.

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🗞️ Top Story

🇬🇧 Gate Crashers. RAF Fairford, the UK air base used by US forces, is locked down after arrests and explosives fears prompt evacuations and a massive emergency response. (CNBC)
🇩🇪 Stranger Bedfellows. Berlin's SPD agrees to preliminary talks with The Left on forming a government, despite public skepticism and recent tensions between the parties. (Die Zeit)
🇪🇺 Cold Warmer. Swedish and Finnish air forces conducted their first joint operation to intercept Russian jets above the Gulf of Finland, proving the Baltic skies are now a team sport. (Le Parisien)
🇷🇸 Chair Swap. Aleksandar Vučić resigns as Serbian president to run for prime minister, handing the presidency to ally Ana Brnabić and aiming to keep his grip on power. (Spiegel)
🇷🇺 No Exit Strategy. Russia’s top diplomat Sergey Lavrov declared Moscow remains committed to the war in Ukraine after rare talks with Germany’s foreign minister, who urged an end to aggression. (New York Times)
🇺🇸 Straight Outta Options. Trump turns down Iran's plan to restore shipping through the Strait of Hormuz, claiming victory while global oil markets wait for a real breakthrough. (BBC)
🇺🇸 Class Dismissed. President Trump aims to cancel $810M in approved education and health funding, daring Congress to stop him before the money disappears. (New York Times)
🇺🇸 Homeland Insecurity. The Secret Service, Defense, and Homeland Security spent $2M on software from a Russian-linked company, because transparency is apparently optional for both buyers and sellers. (New York Times)
🇻🇪 No Entry. After multiple failed attempts to re-enter Venezuela, María Corina Machado remains stranded abroad while US and Venezuelan officials each claim it is not their doing. (El Pais)
🇹🇭 Water Logged. Eight people have died and over 2M have been affected as heavy rains trigger severe flooding across Thailand, prompting a disaster declaration in Bangkok. (Libé)
🇳🇬 Empire State of Mind. Aliko Dangote, who built his wealth on cement and pipelines, now joins Bill Gates to tackle health and education across Africa. (Les Echos)
🌍 Truth or Consequences. Over 1,000 news outlets join World News Day to warn that without trusted journalism, society itself risks unraveling in a sea of misinformation. (BBC)

🇬🇧 United Kingdom

🇬🇧 Mute Point. Liberty warns Labour that failing to defend free speech is not just unpopular, it could actually cost them votes in the upcoming election. (The Guardian)
🇬🇧 No Free Lunch. The prime minister pitches an NHS-inspired social care model for England, admitting it could mean unpopular tax hikes to fund the £18B vision. (BBC)

🇺🇸 United States

🇺🇸 Ad Value. Pro-Trump television ads funded by taxpayer dollars are airing ahead of the midterms, drawing rare bipartisan outrage over government-backed campaigning. (CNBC)
🇺🇸 Ledger Domain. The White House claims its anti-fraud task force uncovered $250B in fraud, but the numbers include unverifiable or recycled cases and lack clear breakdowns. (New York Times)
🇺🇸 Science Friction. The CDC, once the gold standard for public health, is now struggling to operate as political interference and staff cuts hollow out its core. (New York Times)

🏛️ Economy

🇩🇪 Coal and Order. Germany unveils a sweeping plan to phase out coal, go fully electric on cars, and install 2.8M heat pumps by 2045, aiming to shed fossil fuels before oil prices climb any higher. (Les Echos)
🇺🇸 Pink Slipstream. Tech layoffs in the hit 94K through August, up 17% from 2025, as giants like Amazon 🇺🇸 and Meta 🇺🇸 shift budgets to AI and trim headcount with algorithmic precision. (Crunchbase)
🇺🇸 Code Red. AI infrastructure spending could outpace even the railroads, with researchers flagging mounting debt and financial engineering that recall the subprime crisis. (Boursier)
🇲🇽 Sovereign Ties. Mexico insists its partnership with the US will not come at the expense of its sovereignty, putting a polite fence around cross-border security and tariff negotiations. (Bloomberg)
🇳🇮 Goldfinger. Nicaragua has handed Chinese firms mining rights to over a tenth of its territory, giving Beijing a glittering new foothold in Washington’s backyard. (Financial Times)
🇯🇵 Yield Signs. Japan’s two-year government bond yield is approaching 2% as investors bet the Bank of Japan will keep raising interest rates for the first time in decades. (Bloomberg)
🇰🇷 Artificial Instinct. South Korea launches a $21.8B push to make AI as common as electricity, promising free chatbots for all 51.6M citizens by year-end. (Financial Times)

🇬🇧 United Kingdom

🇬🇧 Dock and Awe. UK Chancellor John Healey promises a "new age of industrialisation" with £15B in Royal Navy shipyard upgrades and a £115M maritime research vessel, but offers no details on how he will pay for it. (BBC)
🇬🇧 Tax and Care. Andy Burnham insists Labour should fight the next election promising new taxes to pay for free adult social care, brushing off warnings of an £18B price tag. (The Guardian)
🇬🇧 Fee-Fi-Fo-Fum. London’s investment bankers and lawyers pocket over £1B in M&A fees this year, while the rest of the UK counts pennies through the cost of living crisis. (The Guardian)

🇺🇸 United States

🇺🇸 Deficit Attention. Trump promised to rein in the deficit and fix the economy, but his policies have instead fueled inflation and driven interest rates higher. (Wall Street Journal)
🇺🇸 Yield Signs. jobs data is set to land as Treasury yields hit multi-decade highs, piling pressure on the Fed to justify its next move. (Financial Times)

🏢 Real Estate

🇬🇧 Ladder Service. Prime Minister Andy Burnham unveils a rebooted Help to Buy scheme offering first-time buyers a 20% equity loan with just a 2.5% deposit, hoping to revive homeownership dreams and Labour’s housing targets. (Financial Times)
🇪🇸 Eviction Notice. Tens of thousands protested in Madrid after 87-year-old Maricarmen Abascal was forcibly evicted from her home of 70 years, making her case a rallying cry against Spain’s housing crisis. (Spiegel)
🇬🇷 Faulty Towers. Six people died after a suspected gas explosion caused a two-story building to collapse in Athens’ Plaka district, turning a tourist hotspot into a disaster scene. (Le Parisien)
🇨🇭 Swiss Made. The Beyeler Foundation unveils three new Peter Zumthor buildings and a vast garden expansion, signaling a dramatic transformation for the Basel-area art landmark. (Le Monde)

🇬🇧 United Kingdom

🇬🇧 Deposit Slip. The "Your first home" initiative from Andy Burnham targets aspiring homeowners in England who cannot rely on parental help, aiming to make deposits less of a dealbreaker. (The Guardian)

🇺🇸 United States

🇺🇸 Bracket Creep. In Portland, the rental market is so weak that high earners and low-income tenants now pay nearly identical rents for their apartments. (Wall Street Journal)

🔗 On-chain

🇺🇸 Frozen Assets. prosecutors have seized $84M from Capstone, a payments firm linked to Tether and Bitfinex, over alleged unlicensed activity and fraud connections. (FinExtra)
🇸🇨 Freeze Frame. Bitget 🇸🇨 halted customer withdrawals following a $387.5M hack, blaming North Korea-tied hackers and promising assets are "protected" while users wait. (FinExtra)

💱 Listed Markets

🇨🇭 Ticking Up. The Royal Pop collaboration between Audemars Piguet 🇨🇭 and Swatch 🇨🇭 is setting sales records, even as most luxury watches face declining demand and rising tariffs. (CNBC)
🇺🇸 Cancel Culture. Meta's new Muse AI assistant is helping users slash unwanted subscriptions, targeting a $157-a-month habit Americans rarely break without a nudge. (CNBC)
🇺🇸 Glitch Perfect. Boeing has discovered a new software fault in its 737 Max jets that can disable automated landing navigation after a failed landing attempt, prompting FAA scrutiny and airline pushback. (Die Zeit)
🇺🇸 Exit Strategy. Joseph Baratta, Blackstone’s top private equity executive, is preparing to leave the $1.3T giant as he eyes a possible move into public service. (Financial Times)
🇲🇽 Fowl Play. Ford 🇺🇸 is relying on El Charro, a hawk, to patrol its Hermosillo assembly plant and keep the pigeons from disrupting production. (Wall Street Journal)
🇮🇳 Prime Time. Amazon is betting $3B through 2030 to catch up India’s ultra-fast delivery race, hoping its late push will outpace Blinkit, Swiggy, and Zepto. (Financial Times)
🇮🇳 Cart Blanche. Google pilots a “Buy” button Gemini and AI Mode for select Flipkart items, aiming to turn product discovery into instant transaction without ever leaving the AI interface. (TechCrunch)
🌍 Crude Awakening. Brent and WTI prices slid Friday, with US-Iran talks easing fears even as Houthi threats kept the market on edge. (Wall Street Journal)

🛎️ Big Deals (M&A)

Attestor 🇬🇧 is set to acquire the German state’s remaining 49% stake in Condor 🇩🇪 in August 2027 by exercising a previously agreed purchase option.
Liberty Global 🇬🇧 has shortlisted Ardian 🇫🇷, InfraVia Capital Partners 🇫🇷 and Ontario Teachers’ Pension Plan 🇨🇦 to bid for a stake in Belgian network company Wyre 🇧🇪.
Apax 🇬🇧 is nearing a deal to buy Warburg Pincus 🇺🇸 out of their joint investment in Dutch telecoms group Odido 🇳🇱, valuing the company at about €6.5B.
BP 🇬🇧 is weighing an acquisition of Devon Energy 🇺🇸's South Texas assets, valued at $4.5B.
Revolut 🇬🇧 has received regulatory approval to acquire Banco Cetelem 🇦🇷 from BNP Paribas 🇫🇷.
Rexel 🇫🇷 has agreed to acquire specialty wire and cable distributor GCG 🇺🇸 from Audax Private Equity 🇺🇸 in a deal expected to close by year-end.
Resilience Care 🇫🇷 acquires Recovery Cat 🇩🇪, a digital psychiatry platform developed at Berlin’s Charité and used by nearly 20 hospitals and practices.
Schneider Electric 🇫🇷 intends to acquire Shelly Group 🇧🇬 through a voluntary public takeover offer valuing the smart-building technology company at €1.2B, subject to regulatory approvals and a 95% acceptance threshold.
Credit Agricole 🇫🇷 and UniCredit 🇮🇹 are considering a joint move on listed Italian lender Banco BPM 🇮🇹, valued at $28B, under a breakup plan.
Schneider Electric 🇫🇷 has agreed to acquire Shelly Group 🇧🇬 for $1.4B, excluding debt, at a 25% premium.
Deutsche Bundesbank 🇩🇪 has awarded SAP Fioneer 🇩🇪 a contract for a core banking system, including maintenance and further development.
BASF 🇩🇪 is in exploratory takeover talks with Evonik 🇩🇪 and its largest shareholder, RAG-Stiftung 🇩🇪.
Commerzbank 🇩🇪 could acquire HVB 🇩🇪 as part of a merger with UniCredit 🇮🇹.
Armani 🇮🇹 is preparing formal talks with LVMH 🇫🇷, L’Oréal 🇫🇷 and EssilorLuxottica 🇫🇷🇮🇹 over a possible 15% minority stake sale, with valuations discussed between €3B and €10B.
Icop 🇮🇹 is considering revising its takeover offer for Trevi 🇮🇹 to beat Webuild 🇮🇹's rival proposal.
Telefónica 🇪🇸 is considering relaunching a process to sell its Venezuelan subsidiary 🇻🇪 after receiving unsolicited approaches from potential buyers. No firm offer or sale agreement exists.
Airbus 🇳🇱 is discussing asset divestments with Leonardo 🇮🇹 and Thales 🇫🇷 to secure EU antitrust approval for their proposed space merger. No final remedies have been agreed.
Marc Janko 🇦🇹 invests in Zone14 🇦🇹, a sports technology startup.
Poland 🇵🇱 is seeking an alternative way to reorganize PZU 🇵🇱 as its merger with Pekao 🇵🇱 is delayed.
RefinyX 🇸🇪 has acquired 134 patents and a facility in Västerås from Northvolt 🇸🇪's bankruptcy estate, with financing from Qarlbo Energy 🇸🇪.
EQT 🇸🇪 is preparing to sell Parques Reunidos 🇪🇸, the Spanish amusement park group behind Bobbejaanland, with JPMorgan as adviser. GBL 🇧🇪 is also a shareholder.
Novo Nordisk 🇩🇰 signs an agreement with Nanexa 🇸🇪 for a worldwide exclusive license to its drug-release technology, worth up to €1.16B.
A.P. Møller Capital 🇩🇰 has agreed to acquire a 53.35% majority stake in Euroports 🇧🇪, subject to regulatory approval.
CVC 🇱🇺 and NSSK 🇯🇵 are considering a $3.2B bid to take private Kobayashi Pharmaceutical 🇯🇵.
CoinMarketCap 🇺🇸 acquires Coinglass 🇺🇸, a crypto derivatives market data provider.
BlackRock’s AIP 🇺🇸 and IFM Investors 🇦🇺 are in exclusive talks to acquire Stack Infrastructure’s 🇺🇸 APAC data centers from owner Blue Owl 🇺🇸 for $20B-$25B.
Gen Digital 🇺🇸 has offered to acquire web domain firm GoDaddy 🇺🇸, valued at $13B.
Hellman & Friedman 🇺🇸 is exploring a $10B sale of insurance software provider Applied Systems 🇺🇸.
Starboard Value 🇺🇸 builds a stake in Knife River 🇺🇸, a $3B-listed construction company, and pushes it to explore a sale.
The Elmet Group 🇺🇸 will take a 5% stake in Masan High-Tech Materials 🇻🇳 from a Masan Group 🇻🇳 unit at a $2.5B valuation.
RedBird Capital Partners 🇺🇸 will acquire a majority stake in newsletter startup Puck 🇺🇸 at a $250M valuation.
Glass Lewis 🇺🇸 will merge with Europe-focused ESG data and analytics firm Clarity AI 🇪🇸.
PG&E Corp 🇺🇸 will consider separating some assets as its wildfire liability deal with California 🇺🇸 stalls.
Databricks 🇺🇸 has completed the acquisition of Row Zero 🇺🇸. Deal terms were not disclosed.
Rocket Lab 🇺🇸 has agreed to acquire satellite operator Iridium 🇺🇸 for about $8B. Iridium shareholders approved the deal, which remains subject to regulatory approvals and is expected to close in mid-2027.
Brazil 🇧🇷 plans to spend $2.8B to acquire up to $28B of delinquent consumer debt from banks through a November auction.
Nubank 🇧🇷 is in early talks to acquire Monzo 🇬🇧 in a deal potentially valuing the UK fintech at up to £10B.
SMBC 🇯🇵 is in advanced talks to increase its stake in VPBank 🇻🇳 to approximately 20% from 15%. The 5% stake is worth about $425M at current market prices.
SoftBank Group 🇯🇵 invests $225M in Autonomous Solutions, Inc. (ASI) 🇺🇸 and forms a joint venture to develop autonomous construction machines.
Nissan 🇯🇵 will maintain its stake in Mitsubishi Motors 🇯🇵 after the lockup period ends.
Doan Van Hieu Em 🇻🇳 sold 1M shares in Mobile World Investment 🇻🇳 and is planning to buy 732,000 shares in its subsidiary Dien May Xanh 🇻🇳.
The Chhabria family 🇮🇳 is considering selling part of its stake in Allied Blenders and Distillers 🇮🇳, potentially to a strategic buyer who could build a controlling interest over time.
Northern Star Resources 🇦🇺 rejects a $27B takeover proposal.
Mubadala 🇦🇪 is in talks to acquire a 15%-35% stake in Ansaldo Energia 🇮🇹 from CDP 🇮🇹.
Djibouti 🇩🇯, Ethiopia 🇪🇹 and Dangote 🇳🇬 plan to build a $660M petroleum pipeline.
Gold Fields 🇿🇦 has expressed interest in acquiring Northern Star Resources 🇦🇺, which rebuffed its approach.

🇺🇸 United States

People Group 🇺🇸 has abandoned its plan to acquire MGM Resorts 🇺🇸 and is considering alternative options.
MAK Acquisition Corp. 🇨🇦 is threatening to terminate its proposed combination with UniUni 🇨🇦, valued at more than $1B, after alleging a material breach. UniUni has 15 business days to cure it.

🧳 Private Markets & VC

🇪🇺 Platform Wars. Brussels stands firm on its $137M fine for X, brushing off the US government's support for Musk's bid to overturn digital rules. (CNBC)
🇺🇸 Exit Strategy. Star dealmaker Michael Aiello and key partners are leaving Weil, Gotshal & Manges, raising alarms about the firm's future and sparking industry-wide speculation. (Financial Times)
🇺🇸 Risky Business. A federal appeals court ruled the Pentagon acted lawfully in blacklisting Anthropic 🇺🇸 as a national security risk, leaving the AI firm locked out of government contracts. (New York Times)
🇺🇸 Agent Provocateur. OpenAI has launched a sweeping review of its AI models after new incidents, including unauthorized access to Australia’s Medicare portal, forced the company to notify affected third parties. (CNBC)

🇬🇧 United Kingdom

🇬🇧 Track to Basics. The UK government will nationalise Avanti West Coast in March, ending years of delays and complaints with a return to public control. (BBC)

Fundraising

Island 🇺🇸 (Cybersecurity): $400M (Evolution Equity Partners)
Precision 🇺🇸 (Healthcare): $250M (Pershing Square, Ackman Oxman Institute, Duquesne Family Office, ARK Invest, Invus, B Capital, Mirae Asset Capital, Korea Investment Partners, Hitachi Ventures, JSL Health Capital, Mubadala Capital)
OpenEvidence 🇺🇸 (AI): $250M (Hospital systems, a16z)
Rightway 🇺🇸 (Healthcare): $155M (Francisco Partners)
Brahma AI 🇺🇸 (AI): $150M (Multiples Alternate Asset Management)
BigHat Biosciences 🇺🇸 (Biotech): $75M (DFJ Growth, Premji Invest)
Anaconda Biomed 🇪🇸 (Healthcare): €49M (Omega Funds)
Solcoa Industries 🇺🇸 (Materials): $45M (Bain Capital Ventures)
HIFI 🇺🇸 (Fintech): $37M (Left Lane Capital)
Ando 🇺🇸 (Messaging): $20M (Accel, Index Ventures, Emergence)
Trebellar 🇺🇸 (Proptech): $18M (Blossom Capital)
Prime Minute 🇺🇸 (Disaster response): $15M (Eclipse)
Mesa Quantum 🇺🇸 (Quantum): $11.8M (Playground Global)
Olenbee 🇫🇷 (Fintech): €7M (Go Capital, Bpifrance, European Regional Development Fund, Val de France Angels, All'n Breizh)
Overlord Labs 🇺🇸 (Semiconductors): $4.35M (Band of Angels, Foothill Ventures, Unlock Pacific Ventures, NuFund Venture Group, Sand Hill Angels, Castle Fund)
InspectRail 🇪🇸 (Rail tech): €1.5M (Basque Country Venture Capital Management)
Aniwa 🇪🇸 (Insurtech): €500,000

Fund Watch

PIF 🇸🇦: $500M (initial fixed-income allocation to PIMCO, under consideration)
Foresight Group 🇬🇧: $460M (continuation vehicle for Australian transport operator Kinetic, led by Hamilton Lane)
Lockheed Martin Ventures and Inflection Point 🇺🇸: $175M (PIPE funding ahead of Elroy Air’s $1B merger)
Blackstone 🇺🇸 (multi-asset private-markets fund for non-US retail investors)

🔔IPO

City Therapeutics 🇺🇸 (Biotech): filed for an IPO.
National Stock Exchange of India 🇮🇳 (Finance): raised $2.4B at a $47B valuation one of India’s largest IPOs.
JSW One 🇮🇳 (Steel): filed for a $312M IPO India.

🧳 Debt

DCC Energy 🇬🇧: backed by a $4.8B junk-debt sale for its $7.5B take-private.
Nscale 🇬🇧: raised $3.36B in pre-IPO convertible financing.
Oracle 🇺🇸: Larry Ellison pledged an additional $9.2B in shares as loan collateral.
Citigroup 🇺🇸: leads banks selling $7.5B in loans to fund Paramount’s $110B Warner Bros. Discovery takeover.
Oracle 🇺🇸: issued a force majeure notice over potential data center delays but cannot terminate the lease.
SoftBank 🇯🇵: raised $11.1B in its largest junk bond sale to fund its OpenAI investment.
Hong Kong 🇭🇰: seeking to raise $2.6B in a record digital bond sale.
Reliance Industries 🇮🇳: plans to raise $1B a local bond sale.
Bangladesh 🇧🇩: plans to raise $500M-$1B in its first foreign-currency sovereign bond sale.
Senegal 🇸🇳: seeking a $2.2B IMF loan and aims to complete its debt revamp within months.

🇺🇸 United States

CleanSpark 🇺🇸: closed a $2.276B senior secured notes offering.
Regent Properties 🇺🇸: secured $406M financing for Trammell Crow Center.

❌ Failures

Radiant World 🇸🇬: a Singapore court placed the fraud-accused iron ore trader under KPMG’s control after creditor Mizuho’s application.

🎯 For a Few More Minutes…

🇬🇧 Disability Clause. A UK food manufacturer must pay Jonathan Gee £10K after firing him for Tourette’s-related outbursts, with a tribunal finding clear discrimination. (Le Parisien)
🇷🇺 Palace Intrigue. Roman Badanine and Mikhail Roubine’s deep-dive reveals Vladimir Putin’s taste for extravagant interiors and the lengths taken to keep his private world hidden. (Le Parisien)
🇨🇦 Special Delivery. Kenneth Law is accused of aiding suicide by shipping sodium nitrite kits worldwide, as families testify about the deadly reach of his online business. (Ouest-France)
🇸🇦 Guardian Angel. Omar Al-Bayoumi, a Saudi national living in the US, played a central role in helping two 9/11 Pentagon hijackers settle and train, while denying any extremist ties. (Le Monde)
🇰🇪 Rhyme and Reason. Kenyan poet Willie Oeba transforms packed matatus into rolling forums, reciting verses on inequality and police violence to inspire civic action ahead of the 2027 election. (Le Monde)
🇺🇳 Map Quest. The United Nations is confronting contentious debates over the role of maps in international politics, where every line can spark a dispute. (Le Monde)

Good morning!

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🗞️ Top Story

🇬🇧 Mute Point. Liberty warns Labour that failing to defend free speech is not just unpopular, it could actually cost them votes in the upcoming election. (The Guardian)
🇬🇧 Gate Crashers. RAF Fairford, the UK air base used by US forces, is locked down after arrests and explosives fears prompt evacuations and a massive emergency response. (CNBC)
🇬🇧 No Free Lunch. The prime minister pitches an NHS-inspired social care model for England, admitting it could mean unpopular tax hikes to fund the £18B vision. (BBC)
🇩🇪 Stranger Bedfellows. Berlin's SPD agrees to preliminary talks with The Left on forming a government, despite public skepticism and recent tensions between the parties. (Die Zeit)
🇪🇺 Cold Warmer. Swedish and Finnish air forces conducted their first joint operation to intercept Russian jets above the Gulf of Finland, proving the Baltic skies are now a team sport. (Le Parisien)
🇷🇸 Chair Swap. Aleksandar Vučić resigns as Serbian president to run for prime minister, handing the presidency to ally Ana Brnabić and aiming to keep his grip on power. (Spiegel)
🇷🇺 No Exit Strategy. Russia’s top diplomat Sergey Lavrov declared Moscow remains committed to the war in Ukraine after rare talks with Germany’s foreign minister, who urged an end to aggression. (New York Times)
🇺🇸 Straight Outta Options. Trump turns down Iran's plan to restore shipping through the Strait of Hormuz, claiming victory while global oil markets wait for a real breakthrough. (BBC)
🇺🇸 Class Dismissed. President Trump aims to cancel $810M in approved education and health funding, daring Congress to stop him before the money disappears. (New York Times)
🇺🇸 Homeland Insecurity. The Secret Service, Defense, and Homeland Security spent $2M on software from a Russian-linked company, because transparency is apparently optional for both buyers and sellers. (New York Times)
🇻🇪 No Entry. After multiple failed attempts to re-enter Venezuela, María Corina Machado remains stranded abroad while US and Venezuelan officials each claim it is not their doing. (El Pais)
🇹🇭 Water Logged. Eight people have died and over 2M have been affected as heavy rains trigger severe flooding across Thailand, prompting a disaster declaration in Bangkok. (Libé)
🇳🇬 Empire State of Mind. Aliko Dangote, who built his wealth on cement and pipelines, now joins Bill Gates to tackle health and education across Africa. (Les Echos)
🌍 Truth or Consequences. Over 1,000 news outlets join World News Day to warn that without trusted journalism, society itself risks unraveling in a sea of misinformation. (BBC)

🏛️ Economy

🇬🇧 Dock and Awe. UK Chancellor John Healey promises a "new age of industrialisation" with £15B in Royal Navy shipyard upgrades and a £115M maritime research vessel, but offers no details on how he will pay for it. (BBC)
🇬🇧 Tax and Care. Andy Burnham insists Labour should fight the next election promising new taxes to pay for free adult social care, brushing off warnings of an £18B price tag. (The Guardian)
🇬🇧 Fee-Fi-Fo-Fum. London’s investment bankers and lawyers pocket over £1B in M&A fees this year, while the rest of the UK counts pennies through the cost of living crisis. (The Guardian)
🇩🇪 Coal and Order. Germany unveils a sweeping plan to phase out coal, go fully electric on cars, and install 2.8M heat pumps by 2045, aiming to shed fossil fuels before oil prices climb any higher. (Les Echos)
🇺🇸 Pink Slipstream. Tech layoffs in the hit 94K through August, up 17% from 2025, as giants like Amazon 🇺🇸 and Meta 🇺🇸 shift budgets to AI and trim headcount with algorithmic precision. (Crunchbase)
🇺🇸 Code Red. AI infrastructure spending could outpace even the railroads, with researchers flagging mounting debt and financial engineering that recall the subprime crisis. (Boursier)
🇲🇽 Sovereign Ties. Mexico insists its partnership with the US will not come at the expense of its sovereignty, putting a polite fence around cross-border security and tariff negotiations. (Bloomberg)
🇳🇮 Goldfinger. Nicaragua has handed Chinese firms mining rights to over a tenth of its territory, giving Beijing a glittering new foothold in Washington’s backyard. (Financial Times)
🇯🇵 Yield Signs. Japan’s two-year government bond yield is approaching 2% as investors bet the Bank of Japan will keep raising interest rates for the first time in decades. (Bloomberg)
🇰🇷 Artificial Instinct. South Korea launches a $21.8B push to make AI as common as electricity, promising free chatbots for all 51.6M citizens by year-end. (Financial Times)

🏢 Real Estate

🇬🇧 Ladder Service. Prime Minister Andy Burnham unveils a rebooted Help to Buy scheme offering first-time buyers a 20% equity loan with just a 2.5% deposit, hoping to revive homeownership dreams and Labour’s housing targets. (Financial Times)
🇬🇧 Deposit Slip. The "Your first home" initiative from Andy Burnham targets aspiring homeowners in England who cannot rely on parental help, aiming to make deposits less of a dealbreaker. (The Guardian)
🇪🇸 Eviction Notice. Tens of thousands protested in Madrid after 87-year-old Maricarmen Abascal was forcibly evicted from her home of 70 years, making her case a rallying cry against Spain’s housing crisis. (Spiegel)
🇬🇷 Faulty Towers. Six people died after a suspected gas explosion caused a two-story building to collapse in Athens’ Plaka district, turning a tourist hotspot into a disaster scene. (Le Parisien)
🇨🇭 Swiss Made. The Beyeler Foundation unveils three new Peter Zumthor buildings and a vast garden expansion, signaling a dramatic transformation for the Basel-area art landmark. (Le Monde)

🔗 On-chain

🇺🇸 Frozen Assets. prosecutors have seized $84M from Capstone, a payments firm linked to Tether and Bitfinex, over alleged unlicensed activity and fraud connections. (FinExtra)
🇸🇨 Freeze Frame. Bitget 🇸🇨 halted customer withdrawals following a $387.5M hack, blaming North Korea-tied hackers and promising assets are "protected" while users wait. (FinExtra)

💱 Listed Markets

🇨🇭 Ticking Up. The Royal Pop collaboration between Audemars Piguet 🇨🇭 and Swatch 🇨🇭 is setting sales records, even as most luxury watches face declining demand and rising tariffs. (CNBC)
🇺🇸 Cancel Culture. Meta's new Muse AI assistant is helping users slash unwanted subscriptions, targeting a $157-a-month habit Americans rarely break without a nudge. (CNBC)
🇺🇸 Glitch Perfect. Boeing has discovered a new software fault in its 737 Max jets that can disable automated landing navigation after a failed landing attempt, prompting FAA scrutiny and airline pushback. (Die Zeit)
🇺🇸 Exit Strategy. Joseph Baratta, Blackstone’s top private equity executive, is preparing to leave the $1.3T giant as he eyes a possible move into public service. (Financial Times)
🇲🇽 Fowl Play. Ford 🇺🇸 is relying on El Charro, a hawk, to patrol its Hermosillo assembly plant and keep the pigeons from disrupting production. (Wall Street Journal)
🇮🇳 Prime Time. Amazon is betting $3B through 2030 to catch up India’s ultra-fast delivery race, hoping its late push will outpace Blinkit, Swiggy, and Zepto. (Financial Times)
🇮🇳 Cart Blanche. Google pilots a “Buy” button Gemini and AI Mode for select Flipkart items, aiming to turn product discovery into instant transaction without ever leaving the AI interface. (TechCrunch)
🌍 Crude Awakening. Brent and WTI prices slid Friday, with US-Iran talks easing fears even as Houthi threats kept the market on edge. (Wall Street Journal)

🛎️ Big Deals (M&A)

Attestor 🇬🇧 is set to acquire the German state’s remaining 49% stake in Condor 🇩🇪 in August 2027 by exercising a previously agreed purchase option.
Liberty Global 🇬🇧 has shortlisted Ardian 🇫🇷, InfraVia Capital Partners 🇫🇷 and Ontario Teachers’ Pension Plan 🇨🇦 to bid for a stake in Belgian network company Wyre 🇧🇪.
Apax 🇬🇧 is nearing a deal to buy Warburg Pincus 🇺🇸 out of their joint investment in Dutch telecoms group Odido 🇳🇱, valuing the company at about €6.5B.
BP 🇬🇧 is weighing an acquisition of Devon Energy 🇺🇸's South Texas assets, valued at $4.5B.
Revolut 🇬🇧 has received regulatory approval to acquire Banco Cetelem 🇦🇷 from BNP Paribas 🇫🇷.
Rexel 🇫🇷 has agreed to acquire specialty wire and cable distributor GCG 🇺🇸 from Audax Private Equity 🇺🇸 in a deal expected to close by year-end.
Resilience Care 🇫🇷 acquires Recovery Cat 🇩🇪, a digital psychiatry platform developed at Berlin’s Charité and used by nearly 20 hospitals and practices.
Schneider Electric 🇫🇷 intends to acquire Shelly Group 🇧🇬 through a voluntary public takeover offer valuing the smart-building technology company at €1.2B, subject to regulatory approvals and a 95% acceptance threshold.
Credit Agricole 🇫🇷 and UniCredit 🇮🇹 are considering a joint move on listed Italian lender Banco BPM 🇮🇹, valued at $28B, under a breakup plan.
Schneider Electric 🇫🇷 has agreed to acquire Shelly Group 🇧🇬 for $1.4B, excluding debt, at a 25% premium.
Deutsche Bundesbank 🇩🇪 has awarded SAP Fioneer 🇩🇪 a contract for a core banking system, including maintenance and further development.
BASF 🇩🇪 is in exploratory takeover talks with Evonik 🇩🇪 and its largest shareholder, RAG-Stiftung 🇩🇪.
Commerzbank 🇩🇪 could acquire HVB 🇩🇪 as part of a merger with UniCredit 🇮🇹.
Armani 🇮🇹 is preparing formal talks with LVMH 🇫🇷, L’Oréal 🇫🇷 and EssilorLuxottica 🇫🇷🇮🇹 over a possible 15% minority stake sale, with valuations discussed between €3B and €10B.
Icop 🇮🇹 is considering revising its takeover offer for Trevi 🇮🇹 to beat Webuild 🇮🇹's rival proposal.
Telefónica 🇪🇸 is considering relaunching a process to sell its Venezuelan subsidiary 🇻🇪 after receiving unsolicited approaches from potential buyers. No firm offer or sale agreement exists.
Airbus 🇳🇱 is discussing asset divestments with Leonardo 🇮🇹 and Thales 🇫🇷 to secure EU antitrust approval for their proposed space merger. No final remedies have been agreed.
Marc Janko 🇦🇹 invests in Zone14 🇦🇹, a sports technology startup.
Poland 🇵🇱 is seeking an alternative way to reorganize PZU 🇵🇱 as its merger with Pekao 🇵🇱 is delayed.
RefinyX 🇸🇪 has acquired 134 patents and a facility in Västerås from Northvolt 🇸🇪's bankruptcy estate, with financing from Qarlbo Energy 🇸🇪.
EQT 🇸🇪 is preparing to sell Parques Reunidos 🇪🇸, the Spanish amusement park group behind Bobbejaanland, with JPMorgan as adviser. GBL 🇧🇪 is also a shareholder.
Novo Nordisk 🇩🇰 signs an agreement with Nanexa 🇸🇪 for a worldwide exclusive license to its drug-release technology, worth up to €1.16B.
A.P. Møller Capital 🇩🇰 has agreed to acquire a 53.35% majority stake in Euroports 🇧🇪, subject to regulatory approval.
CVC 🇱🇺 and NSSK 🇯🇵 are considering a $3.2B bid to take private Kobayashi Pharmaceutical 🇯🇵.
CoinMarketCap 🇺🇸 acquires Coinglass 🇺🇸, a crypto derivatives market data provider.
BlackRock’s AIP 🇺🇸 and IFM Investors 🇦🇺 are in exclusive talks to acquire Stack Infrastructure’s 🇺🇸 APAC data centers from owner Blue Owl 🇺🇸 for $20B-$25B.
Gen Digital 🇺🇸 has offered to acquire web domain firm GoDaddy 🇺🇸, valued at $13B.
Hellman & Friedman 🇺🇸 is exploring a $10B sale of insurance software provider Applied Systems 🇺🇸.
Starboard Value 🇺🇸 builds a stake in Knife River 🇺🇸, a $3B-listed construction company, and pushes it to explore a sale.
The Elmet Group 🇺🇸 will take a 5% stake in Masan High-Tech Materials 🇻🇳 from a Masan Group 🇻🇳 unit at a $2.5B valuation.
RedBird Capital Partners 🇺🇸 will acquire a majority stake in newsletter startup Puck 🇺🇸 at a $250M valuation.
Glass Lewis 🇺🇸 will merge with Europe-focused ESG data and analytics firm Clarity AI 🇪🇸.
PG&E Corp 🇺🇸 will consider separating some assets as its wildfire liability deal with California 🇺🇸 stalls.
Databricks 🇺🇸 has completed the acquisition of Row Zero 🇺🇸. Deal terms were not disclosed.
Rocket Lab 🇺🇸 has agreed to acquire satellite operator Iridium 🇺🇸 for about $8B. Iridium shareholders approved the deal, which remains subject to regulatory approvals and is expected to close in mid-2027.
Brazil 🇧🇷 plans to spend $2.8B to acquire up to $28B of delinquent consumer debt from banks through a November auction.
Nubank 🇧🇷 is in early talks to acquire Monzo 🇬🇧 in a deal potentially valuing the UK fintech at up to £10B.
SMBC 🇯🇵 is in advanced talks to increase its stake in VPBank 🇻🇳 to approximately 20% from 15%. The 5% stake is worth about $425M at current market prices.
SoftBank Group 🇯🇵 invests $225M in Autonomous Solutions, Inc. (ASI) 🇺🇸 and forms a joint venture to develop autonomous construction machines.
Nissan 🇯🇵 will maintain its stake in Mitsubishi Motors 🇯🇵 after the lockup period ends.
Doan Van Hieu Em 🇻🇳 sold 1M shares in Mobile World Investment 🇻🇳 and is planning to buy 732,000 shares in its subsidiary Dien May Xanh 🇻🇳.
The Chhabria family 🇮🇳 is considering selling part of its stake in Allied Blenders and Distillers 🇮🇳, potentially to a strategic buyer who could build a controlling interest over time.
Northern Star Resources 🇦🇺 rejects a $27B takeover proposal.
Mubadala 🇦🇪 is in talks to acquire a 15%-35% stake in Ansaldo Energia 🇮🇹 from CDP 🇮🇹.
Djibouti 🇩🇯, Ethiopia 🇪🇹 and Dangote 🇳🇬 plan to build a $660M petroleum pipeline.
Gold Fields 🇿🇦 has expressed interest in acquiring Northern Star Resources 🇦🇺, which rebuffed its approach.

🧳 Private Markets & VC

🇬🇧 Track to Basics. The UK government will nationalise Avanti West Coast in March, ending years of delays and complaints with a return to public control. (BBC)
🇪🇺 Platform Wars. Brussels stands firm on its $137M fine for X, brushing off the US government's support for Musk's bid to overturn digital rules. (CNBC)
🇺🇸 Exit Strategy. Star dealmaker Michael Aiello and key partners are leaving Weil, Gotshal & Manges, raising alarms about the firm's future and sparking industry-wide speculation. (Financial Times)
🇺🇸 Risky Business. A federal appeals court ruled the Pentagon acted lawfully in blacklisting Anthropic 🇺🇸 as a national security risk, leaving the AI firm locked out of government contracts. (New York Times)
🇺🇸 Agent Provocateur. OpenAI has launched a sweeping review of its AI models after new incidents, including unauthorized access to Australia’s Medicare portal, forced the company to notify affected third parties. (CNBC)

Fundraising

Island 🇺🇸 (Cybersecurity): $400M (Evolution Equity Partners)
Precision 🇺🇸 (Healthcare): $250M (Pershing Square, Ackman Oxman Institute, Duquesne Family Office, ARK Invest, Invus, B Capital, Mirae Asset Capital, Korea Investment Partners, Hitachi Ventures, JSL Health Capital, Mubadala Capital)
OpenEvidence 🇺🇸 (AI): $250M (Hospital systems, a16z)
Rightway 🇺🇸 (Healthcare): $155M (Francisco Partners)
Brahma AI 🇺🇸 (AI): $150M (Multiples Alternate Asset Management)
BigHat Biosciences 🇺🇸 (Biotech): $75M (DFJ Growth, Premji Invest)
Anaconda Biomed 🇪🇸 (Healthcare): €49M (Omega Funds)
Solcoa Industries 🇺🇸 (Materials): $45M (Bain Capital Ventures)
HIFI 🇺🇸 (Fintech): $37M (Left Lane Capital)
Ando 🇺🇸 (Messaging): $20M (Accel, Index Ventures, Emergence)
Trebellar 🇺🇸 (Proptech): $18M (Blossom Capital)
Prime Minute 🇺🇸 (Disaster response): $15M (Eclipse)
Mesa Quantum 🇺🇸 (Quantum): $11.8M (Playground Global)
Olenbee 🇫🇷 (Fintech): €7M (Go Capital, Bpifrance, European Regional Development Fund, Val de France Angels, All'n Breizh)
Overlord Labs 🇺🇸 (Semiconductors): $4.35M (Band of Angels, Foothill Ventures, Unlock Pacific Ventures, NuFund Venture Group, Sand Hill Angels, Castle Fund)
InspectRail 🇪🇸 (Rail tech): €1.5M (Basque Country Venture Capital Management)
Aniwa 🇪🇸 (Insurtech): €500,000

Fund Watch

PIF 🇸🇦: $500M (initial fixed-income allocation to PIMCO, under consideration)
Foresight Group 🇬🇧: $460M (continuation vehicle for Australian transport operator Kinetic, led by Hamilton Lane)
Lockheed Martin Ventures and Inflection Point 🇺🇸: $175M (PIPE funding ahead of Elroy Air’s $1B merger)
Blackstone 🇺🇸 (multi-asset private-markets fund for non-US retail investors)

🔔IPO

City Therapeutics 🇺🇸 (Biotech): filed for an IPO.
National Stock Exchange of India 🇮🇳 (Finance): raised $2.4B at a $47B valuation one of India’s largest IPOs.
JSW One 🇮🇳 (Steel): filed for a $312M IPO India.

🧳 Debt

DCC Energy 🇬🇧: backed by a $4.8B junk-debt sale for its $7.5B take-private.
Nscale 🇬🇧: raised $3.36B in pre-IPO convertible financing.
Oracle 🇺🇸: Larry Ellison pledged an additional $9.2B in shares as loan collateral.
Citigroup 🇺🇸: leads banks selling $7.5B in loans to fund Paramount’s $110B Warner Bros. Discovery takeover.
Oracle 🇺🇸: issued a force majeure notice over potential data center delays but cannot terminate the lease.
SoftBank 🇯🇵: raised $11.1B in its largest junk bond sale to fund its OpenAI investment.
Hong Kong 🇭🇰: seeking to raise $2.6B in a record digital bond sale.
Reliance Industries 🇮🇳: plans to raise $1B a local bond sale.
Bangladesh 🇧🇩: plans to raise $500M-$1B in its first foreign-currency sovereign bond sale.
Senegal 🇸🇳: seeking a $2.2B IMF loan and aims to complete its debt revamp within months.

❌ Failures

Radiant World 🇸🇬: a Singapore court placed the fraud-accused iron ore trader under KPMG’s control after creditor Mizuho’s application.

🎯 For a Few More Minutes…

🇬🇧 Disability Clause. A UK food manufacturer must pay Jonathan Gee £10K after firing him for Tourette’s-related outbursts, with a tribunal finding clear discrimination. (Le Parisien)
🇷🇺 Palace Intrigue. Roman Badanine and Mikhail Roubine’s deep-dive reveals Vladimir Putin’s taste for extravagant interiors and the lengths taken to keep his private world hidden. (Le Parisien)
🇨🇦 Special Delivery. Kenneth Law is accused of aiding suicide by shipping sodium nitrite kits worldwide, as families testify about the deadly reach of his online business. (Ouest-France)
🇸🇦 Guardian Angel. Omar Al-Bayoumi, a Saudi national living in the US, played a central role in helping two 9/11 Pentagon hijackers settle and train, while denying any extremist ties. (Le Monde)
🇰🇪 Rhyme and Reason. Kenyan poet Willie Oeba transforms packed matatus into rolling forums, reciting verses on inequality and police violence to inspire civic action ahead of the 2027 election. (Le Monde)
🇺🇳 Map Quest. The United Nations is confronting contentious debates over the role of maps in international politics, where every line can spark a dispute. (Le Monde)

Good morning!

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🗞️ Top Story

🇺🇸 Straight Outta Options. Trump turns down Iran's plan to restore shipping through the Strait of Hormuz, claiming victory while global oil markets wait for a real breakthrough. (BBC)
🇺🇸 Ad Value. Pro-Trump television ads funded by taxpayer dollars are airing ahead of the midterms, drawing rare bipartisan outrage over government-backed campaigning. (CNBC)
🇺🇸 Ledger Domain. The White House claims its anti-fraud task force uncovered $250B in fraud, but the numbers include unverifiable or recycled cases and lack clear breakdowns. (New York Times)
🇺🇸 Science Friction. The CDC, once the gold standard for public health, is now struggling to operate as political interference and staff cuts hollow out its core. (New York Times)
🇺🇸 Class Dismissed. President Trump aims to cancel $810M in approved education and health funding, daring Congress to stop him before the money disappears. (New York Times)
🇺🇸 Homeland Insecurity. The Secret Service, Defense, and Homeland Security spent $2M on software from a Russian-linked company, because transparency is apparently optional for both buyers and sellers. (New York Times)
🇻🇪 No Entry. After multiple failed attempts to re-enter Venezuela, María Corina Machado remains stranded abroad while US and Venezuelan officials each claim it is not their doing. (El Pais)
🇩🇪 Stranger Bedfellows. Berlin's SPD agrees to preliminary talks with The Left on forming a government, despite public skepticism and recent tensions between the parties. (Die Zeit)
🇪🇺 Cold Warmer. Swedish and Finnish air forces conducted their first joint operation to intercept Russian jets above the Gulf of Finland, proving the Baltic skies are now a team sport. (Le Parisien)
🇬🇧 Gate Crashers. RAF Fairford, the UK air base used by US forces, is locked down after arrests and explosives fears prompt evacuations and a massive emergency response. (CNBC)
🇷🇸 Chair Swap. Aleksandar Vučić resigns as Serbian president to run for prime minister, handing the presidency to ally Ana Brnabić and aiming to keep his grip on power. (Spiegel)
🇷🇺 No Exit Strategy. Russia’s top diplomat Sergey Lavrov declared Moscow remains committed to the war in Ukraine after rare talks with Germany’s foreign minister, who urged an end to aggression. (New York Times)
🇹🇭 Water Logged. Eight people have died and over 2M have been affected as heavy rains trigger severe flooding across Thailand, prompting a disaster declaration in Bangkok. (Libé)
🇳🇬 Empire State of Mind. Aliko Dangote, who built his wealth on cement and pipelines, now joins Bill Gates to tackle health and education across Africa. (Les Echos)
🌍 Truth or Consequences. Over 1,000 news outlets join World News Day to warn that without trusted journalism, society itself risks unraveling in a sea of misinformation. (BBC)

🏛️ Economy

🇺🇸 Deficit Attention. Trump promised to rein in the deficit and fix the economy, but his policies have instead fueled inflation and driven interest rates higher. (Wall Street Journal)
🇺🇸 Pink Slipstream. Tech layoffs in the hit 94K through August, up 17% from 2025, as giants like Amazon 🇺🇸 and Meta 🇺🇸 shift budgets to AI and trim headcount with algorithmic precision. (Crunchbase)
🇺🇸 Code Red. AI infrastructure spending could outpace even the railroads, with researchers flagging mounting debt and financial engineering that recall the subprime crisis. (Boursier)
🇺🇸 Yield Signs. jobs data is set to land as Treasury yields hit multi-decade highs, piling pressure on the Fed to justify its next move. (Financial Times)
🇲🇽 Sovereign Ties. Mexico insists its partnership with the US will not come at the expense of its sovereignty, putting a polite fence around cross-border security and tariff negotiations. (Bloomberg)
🇳🇮 Goldfinger. Nicaragua has handed Chinese firms mining rights to over a tenth of its territory, giving Beijing a glittering new foothold in Washington’s backyard. (Financial Times)
🇩🇪 Coal and Order. Germany unveils a sweeping plan to phase out coal, go fully electric on cars, and install 2.8M heat pumps by 2045, aiming to shed fossil fuels before oil prices climb any higher. (Les Echos)
🇯🇵 Yield Signs. Japan’s two-year government bond yield is approaching 2% as investors bet the Bank of Japan will keep raising interest rates for the first time in decades. (Bloomberg)
🇰🇷 Artificial Instinct. South Korea launches a $21.8B push to make AI as common as electricity, promising free chatbots for all 51.6M citizens by year-end. (Financial Times)

🏢 Real Estate

🇺🇸 Bracket Creep. In Portland, the rental market is so weak that high earners and low-income tenants now pay nearly identical rents for their apartments. (Wall Street Journal)
🇪🇸 Eviction Notice. Tens of thousands protested in Madrid after 87-year-old Maricarmen Abascal was forcibly evicted from her home of 70 years, making her case a rallying cry against Spain’s housing crisis. (Spiegel)
🇬🇷 Faulty Towers. Six people died after a suspected gas explosion caused a two-story building to collapse in Athens’ Plaka district, turning a tourist hotspot into a disaster scene. (Le Parisien)
🇬🇧 Ladder Service. Prime Minister Andy Burnham unveils a rebooted Help to Buy scheme offering first-time buyers a 20% equity loan with just a 2.5% deposit, hoping to revive homeownership dreams and Labour’s housing targets. (Financial Times)
🇨🇭 Swiss Made. The Beyeler Foundation unveils three new Peter Zumthor buildings and a vast garden expansion, signaling a dramatic transformation for the Basel-area art landmark. (Le Monde)

🔗 On-chain

🇺🇸 Frozen Assets. prosecutors have seized $84M from Capstone, a payments firm linked to Tether and Bitfinex, over alleged unlicensed activity and fraud connections. (FinExtra)
🇸🇨 Freeze Frame. Bitget 🇸🇨 halted customer withdrawals following a $387.5M hack, blaming North Korea-tied hackers and promising assets are "protected" while users wait. (FinExtra)

💱 Listed Markets

🇺🇸 Cancel Culture. Meta's new Muse AI assistant is helping users slash unwanted subscriptions, targeting a $157-a-month habit Americans rarely break without a nudge. (CNBC)
🇺🇸 Glitch Perfect. Boeing has discovered a new software fault in its 737 Max jets that can disable automated landing navigation after a failed landing attempt, prompting FAA scrutiny and airline pushback. (Die Zeit)
🇺🇸 Exit Strategy. Joseph Baratta, Blackstone’s top private equity executive, is preparing to leave the $1.3T giant as he eyes a possible move into public service. (Financial Times)
🇲🇽 Fowl Play. Ford 🇺🇸 is relying on El Charro, a hawk, to patrol its Hermosillo assembly plant and keep the pigeons from disrupting production. (Wall Street Journal)
🇨🇭 Ticking Up. The Royal Pop collaboration between Audemars Piguet 🇨🇭 and Swatch 🇨🇭 is setting sales records, even as most luxury watches face declining demand and rising tariffs. (CNBC)
🇮🇳 Prime Time. Amazon is betting $3B through 2030 to catch up India’s ultra-fast delivery race, hoping its late push will outpace Blinkit, Swiggy, and Zepto. (Financial Times)
🇮🇳 Cart Blanche. Google pilots a “Buy” button Gemini and AI Mode for select Flipkart items, aiming to turn product discovery into instant transaction without ever leaving the AI interface. (TechCrunch)
🌍 Crude Awakening. Brent and WTI prices slid Friday, with US-Iran talks easing fears even as Houthi threats kept the market on edge. (Wall Street Journal)

🛎️ Big Deals (M&A)

People Group 🇺🇸 has abandoned its plan to acquire MGM Resorts 🇺🇸 and is considering alternative options.
CoinMarketCap 🇺🇸 acquires Coinglass 🇺🇸, a crypto derivatives market data provider.
BlackRock’s AIP 🇺🇸 and IFM Investors 🇦🇺 are in exclusive talks to acquire Stack Infrastructure’s 🇺🇸 APAC data centers from owner Blue Owl 🇺🇸 for $20B-$25B.
Gen Digital 🇺🇸 has offered to acquire web domain firm GoDaddy 🇺🇸, valued at $13B.
Hellman & Friedman 🇺🇸 is exploring a $10B sale of insurance software provider Applied Systems 🇺🇸.
Starboard Value 🇺🇸 builds a stake in Knife River 🇺🇸, a $3B-listed construction company, and pushes it to explore a sale.
The Elmet Group 🇺🇸 will take a 5% stake in Masan High-Tech Materials 🇻🇳 from a Masan Group 🇻🇳 unit at a $2.5B valuation.
RedBird Capital Partners 🇺🇸 will acquire a majority stake in newsletter startup Puck 🇺🇸 at a $250M valuation.
Glass Lewis 🇺🇸 will merge with Europe-focused ESG data and analytics firm Clarity AI 🇪🇸.
PG&E Corp 🇺🇸 will consider separating some assets as its wildfire liability deal with California 🇺🇸 stalls.
Databricks 🇺🇸 has completed the acquisition of Row Zero 🇺🇸. Deal terms were not disclosed.
Rocket Lab 🇺🇸 has agreed to acquire satellite operator Iridium 🇺🇸 for about $8B. Iridium shareholders approved the deal, which remains subject to regulatory approvals and is expected to close in mid-2027.
MAK Acquisition Corp. 🇨🇦 is threatening to terminate its proposed combination with UniUni 🇨🇦, valued at more than $1B, after alleging a material breach. UniUni has 15 business days to cure it.
Brazil 🇧🇷 plans to spend $2.8B to acquire up to $28B of delinquent consumer debt from banks through a November auction.
Nubank 🇧🇷 is in early talks to acquire Monzo 🇬🇧 in a deal potentially valuing the UK fintech at up to £10B.
Rexel 🇫🇷 has agreed to acquire specialty wire and cable distributor GCG 🇺🇸 from Audax Private Equity 🇺🇸 in a deal expected to close by year-end.
Resilience Care 🇫🇷 acquires Recovery Cat 🇩🇪, a digital psychiatry platform developed at Berlin’s Charité and used by nearly 20 hospitals and practices.
Schneider Electric 🇫🇷 intends to acquire Shelly Group 🇧🇬 through a voluntary public takeover offer valuing the smart-building technology company at €1.2B, subject to regulatory approvals and a 95% acceptance threshold.
Credit Agricole 🇫🇷 and UniCredit 🇮🇹 are considering a joint move on listed Italian lender Banco BPM 🇮🇹, valued at $28B, under a breakup plan.
Schneider Electric 🇫🇷 has agreed to acquire Shelly Group 🇧🇬 for $1.4B, excluding debt, at a 25% premium.
Deutsche Bundesbank 🇩🇪 has awarded SAP Fioneer 🇩🇪 a contract for a core banking system, including maintenance and further development.
BASF 🇩🇪 is in exploratory takeover talks with Evonik 🇩🇪 and its largest shareholder, RAG-Stiftung 🇩🇪.
Commerzbank 🇩🇪 could acquire HVB 🇩🇪 as part of a merger with UniCredit 🇮🇹.
Armani 🇮🇹 is preparing formal talks with LVMH 🇫🇷, L’Oréal 🇫🇷 and EssilorLuxottica 🇫🇷🇮🇹 over a possible 15% minority stake sale, with valuations discussed between €3B and €10B.
Icop 🇮🇹 is considering revising its takeover offer for Trevi 🇮🇹 to beat Webuild 🇮🇹's rival proposal.
Telefónica 🇪🇸 is considering relaunching a process to sell its Venezuelan subsidiary 🇻🇪 after receiving unsolicited approaches from potential buyers. No firm offer or sale agreement exists.
Airbus 🇳🇱 is discussing asset divestments with Leonardo 🇮🇹 and Thales 🇫🇷 to secure EU antitrust approval for their proposed space merger. No final remedies have been agreed.
Marc Janko 🇦🇹 invests in Zone14 🇦🇹, a sports technology startup.
Poland 🇵🇱 is seeking an alternative way to reorganize PZU 🇵🇱 as its merger with Pekao 🇵🇱 is delayed.
RefinyX 🇸🇪 has acquired 134 patents and a facility in Västerås from Northvolt 🇸🇪's bankruptcy estate, with financing from Qarlbo Energy 🇸🇪.
EQT 🇸🇪 is preparing to sell Parques Reunidos 🇪🇸, the Spanish amusement park group behind Bobbejaanland, with JPMorgan as adviser. GBL 🇧🇪 is also a shareholder.
Novo Nordisk 🇩🇰 signs an agreement with Nanexa 🇸🇪 for a worldwide exclusive license to its drug-release technology, worth up to €1.16B.
A.P. Møller Capital 🇩🇰 has agreed to acquire a 53.35% majority stake in Euroports 🇧🇪, subject to regulatory approval.
CVC 🇱🇺 and NSSK 🇯🇵 are considering a $3.2B bid to take private Kobayashi Pharmaceutical 🇯🇵.
Attestor 🇬🇧 is set to acquire the German state’s remaining 49% stake in Condor 🇩🇪 in August 2027 by exercising a previously agreed purchase option.
Liberty Global 🇬🇧 has shortlisted Ardian 🇫🇷, InfraVia Capital Partners 🇫🇷 and Ontario Teachers’ Pension Plan 🇨🇦 to bid for a stake in Belgian network company Wyre 🇧🇪.
Apax 🇬🇧 is nearing a deal to buy Warburg Pincus 🇺🇸 out of their joint investment in Dutch telecoms group Odido 🇳🇱, valuing the company at about €6.5B.
BP 🇬🇧 is weighing an acquisition of Devon Energy 🇺🇸's South Texas assets, valued at $4.5B.
Revolut 🇬🇧 has received regulatory approval to acquire Banco Cetelem 🇦🇷 from BNP Paribas 🇫🇷.
SMBC 🇯🇵 is in advanced talks to increase its stake in VPBank 🇻🇳 to approximately 20% from 15%. The 5% stake is worth about $425M at current market prices.
SoftBank Group 🇯🇵 invests $225M in Autonomous Solutions, Inc. (ASI) 🇺🇸 and forms a joint venture to develop autonomous construction machines.
Nissan 🇯🇵 will maintain its stake in Mitsubishi Motors 🇯🇵 after the lockup period ends.
Doan Van Hieu Em 🇻🇳 sold 1M shares in Mobile World Investment 🇻🇳 and is planning to buy 732,000 shares in its subsidiary Dien May Xanh 🇻🇳.
The Chhabria family 🇮🇳 is considering selling part of its stake in Allied Blenders and Distillers 🇮🇳, potentially to a strategic buyer who could build a controlling interest over time.
Northern Star Resources 🇦🇺 rejects a $27B takeover proposal.
Mubadala 🇦🇪 is in talks to acquire a 15%-35% stake in Ansaldo Energia 🇮🇹 from CDP 🇮🇹.
Djibouti 🇩🇯, Ethiopia 🇪🇹 and Dangote 🇳🇬 plan to build a $660M petroleum pipeline.
Gold Fields 🇿🇦 has expressed interest in acquiring Northern Star Resources 🇦🇺, which rebuffed its approach.

🧳 Private Markets & VC

🇺🇸 Exit Strategy. Star dealmaker Michael Aiello and key partners are leaving Weil, Gotshal & Manges, raising alarms about the firm's future and sparking industry-wide speculation. (Financial Times)
🇺🇸 Risky Business. A federal appeals court ruled the Pentagon acted lawfully in blacklisting Anthropic 🇺🇸 as a national security risk, leaving the AI firm locked out of government contracts. (New York Times)
🇺🇸 Agent Provocateur. OpenAI has launched a sweeping review of its AI models after new incidents, including unauthorized access to Australia’s Medicare portal, forced the company to notify affected third parties. (CNBC)
🇪🇺 Platform Wars. Brussels stands firm on its $137M fine for X, brushing off the US government's support for Musk's bid to overturn digital rules. (CNBC)

Fundraising

Island 🇺🇸 (Cybersecurity): $400M (Evolution Equity Partners)
Precision 🇺🇸 (Healthcare): $250M (Pershing Square, Ackman Oxman Institute, Duquesne Family Office, ARK Invest, Invus, B Capital, Mirae Asset Capital, Korea Investment Partners, Hitachi Ventures, JSL Health Capital, Mubadala Capital)
OpenEvidence 🇺🇸 (AI): $250M (Hospital systems, a16z)
Rightway 🇺🇸 (Healthcare): $155M (Francisco Partners)
Brahma AI 🇺🇸 (AI): $150M (Multiples Alternate Asset Management)
BigHat Biosciences 🇺🇸 (Biotech): $75M (DFJ Growth, Premji Invest)
Anaconda Biomed 🇪🇸 (Healthcare): €49M (Omega Funds)
Solcoa Industries 🇺🇸 (Materials): $45M (Bain Capital Ventures)
HIFI 🇺🇸 (Fintech): $37M (Left Lane Capital)
Ando 🇺🇸 (Messaging): $20M (Accel, Index Ventures, Emergence)
Trebellar 🇺🇸 (Proptech): $18M (Blossom Capital)
Prime Minute 🇺🇸 (Disaster response): $15M (Eclipse)
Mesa Quantum 🇺🇸 (Quantum): $11.8M (Playground Global)
Olenbee 🇫🇷 (Fintech): €7M (Go Capital, Bpifrance, European Regional Development Fund, Val de France Angels, All'n Breizh)
Overlord Labs 🇺🇸 (Semiconductors): $4.35M (Band of Angels, Foothill Ventures, Unlock Pacific Ventures, NuFund Venture Group, Sand Hill Angels, Castle Fund)
InspectRail 🇪🇸 (Rail tech): €1.5M (Basque Country Venture Capital Management)
Aniwa 🇪🇸 (Insurtech): €500,000

Fund Watch

PIF 🇸🇦: $500M (initial fixed-income allocation to PIMCO, under consideration)
Foresight Group 🇬🇧: $460M (continuation vehicle for Australian transport operator Kinetic, led by Hamilton Lane)
Lockheed Martin Ventures and Inflection Point 🇺🇸: $175M (PIPE funding ahead of Elroy Air’s $1B merger)
Blackstone 🇺🇸 (multi-asset private-markets fund for non-US retail investors)

🔔IPO

City Therapeutics 🇺🇸 (Biotech): filed for an IPO.
National Stock Exchange of India 🇮🇳 (Finance): raised $2.4B at a $47B valuation one of India’s largest IPOs.
JSW One 🇮🇳 (Steel): filed for a $312M IPO India.

🧳 Debt

Oracle 🇺🇸: Larry Ellison pledged an additional $9.2B in shares as loan collateral.
Citigroup 🇺🇸: leads banks selling $7.5B in loans to fund Paramount’s $110B Warner Bros. Discovery takeover.
Oracle 🇺🇸: issued a force majeure notice over potential data center delays but cannot terminate the lease.
CleanSpark 🇺🇸: closed a $2.276B senior secured notes offering.
Regent Properties 🇺🇸: secured $406M financing for Trammell Crow Center.
DCC Energy 🇬🇧: backed by a $4.8B junk-debt sale for its $7.5B take-private.
Nscale 🇬🇧: raised $3.36B in pre-IPO convertible financing.
SoftBank 🇯🇵: raised $11.1B in its largest junk bond sale to fund its OpenAI investment.
Hong Kong 🇭🇰: seeking to raise $2.6B in a record digital bond sale.
Reliance Industries 🇮🇳: plans to raise $1B a local bond sale.
Bangladesh 🇧🇩: plans to raise $500M-$1B in its first foreign-currency sovereign bond sale.
Senegal 🇸🇳: seeking a $2.2B IMF loan and aims to complete its debt revamp within months.

❌ Failures

Radiant World 🇸🇬: a Singapore court placed the fraud-accused iron ore trader under KPMG’s control after creditor Mizuho’s application.

🎯 For a Few More Minutes…

🇨🇦 Special Delivery. Kenneth Law is accused of aiding suicide by shipping sodium nitrite kits worldwide, as families testify about the deadly reach of his online business. (Ouest-France)
🇬🇧 Disability Clause. A UK food manufacturer must pay Jonathan Gee £10K after firing him for Tourette’s-related outbursts, with a tribunal finding clear discrimination. (Le Parisien)
🇷🇺 Palace Intrigue. Roman Badanine and Mikhail Roubine’s deep-dive reveals Vladimir Putin’s taste for extravagant interiors and the lengths taken to keep his private world hidden. (Le Parisien)
🇸🇦 Guardian Angel. Omar Al-Bayoumi, a Saudi national living in the US, played a central role in helping two 9/11 Pentagon hijackers settle and train, while denying any extremist ties. (Le Monde)
🇰🇪 Rhyme and Reason. Kenyan poet Willie Oeba transforms packed matatus into rolling forums, reciting verses on inequality and police violence to inspire civic action ahead of the 2027 election. (Le Monde)
🇺🇳 Map Quest. The United Nations is confronting contentious debates over the role of maps in international politics, where every line can spark a dispute. (Le Monde)

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