๐ธ Push to Open
"Try the doorโif it moves, youโre lucky."
Good morning!
Ten-year government paper yields around 5% in America and France, and Britain's 30-year gilt crossed 6% this autumn for the first time since 1998. Anything sold as income with a roof on it now has to beat that. France's SCPIs, property funds sold through bank branches, paid out 4.91% on average last year, about what the French Treasury offers with no tenant to lose. Households have done the maths: โฌ2.22B came in over the first half, while โฌ2.44B of units sat in the queue to get out in the spring. In a fund whose exit is paid for by the next saver coming in, that gap is the whole story. Over the summer another batch of SCPIs marked down their units, three of them run by Amundi, Europe's biggest asset manager, and all of them repeat offenders. French law keeps each price within 10% of what the buildings would cost to rebuild, so every falling appraisal, the year-end round included, arrives with the next cut stapled to it.
The door jams in English too: Starwood Capital's $22B retail property trust stopped honouring most redemptions in April and cut its distribution from 6.3% to 4.7%. Since then it has let out only accounts under $5K, and holders who die or become disabled. Apollo has held its flagship retail credit fund to 5% of withdrawals for a third straight quarter, against requests near 15%. Its letter offers, as reassurance, that those who asked out this year will have recovered about 75% of their money. St James's Place, Britain's biggest wealth manager, froze its ยฃ1.4B private assets fund at the end of September. It has asked the FCA, the City's regulator, for leave to wind it up.
None of this is fraud. The gates sit in the prospectus, and a manager who refuses to dump assets into a falling market protects the holders who stay. The trick lives in one adjective. "Semi-liquid" sold savers a revolving door that only turns while someone is walking in. Washington proposed this spring a legal shield for employers who put private assets on 401(k) retirement menus. If the rule is finalised, the jammed funds get a fresh crowd at the entrance. French advisers prescribe their own cure: newer SCPIs paying 7% to 9%, buying property at today's discount, sold to the same clients through the same desks. The answer to last decade's fund is next decade's fund.
At Starwood, the redemption form that still works is a death certificate. A holder above $5K who bought for the monthly cheque has watched it shrink by a quarter and the unit lose 6% in a year, and the money now comes out when the family sends the paperwork. Property, the brochures said, rewards patience. They never said it might have to be posthumous.
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๐๏ธ Top Story
- ๐ช๐ธ Track Record. After Spain's second deadly rail crash this year, Prime Minister Sรกnchez promises a full investigation and new safety measures to prevent future tragedies. (Bloomberg)
- ๐ท๐บ Star Power. Vladimir Putin calls Elon Musk a "genius" as Russia unveils plans for its own Starlink-style satellite internet, hoping imitation really is the sincerest form of flattery. (CNBC)
- ๐บ๐ธ Name Game. Alaska Governor Mike Dunleavy orders an investigation after reports claim Democrats tried to recruit a second Dan Sullivan to confuse voters in a tight Senate race. (BBC)
- ๐ป๐ช Return Policy. Marรญa Corina Machado reappears in Venezuela and throws her support behind the US-backed plan for elections in 2025, calling the transition "irreversible" with a straight face. (Washington Post)
- ๐ญ๐ฐ Blame Game. Hong Kong Chief Executive John Lee apologized for last year's deadly Wang Fuk Court fire, accepted his housing secretary's resignation, and pointed fingers at construction industry corruption. (New York Times)
- ๐น๐ญ Ballot Proof. Yingcheep Atchanont risks isolation by spotlighting suspected fraud in Thailandโs Senate elections, where party bosses appear to script the outcome. (Le Monde)
- ๐ฐ๐ญ Ship Happens. The cruise ship Odyssey by Villa Vie Residences ๐บ๐ธ abruptly ended its three-year world voyage in Cambodia, leaving 200 residents stranded after fuel costs soared. (Die Zeit)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Paper Trail. Reform UK launches its own newspaper, the Reformer, starring Nigel Farage as both front-page face and sole credited reporter, redefining the echo chamber. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Voter Doubt. Federal prosecutors have ramped up pressure on California by issuing subpoenas to local election officials, fueling pre-midterm claims of widespread non-citizen voting. (Spiegel)
- ๐บ๐ธ Loan Shark Tank. Edwin Brant Frost IV, a major Georgia GOP donor, gets 15 years in prison for running a $76M Ponzi scheme through First Liberty Building and Loan. The returns were fiction, but the sentence is real. (New York Times)
๐๏ธ Economy
- ๐ฌ๐ง Copperfield. The London Metal Exchange crowd is waking up to the possibility that the AI-driven copper boom might be more illusion than magic, as doubts about runaway demand send prices wobbling. (Financial Times)
- ๐ฉ๐ช Default Setting. Corporate bankruptcies in Germany are set to rise by 5% in 2026 as payment delays hit a post-pandemic high, keeping credit risk firmly in the spotlight. (Startupper)
- ๐ฎ๐ช Luck of the Growth. Irelandโs GDP jumped 5.5% in Q3, fueled by tech and AI activity, giving the eurozone a rare dose of optimism. (Wall Street Journal)
- ๐ช๐บ Pump Fiction. energy ministers promise 42.6M barrels from reserves to cool soaring diesel prices, but for many Europeans, relief at the pump remains a tall tale. (Le Monde)
- ๐ช๐บ Exit Strategy. Christine Lagarde will leave the ECB presidency nine months early in 2027, setting off a leadership shuffle just as more board members plan their own departures. (CNBC)
- ๐ช๐บ Rate Expectations. The European Central Bank keeps its main interest rate steady at 2.5%, opting for a pause as inflation and growth risks collide. (Le Figaro)
- ๐จ๐ฆ Name Drop. Canada and the EU meet in Montreal to deepen ties, but Germany balks at calling Canada an "associate member" and prefers softer language for now. (BBC)
- ๐ฏ๐ต On the Money. The Bank of Japan holds rates at 1.25% after declaring its 2% inflation target achieved for the first time in over a decade. (CNBC)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Write Off the Record. UK MPs urge ministers to scrap most of the British Councilโs ยฃ197M debt, arguing the governmentโs prized soft-power tool deserves a fresh start. (The Guardian)
- ๐ฌ๐ง Tax and the City. The UK's HMRC is targeting over 200 billionaires with dedicated compliance managers to close a ยฃ500M "wealthy tax gap" and boost public funds. (The Guardian)
- ๐ฌ๐ง Face Value. Ofcom proposes photo ID matching, bank checks, and AI age estimation to keep under-16s off social media, but admits that even the best tech can be outsmarted by determined teens. (BBC)
- ๐ฌ๐ง Billable Offense. Lloyds's CFO slams Chancellor Healey for tying bank tax hikes to household energy support, warning the sector cannot foot every government handout. (The Guardian)
๐บ๐ธ United States
- ๐บ๐ธ Hot Pursuit. PCE inflation hit 3.6% year-on-year in September, up from 3.4%, giving the Federal Reserve another reason to stay on guard. (Wall Street Journal)
๐ข Real Estate
- ๐ช๐บ Current Affairs. Workers building Googleโs ๐บ๐ธ data centers across Europe report exploitation, unsafe conditions, and management pressure to accept dangerous tasks or risk dismissal. (Le Monde)
- ๐ช๐บ Rent Control. Vonovia, Europe's largest landlord, warns investors of flat profits until 2028 as high interest rates squeeze its real estate empire and market patience. (De Tijd)
- ๐ช๐บ Ceiling Fans. With rents up 3% across the, governments from Germany to Spain try new rules to keep prices from breaking through the roof. (France Info)
- ๐บ๐ธ House Rules. home prices just dropped as rents climbed, flipping the script for the first time in three years and leaving nobody happy. (CNBC)
๐ On-chain
- ๐ฌ๐ง Market Freeze. Polymarket suspended trades on its international platform due to a security breach at a third-party provider, offering refunds and reporting the incident to UK law enforcement. (The Guardian)
- ๐ฌ๐ง Exit Scam. The UK's FCA forced crypto exchange HTX ๐ธ๐จ to quit the country after a court order barred it from promoting its services to UK customers. (FinExtra)
- ๐บ๐ธ Bet Big. Kalshi ๐บ๐ธ lands $1B from Sequoia and Wellington, pushing its valuation to $40B as investors wager on the future of prediction markets. (CNBC)
- ๐จ๐ณ Gone in a Flash. Binance halted withdrawals after suffering a $6.3B hack, with $3B frozen so far. The exchange insists user funds remain untouched, but confidence is another story. (Financial Times)
๐ฑ Listed Markets
- ๐ฌ๐ง Pump Fiction. Shell ๐ฌ๐ง posts $10.8B in quarterly profit, nearly doubling last yearโs figure as refining margins hit a record $42 per barrel and shareholders pocket a $5B buyback. (CNBC)
- ๐ซ๐ท Stock and Awe. French investigators are probing LVMHโs possible involvement in the disappearance of millions of Hermรจs shares, raising questions about luxuryโs favorite power play. (Le Monde)
- ๐ฉ๐ช Losswagen. Volkswagen ๐ฉ๐ช posted a staggering โฌ5.8B net loss for Q3, as falling deliveries and shrinking sales force a painful cost-cutting rethink. (Les Echos)
- ๐บ๐ธ Click Shock. Alphabet ๐บ๐ธ saw its biggest market drop ever, shedding $500B as AI chatbots challenge Google's core business and investors brace for more pain. (Bloomberg)
- ๐บ๐ธ Margin Call. Intel wiped out $100B in market value overnight as its gloomy sales outlook and falling margins spooked investors who were betting on a comeback. (Financial Times)
- ๐บ๐ธ Memory Lane. Sandisk ๐บ๐ธ reports a staggering $8.1B profit for the quarter as AI demand sends memory chip prices into the stratosphere. (Wall Street Journal)
- ๐บ๐ธ Login to Nowhere. Reddit shares tumbled after the company announced weak sales guidance and plans to test mandatory logins as Google search traffic dries up. (CNBC)
- ๐บ๐ธ Spy Hard. Nvidia rebuffs claims that Jensen Huang was targeted by a Chinese asset, saying the companyโs dealings with Megaspeed have been cleared of any wrongdoing. (CNBC)
- ๐บ๐ธ Show Me the Money. Retail investors in Palantir ๐บ๐ธ are shifting focus from long-term dreams to immediate payouts, demanding dividends and buybacks after a strong stock run. (Financial Times)
- ๐จ๐ณ Export Credit. BYD ๐จ๐ณ posted a 28% jump in Q3 profit to $1.5B on strong overseas sales, but still fell short of analyst expectations. (Wall Street Journal)
- ๐จ๐ณ Visa Versa. Visa ๐บ๐ธ and Tencent ๐จ๐ณ expand their payments partnership in China after regulators give them the official go-ahead to deepen cooperation. (CNBC)
๐บ๐ธ United States
- ๐บ๐ธ Now or Never. ServiceNow ๐บ๐ธ shares crashed 27% after earnings revived fears that AI disruption could threaten its business model, sending investors running for the exits. (CNBC)
๐๏ธ Big Deals (M&A)
- FDE ๐ซ๐ท has agreed to sell its 56.04% stake in Norwegian wind developer Elgane Vind ๐ณ๐ด to Zephyr ๐ณ๐ด for up to NOK4M (โฌ0.34M), subject to outstanding conditions.
- Deutsche Telekom ๐ฉ๐ช has abandoned its potential $200B merger with T-Mobile US ๐บ๐ธ.
- Evonik ๐ฉ๐ช plans to reject BASF ๐ฉ๐ชโs โฌ11B takeover bid as too low, while leaving the door open to a higher offer.
- Leonardo Maria del Vecchio ๐ฎ๐น has had his โฌ3.5B offer for a 12.5% stake in Delfin Sarl ๐ฑ๐บ rejected by Rocco Basilico ๐ฎ๐น.
- Theon International ๐ฌ๐ท is nearing completion of its acquisition of an 80% stake in French drone systems company MERIO ๐ซ๐ท, alongside a โฌ5M order.
- EQT ๐ธ๐ช has raised its bid for Kakaku.com ๐ฏ๐ต seven times in six months in a bidding war against Bain Capital ๐บ๐ธ and LY ๐ฏ๐ต, valuing the Japanese price-comparison website at $4.7B.
- Clever Media Network ๐ท๐ด has agreed to acquire Doฤan Media International ๐น๐ท, including Kanal D, Kanal D2, Radio Impuls and its Romanian digital division, subject to regulatory approvals.
- Autonom Services ๐ท๐ด has completed the acquisition of leasing company Business Lease Romania ๐ท๐ด from Dutch group Business Lease Group ๐ณ๐ฑ.
- CVC ๐ฑ๐บ, Cinven ๐ฌ๐ง and Puig ๐ช๐ธ are interested in acquiring luxury fragrance brand Parfums de Marly ๐จ๐ญ from Advent ๐บ๐ธ for potentially $2.23B.
- Intel ๐บ๐ธ has signed a definitive agreement to acquire Israeli quantum computing startup Classiq ๐ฎ๐ฑ for $2.3B, subject to regulatory approval.
- DoorDash ๐บ๐ธ has agreed to acquire Maplebear ๐บ๐ธ, the parent company of Instacart, for approximately $17B in cash and stock, subject to shareholder and regulatory approval.
- Marvell Technology ๐บ๐ธ is in advanced talks to acquire Lumentum Holdings ๐บ๐ธ, a data center optics maker listed at $90B.
- GE Vernova ๐บ๐ธ has agreed to acquire grid components maker Trench Group ๐จ๐ฆ for $9B in cash.
- TPG ๐บ๐ธ is in talks to acquire UK data center group Ark ๐ฌ๐ง from Elliott ๐บ๐ธ at a $5B valuation.
- I Squared Capital ๐บ๐ธ has agreed to acquire F-35 parts supplier Orizon Aerostructures ๐บ๐ธ for $2B.
- Supplements brand Rho Nutrition ๐บ๐ธ is exploring a sale valued at $500M.
- Trian Fund Management ๐บ๐ธ offered to acquire Wendyโs ๐บ๐ธ in a $1.4B leveraged buyout at a 20% premium.
- Cobblers Cove Capital ๐บ๐ธ and Arkhouse Management ๐บ๐ธ offered to acquire Dine Brands Global ๐บ๐ธ, the franchisor of Applebeeโs and IHOP, in a $440M cash deal at a 33% premium.
- BMO Financial Group ๐จ๐ฆ has completed the sale of its Transportation Finance and Vendor Finance businesses to Stonepeak ๐บ๐ธ for approximately C$14.5B in combined loans and leases. BMO retains a 19.9% stake.
- Petroperu ๐ต๐ช plans to sell a minority stake in Q1.
- PAG ๐ญ๐ฐ has agreed to acquire a 51.02% stake in Evergrande Property Services ๐จ๐ณ for HK$4.03B ($513.6M).
- Trafigura ๐ธ๐ฌ and Mubadala Capital ๐ฆ๐ช shelved the sale of a Brazilian iron ore port after offers came in below $3.5B.
- Maxis ๐ฒ๐พ and U Mobile ๐ฒ๐พ are reviving plans to merge in a potential $10B deal.
- Siam Cement ๐น๐ญ and Global Chemical ๐น๐ญ agreed to combine their Thai olefins and polyolefins businesses, valued at $5.5B.
- Adani Group ๐ฎ๐ณ is exploring a $3.5B acquisition of Dutch energy storage group VTTI ๐ณ๐ฑ, backed by IFM Investors ๐ฆ๐บ and Vitol ๐ณ๐ฑ.
๐บ๐ธ United States
- Third Space Partners ๐บ๐ธ acquires live-event drape and modular scenic solutions provider Quest Events ๐บ๐ธ.
- Orangewood Partners ๐บ๐ธ acquires a majority interest in commercial refrigeration manufacturer Refrigerated Solutions Group ๐บ๐ธ.
๐งณ Private Markets & VC
- ๐บ๐ธ Security Premium. Anthropic allocated $2.75M last year to safeguard CEO Dario Amodei, quadrupling his base pay and setting a new standard for tech executive protection. (Le Figaro)
- ๐บ๐ธ Spot of Trouble. Boston Dynamics ๐บ๐ธ faces internal revolt as hundreds of staff protest the $1.3M sale of robot dogs to immigration enforcement. (Italian)
- ๐บ๐ธ Fee-nomenal. Blue Owl Capital ๐บ๐ธ beat analyst expectations with $427.5M in fee earnings last quarter, though investor redemptions clipped its inflow momentum. (Bloomberg)
- ๐บ๐ธ Private Parts. private equity returns have lagged the S&P 500 for five years, as the industryโs โalternativeโ status fades and growing pains become impossible to ignore. (Financial Times)
- ๐บ๐ธ Safe Bet. Josh Kushnerโs Thrive Holdings, with OpenAI in its corner, is buying ADT ๐บ๐ธ for $15.3B, betting that home security is ripe for a tech-powered reboot. (Financial Times)
๐ฌ๐ง United Kingdom
- ๐ฌ๐ง Bar Fight. Mondelฤz takes Catherineโs Originals to court, claiming the vegan Oโbarโs segmented humps infringe on Tobleroneโs trademarked design. (The Guardian)
Fundraising
- Cohere ๐จ๐ฆ (AI): Up to CAD $7B (Schwarz Group, Bell Ventures, Bullhound Capital, Government of Canada, Inovia Capital, NVIDIA, Prosperity7 Ventures)
- Re:Build ๐บ๐ธ (Manufacturing): $2.1B (General Catalyst, JPMorgan's Strategic Investment Group)
- Flapping Airplanes (AI): $1B (Index, Lux)
- Fractile ๐ฌ๐ง (AI): ยฃ540M
- Lovey ๐ฌ๐ง (Fintech): Up to โฌ298M (Pollen Street Capital)
- Wealthsimple ๐จ๐ฆ (Fintech): CAD $425M (GIC, Power Corporation of Canada, IGM Financial Inc., ICONIQ, CPP Investments, Inovia)
- Ibis (Fintech): $250M (FalconX)
- Group14 Technologies ๐บ๐ธ (Energy): โฌ150M
- Serval ๐บ๐ธ (AI): $150M (Sequoia)
- Firehawk Defense ๐บ๐ธ (Defense): $150M (Advent, Rochefort Asset Management)
- Solink ๐จ๐ฆ (AI): $100M (Vertu Capital, Goldman Sachs Asset Managementโs GS Growth, Golub Growth, Comcast Ventures)
- Collective ๐บ๐ธ (Fintech): $100M (General Catalyst, QED Investors, Gradient Ventures, Intuit Ventures, FT Partners, SemperVirens)
- Foundry Robotics (Robotics): $100M (Marlinspike Partners)
- Casap ๐บ๐ธ (Fintech): $56M (Base10 Partners)
- Fragment ๐บ๐ธ (AI): $56M (8VC, General Catalyst, A*)
- Wabi ๐บ๐ธ (AI): $55M (IVP, Andreessen Horowitz, Forerunner, Amazon Alexa Fund, Tobi Lรผtke, Marc Benioff, Marissa Mayer, Dick Costolo, Alex Pall)
- Broccoli ๐บ๐ธ (AI): $52M (Khosla Ventures, Y Combinator, Operator Partners)
- Z_One Fund ๐ฎ๐น (Venture capital): Over โฌ35M (CDP Venture Capital SGR)
- PhotonPay ๐ญ๐ฐ (Fintech): $40M (Blockchain Capital, SBI Group, IDG Capital, GL Ventures, Lightspeed Faction)
- Opentrons ๐บ๐ธ (Laboratory automation): $40M (Avego, BroadOak Capital Partners)
- Braid ๐ณ๐ฑ (Connectivity): $38M (Octopus Ventures, KPN Ventures)
- StimCardio ๐บ๐ธ (Healthcare): $30M (John Slumpโs family office, Metis Medtech, Catalyst Health Ventures, corporate strategic investors)
- Easol ๐ฌ๐ง (Commerce): $30M (Y Combinator, Tiger Global)
- Samplix ๐ฉ๐ฐ (Biotech): โฌ25M (WLanholding GmbH)
- StrollMe ๐ฉ๐ช (Mobility): โฌ22M (Hanse Ventures, HGDF, JOSS, Kristina Schreiner)
- Ozlo ๐บ๐ธ (Healthtech): $22M (Modi Ventures, LifeArc, Artis Ventures, ResMed, Scrum Ventures, Drive by DraftKings, Wheelhouse 360, WISE Ventures, Niremia Collective, Accelerate Ventures, World Solver Syndicate, Nick Foles, Danny Davis, Melissa Urban, Michael Gervais)
- Skoka ๐บ๐ธ (Nicotine): $21.5M
- Midstream Health ๐บ๐ธ (Healthcare): $20M (Valtruis, Andreessen Horowitz, Foundry, CommonSpirit Ventures)
- SuperMe ๐บ๐ธ (AI): $20M (Forerunner, Greylock Partners)
- Plato (AI): $16M (Nava Ventures)
- Rocker ๐บ๐ธ (AI): ~$13M (Greycroft)
- American Advanced Materials ๐บ๐ธ (Materials): $12.5M (Amity Ventures)
- TrashLab ๐บ๐ธ (Waste management): $12M (Ventana, Bienville Capital, Harlem Capital, CreativeCo)
- ALLOX ๐ช๐ธ (Biotech): $10.5M (Asabys, CDTI, Institut Catalร de Finances)
- Sava ๐บ๐ธ (Fintech): $10M (Gradient Ventures)
- QuoIntelligence ๐ฉ๐ช (Cybersecurity): โฌ7.3M
- Cancore ๐จ๐ณ (Fintech): $7.2M (Paper Ventures, dao5, X Ventures)
- Crux Labs ๐บ๐ธ (AI): $6M+ (Benchstrength, Misneach, Analog Ventures, Pareto Holdings)
- Bleu Robotics ๐ซ๐ท (Robotics): โฌ5M (Contrarian Ventures, OVNI Capital, Kvanted, WEPA Ventures, Motier Ventures)
- Arctic RAVN ๐ซ๐ฎ (DefenceTech): โฌ2.5M
- Wrapped Health ๐บ๐ธ (Healthcare): $2.1M (Lightbank VC, Arteria Capital)
- Fronted ๐ณ๐ด (HRtech): โฌ1.7M (Kaknรคs Invest, Skagerak Capital, Antler, Sondo Capital)
- Talky Labs ๐ช๐ธ (AI): โฌ1.5M
- VUSE XR ๐ฉ๐ช (Mixed reality): โฌ1.2M (IACD, individual business angels)
- Urologic Design ๐บ๐ธ (Healthcare): $1.2M (Angel Investor Forum, HBS Alumni Angels of Boston, Haven Founders Fund, Connecticut Innovations, Yale Angels)
- KineDB ๐ซ๐ฎ (Database): โฌ850K (Superhero Capital, NGL Ventures, Jussi Pyรถrre, Kristoffer Abell, Jakob Lilholm)
- FLTRD ๐ณ๐ฑ (Foodtech): โฌ500K+ (4impact Capital, FMCG angel investors)
- Pixel Systems ๐ธ๐ช (Technology): 30 million
Fund Watch
- OrbiMed ๐บ๐ธ: $750M (4th Asia PE fund, seeking to raise)
- Seaya ๐ช๐ธ: โฌ600M (Seaya Nova growth fund, first close)
- Tree Line Capital Partners ๐บ๐ธ: $680M (continuation vehicle led by PGIM and LGT Capital Partners)
- Noha ๐ฆ๐ช: $500M (debut VC fund, seeking to raise)
- AP Ventures ๐ฌ๐ง: โฌ270M (Fund III, early-stage industrial and energy tech VC fund)
- A&M Capital ๐บ๐ธ: $115M (debut middle-market secondaries fund)
- Entourage ๐ฌ๐ง: โฌ100M (Fund II, early-stage VC fund, closed)
- Begin Capital ๐ฌ๐ง: $100M (Begin Capital II, deep tech venture capital fund)
- Auriga Partners ๐ซ๐ท: โฌ80M (bridge close for Auriga Cyber Ventures II, โฌ100M target)
- BackingMinds ๐ธ๐ช: โฌ50M (BackingMinds Invest III, VC fund, first close)
- U&I Ventures ๐บ๐ธ: $32.237M (debut seed fund for AI-native infrastructure, closed)
- Masia ๐ช๐ธ: โฌ18M (debut venture fund for early-stage AI and frontier tech)
๐IPO
- O3 Partners ๐ญ๐บ (Investment): plans to raise up to โฌ15M through a public offering of 1.76M new shares and transfer from BรT Xtend to the Standard market.
- Jio Platforms ๐ฎ๐ณ (Telecoms): raised $2.1B a record India IPO at a $137B valuation.
๐งณ Debt
- Schneider Electric ๐ซ๐ท: raised โฌ6B in senior multi-tranche bonds to finance its acquisition of PTC.
- Microsoft ๐บ๐ธ: plans to raise $25B in debt to fund its AI buildout.
- Morgan Stanley ๐บ๐ธ: delayed plans to sell $5B-$7B of a $15B Anthropic data center loan.
- Tyko Capital ๐บ๐ธ: lending developers a record $817M to build two luxury Miami condos.
- Core Club ๐บ๐ธ: battling distressed debt investor ReInvest to regain control of its unopened Milan site.
- Lionsgate Studios ๐บ๐ธ: seeking bonds backed by its film catalog.
- Shapoorji Pallonji Group ๐ฎ๐ณ: seeking $200M private credit to repay creditors.
๐บ๐ธ United States
- CPV Generation Holdings ๐บ๐ธ: secured $825M financing for Shore and Maryland.
โ Failures
- Rockpoint ๐บ๐ธ: the real estate firm acquired Bostonโs 100 Summer Street office tower for $260M in a foreclosure auction, seven years after buying it for $806M.
- Weil, Gotshal & Manges ๐บ๐ธ: the law firm will dissolve after a failed merger and partner exodus.
๐ฌ๐ง United Kingdom
- Poundland ๐ฌ๐ง: is preparing for administration, putting up to 12,000 jobs at risk.
๐ฏ For a Few More Minutesโฆ
- ๐ช๐ธ You Are What You Eat. Archaeologists reveal that Stone Age Spaniards practiced routine cannibalism for centuries, treating human remains as just another food source. (New York Times)
- ๐ท๐บ Work Hard, Play None. Russian companies, including defense suppliers, now rely on North Korean laborers who work 12-hour days for 28 days a month, with nearly all wages seized by Kim Jong-un's regime. (Les Echos)
- ๐ท๐บ Red Alert. Russia faces a surging HIV crisis with infection rates above 3% among middle-aged men and new cases increasingly found outside traditional risk groups. (Le Figaro)
- ๐บ๐ธ LinkedIn Park. The rise of "workfluencers" turns LinkedIn into a stage for office life, as professionals monetize career content with brand deals and ad revenue. (Financial Times)
- ๐บ๐ธ Copy Paste. A New York Times analysis finds hundreds of candidate websites featuring A.I.-generated text, as campaigns quietly automate their own messaging. (New York Times)
- ๐ฐ๐ท No Respawn. The latest Call of Duty ๐บ๐ธ faces backlash after using actual images from Seoulโs fatal 2022 crowd crush, with victimsโ families condemning the move as deeply disrespectful. (Le Figaro)
