🏆 Racket Science
The crowd came for tennis, left with a promo code.
Also available:🇫🇷 Édition française
Good morning!
A wildcard at Wimbledon is a courtesy extended to a name, not a ranking, and everyone at the All England Club understood the arithmetic when Serena Williams walked onto centre court at 44, four years after her last competitive match. She would lose. She has 23 Grand Slam titles, 7 of them here, 319 weeks spent as the best player alive, and none of it was going to survive contact with a 20-year-old ranked 87th. The scoreline was never the product. The audience was, and the people counting that audience were not sitting in the players’ box.
That audience belongs to Ro, the telehealth firm that has paid Williams to be its « celebrity patient ambassador » since 2025, and whose business is couriering GLP-1 injections to Americans who would rather not diet. She credits the drug with roughly 14 kilos. Her husband, the Reddit co-founder Alexis Ohanian, has sat on Ro’s board since 2018 and holds a stake in it, which turns the comeback into something closer to a family enterprise with a Wimbledon window. The firm’s adverts ran during the American broadcast of her return. It had already bought a Super Bowl slot and signed Charles Barkley to shed 65 pounds on camera. The tennis is the loss leader, the prescriptions are the margin, and the household keeps a cut of both, in a market J.P. Morgan expects to top $200B by 2030.
That Williams reached for a prescription after two pregnancies is nobody’s business but hers, and the scrutiny aimed at her body since she was a teenager, the coaches who appraised her like livestock, was vile. The choice is hers to make and hers to keep private. What she has done instead is rent out the one story in sport that cannot be bought. A comeback is sacred broadcast territory, wall-to-wall coverage no marketing budget could purchase outright, and this one arrives wrapped around a product her own household sells. Everyone involved has disclosed the partnership somewhere in the small print. Nobody has labelled centre court as an advertising placement, because a placement that announces itself stops working, and this one works beautifully.
A champion is believed because the belief was earned, point by point, over a quarter of a century in front of witnesses. That trust is the rarest asset an athlete owns, and it is the one thing being spent here, quietly, on behalf of a balance sheet the family shares. Serena Williams will lose these matches and it will not matter, because winning was never the assignment. The assignment was to make an injection look like a homecoming, and at that she remains, as ever, the greatest of all time.
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🗞️ Top Story
- 🇬🇧 Terror Upgrade. Britain will designate Iran’s Revolutionary Guard as a terrorist organization, citing its role in recent attacks and threats on UK soil. (Washington Post)
- 🇬🇧 Case Reopened. UK counter terrorism police have taken over the Ann Widdecombe murder investigation after new evidence led to the suspect’s re-arrest on terrorism charges. (Bbc)
- 🇬🇧 Trash Talk. With major parties sitting out, comedian Jon Harvey’s alter ego Count Binface faces off against Reform UK’s Nigel Farage, who resigned and re-runs for his seat while under fire for undeclared crypto donations. (France Info)
- 🇫🇷 Marching Orders. In his last Bastille Day eve speech as president, Macron vows France will stand for liberty and law, no matter the sacrifice. (Le Figaro)
- 🇪🇸 Fire Drill. Pedro Sánchez calls on Spain to shift from reacting to wildfires to actively preventing them, following a deadly blaze in Andalusia that claimed at least 13 lives. (Le Figaro)
- 🇭🇺 Checks and Exits. Prime Minister Péter Magyar secures a two-thirds majority for constitutional changes that could oust President Sulyok and block Viktor Orbán’s return to parliament. (Spiegel)
- 🇪🇺 Firewall Diplomacy. London, Brussels, and Berlin coordinated sanctions against Russia, accusing its intelligence agencies of orchestrating cyberattacks to destabilize Europe and threaten vital systems. (Le Figaro)
- 🇪🇺 Euro Vision. Brussels launches the €883.6M Team Gaza Initiative, assembling 15 partners to deliver aid and perhaps a little hope to Gaza’s battered population. (Boursier)
- 🇷🇺 Symbolic Sentence. Boris Nadejdine, one of the last Putin critics still free in Russia, was detained for « extremist symbols » after sharing a photo of Navalny, conveniently sidelining him before the parliamentary race. (France Info)
- 🇺🇸 Strait Shooter. Trump orders a renewed blockade of Iranian ports and wants every ship passing Hormuz to pay the a 20% security surcharge, because freedom isn’t free. (Spiegel)
- 🇻🇪 Ground Zero. Nearly 4,600 people are confirmed dead after two powerful earthquakes struck Venezuela, leaving the capital and coastal regions devastated. (Boursier)
- 🇹🇷 Purge and Simple. Turkish authorities order the arrest of 968 people accused of Gülen ties, marking the coup anniversary with another round of mass detentions. (Die Zeit)
🇬🇧 United Kingdom
- 🇬🇧 Burnham Notice. With 349 Labour MPs nominating him, Andy Burnham clinches the leadership uncontested and is set to enter No 10 without a party vote. (Bbc)
- 🇬🇧 Heat of the Moment. A wildfire near Conwy Mountain forces 36 homes to evacuate as a heatwave threatens to spread the blaze across 200 acres and counting. (Bbc)
- 🇬🇧 Plot Twist. Counter-terrorism police detained 12 suspects after uncovering a potential far-right conspiracy to attack a 15,000-person Islamic gathering in Suffolk. (The Guardian)
🇺🇸 United States
- 🇺🇸 Sue Me Once. Trump’s $10B lawsuit against the IRS drew a scathing rebuke from a federal judge, who accused him of trying to game the courts for his own benefit. (Wall Street Journal)
- 🇺🇸 License to Kill. An Immigration and Customs Enforcement agent fatally shot a person fleeing in a car in Maine, with state leaders now calling for answers. (New York Times)
- 🇺🇸 Primary Colors. Civic groups and independents are pushing to open New York City’s primaries to all voters, but Mayor Mamdani prefers to keep the system closed, citing his own recent win as proof it works. (New York Times)
🏛️ Economy
- 🇬🇧 Bonus Round. Rothschild’s UK investment bank saw pre-tax profits fall 18% to £84.9M in 2025, as rising banker bonuses devoured the gains from higher deal fees. (Financial Times)
- 🇪🇺 Double Trouble. The IMF warns that without reforms, Europe’s public debt will soar from 75% to 155% of GDP by 2040, fueled by aging, defense, and health costs. (Le Monde)
- 🇪🇺 Minor Delays. The is considering a « progressive and graduated » system for minors’ access to social media, aiming to shield children from online risks with age-based restrictions. (Le Monde)
- 🇺🇸 Tourist Trap. The slaps new sanctions on Cuba, targeting the tourism ministry, state firms, and paramilitary groups in a bid to tighten the economic vise. (Die Zeit)
- 🇺🇸 Crude Awakening. Brent crude jumps above $85, sending traders scrambling to price in more Fed rate hikes ahead of the next inflation report. (Bloomberg)
- 🇺🇸 Capital Gains. Nancy Pelosi and her husband achieved a 16,900% return in four decades, leaving the S&P 500 in the dust and critics in disbelief. (Le Figaro)
- 🇺🇸 Hawk Talk. Christopher Waller of the Fed says another strong inflation reading could force a rate hike, reminding everyone that patience is not the current policy. (New York Times)
- 🇵🇦 Ship Happens. Panama channels $10B into port upgrades and logistics, aiming to turn its canal into more than just a shortcut between oceans. (Le Monde)
- 🇨🇳 Ship Happens. Fueled by AI demand and a rush to beat US tariffs, China’s June exports soared 27% year-on-year, leaving forecasts in the dust. (Cnbc)
- 🇯🇵 Spit Take. Masayoshi Son tells SoftBank World that doubting AI is like “spitting upwards,” forecasting $46T of global GDP from AI by 2040 and dismissing hesitant executives as evolutionary dead ends. (Financial Times)
- 🇰🇷 AI Caramba. The South Korean government now expects 3% GDP growth in 2026, crediting the AI-fueled chip industry for its sudden optimism. (Die Zeit)
🇬🇧 United Kingdom
- 🇬🇧 Current Affairs. Great Britain’s grid operator hires external lawyers to probe whistleblower claims of a blackout risk cover-up during the June heatwave, with staff allegedly told to avoid leaving records. (The Guardian)
- 🇬🇧 Fiscal Cliffhanger. Keir Starmer hints at a possible new UK budget after the election, keeping voters and markets guessing about Labour’s real plans. (Bloomberg)
🏢 Real Estate
- 🇻🇪 House of Cards. Venezuela’s social housing blocks, built under Hugo Chavez’s « Mision Vivienda, » collapsed in the June 24 earthquakes, leaving thousands homeless once again. (Le Monde)
🇺🇸 United States
- 🇺🇸 Hyperion Hyperbole. Meta 🇺🇸 has boosted its Louisiana data center budget from $27B to $50B, with Louisiana taxpayers sweetening the pot for big tech. (Cnbc)
🔗 On-chain
- 🇬🇧 Pound of Flesh. As Tether snapped up more gold than any nation last year, its major shareholder Christopher Harborne showered Reform with record donations, blurring the line between private crypto fortunes and public policy. (Bbc)
- 🇺🇸 Saylor to the Moon. MicroStrategy 🇺🇸 boosts its bitcoin war chest to $3B by selling more stock, proving Michael Saylor never met a dip he would not buy. (Bloomberg)
💱 Listed Markets
- 🇩🇪 Battle Fatigue. Smag’s first day on the German exchange ended deep in the red, showing that defense sector hype has run out of steam. (Bloomberg)
- 🇳🇱 Roadblock Rally. Stellantis CEO Carlos Tavares pitches a bold turnaround, only to find investors hesitant to join him for the journey. (Bloomberg)
- 🇮🇪 Chip Shot. Intel will invest €5B to expand its Leixlip plant in Ireland, chasing surging AI chip demand and giving Europe’s tech ambitions a much-needed boost. (Financial Times)
- 🇺🇸 Merger Interrupted. California and 11 other states have filed suit to halt Paramount’s $110B Warner Bros. deal, arguing it would create a media monopoly and harm audiences. (TechCrunch)
- 🇺🇸 Whitelist Christmas. Nvidia now only allows half as many Asian companies to buy its AI chips, after Washington demanded stricter vetting to block Chinese access. (Financial Times)
- 🇺🇸 Gravity Check. SpaceX shares dropped for a second day, falling below their $150 debut and closing in on the $135 IPO price, despite last week’s Nasdaq-100 debut. (Cnbc)
- 🇨🇳 Initial Public Offerings. LimX Dynamics, valued at $2.21B, says listing is now mandatory as China’s humanoid robot startups rush to go public amid a $6.95B investment surge. (Cnbc)
🇺🇸 United States
- 🇺🇸 Clearance Denied. TransDigm 🇺🇸 pulled the plug on its bid for Esterline after DOJ antitrust worries, leaving both companies grounded for now. (Bloomberg)
🛎️ Big Deals (M&A)
- BC Partners 🇬🇧, CVC 🇬🇧, Bain Capital 🇺🇸, and Capvest 🇬🇧 are considering bids for Segafredo Zanetti 🇮🇹 as PE firm QuattroR 🇮🇹 weighs a sale.
- Blackstone 🇺🇸 takes a 49% stake in five Williams 🇺🇸 power-infrastructure projects for $5.34B. Funds managed by Blackstone Credit & Insurance with participation from Apollo and insurance vehicles/accounts managed by KKR.
- First Hawaiian 🇺🇸 acquires TriCo Bancshares 🇺🇸 in a $2.01B all-stock transaction, TriCo shareholders to receive ~2.1 First Hawaiian shares per TriCo share (≈$63.12 per share).
- Vinod Khosla 🇺🇸 acquires Seattle Seahawks 🇺🇸 from the estate of late Paul Allen for $9.6B.
- Warburg Pincus 🇺🇸 is nearing a deal to acquire PANTHERx Rare 🇺🇸 for $7B+ including debt, specialty pharmacy company.
- Elliott 🇺🇸 builds a large stake in CCC Intelligent Solutions 🇺🇸, $3.5B car-insurance software provider exploring a sale.
- Apollo Global Management 🇺🇸 acquires a minority stake in Bayer’s contraceptives business 🇩🇪 for $3.4B, in the pharma sector.
- B Capital 🇺🇸 acquires Russell Investments 🇺🇸 for $2.8B
- Warburg Pincus 🇺🇸 invests in CreditorWatch 🇦🇺 at a $500M valuation, in the Australian data and information services sector.
- Brookfield 🇨🇦 is in exclusive talks to acquire 10% of Hudson Square Properties 🇺🇸 at a $3.5B valuation.
- Tencent 🇨🇳 is in talks to become the largest external shareholder in Manus 🇺🇸 as part of Meta’s unwinding of their deal at the same $2B valuation.
- SoftBank 🇯🇵 and PayPay 🇯🇵 invest $1.85B in Seven & i Holdings 🇯🇵
- Aditya Birla Renewables 🇮🇳 acquires Sprng Energy 🇮🇳 for $1.8B, Indian wind and solar business with 3.3GWp operating and 1.7GWp contracted.
- ERG 🇰🇿 considers splitting its Kazakh and international operations into two businesses.
- BHP Group 🇦🇺 explores a sale of a desalination plant and electricity transmission assets in Chile 🇨🇱 for $2B
🧳 Private Markets & VC
- 🇩🇪 Back for Account. Having sold his previous company to Klarna 🇸🇪 for €110M, this founder now lands €12M to launch Skalar, targeting AI-powered accounting. (Sifted)
- 🇪🇺 Drone Alone. Helsing lands $1.8B and an $18B valuation, aiming to prove Europe can build its own defense giants without calling in American backup. (Cnbc)
- 🇦🇪 Capital Gains. Abu Dhabi accelerates its push to become a hedge fund hub, rolling out new incentives to lure top international firms. (Bloomberg)
Fundraising
- Helsing 🇩🇪 (Defence): $1.8bn (Dragoneer Investment Group, Lightspeed Venture Partners, Iconiq, Goldman Sachs Alternatives, JPMorganChase)
- PixVerse 🇸🇬 (AI): $439M (Alibaba, Lollapalooza Capital, Ivy Capital, Grand Mount Capital, Eastern Bell Capital, Mirae Asset, BlueFocus, CloudAlpha, iGlobe Partners, Lion X Ventures)
- TJM Labs (Pharmacy AI): $100M (Elephant)
- GIM 🇨🇳 (Fintech): $20M (Hony Capital)
- Project Q 🇩🇪 (Defence): €15M (Expeditions, Hensoldt, Heliad)
- General Legal 🇺🇸 (Legal): $11.5M (Y Combinator, Audacious Ventures)
- Promptwatch 🇳🇱 (AI): €6M (Seed + Speed Ventures, Blum Ventures, Arches Capital)
- I don’t have Skapion’s country of origin. What flag should I use for the bullet point?
Fund Watch
- Serent Capital 🇺🇸: $1.3B (6th flagship fund, software middle-market PE. Raised in <90 days)
- Deem 🇦🇪: $1B (macro hedge fund, raised $1B from Abu Dhabi’s ADIC)
- Andera Partners 🇫🇷: $490M (4th expansion capital fund)
- Mérieux Equity Partners 🇫🇷: $380M (5th healthcare buyout fund, first close)
🔔IPO
- Vega 🇫🇷 (Telecoms): agreed to buy a 16% stake in Vodafone from Emirates Telecommunications for $6B to become its biggest shareholder.
- Tailored Brands 🇺🇸 (Retail): filed for a IPO six years after bankruptcy.
- Holtec Nuclear 🇺🇸 (Nuclear): filed for a IPO with proceeds not disclosed.
- Apnimed 🇺🇸 (Biotech): filed for a IPO to advance its sleep-apnea-focused treatments.
- Nexchip Semiconductor 🇨🇳 (Semiconductor): raised $890M in a Hong Kong IPO, jumping 14% on debut after pricing at a 57% discount.
- Shein 🇭🇰 (E-commerce): targeting up to $3B in a Hong Kong IPO by August.
- Milky Mist Dairy Food 🇮🇳 (Dairy): set to launch a $213M India IPO.
- Freedom Holding Corp. 🇰🇿 (Investment): raised $300M in a share sale to fund international expansion.
🧳 Debt
- United Kingdom 🇬🇧: joining the €90B EU support loan for Ukraine.
- SocGen 🇫🇷: sees $76B of JGB buying if GPIF rebalances assets.
- Elevate 🇺🇸: closed a $655M credit facility to fuel growth.
- Gerald Group 🇦🇪: closed a US$50M, three-year ECI-backed finance facility with Abu Dhabi Commercial Bank.
- Kenya 🇰🇪: seeks buyback of $500M in Eurobonds to ease debt pressure.
❌ Failures
- Aston Martin 🇬🇧: creditors led by Arini, BlackRock and Sculptor Capital have coordinated ahead of potential debt talks.
- VW 🇩🇪: plans to cut 50,000 jobs despite the supervisory board rejecting proposals to close four German factories.
- Volkswagen 🇩🇪: may cut about 50,000 more jobs (up to 100,000 considered) to reduce costs.
- Volkswagen 🇩🇪: CEO plans up to 50,000 additional job cuts to hit savings goals.
- Skyguide 🇨🇭: vise à supprimer ~200 postes et réaliser près de 51 millions de francs d’économies, en misant sur retraites anticipées et départs volontaires.
🎯 For a Few More Minutes…
- 🇫🇷 Brain Drain. A Meaux court hears how PTC, the so-called « high schooler’s drug, » fuels psychosis and violence as three accused face trafficking charges. (Le Parisien)
- 🇩🇪 Class Dismissed. A neurodivergent student finds acceptance at a Japanese university after years of feeling out of place in Germany, raising questions about inclusion at home. (Die Zeit)
- 🇪🇸 Lines of Credit. Authorities in Spain busted a cocaine ring whose financial flows reached Wall Street, proving illicit cash travels faster than most trades. (Bloomberg)
- 🇺🇸 Jurassic Markup. Sotheby’s will auction a nearly complete T rex skeleton for $20M to $30M, as scientists warn private sales threaten research access. (The Guardian)
- 🇺🇸 Buzz Killers. The arrival of yellow-legged hornets in South Carolina has left honeybee colonies cowering as state teams race to remove hundreds of nests. (New York Times)
- 🇺🇸 Hurt Locker Room. Elite athletes are breaking down at record rates, yet advances in surgery and rehab mean even devastating injuries no longer end careers or seasons as they once did. (New York Times)
- 🇺🇸 Goal Class. As most fans endure long lines and packed trains, FIFA lets Qatar’s elite skip the chaos for air-conditioned rides and VIP treatment at the stadium. (New York Times)
- 🇬🇹 Glyph Hanger. For the first time, researchers have identified the complete name of a Maya astronomer and mathematician, Sak Tahn Waax, from wall symbols at San Bartolo-Xultun. (Le Figaro)
- 🇰🇷 Youth Control. K-pop idols like BTS face relentless discipline and pressure, often sacrificing their youth and mental health for stardom, as the industry demands perfection. (Le Parisien)
- 🇸🇳 Medical Mismatch. Senegal’s national team doctor, Dr. Fedior, was revealed to have specialized in gynecology rather than sports medicine, adding to the post-World Cup fallout. (Ouest-France)