🧊 Not My Ice Cream
Melt now, pay later—if anyone shows.
Good morning!
A few weeks ago a Silicon Valley investor posted a chart of the bonds of CoreWeave, which rents out Nvidia chips by the hour. The debt had just hit yields near 15%, a rate usually kept for borrowers with a lawyer on speed dial. Elon Musk replied with one word: "Yikes". This is the man who loaded $13B of debt onto Twitter to buy it. When Dracula faints at a blood test, the patient should start worrying. CoreWeave shares lost 15.5% in a day. The IMF had warned the day before, in its twice-yearly stability report, that an AI correction could go global. Musk needed five letters. Until recently the tech giants paid for their data centres out of their own pockets. Now they increasingly rent the capacity from firms like CoreWeave, which borrow to build it. Nobody knows whether paying customers will turn up before the bills do.
It is hard to tell, because some of the customers are also the suppliers. Nvidia sells CoreWeave its chips. It also owns close to a tenth of the company. And it has promised to pay, until 2032, for any computing power its customer cannot rent out. A restaurant whose oven maker owns a slice and pays for every empty table will always look fully booked. The BIS, the central bankers' central bank, found the habit across the sector: from 2021 to 2025, 55% of the money invested in AI firms came from other AI firms. The industry has become an ouroboros, the snake that eats its own tail, with a bond programme.
Gartner, a tech research firm, has done the sum. Data-centre owners need $8.5T of revenue by 2030 to cover their costs and a 12% return. Gartner expects them to collect under $1.8T. That leaves at least $6.7T to find. Fairness demands a word for the banks. They hold far more capital than in 2008, and none of them is lending a waiter with no payslip the money for a fourth condo. They now lend to the funds that do the lending. Bank loans to private credit and private equity funds rose 26% this year, and those funds bankroll a growing slice of the data centres.
Richard Bookstaber, a veteran risk manager, published a book in April 2007 warning that borrowing had made finance brittle. Months later two Bear Stearns hedge funds sank, and the rest of Wall Street followed. He is now chief risk officer for $236B of University of California money, including the pensions of its nurses and lab technicians. He says he is more worried than in 2007. CoreWeave's boss calls the bond market irrational. Perhaps it is. It is also the one holding the paper. AI does not have to fail for this to end badly. The cheques only have to arrive after the coupons.
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🗞️ Top Story
- 🇬🇧 Major Leak. UK police have arrested a senior US Army officer near Gloucester on suspicion of spying for Russia, putting NATO nerves on full display. (Financial Times)
- 🇫🇷 Throwing His Hat. Olympic judo legend Teddy Riner declares his candidacy for France’s 2027 presidential race, joining a field already crowded with 39 hopefuls and more expected. (El Pais)
- 🇪🇸 Strike While It's Hot. Spain faces its first general strike in 14 years as millions protest rising living costs, clashing with police just before the election campaign begins. (CNBC)
- 🇷🇺 Spy Hard. The Kremlin insists it has no connection to the US military officer arrested in the UK on suspicion of aiding Russian intelligence, denying any involvement with a straight face. (Boursier)
- 🇺🇸 Home Insecurity. Scott Bessent, the Treasury Secretary, is now living on a military base for protection after Iranian threats and a press-published aerial photo revealed his Washington residence. (Boursier)
- 🇺🇸 Preemptive Strike. Before Democrats can launch any probes, the White House accuses them of planning abuses and tries to scare them off with talk of criminality. (Spiegel)
- 🇺🇸 Chip Happens. Top Democrats are demanding the Trump administration preserve all records on Nvidia’s China chip exports and CEO Jensen Huang’s alleged ties to a suspected Chinese agent, setting the stage for a political tech drama. (Wall Street Journal)
- 🇮🇱 Red Card. Eisenkot tells Netanyahu to hold off on any risky operations against Iran during Israel's government transition, arguing that unsanctioned action would undermine democracy and public trust. (Spiegel)
- 🇪🇬 Gag Order. The Egyptian authorities escalate their crackdown, putting Mada Masr and Matsda2sh. Nearly the last independent voices. At risk of permanent shutdown. (Ouest-France)
🇬🇧 United Kingdom
- 🇬🇧 Guarded Entry. The UK government warns entertainment leaders to toughen up safeguarding or face mandatory oversight, after allegations against David Walliams spark a reckoning. (BBC)
- 🇬🇧 Clearer Waters. The Environment Agency reports PFOS and PFOA levels in English rivers have dropped by about 30% since 2014, showing regulation can actually work. (BBC)
- 🇬🇧 Risk Advisory. The UK creates a new post for climate security, putting Madeleine Alessandri in charge of warning No 10 before the next weather disaster becomes a crisis. (The Guardian)
- 🇬🇧 Spin Doctors. A new study accuses London's Science Media Centre of letting industry funding tilt its expert commentary in favor of corporate interests, all while claiming editorial independence. (Le Monde)
- 🇬🇧 Judge Dread. Morgan McSweeney, Keir Starmer’s former chief of staff, says cabinet ministers wield too much “quasi-judicial” power and urges a rethink of their authority. (The Guardian)
- 🇬🇧 Deck the Halls. The government vows to unveil its 10-year plan by mid-December, just in time to hang it up before the Commons recess. (The Guardian)
- 🇮🇪 White Out. As Joe Biden exited a ceremony at Trinity College, pro-Palestinian protesters launched milk and insults, leading to arrests and a flurry of umbrellas. (New York Times)
🇺🇸 United States
- 🇮🇪 White Out. As Joe Biden exited a ceremony at Trinity College, pro-Palestinian protesters launched milk and insults, leading to arrests and a flurry of umbrellas. (New York Times)
- 🇺🇸 Sick Leave. The 2025 measles outbreak in the racks up $37M in costs, as hospitals and workplaces both feel the sting of preventable disease. (CNBC)
🏛️ Economy
- 🇩🇪 Ward Games. With rural clinics facing insolvency, Lower Saxony calls on Berlin to create an emergency fund to keep hospitals open until the next overhaul. (Die Zeit)
- 🇳🇱 Box Office. The Dutch parliament is set to approve a capital gains tax of up to 38.5 percent, ending years of confusion over how wealth is taxed in the Netherlands. (De Tijd)
- 🇪🇺 Fair Play Online. The European Commission launches its Digital Fairness Act, promising to rein in deceptive interfaces, influencer excesses, and sneaky pricing tactics that cost consumers billions. (Libé)
- 🇪🇺 Game of Controls. The European Commission unveils sweeping rules to curb deceptive interfaces, influencer ads, and addictive features online, threatening fines up to 6% of global revenue for violators. (Le Monde)
- 🇻🇪 Oil Change. After a decade-long freeze, Venezuela resumes sending its state oil equipment to the US for repairs, hoping old suppliers can fix more than just machinery. (Bloomberg)
- 🇵🇾 Bank on It. After Ueno Bank’s collapse triggered a political crisis, Paraguay’s central bank began partial payouts to 1.8M clients, distributing $643M so far with more still frozen. (Le Temps)
- 🇨🇳 Low Bar. China’s central bank insists loan rates are already among the world’s lowest, signaling little appetite for further cuts even as demand stays weak. (Bloomberg)
- 🇹🇼 Fund and Games. Taiwan plans to launch a sovereign wealth fund with NT$30B ($912M) in capital, aiming to pass the bill by year-end and invest overseas. (Bloomberg)
- 🇭🇰 Sporting Chance. In a bid to attract China’s ultra-rich, Hong Kong is ramping up luxury sports events and hoping the high-end crowd follows. (Bloomberg)
- 🇹🇷 Fundamental Error. Şahap Kavcıoğlu, Turkey’s chief banking regulator, offers to resign after a $20B fund scandal engulfs top officials and rattles the financial sector. (Financial Times)
- 🇸🇦 Crude Awakening. OPEC oil production has surged back to near prewar levels as Saudi Arabia ramps up output to 10.56M barrels a day, pipelines and workarounds doing the heavy lifting. (Wall Street Journal)
- 🇱🇧 Crisis on the Vine. Lebanon’s economic meltdown deepens after the Israel-Hezbollah conflict, leaving growers and workers squeezed by inflation and falling wages. (New York Times)
🇬🇧 United Kingdom
- 🇬🇧 Trust Issues. The UK government eyes NHS data as a goldmine for AI-powered drug discovery, but Chris McDonald admits public confidence is the only thing keeping the plan alive. (Financial Times)
- 🇬🇧 Rate Expectations. The National Institute of Economic and Social Research urges the Bank of England to hike its key rate to 5% to curb inflation, because apparently 4% just is not enough. (Wall Street Journal)
🏢 Real Estate
- 🇺🇸 Flatbush Collapse. At least two people died and 17 were injured when a Brooklyn building collapsed near a construction site, leaving rescuers searching for survivors in the rubble. (Le Monde)
- 🇺🇸 Current Affairs. A BloombergNEF report warns that gas plants built to power data centers could push national power emissions up by 10% compared to 2025, making AI's energy appetite a climate liability. (Bloomberg)
🇬🇧 United Kingdom
- 🇬🇧 Current Affairs. Andy Burnham welcomes green lights for the Vanguard and Berwick Bank wind farms, promising 5,000 jobs and energy independence as the UK doubles down on homegrown renewables. (The Guardian)
- 🇬🇧 Home Truths. Scotland faces record homelessness and rising rents as housebuilding lags far behind demand, leaving ministers with targets that look increasingly out of reach. (BBC)
🇺🇸 United States
- 🇺🇸 Rate Escape. mortgage rates have jumped sharply after four weeks of declines, dashing hopes for buyers who thought relief was here to stay. (CNBC)
🔗 On-chain
- 🇺🇸 Token Gesture. Project Faro, a new stablecoin company funded by $270M from Citi, Goldman Sachs, and others, promises a 1:1 reserve-backed digital dollar by 2027. The biggest names in banking are now minting their own crypto credibility. (FinExtra)
- 🇺🇸 Betting the House. Kalshi faces a CFTC probe over whether it cut corners self-certifying event contracts, showing that not all bets are off the books. (CNBC)
💱 Listed Markets
- 🇪🇺 Chip Shot. European markets open higher as tech stocks, especially semiconductor firms, rally after CoreWeave's $168M revenue surge reassures investors about AI demand. (Boursier)
- 🇪🇺 Capture the Flag. ExxonMobil 🇺🇸 is suing the to suspend carbon capture build-out rules, arguing Brussels’ net zero law is unfair to oil giants. (Financial Times)
- 🇺🇸 Artificial Stakes. The market is bracing for Anthropic's IPO, which analysts say could either reignite AI mania or signal the party is over. (Bloomberg)
- 🇺🇸 No-Fly Zone. United Airlines bars AI assistants from booking or managing trips on its platforms, calling them a security threat to passenger accounts. (CNBC)
- 🇺🇸 Pay to Play. GTA VI has surpassed $1B in sales from more than 10M preorders, giving Take-Two Interactive 🇺🇸 a blockbuster payday before launch day. (Le Parisien)
- 🇺🇸 Chip Shot. Nvidia's boardroom chaos sends its shares tumbling 9% after hours, while AMD 🇺🇸 and Broadcom 🇺🇸 rally on hopes of poaching business. (Bloomberg)
- 🇺🇸 Chip Off the Old Block. Nvidia’s board is weighing whether to oust CEO Jensen Huang after revelations of his affair with a subordinate, deepening a scandal that already rocked the $4.2T chip giant and sent shares tumbling. (Financial Times)
- 🇺🇸 Private Eyes. A Army soldier was arrested for allegedly trying to spy for China after officials say Trump received warnings about the Chinese handler, Huang. (Bloomberg)
- 🇺🇸 Cash and Carry. The Nvidia-backed CoreWeave sidesteps capital constraints with a $9B prepayment boost and a $133B backlog, buying time but not certainty. (Wall Street Journal)
- 🇸🇬 Now You See Me. Nvidia 🇺🇸 quietly erased Singapore from its revenue breakdown after the city-state accounted for 22% of sales last year, leaving investors to decode the vanishing act. (Wall Street Journal)
- 🇮🇳 Rate Expectations. Blackstone 🇺🇸 invests $500M IIFL Finance 🇮🇳, letting Nirmal Jain promise 25% to 30% annual lending growth and cheaper funding for years to come. (Bloomberg)
🛎️ Big Deals (M&A)
- UK Competition and Markets Authority 🇬🇧 warns that McCormick 🇺🇸’s $44.8B acquisition of Unilever 🇬🇧’s global food business may harm competition, unless the companies offer remedies by November 18.
- AstraZeneca 🇬🇧 has acquired vaccine developer Omniose 🇺🇸.
- Javelin Global Commodities 🇬🇧 acquires critical minerals firm Derek Raphael & Co. 🇬🇧.
- Siemens 🇩🇪 has agreed to acquire Lauterbach 🇩🇪, expanding its chip-design portfolio.
- The Italian government 🇮🇹 is considering whether to use its “golden power” to block or impose conditions on the proposed merger between Crédit Agricole Italia 🇮🇹 and Banco BPM 🇮🇹.
- Oura Health 🇫🇮 acquires AI-native primary care startup Counsel Health 🇺🇸 for $625M.
- Romanian Competition Council 🇷🇴 is reviewing Clever Media 🇷🇴's agreed €109M acquisition of Dogan Media International 🇹🇷, owner of Kanal D, Kanal D2, Radio Impuls and digital platforms.
- CITR 🇷🇴 and Euro Insol 🇷🇴 announce that creditors have approved a restructuring plan providing for the sale of Liberty Galați 🇷🇴 and Liberty Tubular Products Galați 🇷🇴 through direct negotiation, with a €200M starting price, pending court approval.
- H.I.G. Capital 🇺🇸 has agreed to acquire a majority stake in go asia 🇩🇪, Germany’s largest Asian food retailer.
- Clearlake Capital 🇺🇸 is exploring a $3.5B sale of packaging company IPG 🇺🇸.
- Diamondback Energy 🇺🇸 and KKR 🇺🇸 have agreed to jointly acquire a 70% stake in Deep Blue Midland Basin 🇺🇸 from Five Point Infrastructure 🇺🇸 for $2.1B.
- Blackstone 🇺🇸 is considering a revised $572M takeover offer for IDP Education 🇦🇺, the IELTS administrator.
- MaxCyte 🇺🇸 has agreed to acquire reagent supplier Akron BioProducts 🇺🇸 from Arcline 🇺🇸 for $152M.
- Apollo 🇺🇸 has agreed to acquire easyJet 🇬🇧 for £5.7B after shareholders approved the deal, which remains subject to EU regulatory review.
- KKR 🇺🇸 and RWE 🇩🇪 plan to jointly invest around $16B in the U.K. 🇬🇧's Vanguard West and Vanguard East offshore wind projects.
- Entertainment 360 🇺🇸 acquires talent management firm Brigade 🇺🇸.
- Western Union 🇺🇸 has abandoned its $500M acquisition of Intermex 🇺🇸 after California’s DFPI set unacceptable approval conditions.
- Western Union 🇺🇸 has abandoned its $500M acquisition of International Money Express (Intermex) 🇺🇸 after California’s Department of Financial Protection and Innovation imposed unacceptable approval conditions.
- GFL Environmental 🇨🇦 rejected buyout proposals from Blackstone 🇺🇸 and Brookfield 🇨🇦 and will remain publicly listed.
- RBC Asset Management 🇨🇦 has agreed to acquire Yarra Capital Management 🇦🇺, a $12B-AUM asset manager, from TA Associates 🇺🇸 and Amova Asset Management 🇯🇵.
- Mubadala 🇦🇪 has agreed to acquire a minority stake in LSV Advisors 🇺🇸, a middle-market secondaries investor.
- NMDC Group 🇦🇪 plans to announce an acquisition next month.
🧳 Private Markets & VC
- 🇬🇧 Cloud Nine-to-Five. UK AI startup Nscale is considering postponing its $35B IPO as tech stocks tumble, proving even the cloud has a closing bell. (Sifted)
- 🇺🇸 AI on the Up. OpenAI’s quarterly revenue crossed $10B for the first time, outpacing expectations and reminding rivals that growth is not just for the upstarts. (TechCrunch)
- 🇮🇱 Robo-Coproduction. Eric Trump’s Foundation Future Industries is in direct talks to sell up to 1,000 Phantom MK1 humanoid robots to the IDF for tunnel warfare, blending family business with battlefield automation. (Financial Times)
Fundraising
- Mercor 🇺🇸 (AI): $750M (Benchmark, Felicis, Fundomo, NVIDIA)
- Emulate 🇬🇧 (Biotech): $700M (Unity, NVentures)
- Path Robotics 🇺🇸 (Robotics): $300M (Georgian)
- Ribon (Cybersecurity): $200M (Founders Fund, Sequoia, General Catalyst)
- Blue J 🇨🇦 (Fintech): $176M (JMI Equity)
- Imprint 🇺🇸 (Fintech): $130M (Khosla Ventures, Hedosophia, Ribbit Capital, Spice, Thrive Capital, Positive Sum)
- Clara 🇲🇽 (Fintech): $105M (Citius, Kaszek Ventures, DEG)
- TensorWorld 🇨🇳 (AI): $105M (Cathay Innovation, Sequoia China, Ant Group, Hillhouse Capital, Meituan Strategic Investment)
- Rox 🇺🇸 (AI): $100M (General Catalyst, March Capital, Sequoia Capital, Factory, Databricks Ventures, Prosperity7 Ventures)
- Sparxity 🏳️ (AI): $90M (ICM HPQC Fund)
- Daylight 🇺🇸 (Cybersecurity): $80M (Goldman Sachs Alternatives, Bain Capital, Craft Ventures, Vintage Partners, Maple Capital)
- Reflect Orbital 🇺🇸 (Space): $73.5M (Sequoia, Lux Capital, Starship Ventures)
- Eli Radiopharma 🇨🇳 (Radiopharma): Nearly RMB 400M (Huagai Capital, Bayland Capital, Boyu Ventures, Delian Capital, InnoPinnacle Fund, Haibang Venture, Bairui Capital, Shenzhen Angel FOF Management, Grand Flight Investment, CSPC & Growth Bio Fund, Huaige Capital, KHK Fund, Longfeng Venture, Hongsheng Capital, Bioclub Fund, Skyfield Capital)
- Bay 🇮🇱 (Cybersecurity): $50M (YL Ventures, Striker Venture Partners)
- Index Industries 🇺🇸 (Proptech): $50M (Lightspeed)
- Alta 🇺🇸 (Fintech): $47.5M (Index Ventures)
- Mosaic Intelligence Labs 🇺🇸 (Healthcare): $47M (8VC, Fundomo)
- Garage 🇺🇸 (AI): $41M (Invus Opportunities)
- Graphon Labs (AI): $35M (RRE Ventures)
- Orakl Oncology 🇫🇷 (Healthcare): $34M
- Tendrils Compute 🇬🇧 (Semiconductors): $30M (Benchmark, Visionaries Clubs, UK Sovereign AI Fund, FR8, Antimatter, Cloudberry VC, Conviction, Embassy Ventures, SV Angels)
- Nidus (AI): $30M (Kleiner Perkins, Costanoa)
- Coreshell Technologies 🇺🇸 (Batteries): $30M (Ferroglobe, Access Industries, ADS, Helios Ventures, Pegasus Tech Ventures, Mana Ventures, Entrada Ventures)
- General Translation 🇺🇸 (AI): $27M (a16z)
- Finite State 🇺🇸 (Cybersecurity): $27M (The O.H.I.O. Fund)
- Lumbra (AI): $25M (Point72 Ventures, Ansa)
- Sumary (AI): $25M (Singular)
- Nebuly 🇮🇹 (AI): $21M (Planven, Exor Ventures, Tenacity Capital, TGVG Capital, Fastweb+Vodafone, CDP Venture Capital)
- Subdial 🇬🇧 (Luxury): $20M (Gresham House Ventures, Active Partners, Stuart Hennell)
- WhiteMatter (Cybersecurity): $20M (Blumberg Capital)
- XpertDox 🇺🇸 (Healthcare): $20M (Savant Growth, Kennet Partners)
- Plurai 🇺🇸 (AI): $13M (Team8, U&I, Velocity, Mercer, Udi Mokady, Reah Miyara)
- Marble (Trading): $11M (Polychain Capital)
- Palomma 🇨🇴 (Proptech): $10M (Cometa, Volpe Capital, Clocktower Technology Ventures, Tekton Ventures, Simma Capital, Yango Ventures, Y Combinator, 17Sigma, Nido Ventures, Norte Ventures)
- StitchStudio 🇺🇸 (Insurtech): $8M (Voyager Capital)
- Mistt 🇬🇧 (Defence): £5M
- Helix 🇺🇸 (Cybersecurity): $6.2M (Chicago Ventures, BAM Ventures, Aglaé Ventures, Corazon Capital, Tusk Ventures, Yonder Ventures, Rule30, Press On Ventures, Brown Angel Group)
- Kardi Ai 🇨🇿 (Healthcare): €5.3M (Callisto Health, Česká spořitelna, Slovenská sporiteľňa, Seed Starter, BrightCap Ventures, Purple Ventures, DEPO Ventures, Garage Angels)
- Akara 🇮🇪 (Healthcare): $5.5M (Locke Health, VTC Ventures, EIC Fund, CommonKind, NovaVector Holdings, ACT, Atlantic Bridge, Enterprise Ireland)
- Switchpoint Bio 🇫🇮 (Biotech): $5.3M (Treehouse Delmar Investments)
- Anorak 🇬🇧 (Gaming): $5M (Play Ventures, Backed VC, Supercell, MTG)
- Hedepy 🇨🇿 (Mental healthcare): €4M (Orbit Capital)
- Tano 🇬🇧 (Marketing): $4M (Cherry Ventures)
- ArmorCheck 🇫🇷 (Defense): €1M (Breizh Up, Socomore Ventures, Defense Angels)
Fund Watch
- European Innovation Council (EIC) 🇪🇺: €2B (deep tech fund invested in 375+ startups)
- Elikonos Capital 🇬🇷: €224M (Elikonos 3 private equity fund, final closing)
- Redalpine 🇨🇭: $250M (8th venture capital fund)
- Zacua Ventures 🇺🇸: $135M (2nd venture fund)
- The 81 Collection 🇺🇸: $82M (Fund II for founder-owned services and manufacturing businesses)
🔔IPO
- Nscale 🇬🇧 (Cloud): considering delaying its $3B US IPO.
- Rubis 🇫🇷 (Energy): shareholders seek to block a $505M stock grant to general partners.
- Salt Bank 🇷🇴 (Banking): integrated Bucharest Stock Exchange trading into its banking app, with zero fees through November 27 and a 0.25% fee thereafter.
- Anthropic 🇺🇸 (AI): seeking to raise $65B-$90B at a $1.5T+ valuation in its IPO.
- Barrick Mining 🇨🇦 (Mining): filed for an IPO of its North American gold assets.
- Xinde Semiconductor 🇨🇳 (Semiconductors) x Denglin Technology 🇨🇳 (Semiconductors) : raised a combined $300M in Hong Kong IPOs.
- AS Watson Group 🇭🇰 (Retail): postponed its planned dual listing, which could have raised up to $2.0B.
- IIFL Finance 🇮🇳 (Lending): Blackstone will acquire a 15.6% stake for $532M.
- Dangote Cement 🇳🇬 (Cement): paused plans for a $1B London listing due to market volatility.
🧳 Debt
- TDR Capital 🇬🇧: secured $2.4B in financing for its $2.6B acquisition of OCU Group.
- Rezolv Energy 🇷🇴: secured up to €367M in debt financing for a Romanian wind farm.
- Fox Corp. 🇺🇸: raised $8.6B in investment-grade bonds to fund its $22B Roku acquisition.
- Vanguard 🇺🇸: raised $4B in a private bond placement to fund its acquisition of Altruist.
- CoreWeave 🇺🇸: planning a chip-backed loan worth several billion dollars.
- L Catterton 🇺🇸: is in talks for a $1.3B private credit loan to acquire Fullscript.
- Pizza Hut 🇺🇸: seeking $1B in bonds backed by franchise agreements to help fund its $1.5B buyout.
- Cornerstone Building Brands 🇺🇸: raising $500M from Monarch Alternative Capital.
- Rockrose Development 🇺🇸: seeks to sell a $300M CMBS backed by two NYC office buildings.
- CorMedix 🇺🇸: raised $150M in private credit from BioPharma Credit to fund its acquisition of Heron Therapeutics’ commercial assets.
- Japan 🇯🇵: sold five-year government bonds amid firm demand.
- Chow Tai Fook Enterprises 🇭🇰: seeking $640M in bank debt to support a potential recapitalization of New World Development.
- New Zealand 🇳🇿: bond auction demand hit a 12-year high, at 7.46x the amount offered.
🇺🇸 United States
- Castleton Commodities International 🇺🇸: renewed and expanded $2.4B in credit facilities.
❌ Failures
- Casino 🇫🇷: the supermarket chain converted a $1.6B term loan into equity and renamed itself Plesio, while keeping Daniel Kretinsky in control.
- iHeartMedia 🇺🇸: its debt fell into deep distress after worrying third-quarter earnings.
- China Water Environment Group 🇨🇳: the state-backed company is seeking to restructure $410M in offshore loans.
🇬🇧 United Kingdom
- ITV 🇬🇧: plans £30M in temporary savings, including £25M from programming, as UK production spending falls by over £2bn.
- Poundland 🇬🇧: the discount retailer is seeking a buyer after £50M was frozen in its accounts, with administration looming.
🎯 For a Few More Minutes…
- 🇬🇧 Hit Refresh. A British business manager tracks down rights for forgotten pop songs and gets them back online, one polite email at a time. (Wall Street Journal)
- 🇫🇷 Idle Hands. France's courts officially recognize "bore-out" after Frédéric's case, confirming that too little work can be as damaging as too much. (Le Parisien)
- 🇫🇷 Unreal Estate. Stéphane François’s new essay reveals how legends and conspiracy theories remain central to the French far right’s worldview, from lost continents to secret societies. (Le Monde)
- 🇨🇦 Catch Me If You Can. Jonathan Black-Branch, once a respected Canadian law dean, faces extradition after fleeing €430K fraud charges and touring Europe’s legal systems the hard way. (Le Parisien)
🇬🇧 United Kingdom
- 🇬🇧 Leg Work. A bronze Roman leg found in a Scottish bog is now forcing historians to rethink the reach of Rome north of Hadrian’s Wall. (The Guardian)
