⛽️ Pump and circumstance
A few pennies off, right before you vote—how convenient.
Good morning!
Friedrich Merz found 17 cents a litre on Friday, two days before Berlin and Mecklenburg-Vorpommern went to the polls, with E10 sitting at a record €2.286. Rachel Reeves has kept the 5p cut she was supposed to be phasing out, on top of a fuel duty frozen since 2011, while diesel touched 195p on 18 September and is heading for the 2022 high. Donald Trump wants the 18.4-cent federal gas tax suspended "till it's appropriate", with gasoline at $4.46, diesel at $6.44 and the midterms seven weeks away. Paris needed six ministers and one evening to arrive at the same place. In 2022 the same four capitals ran the same rebates, each sold as a one-off, and each government has since spent four years explaining that the world had changed for good.
The price, meanwhile, is doing the job the textbooks assigned it. Global oil demand will fall 2.5M barrels a day this year, the first drop since the pandemic, and France alone has logged five straight months of declining fuel sales. Every finance ministry in Europe raises tobacco duty for one reason, which is that smokers respond to it. Drivers, it turns out, respond too, and that has been filed under emergencies. Sumptuary policy for cigarettes, pocket money for diesel. The IEA already pencils in a 2.6M-barrel rebound for 2027, narrowly cancelling this year's losses, which is roughly the shelf life of a lesson learned at the pump.
The pandemic pledges went the same way. French telework has slid from 2.7 days a week in 2021 to 1.9, Amazon and JPMorgan have had everyone back five days since 2025, Instagram followed in February, Airbus cut its staff to one day at home in June. Helping a nurse who drives between patients or a haulier with a fixed contract is defensible, and the honest version compensates an income. Germany's spring cut was condemned as poorly targeted before it even expired, and France's 2022 rebate handed the richest quarter of households roughly double what it gave the poorest, because that is what a subsidy per litre does. Every capital has chosen the litre anyway, since the litre is visible on a forecourt sign before an election and an income transfer is not.
Germany set a national record at 41.8°C on 27 June, Italy 46.5°C in July, the UK 38°C, France its hottest summer since measurements began in 1900, with estimates of heat deaths across the continent running past 35,000, a number no finance ministry has yet converted into cents per litre. The French weather service added that this summer would count as an ordinary one in a France at +4°C. The tax cuts all carry end dates, 31 December in Paris, year-end in London, "till it's appropriate" in Washington. The summer does not.
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🗞️ Top Story
- 🇩🇰 Base Instincts. The US, Denmark, and Greenland sign a new security pact at the UN, clearing the way for two new US military bases on the island and tighter American control over Arctic investments. (Spiegel)
- 🇱🇻 Chain Reaction. Latvia gets the green light to start talks on joining France’s nuclear deterrence club, with Macron also offering extra military support. (Boursier)
- 🇺🇸 Agent Provocateurs. The hacking group ShinyHunters claims to have breached the FBI and stolen data on nearly all current and former bureau employees, with the FBI declining to comment. (CNBC)
- 🇺🇸 Peace Out. Donald Trump threatened to "annihilate" Iran in a fiery UN speech, promising quick destruction unless Tehran accepts terms, but predicted a peace deal after the midterms if voters let him keep his grip on power. (Financial Times)
- 🇻🇪 Border Control. Opposition leader María Corina Machado was blocked from re-entering Venezuela after multiple failed attempts by sea and air, as the interim government keeps the door firmly shut. (Le Figaro)
- 🇨🇺 Dialogue or Bust. Fourteen Harvard-affiliated experts release a report urging Cuba and the US to end the blame game and pursue a negotiated transition, not more slogans. (El Pais)
- 🇮🇷 General Admission. Iranian President Massoud Pezeshkian lands in New York to address the UN General Assembly, after the US grants him a rare visa. (Le Figaro)
🇬🇧 United Kingdom
- 🇬🇧 Spin Doctors. The UK government creates the National Centre for Information Defence to fight hostile state propaganda and AI-powered fakes, with Russia as the main suspect. (The Guardian)
- 🇬🇧 Plot Twist. UK police say they foiled a suspected terrorist plot targeting Manchester’s Jewish community, arresting two men just as Yom Kippur began. (BBC)
- 🇺🇸 Special Relationship. Donald Trump calls UK Prime Minister Andy Burnham a “natural businessperson” at the UN, playing up transatlantic ties even as the two spar over AI, Iran, and Chagos. (The Guardian)
🇺🇸 United States
- 🇺🇸 Case Closed. The FBI shut down its investigation into a top adviser to Senator Susan Collins over alleged illegal campaign donations from a defense contractor, sparking accusations of political interference just before a crucial election. (New York Times)
- 🇺🇸 Stay of Play. A federal judge has halted the deportation of Wilber Rafael Garces Perez, a Venezuelan delivery driver shot by an ICE officer in Texas, pending a September hearing. (Wall Street Journal)
- 🇺🇸 Ivory Tower. Cornell’s faculty committee warns the university faces a historic crisis and proposes sweeping reforms to restore trust and financial stability in American academia. (Wall Street Journal)
🏛️ Economy
- 🇩🇪 Asset Ascending. Germany's total public sector financial assets rose 5.9% in 2025, hitting €1.2T, with federal and state reserves swelling despite a growing deficit. (Die Zeit)
- 🇪🇺 Power Down. Surging energy prices have pushed eurozone consumer sentiment lower this month, with the European Commission’s index dropping more than economists predicted. (Wall Street Journal)
- 🇪🇺 Capital Call. The European Commission and EIB Group unveil a new pact inviting institutional investors to back tech startups, aiming to turn innovation slogans into real funding. (Startupcafe)
- 🇪🇺 Oligarch Exception. France pushed for the removal of sanctions on Russian-Uzbek billionaire Alisher Usmanov, citing national security, leaving its European partners both baffled and divided. (Le Monde)
- 🇺🇸 AI, Not OK. Donald Trump rejected UK Prime Minister Andy Burnham’s push for global AI rules at the UN, dismissing it as a “globalist scheme” and vowing the will chart its own course. (Financial Times)
- 🇺🇸 Debt and Doubt. IMF chief Kristalina Georgieva warns the, UK, and other rich nations to cut soaring debt as global shocks drive borrowing costs sharply higher. (BBC)
- 🇺🇸 Fuel's Errand. Treasury Secretary Mnuchin says the Trump administration is studying whether banning diesel exports would actually work, because energy policy loves an experiment. (CNBC)
- 🇺🇸 Pipeline Dreams. The is pitching a $10B fund with Arab partners to build energy routes around the Strait of Hormuz, hoping to outmaneuver Iran’s chokehold on oil exports. (Financial Times)
- 🇺🇸 Potash Pivot. Donald Trump announces plans for a “massive” fertiliser deal with Belarus, ditching top supplier Canada in the middle of a trade war and cozying up to a Russian ally. (The Guardian)
- 🇺🇸 Kernel Panic. Corn futures slipped up to 1.4% as traders eyed possible Chinese purchases and braced for a harvest surge in drier fields. (Bloomberg)
- 🇸🇦 Crude Awakening. Saudi Aramco's key East-West pipeline returns to service following a drone-induced shutdown, with exports from Yanbu expected to restart soon and oil prices dipping in response. (Boursier)
🇬🇧 United Kingdom
- 🇬🇧 Cut and Paste. The Lib Dems pledge to copy EU single market rules in exchange for £17B in tax cuts, banking on a Brexit reversal to fund the promise. (BBC)
- 🇬🇧 Risky Business. Blackstone 🇺🇸 is planning a new insurance syndicate at Lloyd’s of London, sparking industry uproar over private equity muscling into reinsurance and reshaping how risk is handled. (Financial Times)
🏢 Real Estate
- 🇫🇷 Suite Dreams. Reporters easily created a bogus rental called "Eiffel Tower Lounge-View" on Booking.com, exposing just how little verification stands between travelers and a scam. (Le Parisien)
- 🇪🇺 Power Trip. Brussels wants data centers graded on sustainability, aiming to make their massive energy appetite more transparent before the sector doubles its consumption by 2030. (Startupcafe)
- 🇲🇽 Debt by Degrees. Fibra Educa 🇲🇽 prepares to borrow up to $200M this year to buy more campus properties, proving higher education is a capital-intensive business. (Bloomberg)
🇬🇧 United Kingdom
- 🇬🇧 Heat or Eat. As the gap between rent and housing benefit widens to £158 per month, more UK families like Laura Braddock's are forced to choose between food, warmth, and keeping a roof overhead. (The Guardian)
- 🇬🇧 Server Resistance. Former chancellor George Osborne, speaking for OpenAI 🇺🇸, claims datacentre protests risk undermining the UK’s control over its AI future. (The Guardian)
🔗 On-chain
- 🇪🇺 Risky Business. Polymarket 🇺🇸 meets with authorities to argue its prediction markets deserve financial regulation, not the casino treatment most countries prefer. (FinExtra)
- 🇪🇺 Deposit Slip. The European Central Bank and national banks want to scrap the rule forcing stablecoin issuers to keep a minimum share of reserves as bank deposits, warning it could destabilize lenders instead of protecting them. (Boursier)
- 🇺🇸 Buy and Byte. Strategy 🇺🇸 splurges $75.7M on 950 more Bitcoins and scoops up $174M of its own shares, because who needs diversification when you have conviction. (Cointribune)
- 🇺🇸 Stack Attack. Strive has snapped up 1,355 bitcoins and is gunning for the number two spot among corporate bitcoin treasuries, vaulting past the competition one block at a time. (Journalducoin)
🇺🇸 United States
- 🇺🇸 Margin Call. Kalshi 🇺🇸 wants CFTC approval to let select users trade prediction contracts on margin, introducing leverage to its event markets for the first time. (CNBC)
💱 Listed Markets
- 🇩🇰 Trust Issues. Novo Nordisk CEO Mike Doustdar admits the company has overpromised and underdelivered, telling investors that rebuilding confidence is now the top priority. (Bloomberg)
- 🇺🇸 Muse Break. Meta 🇺🇸 stock surged 11% after its new Muse AI agent topped the App Store, finally giving Wall Street the story it wanted. (CNBC)
- 🇺🇸 Trade Apprentice. Donald Trump reported over 1,100 trades in July, including Microsoft and Amazon stock sales worth up to $25M each, keeping his portfolio busier than his campaign trail. (CNBC)
- 🇺🇸 Band Aid. Apple is reportedly developing a screenless fitness tracker that could rival Whoop, aiming to wrap up a new market segment by 2028. (TechCrunch)
- 🇺🇸 Prime Directive. Amazon blocks Meta’s new AI assistant Muse from completing purchases on its site, while Shopify welcomes the tool with open arms. (Wall Street Journal)
- 🇺🇸 Bond Voyage. Investors poured a record $2.9B into BlackRock’s 🇺🇸 iShares National Muni Bond ETF and Vanguard’s 🇺🇸 Tax-Exempt Bond Index ETF after a rout sent other muni funds reeling. (Bloomberg)
- 🌍 Barrel Roll. Brent crude slipped below $100 a barrel after early gains, as hopes for US-Iran diplomacy sent oil prices into a tailspin. (Wall Street Journal)
🇬🇧 United Kingdom
- 🇬🇧 Agent of Change. HSBC deploys US-based Promenaut’s agent workflow platform for specialized operations and invests in the startup, aiming for AI with human oversight and governance. (FinExtra)
🇺🇸 United States
- 🇩🇪 Peak Season. Strong vacation bookings push TUI to raise the lower end of its annual earnings guidance, now forecasting up to €1.3B in profit. (Wall Street Journal)
🛎️ Big Deals (M&A)
- HG Capital 🇬🇧 acquires a 70% stake in business software company Entersoftone 🇬🇷 for at least €700M, at a valuation of more than €1B.
- Andera 🇫🇷 acquires a stake in aircraft maintenance company Sabena Engineering 🇧🇪. Sister company Sabca 🇧🇪 remains outside the transaction.
- Mistral AI 🇫🇷 has acquired Pimento 🇫🇷, an AI-powered advertising campaign creation startup, for €3.8M.
- BNP Paribas 🇫🇷 has reportedly mandated Goldman Sachs 🇺🇸 to arrange the sale of its Spanish consumer credit subsidiary, Cetelem 🇪🇸.
- Safran 🇫🇷 takes a minority stake in propulsion engineering company Akira 🇫🇷 through its latest funding round.
- Tikehau Capital 🇫🇷 is trying to take control of Tapí Group 🇮🇹.
- Syclef Holding 🇫🇷 is seeking to acquire control of Unicool Instalații Frig 🇷🇴 and Acsa Coolteam 🇷🇴, with the transaction under review by Romania’s Competition Council.
- Gruenenthal Group 🇩🇪 has agreed to acquire rights to Stivarga 🇩🇪 from Bayer 🇩🇪 for $430M.
- Rohde & Schwarz 🇩🇪 has completed the acquisition of Dresden-based space startups Neosat 🇩🇪 and Phytronic 🇩🇪.
- Azimut 🇮🇹 has completed the acquisition of the remaining 49% of Kennedy Capital Management 🇺🇸, bringing its ownership to 100%.
- EP Holding 🇨🇿 has submitted a non-binding offer to acquire Uniper 🇩🇪.
- The Romanian Competition Council 🇷🇴 authorizes Dr.Max 🇷🇴’s acquisition of 18 Marcos Provit 🇷🇴 pharmacies operating under the Evofarm 🇷🇴 brand.
- Rusal 🇷🇺 is seeking buyers for its Windalco alumina complex in Jamaica and bauxite operations in Guyana.
- A North Carolina county board 🇺🇸 is set to vote on a $2B merger between WakeMed Health and Hospitals 🇺🇸 and Atrium Health 🇺🇸.
- Thomas Priore 🇺🇸-led management is to take private Priority Technology 🇺🇸 for $1.6B in cash, backed by Searchlight Capital Partners 🇺🇸.
- Nvidia 🇺🇸 to acquire an additional $1.5B stake in data center company SB Energy 🇺🇸 at a 10% discount to its upcoming U.S. IPO.
- Shamrock Capital 🇺🇸 and Flexpoint Ford 🇺🇸 acquired book publisher Podium Entertainment 🇺🇸 from Presidio Investors 🇺🇸 for over $400M.
- Sazerac 🇺🇸 has agreed to acquire Berentzen 🇩🇪 for €5.55 per share. Berentzen’s board recommends the offer.
- Goldman Sachs 🇺🇸 is in talks to acquire credit manager Palmer Square 🇺🇸, which oversees $37B.
- Jana Partners 🇺🇸 urges Six Flags Entertainment 🇺🇸 to explore a sale.
- Nuveen 🇺🇸 will complete its acquisition of Schroders 🇬🇧 on October 1, ending the UK asset manager’s 67-year London listing.
- Isagen 🇨🇴 has agreed to acquire the Puerta de Oro solar project 🇨🇴 from Patria Investments 🇧🇷 and Ashmore Colombia 🇨🇴 in an all-cash deal.
- Binance 🇰🇾 acquires a $100M stake in Circle 🇺🇸 and expands their five-year commercial partnership.
- UOL Group 🇸🇬 is in talks to acquire New World Development 🇭🇰 and Abu Dhabi Investment Authority 🇦🇪’s stakes in the Hyatt Regency Hong Kong 🇭🇰 for around HK$3B.
- Persistent Systems 🇮🇳 has secured 83.25% of Nagarro 🇩🇪 in a €1.05B takeover offer, with completion expected by the end of Q1 2027.
- Telix Pharmaceuticals 🇦🇺 has agreed to acquire radio-pharmaceutical supplier ITM Isotope Technologies Munich 🇩🇪 in a $2.35B cash-and-stock deal.
- Perpetual 🇦🇺 rebuffs EQT 🇸🇪’s fourth improved $2.6B cash takeover offer and ends deal talks.
🇺🇸 United States
- Hunt Scanlon Ventures 🇺🇸 has completed an investment in millionways 🇺🇸, a behavioral intelligence AI company.
🧳 Private Markets & VC
- 🇫🇷 Beam Me Up. Lightspring secures €3.5M to manufacture on-chip optical coupling structures, promising to make photonic chips for AI as fast as the name implies. (Les Echos)
- 🇪🇺 Credit Faucet. European banks are set to unleash a record €60B in leveraged loans for private equity buyouts, but tougher deal math is cooling the party. (Les Echos)
- 🇨🇭 Hot Property. Infomaniak 🇨🇭 unveils its new Geneva data center, where servers run without air conditioning and their heat is repurposed for local homes. (Le Monde)
- 🇺🇸 Data Rush. Snorkel AI’s new $350M funding round sends its valuation soaring to $3.5B, proving there is gold in synthetic training data. (TechCrunch)
- 🇺🇸 Dash for Cash. DoorDash 🇺🇸 agrees to a $131.5M payout after New York City regulators accused it of skimping on minimum pay for delivery drivers. Turns out the fastest route is through the courthouse. (Wall Street Journal)
- 🇺🇸 Fable Unstable. Anthropic’s Opus 5.5 launches at $20 per million tokens, outscoring Fable on coding and knowledge tasks and signaling a new AI frontrunner. (TechCrunch)
- 🇺🇸 Loop Dreams. MacroCycle lands Meta as its first emissions credit buyer, securing funding for a factory that promises cleaner plastics and cleaner consciences in Silicon Valley. (TechCrunch)
🇬🇧 United Kingdom
- 🇬🇧 Hull on Hold. Ineos 🇬🇧 will mothball three chemical plants in Hull as Jim Ratcliffe declares UK gas prices "ridiculous" and impossible for industry to absorb. (The Guardian)
🇺🇸 United States
- 🇺🇸 Truck and Roll. Aurora Innovation promises positive free cash flow by 2028, betting that self-driving semis will outpace human drivers on efficiency and cost. (CNBC)
Fundraising
- Emulate 🇺🇸 (AI): $700M (Index Ventures, Lightspeed)
- Mach Industries 🇺🇸 (Defense): $600M (Ribbit Capital, Infinite Capital, Bedrock Capital, Sequoia)
- Harvey 🇺🇸 (Legal): $550M (Diffusion, Lightspeed Venture Partners, Sequoia, Kleiner Perkins, a16z, Coatue, Conviction, Elad Gil, Evantic, GIC, Goldman Sachs Alternatives, Verified Capital, WNDR, Sapphire Ventures, Whale Rock)
- Temporal 🇺🇸 (Software): $550M (Lightspeed, Wellington Management, Goldman Sachs Alternatives, Tiger Global, T. Rowe Price, SV Angel, a16z, Sequoia, Index, GIC, Sapphire Ventures, Amplify)
- Snorkel AI 🇺🇸 (AI): $350M (Insight Partners, S32, Addition, March Capital, Blumberg Capital, Allegis Capital, Frontline, Standard, Third Point Ventures, Greylock, Lightspeed, GV, Factory, Prosperity7, Walden Catalyst, Wells Fargo)
- Verda 🇫🇮 (AI infrastructure): $189M (Emergence Capital, MUFG Innovation Partners, Supermicro, Varma Mutual Pension Insurance Company, Lifeline Ventures, 6 Degrees Capital, byFounders, Tesi, Ola Tørudbakken)
- Brahma AI 🇺🇸 (AI): $150M (Multiples Alternate Asset Management)
- Arcee AI 🇺🇸 (AI): $150M (Vista Equity Partners, Cambium Capital, Emergence Capital, AI10 Ventures, Hitachi, IAG, M12, P7, Wipro)
- Rainmaker Technology Corporation 🇺🇸 (Climate tech): $100M (NOA VC, Upfront Ventures, DCVC, Lowercarbon Capital, Dream Ventures)
- Swedish company 🇸🇪 (Healthcare): $100M
- Heidi 🇦🇺 (Healthcare): $100M (Blackbird Ventures)
- Circle 🇺🇸 (Fintech): $100M (Binance)
- HighLife 🇫🇷 (Healthcare): More than $90M (Andera Partners, Sofinnova Partners, Supernova Invest, Mérieux Equity Partners, European Investment Bank, BNP Paribas Développement, Capricorn Partners, Critical Path Ventures, Pro Benefis Familiae, SPRIM Global Investments, USVP, Sectoral, VI Partners)
- Kairos Power 🇺🇸 (Nuclear energy): $70M (Samsung C&T)
- Amber Electric 🇦🇺 (Energy): €49M (1GT, Morgan Stanley Investment Management)
- Ande 🇺🇸 (Entertainment): $52M (Lightspeed Venture Partners, Redpoint Ventures, Duration Ventures, Sierra Ventures, Bain Capital Ventures)
- Raindrop 🇺🇸 (AI): $50M (CRV, Lightspeed Venture Partners, Y Combinator, OpenAI, Anthropic, Thinking Machines)
- HEO Space 🇦🇺 (Space): $37M (Beaten Zone Venture Partners)
- Baselayer 🇺🇸 (Cybersecurity): $35M (M13, Torch Capital, Picus Ventures, Afore Capital, Matt Thompson of Socure)
- Biolevate 🇫🇷 (Healthcare): €30M (Orange Ventures, RAISE France)
- CellPoint 🇬🇧 (Fintech): $34M (Toscafund, Penta Capital)
- FintechOS 🇷🇴 (Fintech): $28M (Bek Ventures, IFC, Cipio Partners, Molten Ventures, Santander Corporate Investment Banking)
- Chamelio 🇺🇸 (AI): $26M (Entrée Capital, Work-Bench, Emerge Ventures, Bright Pixel Capital)
- Corridor 🇺🇸 (Healthcare): $25M (Bain Capital Ventures)
- Altis Labs 🇨🇦 (Healthcare): $25M (OrbiMed, Qiming Venture Partners USA, Innovation Endeavors, Benchstrength, Fusion Fund, Cancer Breakthrough Fund)
- Teal Health 🇺🇸 (Healthcare): $22M (.406 Ventures, Emerson Collective, Forerunner, Serena Ventures, MPower Partners)
- Spott 🇧🇪 (Recruitment): $21M (Balderton Capital, Base10 Partners, Y Combinator, Fortino)
- Sela 🇺🇸 (AI): $21M (Costanoa, Emergence Capital)
- Mainstay 🇺🇸 (Proptech): $18M (Khosla Ventures, Era Ventures)
- Feldera 🇺🇸 (Data): $15.4M (Inovia Capital, Costanoa Ventures, Battery Ventures)
- StandardX 🇬🇧 (Healthcare): £10M (Vsquared, East X)
- Bird&Be 🇨🇦 (Healthcare): $13M (BDC Thrive, BFG Partners, BAM Ventures, Founder Collective, Rejuvenation Ventures, HSR Ventures)
- Terasi 🇸🇪 (Defense): SEK 120M (NATO Innovation Fund, Join Capital, In-Q-Tel, D3, Navigare Ventures, Almi Invest, Onsight Ventures, Further Than Capital, KTH Ventures)
- Nexstrom 🇸🇬 (Semiconductors): $12M (Xora Innovation, Foothill Ventures, SEEDS)
- CorePower Magnetics 🇺🇸 (Energy): $10.6M (Engine Ventures, Material Impact, Evergreen Climate Innovations, Carnegie Mellon Catalyst Fund, Baruch Future Ventures)
- Monetary Metals 🇺🇸 (Fintech): $10.5M
- Zeliq 🇫🇷 (Sales tech): €7M (The Moon Venture, Julien Jean, Sylvestre Blavet, Ora Global, Cleo Ventures)
- Primo 🇫🇷 (AI): $8M (Headline, Global Founders Capital, Arthur Waller, Romain Niccoli)
- Soteris 🇺🇸 (Insurtech): $8M (Spider Capital, Intact Private Capital, Amplify Partners, DCVC, Webb Investment Network, Overlook Ventures)
- Relaisanté 🇫🇷 (Healthcare): €6M (Ternel, Aquiti, Elaia, AFI Ventures)
- Arcos 🇩🇪 (DeepTech): €5.5M (High-Tech Gründerfonds, Bayern Kapital, Pact, Haufe Group Ventures, Robin Capital, Business Angels)
- Benford 🇳🇴 (Audit): €5M
- Aristotle 🇺🇸 (Edtech): $5M (True Ventures, Wicklow Capital, angel investors)
- Elergi Labs 🇸🇪 (AI): SEK 37M
- Lightspring 🇫🇷 (Photonics): €3.1M (Atlantic, OVNI Capital, Concept Ventures)
- Grubel 🇩🇪 (Legaltech): €3M (Point Nine, Jeff Dean, Chris Ré, Ion Stoica, Gabe Pereyra, Winston Weinberg)
- Pekata 🇪🇸 (Gifting): €1.9M
- Gamindo 🇮🇹 (Edtech): €1.4M (Club degli Investitori, Vento, Doorway, Zanichelli Venture)
Fund Watch
- QIA 🇶🇦: $20B (strategic partnership with JPMorgan Asset Management across public and private equity and credit markets)
- Avila Real Estate Capital 🇺🇸: $400M (real estate credit fund, $1B target)
- Bee Alternatives 🇲🇾: $150M (7th private equity secondaries fund)
- Connect Ventures 🇬🇧: $55M (5th fund, deeptech VC, $80M target, first close)
- Forty.5 Ventures 🇷🇸: $30M (debut pre-seed and seed fund for Southeastern Europe)
- NATO Innovation Fund 🌐: €15M (Kelluu Series A, co-led)
🔔IPO
- Oura 🇸🇪 (Wearables): seeking to raise $2.2B at a $15B valuation in its US IPO.
- Electro-Alfa International 🇷🇴 (Energy): raised RON 579M in its BVB IPO.
- Volare Shipping 🇳🇴 (Shipping): spinning off its supertankers unit in Norway to raise $500M.
- Adarx Pharmaceuticals 🇺🇸 (Biotech): seeking to raise $372M at a $1.75B valuation in an IPO.
- Iambic Therapeutics 🇺🇸 (Biotech): filed for a IPO with Nvidia’s backing.
- Ligent Technologies 🇨🇳 (Computing): rose 20% in its trading debut after raising $730M at a $4.6B valuation in a Hong Kong IPO.
- Mynt 🇵🇭 (Fintech): targeting a $957M IPO at a valuation below its maximum price.
- Highway Roop Precision Technologies 🇮🇳 (Auto parts): preparing a $400M India IPO.
- Airtel Money 🌍 (Fintech): planning a London IPO to raise at least $800M at an $8B-$9B valuation.
🧳 Debt
- Nuveen 🇺🇸: plans £ and $ bond sales to fund its $13B Schroders buyout.
- Paramount Skydance 🇺🇸: plans to sell $49B in takeover financing.
- Fibra Educa 🇲🇽: seeking to raise $200M in local debt markets.
- Philippines 🇵🇭: plans a new retail treasury bond issue next month.
- Qatar 🇶🇦: raised $3B in its first public bond sale of the year.
- Gabon 🇬🇦: plans to raise $2B in international markets next year.
🇺🇸 United States
- The Stockman 🇺🇸: secured $482.5M in construction financing.
- Brand Engagement Network 🇺🇸: raised $1.05M in a private placement at an above-market price.
- Columbus McKinnon 🇺🇸: repriced its $1.453B term loan and $500M revolving facility, cutting margins by 50 bps.
❌ Failures
- Evonik 🇩🇪: the chemical group will cut 3,200 jobs worldwide, including 2,150 in Germany, by 2029.
- Tapí Group 🇮🇹: the struggling bottle-cap maker is facing a takeover bid from Guala Closures and Corticeira Amorim, while Tikehau Capital seeks control.
- Access World Group 🇳🇱: the logistics and warehousing company was put up for public auction by Dutch officials.
- Oracle 🇺🇸: $18B in loans tied to an Oracle-leased data center are trading at 90¢ on the dollar.
- Radiant World 🇸🇬: the fraud-accused iron ore trader disclosed $870M owed to six creditors.
🎯 For a Few More Minutes…
- 🇫🇷 Catch Me If You Can. Parisian TikTok creator Yanis spends his days exposing pickpocket scams around the Eiffel Tower and Louvre, racking up hundreds of thousands of views and a growing fanbase. (Le Parisien)
- 🇫🇷 Dino-mite Sale. The Hôtel Drouot will auction a scientifically significant Jurassic-era dinosaur fossil, because nothing says Paris like a prehistoric bidding war. (Le Parisien)
- 🇫🇷 Caesar’s Palace. Archaeologists have uncovered a section of the ancient Gallic wall under central Paris, confirming Julius Caesar’s claim that Lutetia began on the Île de la Cité. (Le Figaro)
- 🇺🇸 Pop Culture Fit. Gap Inc. is jumping into the boy-band business with Freddy Wexler, hoping a little harmony will boost more than just sales. (Wall Street Journal)
- 🇺🇸 Roe to Go. Discount caviar brands are flooding the market with approachable prices and playful packaging, making exclusivity look positively passé. (Wall Street Journal)
- 🇨🇳 Child’s Play. At just six years old, Lian Yunzhi became the fastest female Rubik's Cube solver on record, clocking a 4.27-second average in China. (Le Figaro)
🇬🇧 United Kingdom
- 🇬🇧 Novel Combat. Booker Prize judges describe their battle to narrow down this year’s contenders, landing on a shortlist that brings back previous winners Marlon James and Douglas Stuart for another literary showdown. (BBC)
