🔌 Plugged In, Cut Off
The bill shows up long before the power does.
Good morning!
0.05 percentage points. That is the estimated penalty imposed on every non-AI borrower in America by the hyperscalers' descent on the bond market, and it gets treated as the answer to whether the build-out crowds anything out. Honest, and measured in the one unit visible from a trading desk. Turbine factories are not. GE Vernova holds 116 GW of gas turbines under contract and ships 20 GW a year, a queue that does not clear before the next decade and lengthens every quarter. A municipal utility replacing a retired coal unit waits behind Microsoft's procurement department. Nobody publishes a spread for a place in a line.
PJM, which runs the power market for 13 states between Chicago and the Atlantic, sold capacity for 2028/2029 in July at the regulatory ceiling for the third consecutive time and still fell 6,831 MW short of its own reliability requirement, the second year running the whole system missed. Data centres accounted for $6.5B of the $16.4B charged in the previous auction, $6.2B of it from data centres nobody has built. 67M people are paying today for electricity that buildings which do not exist may one day use. The load forecast has become a billable item, and the invoice stopped where it did only because 13 governors wrung a price cap out of the operator, worth an estimated $13.1B.
Virginia hosts the largest concentration of data centres on the planet and still sells residential power around 5% below the national average, which makes the servers a poor sole suspect. Rates were climbing before the current wave broke ground, on distribution capex and gas. A large new customer landing on a network whose fixed costs were spread across fewer meters is, arithmetically, a favour to those meters. Regulators have started pricing the rest: from January 2027, Virginia's biggest consumers sit in a rate class of their own, on 14-year contracts, liable for 85% of the transmission and distribution they book and 60% of the generation, built or not. Permits scale. Single-crystal turbine blades do not.
Residential demand is forecast to grow 0.5% this year and next. Commercial demand, the column where the servers are booked, grows 2.2% then 5.3%, overtaking households in 2027 for the first time. The household price reaches 18.2 cents/kWh, up nearly 5% in a year, charged to people consuming exactly what they consumed before. Washington DC is up 94% over five years, Maryland 74%. None of them submitted an offer or reserved a factory slot, and the bill is already a campaign issue in the states that decide the midterms. The crowding out nobody can locate in a credit spread turns up monthly, in a currency requiring no model to read. And a grid operator missing its reliability target two years running has stopped guaranteeing the one thing it exists to guarantee.
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🗞️ Top Story
- 🇬🇧 Channel Vision. UK Prime Minister Andy Burnham and French President Emmanuel Macron pledge deeper cooperation on illegal Channel crossings and closer UK-EU ties during Macron's Downing Street visit. (BBC)
- 🇩🇪 Current Affairs. German police discover a suspicious device near a Dormagen power station just days after two separate sabotage attempts targeted the country’s electrical infrastructure. (France Info)
- 🇪🇸 Proof of Life. Spanish Prime Minister Pedro Sanchez told parliament there is no solid evidence Morocco orchestrated the Ceuta migrant surge, despite fierce opposition claims. (Le Monde)
- 🇩🇰 Spy Hard. Danish intelligence warns that Russia is actively plotting sabotage against Denmark's defense sector, recruiting locals online for reconnaissance work. Security upgrades are now the order of the day. (France Info)
- 🇪🇺 Ice Breaker. Ursula von der Leyen will announce €200M in new funding for Greenland during her visit to Nuuk, aiming to deepen ties in the Arctic. (Boursier)
- 🇷🇺 Peace Out? Vladimir Putin says a peace deal with Ukraine is possible, but accuses Kyiv of "state terrorism" for warning airlines about Russian airspace risks. (Boursier)
- 🇺🇸 Mail Call. Donald Trump asks the Supreme Court to let him impose stricter mail-in voting rules just weeks before the midterms, hoping urgency will override legal doubts. (Spiegel)
- 🇺🇸 War of Words. Vice President JD Vance refused to call the ongoing US-Iran conflict a war, insisting recent strikes are just "flare-ups" and not active combat. (New York Times)
- 🇺🇸 PAC to the Future. Elon Musk’s America PAC has spent over $800K targeting key Senate races for Republicans, revealing where his midterm millions are headed first. (CNBC)
- 🇺🇸 Vetted Interest. ICE is under audit after a whistle-blower accused leadership of offering jobs to unvetted recruits, all to speed up Trump’s immigration crackdown. (New York Times)
- 🇨🇦 Major Insult. US Defense Secretary Pete Hegseth publicly mocked a Canadian soldier’s weight on social media, sparking outrage from Canadian officials and accusations of body shaming. (Le Parisien)
- 🇮🇱 Polling Station. Facing poor polling numbers and coalition infighting, Netanyahu pivots to ever-tougher campaign tactics to keep his core voters onside. (Ouest-France)
- 🇮🇷 Axis of Propulsion. Iran secretly partnered with Russia to build a supersonic cruise missile, marking a major leap in Tehran's strike capabilities. (Le Figaro)
🇬🇧 United Kingdom
- 🇬🇧 Cheque Mate. Channel 4’s undercover sting captured a Farage aide outlining how to sidestep UK donation laws for £500K, leaving Reform UK to insist it was all just a hoax. (BBC)
- 🇬🇧 Access Denied. Kemi Badenoch slams Reform UK for excluding journalists from its conference, calling the move a preview of Farage's potential for authoritarian rule. (The Guardian)
🏛️ Economy
- 🇬🇧 Note to Self. A University of Edinburgh study warns that AI scribes used by UK GPs can miss key patient details and risk eroding doctors’ clinical skills. (BBC)
- 🇬🇧 Control Alt Delete. A House of Lords amendment would let ministers pull the plug on advanced AI and data centres, aiming to prevent a runaway system from endangering the country. (Startupsmagazine)
- 🇪🇺 Crude Awakening. Spain urges the to slap a permanent tax on oil and gas profits to fund climate adaptation, after wildfires and drought scorched the continent this summer. (Financial Times)
- 🇪🇺 Block Party. Brussels signs on to Washington's anti-Iran sanctions drive, vowing to help isolate Tehran financially until every last loophole is closed. (CNBC)
- 🇪🇺 Exit Strategy. ECB executive Isabel Schnabel may depart before her term ends for a senior IMF post, just as the central bank faces major leadership turnover. (Boursier)
- 🇨🇭 Peak Performance. Switzerland posts its fastest GDP growth in nearly five years at 1.5 percent for Q2, powered by a surging chemical and pharmaceutical sector. (Boursier)
- 🇺🇸 Data Driven. Fed Governor Waller signals that his next rate decision hangs on August inflation numbers, reminding everyone who really sets the agenda. (Bloomberg)
- 🇺🇸 Price Tag. Scott Bessent claims Ukraine’s attacks on Russian refineries are fueling the global energy shock, as diesel prices approach record highs and allies bristle at the narrative. (New York Times)
- 🇨🇦 Rate Expectations. The Bank of Canada held its key rate at 2.25% while warning that rising inflation risks and trade tensions could threaten the fragile recovery. (Wall Street Journal)
- 🇯🇵 Hike Expectations. Nomura analysts warn the Bank of Japan could raise rates three times in a row if inflation surprises, putting markets on alert for a rare policy sprint. (Bloomberg)
🇬🇧 United Kingdom
- 🇬🇧 Shelter in Arms. Kemi Badenoch wants to fund a £10B defence boost by cutting housing benefits, shifting the safety net from homes to hardware. Labour says the numbers do not add up but the Tories are undeterred. (The Guardian)
- 🇬🇧 Cut Above. Reform UK pledges to trim £80B from public spending, focusing on welfare and net zero, while assuring voters this time the markets will not panic. (BBC)
🇺🇸 United States
- 🇺🇸 Gap Year. Chicago projects an $882M deficit for 2025 as pension obligations and bond repayments outpace city revenues, setting up another season of fiscal acrobatics. (Bloomberg)
🏢 Real Estate
- 🇺🇸 Home Alone. Mortgage rates in the reach 6.71 percent, a level not seen since July 2025, leaving would-be homeowners stranded in a market that keeps moving out of reach. (New York Times)
- 🇯🇵 Life Sentence. With home prices climbing, Japan’s younger generations are locking into 50-year mortgages, turning a starter home into a lifelong commitment. (Bloomberg)
- 🇦🇺 Pay my dues. Bathla Group's $2.5B collapse sends shockwaves through Australia's private credit markets as spooked investors pull funding and lenders scramble for cover. (Financial Times)
🇬🇧 United Kingdom
- 🇬🇧 Plot Twist. Crest Nicholson 🇬🇧 reverses its profit forecast, now predicting a £10M loss after a summer of weak sales and shrinking demand. (The Guardian)
- 🇬🇧 Home Alone. Rising swap rates driven by global bond chaos mean UK mortgage holders can expect higher monthly bills, just as inflation fears return. (The Guardian)
🔗 On-chain
- 🇺🇸 Bailey Out. David Bailey, a Trump crypto backer, tries to rebuild his business after his stock loses 99% of its value, because hope springs eternal. (Bloomberg)
- 🇺🇸 Barrel Roll. Polymarket 🇺🇸 now offers perpetual oil futures, letting traders bet on Brent and WTI prices 24/7 without ever closing their positions. (Bloomberg)
🇬🇧 United Kingdom
- 🇬🇧 Coining It In. Hargreaves Lansdown lists bitcoin and ether ETNs for retail investors, ending its long resistance just as crypto prices rebound. (Financial Times)
🇺🇸 United States
- 🇬🇧 Coining It In. Hargreaves Lansdown lists bitcoin and ether ETNs for retail investors, ending its long resistance just as crypto prices rebound. (Financial Times)
💱 Listed Markets
- 🇬🇧 Cover Story. Lloyd’s faces a £1.4B hit from US-Iran hostilities, proving even the world’s oldest insurer cannot underwrite chaos for free. (Bloomberg)
- 🇸🇪 Strike Out. Sweden's government orders an inquiry into the Tesla-IF Metall standoff, seeking lessons from the country's longest labor dispute that ended with no deal. (Breakit)
- 🇪🇺 Plane Mistake. An overlooked tool left in an A330 forced Airbus 🇪🇺 to pause deliveries and review quality checks, all for a problem no one wants to admit. (Le Parisien)
- 🇪🇺 Kid Gloves Off. Fifty MEPs demand the force Meta 🇺🇸 to apply its US child protection rules in Europe, warning that European kids deserve equal safeguards. (Le Parisien)
- 🇺🇸 Prime Time. YouTube partners with Amazon 🇺🇸 to let creators sell products directly in videos, merging streaming and shopping into one irresistible scroll-and-spend experience. (Startupper)
- 🇺🇸 Unsecured Future. Nikesh Arora of Palo Alto Networks says $1T worth of legacy cybersecurity infrastructure is not equipped for AI-era attacks, making upgrades urgent. (CNBC)
- 🇺🇸 Exit Strategy. Blackstone 🇺🇸 imposes a 5% redemption limit on its Private Credit Fund after a surge in investors seeking to cash out. (Bloomberg)
- 🇺🇸 Jet Setback. Boeing 🇺🇸 reported a $339M loss for early 2026, revealing its $8.4B deal is bleeding far more than just ink. (Wall Street Journal)
🇺🇸 United States
- 🇺🇸 Cloud Nine. Zscaler 🇺🇸 shares jumped after the company beat Q4 estimates and raised guidance, as AI-driven cyber threats fuel demand for its security tools. (CNBC)
- 🇺🇸 Signal Dispute. ABC accuses the FCC of attacking its free speech, but the agency tells the court the lawsuit is jumping the gun. (New York Times)
- 🇨🇳 Mandarin Squeeze. Lululemon 🇨🇦 reports disappointing quarterly sales as demand in China cools, reminding investors that not every market stretches forever. (Bloomberg)
🛎️ Big Deals (M&A)
- EnQuest 🇬🇧 is interested in buying BP 🇬🇧's U.K. North Sea oil and gas assets, CEO Amjad Bseisu told CNBC.
- Relx 🇬🇧 acquires Doctrine 🇫🇷, creating a European legal AI champion. Combined 800 people and €200M revenue.
- Deutsche Telekom 🇩🇪 is considering a full merger with T-Mobile US 🇺🇸. Activist Elliott Investment Management 🇺🇸 has taken a significant stake and opposes the move, urging bigger share buybacks.
- Heinz-Gruppe 🇩🇪 acquires Schallmoser 🇩🇪, a 73‑year‑old Unterhaching waste and recycling company (25 employees, regional sites including Taufkirchen, Sauerlach and Höhenkirchen‑Siegertsbrunn). Deal effective Sept 1.
- Nuova Icom 🇮🇹 acquires Bekaert 🇧🇪's steel-cord factory in Sardinia.
- Barilla 🇮🇹 acquires Goodles 🇺🇸, California-based mac and cheese maker founded in 2020, valued at $88M in 2023, claims >$2B annual revenue and 7.8% US market share.
- Mapei 🇮🇹 acquires Werner Janikowo 🇵🇱 via Mapei Polska. Polish maker of bituminous waterproofing membranes, thermoweldable and self-adhesive roofing systems, with offices and a modern production plant.
- SIDE CAPITAL PARTNERS 🇪🇸 makes its first investment in Smileat 🇪🇸, an organic infant food company.
- eComID 🇸🇪 acquires Nilum 🇸🇪 after a €14.6M Seed round. Deal in recommerce, Nilum specialises in AI-native second-hand shopping.
- Mozaik Investments 🇷🇴 acquires Fit4U 🇷🇴 through project company M‑Ventures. Deal adds five Oradea clubs to the Urban Fitness roll‑up, with three more locations planned for 2027.
- Adobe 🇺🇸 acquires Rilo 🇮🇳 in an acquihire that brings Rilo’s six-person team and core AI agents technology into Adobe. Rilo will cease operating as a standalone service, after raising ~$1M and reaching a ~$10M valuation.
- United States Department of Justice 🇺🇸 fails to force Google 🇺🇸 to sell its AdX ad-auction division. Judge orders operational rules instead.
- Eli Lilly 🇺🇸 acquires Merida Biosciences 🇺🇸 for $2.88B, a deal in autoimmune and allergic-disease therapeutics.
- Diversified Energy 🇺🇸 acquires Birch 🇺🇸 for $1.8B in an energy-sector deal
- Nvidia 🇺🇸 acquires Hugging Face 🇺🇸 for $12.93B. Platform hosts 3M models, 1M apps used by 18M+ developers and 500K datasets.
- Carlyle 🇺🇸 prepares to bid for Serie A international media unit 🇮🇹, targeting a 10-20% stake in a venture valued at €3-4B with ~€200M core earnings.
- Uber 🇺🇸 acquires Delivery Hero 🇩🇪 for $14.8B, offering €41.50 per share and targeting completion in H2 2027 after regulatory approvals.
- Quincaillerie Richelieu 🇨🇦 acquires Penrod 🇺🇸 (purchase of Penrod’s residential and commercial door components import and distribution division for approximately $100M CAN. Adds $70M US of sales, seven distribution centers and ~100 employees).
- Samsung Fire and Marine Insurance Co and Samsung Life Insurance Co 🇰🇷 plan to acquire an additional 50% stake in Canopius 🇬🇧 for $1.5B, London-based reinsurer.
🇺🇸 United States
- Russell Westbrook 🇺🇸 takes an equity stake in a new basketball league 🇺🇸, joining as an investor and owner-level backer.
- Kroenke Sports & Entertainment 🇺🇸 acquires Los Angeles Angels 🇺🇸 in a controlling-stake deal valued at $4B.
🧳 Private Markets & VC
- 🇬🇧 Licence to Fail. Aston Martin 🇬🇧 faces the prospect of its eighth bankruptcy since 1913, as the once-glamorous James Bond brand slides toward penny stock territory. (Les Echos)
- 🇪🇺 Bubble Wrap. ScaleX Invest reports that European tech startup valuations have stabilized at 5x revenues in 2025, leaving the Covid-era highs behind for good. (Les Echos)
- 🇳🇴 Bond Voyage. Norges Bank Investment Management wants to cut its US Treasury exposure by $80B, betting that mortgage-backed securities will juice returns without rocking the boat. (Financial Times)
- 🇺🇸 Material Witness. Guggenheim’s auditor KPMG found a “material weakness” over $275M in revenue but investors saw only a spotless report, thanks to audit rules. (Financial Times)
- 🇺🇸 Thinking Big. Thinking Machines 🇺🇸 is seeking $1B at a $40B valuation, with Accel in the lead and revenue multiples entering science fiction territory. (TechCrunch)
- 🇺🇸 Tunnel Visionaries. Elon Musk’s Boring Company is telling new investors they must help with recruiting or business development if they want in on the latest funding round. (Wall Street Journal)
- 🇺🇸 License to Bill. Revolut 🇬🇧 nabs conditional clearance for a federal banking license, aiming to offer its full suite to Americans by mid-2027. (Boursier)
- 🇺🇸 Trillion-Dollar Mirage. Corporate credit markets exude calm, but $1T in bonds reveal a reality far less peaceful than appearances suggest. (Bloomberg)
- 🇺🇸 Redemption Arc. Cliffwater and Blackstone 🇺🇸 private credit funds limit investor redemptions to 5% for another quarter, despite much higher withdrawal requests. (Bloomberg)
- 🌍 Bot Down. Major AI platforms including ChatGPT, Claude, Grok, and Gemini suffered widespread outages on Thursday, leaving users stranded and companies scrambling for explanations. (Le Parisien)
Fundraising
- David Protein Maker 🇺🇸 (Biotech): $2.25B
- Wonderful 🇳🇱 (AI): $550M (Insight Partners, Salesforce, Index Ventures, IVP, Vine Ventures, 9Yards, Bessemer Venture Partners)
- Upwind 🇺🇸 (Cybersecurity): $300M
- Medici Brands 🇺🇸 (Food): $250M (Greenoaks, Valor Equity Partners, Peter Rahal, ICONIQ, Imaginary Ventures)
- Félix 🇺🇸 (Fintech): $200M (Andreessen Horowitz, QED Investors, Castle Island Ventures, Switch Ventures, Contour Venture Partners, Endeavor Catalyst, General Catalyst Customer Value Fund)
- Lyte 🇺🇸 (Robotics): $165M (Maverick Silicon, Fidelity Management & Research Company, Atreides Management, Key1 Capital, Ora Global)
- Thyme Care 🇺🇸 (Oncology): $125M (Morgan Health, CVS Health Ventures, Humana, AlleyCorp, HealthQuest Capital, Foresite Capital, Concord Health Partners, Frist Cressey Ventures, Town Hall Ventures, a16z Bio + Health)
- iPronics 🇪🇸 (Photonics): €108M (Maverick Silicon, Light Street Capital, NVIDIA, Criteria Venture Tech)
- HiddenLayer 🇺🇸 (AI Security): $100M (Delta-v Capital, Ten Eleven Ventures, Morgan Stanley, M12, Microsoft's Venture Fund, Booz Allen Ventures)
- Superluminal Medicines 🇺🇸 (Biotech): $60M (BVF Partners, L.P., Deep Track Capital, Perceptive Advisors, RA Capital Management, Insight Partners, NVIDIA, Catalio Capital Management, Eli Lilly and Company, Cooley, Gaingels)
- HyImpulse Technologies 🇩🇪 (Aerospace): €50M+ (JOIN Capital, Ace Capital Partners, North Ventures, BW-Capital, Bayern Kapital, German Aerospace Center (DLR), Campus Founders Ventures)
- Elucid 🇺🇸 (Medtech): $55M (IAG Capital Partners, Elevage Medical Technologies)
- Conveo 🇧🇪 (Consumer research): $50M (DST Global Partners, Balderton Capital, Visionaries, 6 Degrees Capital, Y Combinator)
- EIT Pharma 🇺🇸 (Biotech): $35M (Propel Bio Partners, Good Ventures, Arrowtown)
- Cari 🇺🇸 (Fintech): $32.5M (First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, SouthState Bank, Glacier Bank)
- PatientIQ 🇺🇸 (Healthcare): $30M (Hughes & Company, Health Enterprise Partners, August Capital)
- Huskeys 🇺🇸 (Cybersecurity): $27M (Blackstone)
- Zaver 🇸🇪 (Fintech): SEK 250M
- Resect AI 🇺🇸 (AI): $25M
- Lone Palm Labs 🇺🇸 (Social media): $21M (Field Ventures, Thrive Capital, Scribble Ventures, Imaginary Ventures, Uncommon Projects)
- Axle 🇺🇸 (Insurtech): $17.5M (Base10 Partners, Y Combinator, Gradient, Stage 2 Capital, founders of Cover Genius, early team at Plaid)
- Critical Materials Group 🇺🇸 (Energetics): $10.3M (Overmatch Ventures, Victory Six Advisors, Fulcrum Ventures)
- Diameter Pay 🇺🇸 (Fintech): $10M (CMT Digital, Lightspeed Faction, SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital, BitRock Capital)
- Neno 🇳🇱 (Fintech): €6.6M (AlleyCorp, Motive Partners)
- SiteVue AI 🇺🇸 (Industrial AI): $7.5M (Penny Jar Capital, Overture, Silence, Spring Bank, Mana Ventures, Outset Capital, WaterStone, Untapped Ventures)
- Catch 🇺🇸 (AI): $5M
- Zeit AI 🇩🇪 (AI): €4.3M (Y Combinator, University of Oxford Seed Fund, Sequoia Capital Scout Fund, ACE Ventures, Hasso Plattner VC)
- MIRAVA 🇪🇸 (Marine): €4.2M
- Strolll 🇬🇧 (Medtech): €4.18M (Innovate UK)
- Backbone 🇧🇪 (Food safety): €4M (Pitchdrive, PROfounders Capital, Passion Capital, 100IN, Agristo, Darta)
- ColibriTD 🇫🇷 (Quantum): €4M (Earlybird Venture Capital, SymbiaVC, Medin VC)
- Plenti 🇨🇴 (Fintech): $3M (Tether, Verda Ventures)
- Itoflow 🇬🇧 (AI): £1.8M
- Reformer Club 🇩🇪 (Fitness): €2M (Vorwerk Ventures)
- Holifya 🇮🇹 (Healthcare): €2M (Next Age, CDP Venture Capital's National Accelerator Network - Silver Economy, AC75, Growth Engine, Doorway, 20Fund (GP Serra Elizabeth Falk), Zooga VC, Micol Fornaroli, Pier Francesco Rimbotti, Tommaso Gamaleri, Duccio Vitali, Matteo Mainetti)
- Motion 🇧🇪 (Robotics): €1.7M (Extantia Capital, Norrsken Evolve)
- Piney 🇬🇷 (Proptech): €1.6M (Uni.fund, 33East)
- Readily Diagnostics 🇸🇪 (Diagnostics): €811k (Gates Foundation)
- VisionSpace Technologies 🇩🇪 (Aerospace): €300K+
- Sorare 🇫🇷 (Gaming): €tens of millions (Accel, Benchmark, Kibo Ventures, Partech, Nicolas Julia, Adrien Montfort)
- Hiasynth 🇩🇪 (AI): undisclosed (Further Than Capital, three angel investors)
Fund Watch
- CVC Secondary Partners 🇱🇺: $10B (Secondary Opportunities Fund VI, 6th global secondary PE fund)
- Humain 🇸🇦: $2.5B (data centers fund)
- Uplift Ventures 🇩🇪: €100M (1st VC fund, European deeptech, late Seed & Series A)
- Altamar CAM Partners 🇪🇸: €100M (Galdana Ventures 2027, fund-of-funds for US & European venture capital)
- British Business Bank 🇬🇧: £46M (commitment to Zinc’s Science-for-Impact Fund, 2nd institutional deep tech fund, targeting £70M)
- Navisalma 🇸🇪: €40M (initial close, targeting €450M VC for European deep tech and robotics)
- FGV Capital 🇺🇸: $35M (Fund II, early-stage fintech & AI. Rebrand from Fiat Ventures)
🔔IPO
- Oura 🇫🇮 (Wearables): seeking to raise $3B in an IPO with an expected $16B valuation.
- PlusAI 🇺🇸 (Autonomous vehicles): to go public via a Yorkville SPAC merger.
- Lime 🇺🇸 (Micromobility): has surged on Nasdaq since its early-July IPO.
- YMTC 🇨🇳 (Semiconductors): took a key step toward a marquee IPO.
- Shein 🇭🇰 (Fast fashion): valued at $22.7B after shares closed almost 9% lower on the third day of trading.
🧳 Debt
- Apax 🇬🇧: lining up about €1B in debt to buy Gerresheimer units.
- Volta Infra Holdings 🇺🇸: seeking a $5B debt package led by JPMorgan.
- PNJ 🇻🇳: tapped its chairwoman’s family for a loan after a diamond scandal.
- NIIF 🇮🇳: raised $2B to finance Indian infrastructure.
❌ Failures
- Volkswagen 🇩🇪: the automaker will cut 100,000 jobs worldwide by 2030 under its "Plan 2030."
- Lindex 🇸🇪: has issued a layoff notice for 30 positions at its Gothenburg headquarters as part of a head-office reorganization.
- PayPal 🇮🇪: is cutting 164 Ireland-based jobs (11.9% of its 1,380-strong Irish workforce), with redundancies due between 7 and 21 October.
- Cubic3 🇮🇪: facing financial struggles with roughly 160 jobs at risk and compulsory redundancies despite SoftBank's €473M investment.
- Campbell's 🇺🇸: cut about 1,750 jobs (≈13% of workforce) as it posted a quarterly loss and pursues cost savings to turn around operations.
- Louis Koo's production company 🇭🇰: sued for HK$149 million (US$19M) for allegedly failing to repay a seven-year-old loan.
🇬🇧 United Kingdom
- Equinox 🇺🇸: owners are in advanced talks to refinance and secure a cash injection to reduce $1.8bn of high‑cost loans.
🎯 For a Few More Minutes…
- 🇬🇧 Fly Hard. Researchers in Cambridge have charted all 124M neural links in a male fly's brain, uncovering the circuits behind love songs and fights, and offering clues to human brain wiring. (BBC)
- 🇫🇷 Bite Club. Saint-Just-Saint-Rambert’s mayor has humorously outlawed tiger mosquitoes from buzzing through the commune, warning of “prosecution” for noncompliance. (Libé)
- 🇩🇪 Dry Generation. A new survey finds only 25% of Germans aged 18 to 25 drink alcohol weekly, marking the lowest rate since records began in 1973. (Die Zeit)
- 🇪🇺 Split Decision. After eight years in space, the European-Japanese BepiColombo probe will separate into two to get even closer to Mercury and unlock its secrets. (France Info)
- 🇪🇺 Space Invader. French astronaut Sophie Adenot sets a new European record by spending 202 days aboard the ISS, surpassing Luca Parmitano’s previous mark and proving orbit is her second home. (Le Parisien)
- 🇷🇺 Occult Following. With military authorities offering no answers, Russians searching for loved ones lost in Ukraine increasingly seek help from mediums and spiritualists. (Le Figaro)
- 🇺🇸 Snake Oil. The White House released a retro-style video game where players deport migrants, turning Trump’s immigration crackdown into literal entertainment for the base. (Le Monde)
- 🇺🇸 Babe Kidney. doctors report a pig kidney functioned in Tim Andrews for a record 271 days, offering hope for future organ shortages before ultimately failing. (BBC)
- 🇯🇵 Gaijin Impact. Swedish-Argentinian team at Shapefarm launches Orbitals, a Japanese-style anime game for Switch 2, blending foreign talent with Tokyo nostalgia. (Le Monde)
- 🇹🇭 Jurassic Lark. Isan’s dinosaur boom is turning Thailand into Southeast Asia’s fossil hotspot, where scientists and tourists chase prehistoric fame on a shoestring budget. (Libé)
🇬🇧 United Kingdom
- 🇬🇧 Faith Restored. George Michael’s iconic "Faith" video guitar, a Gretsch Synchromatic 160, could fetch up to £120,000 at auction, strumming up nostalgia and cash. (The Guardian)
