🥶 Still Waiting

🗞️ Top Story

• 🇫🇷 Artful Dodgers. French museums are facing a wave of thefts, with Renoir paintings and even World Cup memorabilia vanishing, as security struggles to keep up. (New York Times)
• 🇫🇷 Off the Rails. A regional train derailed between Rouen and Caen, injuring 44 people and halting traffic after a stray piece of rail was found on the tracks. (France Info)
• 🇸🇪 Margin Call. Sweden’s Social Democrats and allies hold a slim lead in the parliamentary race, leaving the country waiting for a definitive winner as counting continues. (BBC)
• 🇪🇺 Ice Breakers. The European Union holds a summit in Finland aiming to overhaul its Arctic policy, responding to growing geopolitical pressure from Russia, China, and the US. (France Info)
• 🇪🇺 Bot Pursuit. Sweden’s psychological defense chief warns France and Germany that Russian bots are set to target their upcoming elections with disinformation on Ukraine. (Libé)
• 🇺🇦 Track Record. Russia targeted a PKP Intercity train bound for Warsaw with a drone strike just 2 kilometers from Poland, missing lives but hitting a nerve. (Libé)
• 🇷🇺 Talks on Ice. Russia hints at restarting peace talks with Ukraine and the US in October, though previous rounds delivered little beyond prisoner swaps. (Le Parisien)
• 🇮🇳 Summit Circus. Narendra Modi manages to wrangle a sharply worded BRICS joint statement on the Middle East war, even as Xi Jinping dominates the stage. (Bloomberg)
• 🇹🇷 Family Values. Turkish police raided LGBT+ bars and arrested dozens of activists across 15 provinces, citing the need to « protect the family » under Erdogan’s decade-long campaign. (Le Figaro)
• 🇾🇪 Strait to Power. Yemen’s Houthis have seized every inch of the country’s Red Sea coast and key islands, tightening Iran’s grip on a vital global shipping route. (Libé)
• 🇸🇴 Pirate Bay. The International Maritime Organization warns that Somali waters have reclaimed their title as the world’s piracy hotspot, with attacks surging 110% and crews increasingly taken hostage. (Les Echos)

• 🇬🇧 Money Talks. Reform UK receives another £36M boost from Christopher Harborne, tying the largest-ever UK party donation and igniting debate over political funding limits. (BBC)
• 🇬🇧 End Game. UK MPs have rejected the assisted dying bill by 286 to 270, halting plans to allow terminally ill adults to seek medical help to end their lives. (The Guardian)
• 🇮🇪 Border Control. Donald Trump, visiting Ireland, says he would “love” to see a united Ireland and suggests unification might as well happen now, rattling UK officials. (The Guardian)

• 🇫🇷 Tweet and Greet. France’s apology for its critical tweet about US human rights is set to unblock Aurélien Lechevallier’s appointment as ambassador in Washington. (Libé)
• 🇮🇪 Border Control. Donald Trump, visiting Ireland, says he would “love” to see a united Ireland and suggests unification might as well happen now, rattling UK officials. (The Guardian)
• 🇺🇸 Thin Air Cuts. The Trump administration’s plan to slash FEMA staff by 50 percent was struck down by a judge who said the numbers seemed invented. (New York Times)
• 🇺🇸 Unfriended. Stephen Woytek lost his job as political director for Senator Jon Husted’s campaign after his Nazi-themed Facebook photo came to light. (New York Times)

🏛️ Economy

• 🇬🇧 Code and Effect. Unexpected 0.4% growth in July puts the UK economy ahead of forecasts, with AI-fueled service sectors offsetting energy shocks from the Iran war. (The Guardian)
• 🇩🇪 Gilt Trip. Germany issues €4.2B in 10-year bonds at a 3.39% yield, its highest cost since 2009, as borrowing gets pricier across Europe. (Les Echos)
• 🇩🇪 Cash Only Fans. Germany’s finance ministry wants to require all shops and restaurants to accept card and mobile payments, aiming to retire those « cash only » signs for good. (Die Zeit)
• 🇬🇷 Truth and Consequences. Andreas Georgiou, former head of Greece’s statistics agency, is finally cleared by the Supreme Court after 15 years of legal battles for revealing the real deficit numbers. (Le Monde)
• 🇪🇺 Hike and Seek. After the ECB’s latest rate rise, Gediminas Simkus signals that stubborn inflation may force more tightening, with energy costs driving the surge. (Boursier)
• 🇺🇸 Rate Expectations. The 10-year Treasury yield is nearing 5%, rattling markets and raising fears of higher borrowing costs across the economy. (Bloomberg)
• 🇺🇸 Bot Hits. The music industry launches new guidelines to stop AI-generated songs and fake streams from draining royalty money meant for actual musicians. (Financial Times)
• 🇺🇸 Artificial Alarm. Jacob Coxon’s dramatic resignation and warnings about AI extinction risk leave many tech leaders in San Francisco unimpressed and unconvinced. (BBC)
• 🇺🇸 Fuel’s Gold. Diesel prices in the break records at $6 per gallon, as war and refinery chaos turn every fill-up into a luxury purchase. (Financial Times)
• 🇨🇦 Associate’s Degree. As US tariffs bite, Carney floats a Canada-EU partnership that stops short of joining the club, hoping solidarity beats isolation. (BBC)
• 🌏 Budget Blocked. Once a staple for millions, sub-$100 smartphones are now a rare sight as AI memory prices spike and Xiaomi 🇨🇳 slashes its low-end offerings. (CNBC)
• 🇸🇦 Crude Awakening. Saudi oil exports have plunged to a 13-year low after pipeline attacks and Red Sea disruptions left the region scrambling for safe routes. (New York Times)

• 🇬🇧 Bill Shock. Over 120 UK organizations urge Chancellor John Healey to scrap the “hidden taxes” on energy bills and shift the 10% policy levy onto government, warning of closures if nothing changes. (The Guardian)
• 🇬🇧 Loan Wolf. After criticism over misleading student loan info, ministers vow to clarify terms for future borrowers, but stop short of reversing the repayment threshold freeze. (BBC)
• 🇬🇧 Borderline Recovery. George Osborne says the UK’s economic woes since Brexit could be quickly reversed by rejoining the EU customs union, a move he insists is both urgent and easy. (The Guardian)

• 🇺🇸 Cap on the Hill. Lawmakers from both parties are eyeing higher payroll taxes for top earners to shore up Social Security, with benefit cuts looming by 2030 if nothing changes. (CNBC)
• 🇺🇸 Mystery Meatball. President Trump authorized 660M pounds of unlabeled imported beef for burgers, leaving consumers guessing which country is really on their plate. (New York Times)
• 🇺🇸 Raise Expectations. Social Security recipients could see a 3.6% bump in 2027 benefits, according to AARP, though higher Medicare costs will shrink the real increase. (New York Times)

🏢 Real Estate

• 🇩🇪 Rent Control. Berlin’s surging rents have become the centerpiece of a local election campaign, with left-wing parties making housing costs their rallying cry. (Le Monde)
• 🇺🇸 Server Weather. Data centers are piling up tens of billions in assets that insurers struggle to cover, so catastrophe bonds may soon take on digital disaster risk. (CNBC)
• 🇳🇵 Flood and Order. Nepal’s government estimates $4.78B will be needed to rebuild after deadly floods destroyed infrastructure and left over 1,400 dead. (Le Monde)

• 🇬🇧 Fire Drill. Laura Johnson, who oversaw cost-cutting at Grenfell Tower, lands a £150K senior housing job at Barnet Group, sparking outrage from survivors and bereaved families. (The Guardian)

• 🇺🇸 Queens Gambit. The house where Donald Trump grew up changes hands for $1.93M following extensive renovations, suggesting nostalgia has its price ceiling. (Nypost)
• 🇺🇸 Renters’ Cliff. With home prices surging in the western mountains, only 9% of renters can afford to buy, leaving the rest on the outside looking in. (Nypost)
• 🇺🇸 Gridlock. Texas Governor Greg Abbott has frozen all new data center approvals pending an audit, throwing the state’s $100B AI build-out into disarray and leaving developers scrambling for answers. (Financial Times)

🔗 On-chain

• 🇬🇧 Gold Pass. The UK’s Financial Conduct Authority is considering exempting tokenised gold from fund regulations to keep London at the center of global bullion trading. (Financial Times)
• 🇺🇸 Act Now, Pay Later. Bitcoin climbs 20% in a month, yet doubts over the Clarity Act and a likely Democratic win threaten to chill the crypto party. (CNBC)
• 🇺🇸 Inside Track. Someone on Polymarket pocketed $22,000 by placing near-perfect wagers on firms audited by KPMG, including Wells Fargo 🇺🇸 and DoorDash 🇺🇸, prompting questions about information flow. (Wall Street Journal)

💱 Listed Markets

• 🇬🇧 Shell Game. Peter Costello, Shell’s UK upstream chief, sold £1.17M in shares after the company’s valuation jumped 27.6 percent over the past year. (Financial Times)
• 🇪🇺 Big Bang Theory. Euronext’s CEO floats the idea of joining forces with Deutsche Börse, hinting at a “planetary scale” European exchange, if regulators allow it. (Financial Times)
• 🇪🇺 Deal or No Deal. JD.com 🇨🇳 is scrambling to sweeten its €2.2B offer for Ceconomy 🇩🇪 as regulators demand stronger remedies before giving the green light. (Bloomberg)
• 🇺🇸 Crash Course. After a deadly Miami accident involving a 21 Air cargo jet, Amazon suspended all operations with the airline, signaling zero tolerance for safety lapses. (Wall Street Journal)
• 🇺🇸 Shock Value. As legacy automakers scale down their EV ambitions, Tesla is reclaiming its lead in the market, just as Musk foresaw. (Wall Street Journal)
• 🇺🇸 Solo Pay. PayPal 🇺🇸 CEO Enrique Lores rejects a $50B sale, choosing to overhaul the payments giant alone while investors remain skeptical of his solo act. (Wall Street Journal)
• 🇺🇸 Index Attraction. SpaceX’s Nasdaq 100 weighting is set to jump from 1.28% to 2.82%, inviting a wave of fresh buying from passive investors. (Bloomberg)
• 🇺🇸 Price Play. The Supreme Court scrapped key tariffs, so Sony 🇯🇵 and Microsoft 🇺🇸 must now answer to players who paid extra for their latest consoles. (Les Echos)

• 🇺🇸 Magic Merger. Paramount CEO Brian Robbins claims he has « tricks up his sleeve » to get the Warner acquisition approved in California, hinting at unconventional tactics for regulatory clearance. (Nypost)

🛎️ Big Deals (M&A)

• THG 🇬🇧 is exploring the sale of non-core sports nutrition brands for $150M+.
• Shell 🇬🇧 acquires 100% of Hunlock Creek Generating 🇺🇸, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania.
• Capgemini 🇫🇷 agrees to sell Capgemini Government Solutions 🇺🇸 to ITC Federal 🇺🇸. The subsidiary’s ICE contract was worth $4.8M and could reach $365M.
• Vauban Infrastructure Partners 🇫🇷 emerges as the lead bidder for GlobalConnect’s Swedish fiber business 🇸🇪, valued at over $2.3B.
• TotalEnergies 🇫🇷 acquires a 40% operated interest in two new exploration blocks in Angola 🇦🇴.
• Greenly 🇫🇷 acquires carbon accounting startup Normative 🇸🇪 for €65M.
• Adagia Partners 🇫🇷 acquires a majority stake in PatrimOne 🇫🇷 from Weinberg Capital Partners 🇫🇷.
• Aareal Bank 🇩🇪 is considering a bid for Hamburg Commercial Bank 🇩🇪, which is seeking over $3.8B.
• Bending Spoons 🇮🇹 acquires collaborative whiteboard platform Miro 🇺🇸 for $1.36B in cash.
• BolognaFiere 🇮🇹 acquires a 49.9% stake in Gambero Rosso 🇮🇹 via a holding company for €5.7M.
• Intesa Sanpaolo 🇮🇹 approved a new share issuance to finance its $41.2B takeover bid for BMPS 🇮🇹.
• Stellantis 🇳🇱 signs an MOU to sell its Brampton plant in Canada to Roshel 🇨🇦.
• State of Upper Austria 🇦🇹 acquires Linz Airport 🇦🇹 from the City of Linz for €1.325M, becoming its sole owner.
• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharmaceutical developer Sofie Biosciences 🇺🇸 for approximately $1B.
• L Catterton 🇺🇸 and Altas Partners 🇨🇦 acquire a majority stake in Fullscript 🇨🇦.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire minority stakes of approximately 10% and 5%, respectively, in TeamSystem 🇮🇹, valuing the software company at €8B-€10B.
• Jaguar LAA 🇺🇸 acquires assets related to the Laminar program from Johnson & Johnson 🇺🇸.
• Apollo Global Management 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, for nearly $20B.
• Salesforce 🇺🇸 is in talks to acquire AI company Listen Labs 🇺🇸 for $2B.
• Meta 🇺🇸 acquires Swedish AI company Stilla 🇸🇪.
• Nvidia 🇺🇸’s $20B licensing deal with AI chip startup Groq 🇺🇸 is under U.S. investigation.
• Barington Capital 🇺🇸 takes another stake in Bath & Body Works 🇺🇸, a $3.5B-listed retailer, and pushes for a sale.
• Clearlake Capital 🇺🇸 is nearing a deal to acquire Mark Walter and Todd Boehly’s stakes in Chelsea FC 🇬🇧 for more than $3.5B.
• Copart 🇺🇸 acquires ACV Auctions 🇺🇸 for $1.9B in cash, representing a 45% premium.
• Constellation Energy 🇺🇸 acquires Shell 🇬🇧’s Rhode Island gas-fired power plant for $715M.
• Nathan Trotter 🇺🇸 agrees to buy 100% of the tin concentrates produced by Huntore 🇦🇺 under a multiyear offtake agreement financed by STG Metals 🇺🇸.
• Apollo Sports Capital 🇺🇸 is interested in investing in an NFL team 🇺🇸.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 lead a $7.7B deal to take insurance broker The Baldwin Group 🇺🇸 private.
• Apollo Global Management 🇺🇸 is in talks to acquire Johnson & Johnson 🇺🇸’s DePuy Synthes hips-and-knees business for around $20B.
• TMX Group 🇨🇦 acquires RAFI Indices 🇺🇸 for $490M.
• Unico 🇧🇷 agreed to acquire Valida 🇦🇷.
• Boyu Capital 🇨🇳 acquires Xiamen Aircraft Leasing 🇨🇳.
• New Sparkle Roll International 🇭🇰 is considering selling its 10% stake in Bang & Olufsen 🇩🇰.
• Grab Holdings 🇸🇬 is in talks to acquire a majority stake in Atome Financial 🇸🇬 at a valuation of over $2B.
• Macquarie 🇦🇺 is in advanced talks to acquire energy infrastructure services provider SI Solutions 🇺🇸 from MidOcean Partners for $600M, including debt.
• Pegasus Airlines 🇹🇷 acquires Czech airline Smartwings 🇨🇿 for €154M, subject to competition safeguards.
• PIF 🇸🇦 is considering combining Electronic Arts 🇺🇸 with Savvy Games Group 🇸🇦 to create a gaming company valued at over $75B.
• Saudi Aramco 🇸🇦 is considering the sale of specialty chemicals company Arlanxeo 🇳🇱.
• An Abu Dhabi royal 🇦🇪 tried to acquire Chateau Marmont 🇺🇸 and other iconic Los Angeles hotspots.
• Mubadala 🇦🇪 backs Luckin Coffee 🇨🇳 following a $1B deal with Centurium Capital.
• Vy Capital 🇦🇪 holds a $40B stake in SpaceX 🇺🇸 after first investing in 2016.
• FirstRand 🇿🇦 is pushing to complete the sale of its UK unit Aldermore Group 🇬🇧 by year-end.

• Essar Group 🇮🇳 acquires SGN Retail 🇬🇧, which operates 118 petrol stations, for an estimated £400M.

🧳 Private Markets & VC

• 🇬🇧 Identity Crisis. A convincing email scam led Revolut 🇬🇧 to disclose personal data, with the bank now scrambling to contain risks for its most affluent customers. (Le Parisien)
• 🇩🇪 Drive to Survive. ARX Robotics 🇩🇪 wants Germany’s auto giants to help mass-produce unmanned vehicles for defense, warning Europe’s security depends on repurposing its factories. (Financial Times)
• 🇪🇺 Peak Performance. Assets managed by European funds climbed above €27T by June, with the sector attracting new cash despite a turbulent market. (Agefi)
• 🇺🇸 Claude Nine. Anthropic claims profitability for the second quarter in a row, aiming to float into its Nasdaq debut on a cloud of investor optimism. (Financial Times)
• 🇺🇸 Claude Money. Nvidia 🇺🇸 is eyeing a $10B stake in Anthropic 🇺🇸, hoping to paint itself into the picture as the AI firm goes public. (Cointribune)
• 🇺🇸 Chung Dynasty. Dan Chung inherited a shattered Alger Management 🇺🇸 post-9/11 and turned it into a $47B powerhouse with market-leading returns. (CNBC)
• 🇺🇸 Return to Sender. private equity executives warn that most funds launched during the 2019-2021 boom will miss their promised returns, leaving investors with disappointment instead of windfalls. (Financial Times)
• 🇺🇸 Pace Yourself. Dario Amodei of Anthropic calls for the AI industry to hit the brakes, arguing that unchecked progress threatens to outstrip safety efforts. (New York Times)
• 🇨🇦 Sub Plot. Canada picks Germany’s TKMS to build up to 12 submarines, calling the deal the « cement » of a new partnership with Europe and a signal of less reliance on the US. (Lapresse)
• 🇨🇳 Open Season. Moonshot AI 🇨🇳 wants to hit $2B in revenue this year, betting its open-weight K3 model can cash in despite thinner margins than OpenAI or Anthropic. (TechCrunch)
• 🇦🇪 Euro Vision. Adnoc teams up with German firms like RWE, Siemens, Covestro, and Bosch in a potential $5.8B partnership, showing the UAE’s cash can cross continents. (Wall Street Journal)

• 🇺🇸 Empire Stake. Khosla Ventures 🇺🇸 is setting up shop in New York, marking its first expansion beyond Sand Hill Road and a nod to shifting tech gravity. (TechCrunch)

Fundraising

• Z.ai 🇨🇳 (AI): $5B
• The Boring Company 🇺🇸 (Infrastructure): $3B
• Crusoe 🇺🇸 (Cloud computing): Over $3B (Atreides Management, Valor Equity Partners, Mubadala Capital)
• Fluidstack 🇬🇧 (AI): $1.5B (Jane Street)
• Motive 🇺🇸 (Mobility): $1.3B (General Catalyst)
• Discovery Loop 🇺🇸 (AI): $1B
• Positron 🇺🇸 (AI): $875M (NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, Jim Clark)
• Mach Industries 🇺🇸 (Defense): $600M (Ribbit Capital, Infinite Capital, Bedrock Capital, Sequoia)
• UniPat AI (AI): $300M (Alibaba)
• Upwind 🇺🇸 (Cybersecurity): $300M (Bessemer Venture Partners, TCV, Salesforce Ventures)
• TAR (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Defense technology): $100M-$200M (1789 Capital)
• Kraken 🇺🇸 (Fintech): $100M (Nasdaq)
• Maven Robotics 🇺🇸 (Robotics): $100M (RoboStrategy, LocalGlobe, Vine Ventures, XTX Ventures)
• Inspiren 🇺🇸 (Healthcare): $70M (NewView Capital, Insight Partners, Primary Venture Partners, Scale Venture Partners, Vintage Investment Partners, Lightbank, Avenir Growth Capital, Story Ventures, Camber Creek)
• Xapien 🇬🇧 (Cybersecurity): $56M (Spectrum Equity, YFM Equity Partners)
• Fortaegis 🇳🇱 (Cybersecurity): $50M (Serendipity Capital, Tokyo Electron)
• Implicity 🇺🇸 (Healthcare): $40M (IRIS, Five Arrows)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Latitude 🌐 (Payments): $35M (Oak HC/FT, NEA, Coinbase Ventures, Lightspeed Faction, OpenFX, Wilson Sonsini)
• Highstock 🇺🇸 (Retail): $30M (a16z)
• JL&P 🇫🇷 (Engineering): €22M (Crédit Agricole, LCL, BNP Paribas, Crédit Mutuel)
• Luminary 🇺🇸 (Fintech): $22M (Ten Coves Capital)
• Graph AI 🇺🇸 (Healthcare): $13.3M (Insight Partners, Bessemer Venture Partners)
• Buildcheck AI 🇺🇸 (Proptech): $12M (Telescope Partners, WND Ventures, Uncork Capital, Salt VC, Xfund)
• Resolutiion 🇬🇧 (AI): $10M (LocalGlobe, Cherry)
• Mechanize 🇺🇸 (AI): $9.1M
• HelmGuard 🇬🇧 (Cybersecurity): $7.3M (Infinity Ventures, Frontline, FinTech Collective, Stage 2 Capital, Entrepreneurs First)
• FAZE Security 🇮🇱 (Cybersecurity): $6M (New Era Capital Partners, Lockstep VC)
• Furo 🇩🇪 (Energy): €3.44M (TQ Ventures, Sandberg Bernthal Venture Partners)
• Gravity Gardens 🇳🇱 (AgTech): €2.6M
• Xanh Entertainment (EscapeSquid) 🇺🇸 (Travel): $2.5M

Fund Watch

• SOFAZ 🇦🇿: $520M (Galaxy Orientis China-ASEAN Investment Program, private equity, $1B target)
• CEECAT Capital 🇬🇧: €135M (1st close of Fund III, private equity fund targeting €200M)
• Seed Capital 🇩🇰: €130M (Fund V, seed-stage venture capital fund)

🔔IPO

• Ponar Wadowice 🇵🇱 (Industrials): weighing a Warsaw IPO alongside bringing in a strategic investor.
• OpenAI 🇺🇸 (AI): will not pursue an IPO in 2026, citing AI safety concerns.
• Anthropic 🇺🇸 (AI): planning an IPO that could attract up to $10B from Nvidia as an anchor investor.
• Altera 🇺🇸 (Semiconductors): preparing a confidential filing for a potential $2B IPO.
• Brooks Automation 🇺🇸 (Semiconductors): confidentially filed for a IPO.
• Enflame Technology 🇨🇳 (Semiconductors): raised ¥6.12B in its Shanghai IPO at a valuation of about ¥185B.
• Shanghai Enflame Technology 🇨🇳 (Semiconductors): raised $911M in its Shanghai IPO and closed 179% above its offer price.
• Galaxea AI 🇨🇳 (Robotics): facing regulatory uncertainty over its Hong Kong IPO plans.
• Amman Mineral Internasional 🇮🇩 (Mining): has selected banks for a potential $1B Hong Kong listing.
• Dangote Refinery 🇳🇬 (Energy): targeting a $1.6B IPO at an estimated $50B valuation.

🧳 Debt

• Merlin Entertainments 🇬🇧: seeking an $890M loan backed by UK attractions.
• UBS 🇨🇭: buying back $7.9B of inherited Credit Suisse bonds.
• KKR 🇺🇸: secured a $2.1B leveraged loan for its Integer acquisition.
• Catalent 🇺🇸: sold $4.7B of debt to refinance.
• Vantage Data Centers 🇺🇸: in talks to raise $2B in debt from PIMCO and PGIM.
• MUFG 🇯🇵: priced a ¥200B ($1.3B) perpetual AT1 bond.
• AirTrunk 🇸🇬: seeks a $1.6B loan ahead of a Singapore REIT IPO.
• Vodafone Idea 🇮🇳: raised $3.5B from lenders led by State Bank of India to rebuild its business.
• GM3 🇦🇺: seeking a bond to refinance its $600M private credit loan.
• Senegal 🇸🇳: raised $179M in a government securities auction.

• Simplify Compliance 🇺🇸: repaid a $31M senior secured credit facility.
• Northwind Group 🇺🇸: provided a $208M construction loan for a Brooklyn office-to-residential conversion.

❌ Failures

• South East Water 🇬🇧: the water utility is reassessing its debt-raising plans after bond talks stalled over pricing.
• Emeria 🇫🇷: its largest creditors signed NDAs as talks advance over a $410M cash injection.
• Oracle 🇺🇸: raised its fiscal 2026 restructuring costs by $700M to roughly $2.8B amid AI-related spending and job cuts.
• Kennedy Center 🇺🇸: the Washington arts institution faces potential bankruptcy and a $23M budget deficit, with its main building possibly closing.
• PT PP 🇮🇩: the Indonesian builder will restructure $1B in bank loans.
• LIV Golf 🇸🇦: the Saudi-backed golf league is on a $5B path to bankruptcy.

• Bathla Group 🇦🇺: the property developer faces liquidation unless it secures longer-term financing after receiving only A$4 million in emergency funding against A$3.4 billion owed to creditors.

🎯 For a Few More Minutes…

• 🇫🇷 Heart Will Go On. Céline Dion made her triumphant return to the French stage after nine years, moving 35,000 fans and a star-studded crowd at Paris’s Plenitude Arena. (Le Parisien)
• 🇮🇹 Lady of Conscience. Emma Bonino, the iconic Italian politician and former EU commissioner, has died at 78 after decades spent championing civil rights and defying convention. (Les Echos)
• 🇳🇱 Bone Voyage. Dutch archaeologist Wim Dijkman was arrested after secretly digging up bones he believed belonged to D’Artagnan, then sending them abroad for testing. (New York Times)
• 🇺🇸 Potter Redux. Tom Felton returns to Broadway as Draco Malfoy and says he is thrilled to see Rupert Grint reprise Ron Weasley on stage next month. (BBC)
• 🇺🇸 Crash Course. Higher Ground Education’s Guidepost Montessori chain collapsed into bankruptcy with $440M in losses, shutting down 60 schools and leaving families to discover the news by email or locked doors. (New York Times)

• 🇺🇸 Jailbroke. Prisoners using smuggled phones orchestrate nationwide scams, tricking families into sending money by impersonating officials and inventing emergencies. (Wall Street Journal)

🗞️ Top Story

• 🇬🇧 Money Talks. Reform UK receives another £36M boost from Christopher Harborne, tying the largest-ever UK party donation and igniting debate over political funding limits. (BBC)
• 🇬🇧 End Game. UK MPs have rejected the assisted dying bill by 286 to 270, halting plans to allow terminally ill adults to seek medical help to end their lives. (The Guardian)
• 🇫🇷 Artful Dodgers. French museums are facing a wave of thefts, with Renoir paintings and even World Cup memorabilia vanishing, as security struggles to keep up. (New York Times)
• 🇫🇷 Off the Rails. A regional train derailed between Rouen and Caen, injuring 44 people and halting traffic after a stray piece of rail was found on the tracks. (France Info)
• 🇸🇪 Margin Call. Sweden’s Social Democrats and allies hold a slim lead in the parliamentary race, leaving the country waiting for a definitive winner as counting continues. (BBC)
• 🇮🇪 Border Control. Donald Trump, visiting Ireland, says he would “love” to see a united Ireland and suggests unification might as well happen now, rattling UK officials. (The Guardian)
• 🇪🇺 Ice Breakers. The European Union holds a summit in Finland aiming to overhaul its Arctic policy, responding to growing geopolitical pressure from Russia, China, and the US. (France Info)
• 🇪🇺 Bot Pursuit. Sweden’s psychological defense chief warns France and Germany that Russian bots are set to target their upcoming elections with disinformation on Ukraine. (Libé)
• 🇺🇦 Track Record. Russia targeted a PKP Intercity train bound for Warsaw with a drone strike just 2 kilometers from Poland, missing lives but hitting a nerve. (Libé)
• 🇷🇺 Talks on Ice. Russia hints at restarting peace talks with Ukraine and the US in October, though previous rounds delivered little beyond prisoner swaps. (Le Parisien)
• 🇮🇳 Summit Circus. Narendra Modi manages to wrangle a sharply worded BRICS joint statement on the Middle East war, even as Xi Jinping dominates the stage. (Bloomberg)
• 🇹🇷 Family Values. Turkish police raided LGBT+ bars and arrested dozens of activists across 15 provinces, citing the need to « protect the family » under Erdogan’s decade-long campaign. (Le Figaro)
• 🇾🇪 Strait to Power. Yemen’s Houthis have seized every inch of the country’s Red Sea coast and key islands, tightening Iran’s grip on a vital global shipping route. (Libé)
• 🇸🇴 Pirate Bay. The International Maritime Organization warns that Somali waters have reclaimed their title as the world’s piracy hotspot, with attacks surging 110% and crews increasingly taken hostage. (Les Echos)

🏛️ Economy

• 🇬🇧 Bill Shock. Over 120 UK organizations urge Chancellor John Healey to scrap the “hidden taxes” on energy bills and shift the 10% policy levy onto government, warning of closures if nothing changes. (The Guardian)
• 🇬🇧 Loan Wolf. After criticism over misleading student loan info, ministers vow to clarify terms for future borrowers, but stop short of reversing the repayment threshold freeze. (BBC)
• 🇬🇧 Borderline Recovery. George Osborne says the UK’s economic woes since Brexit could be quickly reversed by rejoining the EU customs union, a move he insists is both urgent and easy. (The Guardian)
• 🇬🇧 Code and Effect. Unexpected 0.4% growth in July puts the UK economy ahead of forecasts, with AI-fueled service sectors offsetting energy shocks from the Iran war. (The Guardian)
• 🇩🇪 Gilt Trip. Germany issues €4.2B in 10-year bonds at a 3.39% yield, its highest cost since 2009, as borrowing gets pricier across Europe. (Les Echos)
• 🇩🇪 Cash Only Fans. Germany’s finance ministry wants to require all shops and restaurants to accept card and mobile payments, aiming to retire those « cash only » signs for good. (Die Zeit)
• 🇬🇷 Truth and Consequences. Andreas Georgiou, former head of Greece’s statistics agency, is finally cleared by the Supreme Court after 15 years of legal battles for revealing the real deficit numbers. (Le Monde)
• 🇪🇺 Hike and Seek. After the ECB’s latest rate rise, Gediminas Simkus signals that stubborn inflation may force more tightening, with energy costs driving the surge. (Boursier)
• 🇺🇸 Rate Expectations. The 10-year Treasury yield is nearing 5%, rattling markets and raising fears of higher borrowing costs across the economy. (Bloomberg)
• 🇺🇸 Bot Hits. The music industry launches new guidelines to stop AI-generated songs and fake streams from draining royalty money meant for actual musicians. (Financial Times)
• 🇺🇸 Artificial Alarm. Jacob Coxon’s dramatic resignation and warnings about AI extinction risk leave many tech leaders in San Francisco unimpressed and unconvinced. (BBC)
• 🇺🇸 Fuel’s Gold. Diesel prices in the break records at $6 per gallon, as war and refinery chaos turn every fill-up into a luxury purchase. (Financial Times)
• 🇨🇦 Associate’s Degree. As US tariffs bite, Carney floats a Canada-EU partnership that stops short of joining the club, hoping solidarity beats isolation. (BBC)
• 🌏 Budget Blocked. Once a staple for millions, sub-$100 smartphones are now a rare sight as AI memory prices spike and Xiaomi 🇨🇳 slashes its low-end offerings. (CNBC)
• 🇸🇦 Crude Awakening. Saudi oil exports have plunged to a 13-year low after pipeline attacks and Red Sea disruptions left the region scrambling for safe routes. (New York Times)

🏢 Real Estate

• 🇬🇧 Fire Drill. Laura Johnson, who oversaw cost-cutting at Grenfell Tower, lands a £150K senior housing job at Barnet Group, sparking outrage from survivors and bereaved families. (The Guardian)
• 🇩🇪 Rent Control. Berlin’s surging rents have become the centerpiece of a local election campaign, with left-wing parties making housing costs their rallying cry. (Le Monde)
• 🇺🇸 Server Weather. Data centers are piling up tens of billions in assets that insurers struggle to cover, so catastrophe bonds may soon take on digital disaster risk. (CNBC)
• 🇳🇵 Flood and Order. Nepal’s government estimates $4.78B will be needed to rebuild after deadly floods destroyed infrastructure and left over 1,400 dead. (Le Monde)

🔗 On-chain

• 🇬🇧 Gold Pass. The UK’s Financial Conduct Authority is considering exempting tokenised gold from fund regulations to keep London at the center of global bullion trading. (Financial Times)
• 🇺🇸 Act Now, Pay Later. Bitcoin climbs 20% in a month, yet doubts over the Clarity Act and a likely Democratic win threaten to chill the crypto party. (CNBC)
• 🇺🇸 Inside Track. Someone on Polymarket pocketed $22,000 by placing near-perfect wagers on firms audited by KPMG, including Wells Fargo 🇺🇸 and DoorDash 🇺🇸, prompting questions about information flow. (Wall Street Journal)

💱 Listed Markets

• 🇬🇧 Shell Game. Peter Costello, Shell’s UK upstream chief, sold £1.17M in shares after the company’s valuation jumped 27.6 percent over the past year. (Financial Times)
• 🇪🇺 Big Bang Theory. Euronext’s CEO floats the idea of joining forces with Deutsche Börse, hinting at a “planetary scale” European exchange, if regulators allow it. (Financial Times)
• 🇪🇺 Deal or No Deal. JD.com 🇨🇳 is scrambling to sweeten its €2.2B offer for Ceconomy 🇩🇪 as regulators demand stronger remedies before giving the green light. (Bloomberg)
• 🇺🇸 Crash Course. After a deadly Miami accident involving a 21 Air cargo jet, Amazon suspended all operations with the airline, signaling zero tolerance for safety lapses. (Wall Street Journal)
• 🇺🇸 Shock Value. As legacy automakers scale down their EV ambitions, Tesla is reclaiming its lead in the market, just as Musk foresaw. (Wall Street Journal)
• 🇺🇸 Solo Pay. PayPal 🇺🇸 CEO Enrique Lores rejects a $50B sale, choosing to overhaul the payments giant alone while investors remain skeptical of his solo act. (Wall Street Journal)
• 🇺🇸 Index Attraction. SpaceX’s Nasdaq 100 weighting is set to jump from 1.28% to 2.82%, inviting a wave of fresh buying from passive investors. (Bloomberg)
• 🇺🇸 Price Play. The Supreme Court scrapped key tariffs, so Sony 🇯🇵 and Microsoft 🇺🇸 must now answer to players who paid extra for their latest consoles. (Les Echos)

🛎️ Big Deals (M&A)

• THG 🇬🇧 is exploring the sale of non-core sports nutrition brands for $150M+.
• Shell 🇬🇧 acquires 100% of Hunlock Creek Generating 🇺🇸, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania.
• Capgemini 🇫🇷 agrees to sell Capgemini Government Solutions 🇺🇸 to ITC Federal 🇺🇸. The subsidiary’s ICE contract was worth $4.8M and could reach $365M.
• Vauban Infrastructure Partners 🇫🇷 emerges as the lead bidder for GlobalConnect’s Swedish fiber business 🇸🇪, valued at over $2.3B.
• TotalEnergies 🇫🇷 acquires a 40% operated interest in two new exploration blocks in Angola 🇦🇴.
• Greenly 🇫🇷 acquires carbon accounting startup Normative 🇸🇪 for €65M.
• Adagia Partners 🇫🇷 acquires a majority stake in PatrimOne 🇫🇷 from Weinberg Capital Partners 🇫🇷.
• Aareal Bank 🇩🇪 is considering a bid for Hamburg Commercial Bank 🇩🇪, which is seeking over $3.8B.
• Bending Spoons 🇮🇹 acquires collaborative whiteboard platform Miro 🇺🇸 for $1.36B in cash.
• BolognaFiere 🇮🇹 acquires a 49.9% stake in Gambero Rosso 🇮🇹 via a holding company for €5.7M.
• Intesa Sanpaolo 🇮🇹 approved a new share issuance to finance its $41.2B takeover bid for BMPS 🇮🇹.
• Stellantis 🇳🇱 signs an MOU to sell its Brampton plant in Canada to Roshel 🇨🇦.
• State of Upper Austria 🇦🇹 acquires Linz Airport 🇦🇹 from the City of Linz for €1.325M, becoming its sole owner.
• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharmaceutical developer Sofie Biosciences 🇺🇸 for approximately $1B.
• L Catterton 🇺🇸 and Altas Partners 🇨🇦 acquire a majority stake in Fullscript 🇨🇦.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire minority stakes of approximately 10% and 5%, respectively, in TeamSystem 🇮🇹, valuing the software company at €8B-€10B.
• Jaguar LAA 🇺🇸 acquires assets related to the Laminar program from Johnson & Johnson 🇺🇸.
• Apollo Global Management 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, for nearly $20B.
• Salesforce 🇺🇸 is in talks to acquire AI company Listen Labs 🇺🇸 for $2B.
• Meta 🇺🇸 acquires Swedish AI company Stilla 🇸🇪.
• Nvidia 🇺🇸’s $20B licensing deal with AI chip startup Groq 🇺🇸 is under U.S. investigation.
• Barington Capital 🇺🇸 takes another stake in Bath & Body Works 🇺🇸, a $3.5B-listed retailer, and pushes for a sale.
• Clearlake Capital 🇺🇸 is nearing a deal to acquire Mark Walter and Todd Boehly’s stakes in Chelsea FC 🇬🇧 for more than $3.5B.
• Copart 🇺🇸 acquires ACV Auctions 🇺🇸 for $1.9B in cash, representing a 45% premium.
• Constellation Energy 🇺🇸 acquires Shell 🇬🇧’s Rhode Island gas-fired power plant for $715M.
• Nathan Trotter 🇺🇸 agrees to buy 100% of the tin concentrates produced by Huntore 🇦🇺 under a multiyear offtake agreement financed by STG Metals 🇺🇸.
• Apollo Sports Capital 🇺🇸 is interested in investing in an NFL team 🇺🇸.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 lead a $7.7B deal to take insurance broker The Baldwin Group 🇺🇸 private.
• Apollo Global Management 🇺🇸 is in talks to acquire Johnson & Johnson 🇺🇸’s DePuy Synthes hips-and-knees business for around $20B.
• TMX Group 🇨🇦 acquires RAFI Indices 🇺🇸 for $490M.
• Unico 🇧🇷 agreed to acquire Valida 🇦🇷.
• Boyu Capital 🇨🇳 acquires Xiamen Aircraft Leasing 🇨🇳.
• New Sparkle Roll International 🇭🇰 is considering selling its 10% stake in Bang & Olufsen 🇩🇰.
• Grab Holdings 🇸🇬 is in talks to acquire a majority stake in Atome Financial 🇸🇬 at a valuation of over $2B.
• Essar Group 🇮🇳 acquires SGN Retail 🇬🇧, which operates 118 petrol stations, for an estimated £400M.
• Macquarie 🇦🇺 is in advanced talks to acquire energy infrastructure services provider SI Solutions 🇺🇸 from MidOcean Partners for $600M, including debt.
• Pegasus Airlines 🇹🇷 acquires Czech airline Smartwings 🇨🇿 for €154M, subject to competition safeguards.
• PIF 🇸🇦 is considering combining Electronic Arts 🇺🇸 with Savvy Games Group 🇸🇦 to create a gaming company valued at over $75B.
• Saudi Aramco 🇸🇦 is considering the sale of specialty chemicals company Arlanxeo 🇳🇱.
• An Abu Dhabi royal 🇦🇪 tried to acquire Chateau Marmont 🇺🇸 and other iconic Los Angeles hotspots.
• Mubadala 🇦🇪 backs Luckin Coffee 🇨🇳 following a $1B deal with Centurium Capital.
• Vy Capital 🇦🇪 holds a $40B stake in SpaceX 🇺🇸 after first investing in 2016.
• FirstRand 🇿🇦 is pushing to complete the sale of its UK unit Aldermore Group 🇬🇧 by year-end.

🧳 Private Markets & VC

• 🇬🇧 Identity Crisis. A convincing email scam led Revolut 🇬🇧 to disclose personal data, with the bank now scrambling to contain risks for its most affluent customers. (Le Parisien)
• 🇩🇪 Drive to Survive. ARX Robotics 🇩🇪 wants Germany’s auto giants to help mass-produce unmanned vehicles for defense, warning Europe’s security depends on repurposing its factories. (Financial Times)
• 🇪🇺 Peak Performance. Assets managed by European funds climbed above €27T by June, with the sector attracting new cash despite a turbulent market. (Agefi)
• 🇺🇸 Claude Nine. Anthropic claims profitability for the second quarter in a row, aiming to float into its Nasdaq debut on a cloud of investor optimism. (Financial Times)
• 🇺🇸 Claude Money. Nvidia 🇺🇸 is eyeing a $10B stake in Anthropic 🇺🇸, hoping to paint itself into the picture as the AI firm goes public. (Cointribune)
• 🇺🇸 Chung Dynasty. Dan Chung inherited a shattered Alger Management 🇺🇸 post-9/11 and turned it into a $47B powerhouse with market-leading returns. (CNBC)
• 🇺🇸 Return to Sender. private equity executives warn that most funds launched during the 2019-2021 boom will miss their promised returns, leaving investors with disappointment instead of windfalls. (Financial Times)
• 🇺🇸 Pace Yourself. Dario Amodei of Anthropic calls for the AI industry to hit the brakes, arguing that unchecked progress threatens to outstrip safety efforts. (New York Times)
• 🇨🇦 Sub Plot. Canada picks Germany’s TKMS to build up to 12 submarines, calling the deal the « cement » of a new partnership with Europe and a signal of less reliance on the US. (Lapresse)
• 🇨🇳 Open Season. Moonshot AI 🇨🇳 wants to hit $2B in revenue this year, betting its open-weight K3 model can cash in despite thinner margins than OpenAI or Anthropic. (TechCrunch)
• 🇦🇪 Euro Vision. Adnoc teams up with German firms like RWE, Siemens, Covestro, and Bosch in a potential $5.8B partnership, showing the UAE’s cash can cross continents. (Wall Street Journal)

Fundraising

• Z.ai 🇨🇳 (AI): $5B
• The Boring Company 🇺🇸 (Infrastructure): $3B
• Crusoe 🇺🇸 (Cloud computing): Over $3B (Atreides Management, Valor Equity Partners, Mubadala Capital)
• Fluidstack 🇬🇧 (AI): $1.5B (Jane Street)
• Motive 🇺🇸 (Mobility): $1.3B (General Catalyst)
• Discovery Loop 🇺🇸 (AI): $1B
• Positron 🇺🇸 (AI): $875M (NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, Jim Clark)
• Mach Industries 🇺🇸 (Defense): $600M (Ribbit Capital, Infinite Capital, Bedrock Capital, Sequoia)
• UniPat AI (AI): $300M (Alibaba)
• Upwind 🇺🇸 (Cybersecurity): $300M (Bessemer Venture Partners, TCV, Salesforce Ventures)
• TAR (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Defense technology): $100M-$200M (1789 Capital)
• Kraken 🇺🇸 (Fintech): $100M (Nasdaq)
• Maven Robotics 🇺🇸 (Robotics): $100M (RoboStrategy, LocalGlobe, Vine Ventures, XTX Ventures)
• Inspiren 🇺🇸 (Healthcare): $70M (NewView Capital, Insight Partners, Primary Venture Partners, Scale Venture Partners, Vintage Investment Partners, Lightbank, Avenir Growth Capital, Story Ventures, Camber Creek)
• Xapien 🇬🇧 (Cybersecurity): $56M (Spectrum Equity, YFM Equity Partners)
• Fortaegis 🇳🇱 (Cybersecurity): $50M (Serendipity Capital, Tokyo Electron)
• Implicity 🇺🇸 (Healthcare): $40M (IRIS, Five Arrows)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Latitude 🌐 (Payments): $35M (Oak HC/FT, NEA, Coinbase Ventures, Lightspeed Faction, OpenFX, Wilson Sonsini)
• Highstock 🇺🇸 (Retail): $30M (a16z)
• JL&P 🇫🇷 (Engineering): €22M (Crédit Agricole, LCL, BNP Paribas, Crédit Mutuel)
• Luminary 🇺🇸 (Fintech): $22M (Ten Coves Capital)
• Graph AI 🇺🇸 (Healthcare): $13.3M (Insight Partners, Bessemer Venture Partners)
• Buildcheck AI 🇺🇸 (Proptech): $12M (Telescope Partners, WND Ventures, Uncork Capital, Salt VC, Xfund)
• Resolutiion 🇬🇧 (AI): $10M (LocalGlobe, Cherry)
• Mechanize 🇺🇸 (AI): $9.1M
• HelmGuard 🇬🇧 (Cybersecurity): $7.3M (Infinity Ventures, Frontline, FinTech Collective, Stage 2 Capital, Entrepreneurs First)
• FAZE Security 🇮🇱 (Cybersecurity): $6M (New Era Capital Partners, Lockstep VC)
• Furo 🇩🇪 (Energy): €3.44M (TQ Ventures, Sandberg Bernthal Venture Partners)
• Gravity Gardens 🇳🇱 (AgTech): €2.6M
• Xanh Entertainment (EscapeSquid) 🇺🇸 (Travel): $2.5M

Fund Watch

• SOFAZ 🇦🇿: $520M (Galaxy Orientis China-ASEAN Investment Program, private equity, $1B target)
• CEECAT Capital 🇬🇧: €135M (1st close of Fund III, private equity fund targeting €200M)
• Seed Capital 🇩🇰: €130M (Fund V, seed-stage venture capital fund)

🔔IPO

• Ponar Wadowice 🇵🇱 (Industrials): weighing a Warsaw IPO alongside bringing in a strategic investor.
• OpenAI 🇺🇸 (AI): will not pursue an IPO in 2026, citing AI safety concerns.
• Anthropic 🇺🇸 (AI): planning an IPO that could attract up to $10B from Nvidia as an anchor investor.
• Altera 🇺🇸 (Semiconductors): preparing a confidential filing for a potential $2B IPO.
• Brooks Automation 🇺🇸 (Semiconductors): confidentially filed for a IPO.
• Enflame Technology 🇨🇳 (Semiconductors): raised ¥6.12B in its Shanghai IPO at a valuation of about ¥185B.
• Shanghai Enflame Technology 🇨🇳 (Semiconductors): raised $911M in its Shanghai IPO and closed 179% above its offer price.
• Galaxea AI 🇨🇳 (Robotics): facing regulatory uncertainty over its Hong Kong IPO plans.
• Amman Mineral Internasional 🇮🇩 (Mining): has selected banks for a potential $1B Hong Kong listing.
• Dangote Refinery 🇳🇬 (Energy): targeting a $1.6B IPO at an estimated $50B valuation.

🧳 Debt

• Merlin Entertainments 🇬🇧: seeking an $890M loan backed by UK attractions.
• UBS 🇨🇭: buying back $7.9B of inherited Credit Suisse bonds.
• KKR 🇺🇸: secured a $2.1B leveraged loan for its Integer acquisition.
• Catalent 🇺🇸: sold $4.7B of debt to refinance.
• Vantage Data Centers 🇺🇸: in talks to raise $2B in debt from PIMCO and PGIM.
• MUFG 🇯🇵: priced a ¥200B ($1.3B) perpetual AT1 bond.
• AirTrunk 🇸🇬: seeks a $1.6B loan ahead of a Singapore REIT IPO.
• Vodafone Idea 🇮🇳: raised $3.5B from lenders led by State Bank of India to rebuild its business.
• GM3 🇦🇺: seeking a bond to refinance its $600M private credit loan.
• Senegal 🇸🇳: raised $179M in a government securities auction.

❌ Failures

• South East Water 🇬🇧: the water utility is reassessing its debt-raising plans after bond talks stalled over pricing.
• Emeria 🇫🇷: its largest creditors signed NDAs as talks advance over a $410M cash injection.
• Oracle 🇺🇸: raised its fiscal 2026 restructuring costs by $700M to roughly $2.8B amid AI-related spending and job cuts.
• Kennedy Center 🇺🇸: the Washington arts institution faces potential bankruptcy and a $23M budget deficit, with its main building possibly closing.
• PT PP 🇮🇩: the Indonesian builder will restructure $1B in bank loans.
• LIV Golf 🇸🇦: the Saudi-backed golf league is on a $5B path to bankruptcy.

🎯 For a Few More Minutes…

• 🇫🇷 Heart Will Go On. Céline Dion made her triumphant return to the French stage after nine years, moving 35,000 fans and a star-studded crowd at Paris’s Plenitude Arena. (Le Parisien)
• 🇮🇹 Lady of Conscience. Emma Bonino, the iconic Italian politician and former EU commissioner, has died at 78 after decades spent championing civil rights and defying convention. (Les Echos)
• 🇳🇱 Bone Voyage. Dutch archaeologist Wim Dijkman was arrested after secretly digging up bones he believed belonged to D’Artagnan, then sending them abroad for testing. (New York Times)
• 🇺🇸 Potter Redux. Tom Felton returns to Broadway as Draco Malfoy and says he is thrilled to see Rupert Grint reprise Ron Weasley on stage next month. (BBC)
• 🇺🇸 Crash Course. Higher Ground Education’s Guidepost Montessori chain collapsed into bankruptcy with $440M in losses, shutting down 60 schools and leaving families to discover the news by email or locked doors. (New York Times)

🗞️ Top Story

• 🇺🇸 Thin Air Cuts. The Trump administration’s plan to slash FEMA staff by 50 percent was struck down by a judge who said the numbers seemed invented. (New York Times)
• 🇺🇸 Unfriended. Stephen Woytek lost his job as political director for Senator Jon Husted’s campaign after his Nazi-themed Facebook photo came to light. (New York Times)
• 🇫🇷 Tweet and Greet. France’s apology for its critical tweet about US human rights is set to unblock Aurélien Lechevallier’s appointment as ambassador in Washington. (Libé)
• 🇫🇷 Artful Dodgers. French museums are facing a wave of thefts, with Renoir paintings and even World Cup memorabilia vanishing, as security struggles to keep up. (New York Times)
• 🇫🇷 Off the Rails. A regional train derailed between Rouen and Caen, injuring 44 people and halting traffic after a stray piece of rail was found on the tracks. (France Info)
• 🇸🇪 Margin Call. Sweden’s Social Democrats and allies hold a slim lead in the parliamentary race, leaving the country waiting for a definitive winner as counting continues. (BBC)
• 🇮🇪 Border Control. Donald Trump, visiting Ireland, says he would “love” to see a united Ireland and suggests unification might as well happen now, rattling UK officials. (The Guardian)
• 🇪🇺 Ice Breakers. The European Union holds a summit in Finland aiming to overhaul its Arctic policy, responding to growing geopolitical pressure from Russia, China, and the US. (France Info)
• 🇪🇺 Bot Pursuit. Sweden’s psychological defense chief warns France and Germany that Russian bots are set to target their upcoming elections with disinformation on Ukraine. (Libé)
• 🇺🇦 Track Record. Russia targeted a PKP Intercity train bound for Warsaw with a drone strike just 2 kilometers from Poland, missing lives but hitting a nerve. (Libé)
• 🇷🇺 Talks on Ice. Russia hints at restarting peace talks with Ukraine and the US in October, though previous rounds delivered little beyond prisoner swaps. (Le Parisien)
• 🇮🇳 Summit Circus. Narendra Modi manages to wrangle a sharply worded BRICS joint statement on the Middle East war, even as Xi Jinping dominates the stage. (Bloomberg)
• 🇹🇷 Family Values. Turkish police raided LGBT+ bars and arrested dozens of activists across 15 provinces, citing the need to « protect the family » under Erdogan’s decade-long campaign. (Le Figaro)
• 🇾🇪 Strait to Power. Yemen’s Houthis have seized every inch of the country’s Red Sea coast and key islands, tightening Iran’s grip on a vital global shipping route. (Libé)
• 🇸🇴 Pirate Bay. The International Maritime Organization warns that Somali waters have reclaimed their title as the world’s piracy hotspot, with attacks surging 110% and crews increasingly taken hostage. (Les Echos)

🏛️ Economy

• 🇺🇸 Rate Expectations. The 10-year Treasury yield is nearing 5%, rattling markets and raising fears of higher borrowing costs across the economy. (Bloomberg)
• 🇺🇸 Bot Hits. The music industry launches new guidelines to stop AI-generated songs and fake streams from draining royalty money meant for actual musicians. (Financial Times)
• 🇺🇸 Artificial Alarm. Jacob Coxon’s dramatic resignation and warnings about AI extinction risk leave many tech leaders in San Francisco unimpressed and unconvinced. (BBC)
• 🇺🇸 Cap on the Hill. Lawmakers from both parties are eyeing higher payroll taxes for top earners to shore up Social Security, with benefit cuts looming by 2030 if nothing changes. (CNBC)
• 🇺🇸 Mystery Meatball. President Trump authorized 660M pounds of unlabeled imported beef for burgers, leaving consumers guessing which country is really on their plate. (New York Times)
• 🇺🇸 Raise Expectations. Social Security recipients could see a 3.6% bump in 2027 benefits, according to AARP, though higher Medicare costs will shrink the real increase. (New York Times)
• 🇺🇸 Fuel’s Gold. Diesel prices in the break records at $6 per gallon, as war and refinery chaos turn every fill-up into a luxury purchase. (Financial Times)
• 🇨🇦 Associate’s Degree. As US tariffs bite, Carney floats a Canada-EU partnership that stops short of joining the club, hoping solidarity beats isolation. (BBC)
• 🇩🇪 Gilt Trip. Germany issues €4.2B in 10-year bonds at a 3.39% yield, its highest cost since 2009, as borrowing gets pricier across Europe. (Les Echos)
• 🇩🇪 Cash Only Fans. Germany’s finance ministry wants to require all shops and restaurants to accept card and mobile payments, aiming to retire those « cash only » signs for good. (Die Zeit)
• 🇬🇷 Truth and Consequences. Andreas Georgiou, former head of Greece’s statistics agency, is finally cleared by the Supreme Court after 15 years of legal battles for revealing the real deficit numbers. (Le Monde)
• 🇪🇺 Hike and Seek. After the ECB’s latest rate rise, Gediminas Simkus signals that stubborn inflation may force more tightening, with energy costs driving the surge. (Boursier)
• 🇬🇧 Code and Effect. Unexpected 0.4% growth in July puts the UK economy ahead of forecasts, with AI-fueled service sectors offsetting energy shocks from the Iran war. (The Guardian)
• 🌏 Budget Blocked. Once a staple for millions, sub-$100 smartphones are now a rare sight as AI memory prices spike and Xiaomi 🇨🇳 slashes its low-end offerings. (CNBC)
• 🇸🇦 Crude Awakening. Saudi oil exports have plunged to a 13-year low after pipeline attacks and Red Sea disruptions left the region scrambling for safe routes. (New York Times)

🏢 Real Estate

• 🇺🇸 Server Weather. Data centers are piling up tens of billions in assets that insurers struggle to cover, so catastrophe bonds may soon take on digital disaster risk. (CNBC)
• 🇺🇸 Queens Gambit. The house where Donald Trump grew up changes hands for $1.93M following extensive renovations, suggesting nostalgia has its price ceiling. (Nypost)
• 🇺🇸 Renters’ Cliff. With home prices surging in the western mountains, only 9% of renters can afford to buy, leaving the rest on the outside looking in. (Nypost)
• 🇺🇸 Gridlock. Texas Governor Greg Abbott has frozen all new data center approvals pending an audit, throwing the state’s $100B AI build-out into disarray and leaving developers scrambling for answers. (Financial Times)
• 🇩🇪 Rent Control. Berlin’s surging rents have become the centerpiece of a local election campaign, with left-wing parties making housing costs their rallying cry. (Le Monde)
• 🇳🇵 Flood and Order. Nepal’s government estimates $4.78B will be needed to rebuild after deadly floods destroyed infrastructure and left over 1,400 dead. (Le Monde)

🔗 On-chain

• 🇺🇸 Act Now, Pay Later. Bitcoin climbs 20% in a month, yet doubts over the Clarity Act and a likely Democratic win threaten to chill the crypto party. (CNBC)
• 🇺🇸 Inside Track. Someone on Polymarket pocketed $22,000 by placing near-perfect wagers on firms audited by KPMG, including Wells Fargo 🇺🇸 and DoorDash 🇺🇸, prompting questions about information flow. (Wall Street Journal)
• 🇬🇧 Gold Pass. The UK’s Financial Conduct Authority is considering exempting tokenised gold from fund regulations to keep London at the center of global bullion trading. (Financial Times)

💱 Listed Markets

• 🇺🇸 Crash Course. After a deadly Miami accident involving a 21 Air cargo jet, Amazon suspended all operations with the airline, signaling zero tolerance for safety lapses. (Wall Street Journal)
• 🇺🇸 Magic Merger. Paramount CEO Brian Robbins claims he has « tricks up his sleeve » to get the Warner acquisition approved in California, hinting at unconventional tactics for regulatory clearance. (Nypost)
• 🇺🇸 Shock Value. As legacy automakers scale down their EV ambitions, Tesla is reclaiming its lead in the market, just as Musk foresaw. (Wall Street Journal)
• 🇺🇸 Solo Pay. PayPal 🇺🇸 CEO Enrique Lores rejects a $50B sale, choosing to overhaul the payments giant alone while investors remain skeptical of his solo act. (Wall Street Journal)
• 🇺🇸 Index Attraction. SpaceX’s Nasdaq 100 weighting is set to jump from 1.28% to 2.82%, inviting a wave of fresh buying from passive investors. (Bloomberg)
• 🇺🇸 Price Play. The Supreme Court scrapped key tariffs, so Sony 🇯🇵 and Microsoft 🇺🇸 must now answer to players who paid extra for their latest consoles. (Les Echos)
• 🇪🇺 Big Bang Theory. Euronext’s CEO floats the idea of joining forces with Deutsche Börse, hinting at a “planetary scale” European exchange, if regulators allow it. (Financial Times)
• 🇪🇺 Deal or No Deal. JD.com 🇨🇳 is scrambling to sweeten its €2.2B offer for Ceconomy 🇩🇪 as regulators demand stronger remedies before giving the green light. (Bloomberg)
• 🇬🇧 Shell Game. Peter Costello, Shell’s UK upstream chief, sold £1.17M in shares after the company’s valuation jumped 27.6 percent over the past year. (Financial Times)

🛎️ Big Deals (M&A)

• GE HealthCare Technologies 🇺🇸 is in talks to acquire radiopharmaceutical developer Sofie Biosciences 🇺🇸 for approximately $1B.
• L Catterton 🇺🇸 and Altas Partners 🇨🇦 acquire a majority stake in Fullscript 🇨🇦.
• Francisco Partners 🇺🇸 and KKR 🇺🇸 acquire minority stakes of approximately 10% and 5%, respectively, in TeamSystem 🇮🇹, valuing the software company at €8B-€10B.
• Jaguar LAA 🇺🇸 acquires assets related to the Laminar program from Johnson & Johnson 🇺🇸.
• Apollo Global Management 🇺🇸 is in talks to acquire DePuy Synthes 🇺🇸, Johnson & Johnson’s orthopedics unit, for nearly $20B.
• Salesforce 🇺🇸 is in talks to acquire AI company Listen Labs 🇺🇸 for $2B.
• Meta 🇺🇸 acquires Swedish AI company Stilla 🇸🇪.
• Nvidia 🇺🇸’s $20B licensing deal with AI chip startup Groq 🇺🇸 is under U.S. investigation.
• Barington Capital 🇺🇸 takes another stake in Bath & Body Works 🇺🇸, a $3.5B-listed retailer, and pushes for a sale.
• Clearlake Capital 🇺🇸 is nearing a deal to acquire Mark Walter and Todd Boehly’s stakes in Chelsea FC 🇬🇧 for more than $3.5B.
• Copart 🇺🇸 acquires ACV Auctions 🇺🇸 for $1.9B in cash, representing a 45% premium.
• Constellation Energy 🇺🇸 acquires Shell 🇬🇧’s Rhode Island gas-fired power plant for $715M.
• Nathan Trotter 🇺🇸 agrees to buy 100% of the tin concentrates produced by Huntore 🇦🇺 under a multiyear offtake agreement financed by STG Metals 🇺🇸.
• Apollo Sports Capital 🇺🇸 is interested in investing in an NFL team 🇺🇸.
• DFO Management 🇺🇸 and Sequence Holdings 🇺🇸 lead a $7.7B deal to take insurance broker The Baldwin Group 🇺🇸 private.
• Apollo Global Management 🇺🇸 is in talks to acquire Johnson & Johnson 🇺🇸’s DePuy Synthes hips-and-knees business for around $20B.
• TMX Group 🇨🇦 acquires RAFI Indices 🇺🇸 for $490M.
• Unico 🇧🇷 agreed to acquire Valida 🇦🇷.
• Capgemini 🇫🇷 agrees to sell Capgemini Government Solutions 🇺🇸 to ITC Federal 🇺🇸. The subsidiary’s ICE contract was worth $4.8M and could reach $365M.
• Vauban Infrastructure Partners 🇫🇷 emerges as the lead bidder for GlobalConnect’s Swedish fiber business 🇸🇪, valued at over $2.3B.
• TotalEnergies 🇫🇷 acquires a 40% operated interest in two new exploration blocks in Angola 🇦🇴.
• Greenly 🇫🇷 acquires carbon accounting startup Normative 🇸🇪 for €65M.
• Adagia Partners 🇫🇷 acquires a majority stake in PatrimOne 🇫🇷 from Weinberg Capital Partners 🇫🇷.
• Aareal Bank 🇩🇪 is considering a bid for Hamburg Commercial Bank 🇩🇪, which is seeking over $3.8B.
• Bending Spoons 🇮🇹 acquires collaborative whiteboard platform Miro 🇺🇸 for $1.36B in cash.
• BolognaFiere 🇮🇹 acquires a 49.9% stake in Gambero Rosso 🇮🇹 via a holding company for €5.7M.
• Intesa Sanpaolo 🇮🇹 approved a new share issuance to finance its $41.2B takeover bid for BMPS 🇮🇹.
• Stellantis 🇳🇱 signs an MOU to sell its Brampton plant in Canada to Roshel 🇨🇦.
• State of Upper Austria 🇦🇹 acquires Linz Airport 🇦🇹 from the City of Linz for €1.325M, becoming its sole owner.
• THG 🇬🇧 is exploring the sale of non-core sports nutrition brands for $150M+.
• Shell 🇬🇧 acquires 100% of Hunlock Creek Generating 🇺🇸, which owns 169 MW of natural gas-fired generation capacity in Pennsylvania.
• Boyu Capital 🇨🇳 acquires Xiamen Aircraft Leasing 🇨🇳.
• New Sparkle Roll International 🇭🇰 is considering selling its 10% stake in Bang & Olufsen 🇩🇰.
• Grab Holdings 🇸🇬 is in talks to acquire a majority stake in Atome Financial 🇸🇬 at a valuation of over $2B.
• Macquarie 🇦🇺 is in advanced talks to acquire energy infrastructure services provider SI Solutions 🇺🇸 from MidOcean Partners for $600M, including debt.
• Pegasus Airlines 🇹🇷 acquires Czech airline Smartwings 🇨🇿 for €154M, subject to competition safeguards.
• PIF 🇸🇦 is considering combining Electronic Arts 🇺🇸 with Savvy Games Group 🇸🇦 to create a gaming company valued at over $75B.
• Saudi Aramco 🇸🇦 is considering the sale of specialty chemicals company Arlanxeo 🇳🇱.
• An Abu Dhabi royal 🇦🇪 tried to acquire Chateau Marmont 🇺🇸 and other iconic Los Angeles hotspots.
• Mubadala 🇦🇪 backs Luckin Coffee 🇨🇳 following a $1B deal with Centurium Capital.
• Vy Capital 🇦🇪 holds a $40B stake in SpaceX 🇺🇸 after first investing in 2016.
• FirstRand 🇿🇦 is pushing to complete the sale of its UK unit Aldermore Group 🇬🇧 by year-end.

🧳 Private Markets & VC

• 🇺🇸 Claude Nine. Anthropic claims profitability for the second quarter in a row, aiming to float into its Nasdaq debut on a cloud of investor optimism. (Financial Times)
• 🇺🇸 Claude Money. Nvidia 🇺🇸 is eyeing a $10B stake in Anthropic 🇺🇸, hoping to paint itself into the picture as the AI firm goes public. (Cointribune)
• 🇺🇸 Chung Dynasty. Dan Chung inherited a shattered Alger Management 🇺🇸 post-9/11 and turned it into a $47B powerhouse with market-leading returns. (CNBC)
• 🇺🇸 Return to Sender. private equity executives warn that most funds launched during the 2019-2021 boom will miss their promised returns, leaving investors with disappointment instead of windfalls. (Financial Times)
• 🇺🇸 Empire Stake. Khosla Ventures 🇺🇸 is setting up shop in New York, marking its first expansion beyond Sand Hill Road and a nod to shifting tech gravity. (TechCrunch)
• 🇺🇸 Pace Yourself. Dario Amodei of Anthropic calls for the AI industry to hit the brakes, arguing that unchecked progress threatens to outstrip safety efforts. (New York Times)
• 🇨🇦 Sub Plot. Canada picks Germany’s TKMS to build up to 12 submarines, calling the deal the « cement » of a new partnership with Europe and a signal of less reliance on the US. (Lapresse)
• 🇩🇪 Drive to Survive. ARX Robotics 🇩🇪 wants Germany’s auto giants to help mass-produce unmanned vehicles for defense, warning Europe’s security depends on repurposing its factories. (Financial Times)
• 🇪🇺 Peak Performance. Assets managed by European funds climbed above €27T by June, with the sector attracting new cash despite a turbulent market. (Agefi)
• 🇬🇧 Identity Crisis. A convincing email scam led Revolut 🇬🇧 to disclose personal data, with the bank now scrambling to contain risks for its most affluent customers. (Le Parisien)
• 🇨🇳 Open Season. Moonshot AI 🇨🇳 wants to hit $2B in revenue this year, betting its open-weight K3 model can cash in despite thinner margins than OpenAI or Anthropic. (TechCrunch)
• 🇦🇪 Euro Vision. Adnoc teams up with German firms like RWE, Siemens, Covestro, and Bosch in a potential $5.8B partnership, showing the UAE’s cash can cross continents. (Wall Street Journal)

Fundraising

• Z.ai 🇨🇳 (AI): $5B
• The Boring Company 🇺🇸 (Infrastructure): $3B
• Crusoe 🇺🇸 (Cloud computing): Over $3B (Atreides Management, Valor Equity Partners, Mubadala Capital)
• Fluidstack 🇬🇧 (AI): $1.5B (Jane Street)
• Motive 🇺🇸 (Mobility): $1.3B (General Catalyst)
• Discovery Loop 🇺🇸 (AI): $1B
• Positron 🇺🇸 (AI): $875M (NEA, Atreides Management, Valor Equity Partners, Andra Capital, SemiAnalysis Capital, Jim Clark)
• Mach Industries 🇺🇸 (Defense): $600M (Ribbit Capital, Infinite Capital, Bedrock Capital, Sequoia)
• UniPat AI (AI): $300M (Alibaba)
• Upwind 🇺🇸 (Cybersecurity): $300M (Bessemer Venture Partners, TCV, Salesforce Ventures)
• TAR (Energy): $120M (Spark Capital)
• Firehawk Aerospace 🇺🇸 (Defense technology): $100M-$200M (1789 Capital)
• Kraken 🇺🇸 (Fintech): $100M (Nasdaq)
• Maven Robotics 🇺🇸 (Robotics): $100M (RoboStrategy, LocalGlobe, Vine Ventures, XTX Ventures)
• Inspiren 🇺🇸 (Healthcare): $70M (NewView Capital, Insight Partners, Primary Venture Partners, Scale Venture Partners, Vintage Investment Partners, Lightbank, Avenir Growth Capital, Story Ventures, Camber Creek)
• Xapien 🇬🇧 (Cybersecurity): $56M (Spectrum Equity, YFM Equity Partners)
• Fortaegis 🇳🇱 (Cybersecurity): $50M (Serendipity Capital, Tokyo Electron)
• Implicity 🇺🇸 (Healthcare): $40M (IRIS, Five Arrows)
• Impossible Objects 🇺🇸 (Manufacturing): $40M (Inflection Equity, Aaron Wealth Management, OCA Ventures, Impact Capital, Excell Partners)
• Latitude 🌐 (Payments): $35M (Oak HC/FT, NEA, Coinbase Ventures, Lightspeed Faction, OpenFX, Wilson Sonsini)
• Highstock 🇺🇸 (Retail): $30M (a16z)
• JL&P 🇫🇷 (Engineering): €22M (Crédit Agricole, LCL, BNP Paribas, Crédit Mutuel)
• Luminary 🇺🇸 (Fintech): $22M (Ten Coves Capital)
• Graph AI 🇺🇸 (Healthcare): $13.3M (Insight Partners, Bessemer Venture Partners)
• Buildcheck AI 🇺🇸 (Proptech): $12M (Telescope Partners, WND Ventures, Uncork Capital, Salt VC, Xfund)
• Resolutiion 🇬🇧 (AI): $10M (LocalGlobe, Cherry)
• Mechanize 🇺🇸 (AI): $9.1M
• HelmGuard 🇬🇧 (Cybersecurity): $7.3M (Infinity Ventures, Frontline, FinTech Collective, Stage 2 Capital, Entrepreneurs First)
• FAZE Security 🇮🇱 (Cybersecurity): $6M (New Era Capital Partners, Lockstep VC)
• Furo 🇩🇪 (Energy): €3.44M (TQ Ventures, Sandberg Bernthal Venture Partners)
• Gravity Gardens 🇳🇱 (AgTech): €2.6M
• Xanh Entertainment (EscapeSquid) 🇺🇸 (Travel): $2.5M

Fund Watch

• SOFAZ 🇦🇿: $520M (Galaxy Orientis China-ASEAN Investment Program, private equity, $1B target)
• CEECAT Capital 🇬🇧: €135M (1st close of Fund III, private equity fund targeting €200M)
• Seed Capital 🇩🇰: €130M (Fund V, seed-stage venture capital fund)

🔔IPO

• OpenAI 🇺🇸 (AI): will not pursue an IPO in 2026, citing AI safety concerns.
• Anthropic 🇺🇸 (AI): planning an IPO that could attract up to $10B from Nvidia as an anchor investor.
• Altera 🇺🇸 (Semiconductors): preparing a confidential filing for a potential $2B IPO.
• Brooks Automation 🇺🇸 (Semiconductors): confidentially filed for a IPO.
• Ponar Wadowice 🇵🇱 (Industrials): weighing a Warsaw IPO alongside bringing in a strategic investor.
• Enflame Technology 🇨🇳 (Semiconductors): raised ¥6.12B in its Shanghai IPO at a valuation of about ¥185B.
• Shanghai Enflame Technology 🇨🇳 (Semiconductors): raised $911M in its Shanghai IPO and closed 179% above its offer price.
• Galaxea AI 🇨🇳 (Robotics): facing regulatory uncertainty over its Hong Kong IPO plans.
• Amman Mineral Internasional 🇮🇩 (Mining): has selected banks for a potential $1B Hong Kong listing.
• Dangote Refinery 🇳🇬 (Energy): targeting a $1.6B IPO at an estimated $50B valuation.

🧳 Debt

• KKR 🇺🇸: secured a $2.1B leveraged loan for its Integer acquisition.
• Simplify Compliance 🇺🇸: repaid a $31M senior secured credit facility.
• Northwind Group 🇺🇸: provided a $208M construction loan for a Brooklyn office-to-residential conversion.
• Catalent 🇺🇸: sold $4.7B of debt to refinance.
• Vantage Data Centers 🇺🇸: in talks to raise $2B in debt from PIMCO and PGIM.
• Merlin Entertainments 🇬🇧: seeking an $890M loan backed by UK attractions.
• UBS 🇨🇭: buying back $7.9B of inherited Credit Suisse bonds.
• MUFG 🇯🇵: priced a ¥200B ($1.3B) perpetual AT1 bond.
• AirTrunk 🇸🇬: seeks a $1.6B loan ahead of a Singapore REIT IPO.
• Vodafone Idea 🇮🇳: raised $3.5B from lenders led by State Bank of India to rebuild its business.
• GM3 🇦🇺: seeking a bond to refinance its $600M private credit loan.
• Senegal 🇸🇳: raised $179M in a government securities auction.

❌ Failures

• Oracle 🇺🇸: raised its fiscal 2026 restructuring costs by $700M to roughly $2.8B amid AI-related spending and job cuts.
• Kennedy Center 🇺🇸: the Washington arts institution faces potential bankruptcy and a $23M budget deficit, with its main building possibly closing.
• Emeria 🇫🇷: its largest creditors signed NDAs as talks advance over a $410M cash injection.
• South East Water 🇬🇧: the water utility is reassessing its debt-raising plans after bond talks stalled over pricing.
• PT PP 🇮🇩: the Indonesian builder will restructure $1B in bank loans.
• Bathla Group 🇦🇺: the property developer faces liquidation unless it secures longer-term financing after receiving only A$4 million in emergency funding against A$3.4 billion owed to creditors.
• LIV Golf 🇸🇦: the Saudi-backed golf league is on a $5B path to bankruptcy.

🎯 For a Few More Minutes…

• 🇺🇸 Jailbroke. Prisoners using smuggled phones orchestrate nationwide scams, tricking families into sending money by impersonating officials and inventing emergencies. (Wall Street Journal)
• 🇺🇸 Potter Redux. Tom Felton returns to Broadway as Draco Malfoy and says he is thrilled to see Rupert Grint reprise Ron Weasley on stage next month. (BBC)
• 🇺🇸 Crash Course. Higher Ground Education’s Guidepost Montessori chain collapsed into bankruptcy with $440M in losses, shutting down 60 schools and leaving families to discover the news by email or locked doors. (New York Times)
• 🇫🇷 Heart Will Go On. Céline Dion made her triumphant return to the French stage after nine years, moving 35,000 fans and a star-studded crowd at Paris’s Plenitude Arena. (Le Parisien)
• 🇮🇹 Lady of Conscience. Emma Bonino, the iconic Italian politician and former EU commissioner, has died at 78 after decades spent championing civil rights and defying convention. (Les Echos)
• 🇳🇱 Bone Voyage. Dutch archaeologist Wim Dijkman was arrested after secretly digging up bones he believed belonged to D’Artagnan, then sending them abroad for testing. (New York Times)