🏦 Three Inches Higher

🗞️ Top Story

• 🇮🇹 Holy Rebuttal. Giorgia Meloni publicly rejected Donald Trump’s attacks on Pope Leo XIV, insisting the Pope is right to condemn violence and promote peace. (Le Figaro)
• 🇪🇸 Family Affairs. Begoña Gómez, wife of Spain’s Prime Minister Pedro Sánchez, is charged with corruption after a two-year probe into alleged influence-peddling for her own career. (BBC)
• 🇸🇪 Crown Unrest. Reza Pahlavi’s speech in Stockholm, invited by Swedish far-right and Christian Democrats, split Sweden’s Iranian diaspora and triggered public demonstrations. (Le Monde)
• 🇭🇺 Magyar Shift. Russia signals it will work with Péter Magyar after Viktor Orban’s defeat, declaring respect for Hungary’s choice and hoping for “pragmatic contacts.” (Le Figaro)
• 🇷🇺 Flag Splash. After two years banned or neutral, Russian and Belarusian swimmers regain full rights to uniforms, flags, and anthems at World Aquatics events. (Le Monde)
• 🇺🇸 Self Help. Donald Trump shared and then deleted an AI image showing himself as Jesus, insisting he believed it depicted him as a Red Cross worker. (Spiegel)
• 🇺🇸 Commander Unfit. John Brennan urges Congress to invoke the 25th Amendment and remove Trump, citing his threats against Iran and unstable behavior. (Libé)
• 🇺🇸 Pump Fiction. Trump’s team announces a naval blockade of the Strait of Hormuz following collapsed peace talks, with Iran promising nostalgia for $4 gas. (New York Times)
• 🇺🇸 Suit Yourself. A judge threw out Donald Trump’s $10B defamation lawsuit against the Wall Street Journal , ruling he failed to show actual malice. (BBC)
• 🇨🇦 Full House. With unexpected by-election gains, Mark Carney secures a Liberal majority in Canada’s Parliament, freeing his government from opposition support for votes. (Spiegel)
• 🇧🇷 Escape Room. Alexandre Ramagem, ex-Bolsonaro spy chief sentenced for coup plotting, tried fleeing to the US but found himself detained by ICE instead. (Le Monde)
• 🇵🇪 Count Me Out. Peru’s presidential election is extended after logistical failures prevent thousands from voting, forcing polls to reopen on Monday. (Le Monde)
• 🇨🇺 Price of Admission Cuban President Miguel Díaz-Canel warns the US and Donald Trump that any invasion of Cuba would come at a heavy cost for both sides. (Spiegel)
• 🇮🇱 Front and Center. Israel’s Prime Minister Benjamin Netanyahu visits troops in Lebanon and insists the war effort will not pause for diplomats. (Spiegel)
• 🇮🇷 Hang Time. Iran executed at least 1,639 people in 2025, the highest annual total since 1989, according to two NGOs monitoring the death penalty. (Le Figaro)
• 🇳🇬 Crude Denial. Ex-oil minister Diezani Alison-Madueke tells a UK court she never took bribes or abused her office, despite multi-million pound luxury allegations. (BBC)
• 🇸🇳 Law and Disorder. The first person convicted under Senegal’s new anti-homosexuality law receives six years in jail and a substantial fine for his orientation. (Spiegel)
• 🌍 No Contest. Romuald Wadagni, the ruling party’s pick, is elected president of Benin with 94% after a one-sided race and a quiet concession from Paul Hounkpè. (Le Temps)

• 🇬🇧 Entente Discordiale. Keir Starmer calls for closer European ties while embracing the very Brexit splits that keep his rivals energized. (BBC)
• 🇬🇧 Known Wolf. Axel Rudakubana had a documented history of violent behavior flagged to agencies years before the Southport attack, but no effective intervention occurred. (The Guardian)
• 🇬🇧 Fixer Upper. Anas Sarwar asks Scotland for five years to renovate the SNP’s legacy, offering new homes and tax relief as the price of admission. (The Guardian)

• 🇺🇸 Code Red. Sam Altman’s California home was targeted in a Molotov cocktail attack, landing the suspect with attempted murder charges and sparking debate over AI backlash. (Wall Street Journal)
• 🇺🇸 Unfriended. Eric Swalwell lost endorsements and now his seat in Congress after sexual assault allegations, bringing his political ambitions to an abrupt close. (New York Times)
• 🇺🇸 ICE, ICE Maybe. Greg Abbott dangles $110M in Houston police funding if the city does not reverse its new limits on ICE cooperation, proving some offers are anything but cool. (New York Times)

🏛️ Economy

• 🇫🇷 Toll Recall. TotalEnergies CEO Patrick Pouyanné says paying a fee for passage through the Strait of Hormuz is preferable to a full closure, as oil markets reel from the US-backed blockade. (Le Figaro)
• 🇩🇪 Pump Relief. Germany will cut taxes on diesel and gas for two months, dropping prices by €0.17 per liter to offset wartime energy spikes. (Boursier)
• 🇪🇺 Steel Yourself. The agrees to double tariffs on imported steel to 50 percent, aiming to shield struggling European producers from cheap Chinese competition and global oversupply. (Le Monde)
• 🇪🇺 Frozen Assets. The tells Hungary’s new leader Péter Magyar that €35B in blocked funds will stay on ice until Orbán-era policies are reversed and rule of law reforms begin. (Financial Times)
• 🇺🇸 Paper Trail. Kevin Warsh submitted his financial disclosures for the Fed chair nomination, moving him closer to a Senate hearing, though approval faces political obstacles. (Cnbc)
• 🇺🇸 Waiver Goodbye. The Trump administration let its sanctions exemption for Russian oil expire, cutting off a loophole that had boosted Moscow’s coffers and kept prices from soaring even higher. (New York Times)
• 🌍 Strait Outta Luck. The near-closure of the Strait of Hormuz slashed OPEC’s crude production by 7.89M barrels a day, with Iraq hit hardest and Saudi Arabia rerouting through the Red Sea. (Wall Street Journal)

• 🇬🇧 Watt’s Up? UK households are being encouraged to use more electricity this summer, with incentives to absorb surplus renewable power and help balance the grid. (The Guardian)
• 🇬🇧 Safe Harbour Sale. Chancellor Rachel Reeves urges Gulf-based expats to relocate to the UK, promising a review of tax rules that currently penalize internationally paid professionals. (Financial Times)

🏢 Real Estate

• 🇵🇹 Check Out. Portugal has canceled 7,000 tourist rental licenses since December, with thousands more to follow, as cities crack down on short-term stays. (Le Figaro)

• 🇺🇸 Spring Broke. home sales dropped 3.6% in March to 3.98M annualized, a chilly start to the spring selling season as buyers stay sidelined. (Wall Street Journal)

🔗 On-chain

• 🇪🇺 Safe Bet. Ledger 🇫🇷 expands to Wall Street, aiming to secure a slice of the US crypto boom and claim tech giant status from Europe. (Le Figaro)
• 🇬🇧 Oil and Coin. Stack BTC’s board oversight falls to just one non-executive director, an oil tycoon, making Farage and Kwarteng’s crypto play even more curious. (Financial Times)
• 🇺🇸 Plastic Chain. Mastercard launches its Crypto Partner Program, connecting over 100 industry leaders to bridge crypto innovation with everyday payments, including Binance, PayPal, and Kraken. (Boursier)

💱 Listed Markets

• 🇫🇷 Tower of Babel. Lafarge and top brass are found guilty of financing ISIS and others in Syria, earning their ex-chief a six-year stay behind bars. (Le Monde)
• 🇫🇷 Insider’s Out. Three French financiers, nicknamed « the Hairdresser, » « the Cowboy, » and « the Writer, » were sentenced to up to three years in prison and €30M in fines for networked insider trading, a first in France. (Le Parisien)
• 🇺🇸 Star Wars. Nearly 1,500 figures from the film industry, including Jane Fonda and Joaquin Phoenix, signed an open letter opposing the Paramount Skydance takeover of Warner Bros Discovery, warning it would shrink opportunities and competition in Hollywood. (Le Monde)
• 🇺🇸 Port Authority. The move to blockade Iranian ports sent oil prices soaring, with Iran warning that no Gulf harbor is safe if its exports are choked. (Le Figaro)
• 🇺🇸 Equal Opportunity Cost. IBM agreed to a $17M payment to end a DOJ lawsuit claiming its DEI hiring practices breached civil rights rules on government contracts. (TechCrunch)
• 🇺🇸 Claw and Order. Microsoft is developing its own OpenClaw-style agent for 365 Copilot, promising better security for enterprises than the open source version ever managed. (TechCrunch)
• 🇺🇸 Consulting Open. Hacker group CodeWall breached Bain & Co‘s Pyxis platform with login details found in public code, echoing last month’s McKinsey security slip. (Financial Times)
• 🇬🇾 Oil Change. Christopher Eppinger, fresh off a $250M win trading Russian crude, shifts his focus to Guyana’s rapidly expanding oil fortunes. (Financial Times)
• 🇵🇭 Panic Button. The Philippines has ordered Meta 🇺🇸 to crack down on fake news that officials say could trigger economic chaos and public anxiety. (Wall Street Journal)

🛎️ Big Deals (M&A)

• Eurazeo 🇫🇷 acquires a majority stake in Groupe Netco 🇫🇷, a leader in critical maintenance services for conveyor systems.
• Airvance Group 🇫🇷 to acquire the distribution activities of Saint-Gobain 🇫🇷 in Sweden, Norway, and Denmark for €415M.
• Iberdrola 🇪🇸 pauses a $1B minority stake sale in a solar energy portfolio due to valuation concerns.
• TAP Air Portugal 🇵🇹 sells its majority stake in Cateringpor 🇵🇹 to Swiss company Gate Gourmet 🇨🇭.
• EQT 🇸🇪, KKR 🇺🇸, and Advent 🇺🇸 show interest in acquiring PolyPeptide 🇨🇭, which is valued at $1.2B.
• WE Soda 🇬🇧 is among over a dozen suitors interested in acquiring Rio Tinto 🇦🇺’s US boron assets, valued at $2B.
• Unite Group 🇬🇧 hires Goldman Sachs 🇺🇸 to accelerate asset sales to $540M this year.
• Glencore 🇨🇭 acquires a 45% stake in an aluminum plant in South Carolina.
• Bregal Sagemount 🇺🇸 invests in Redgate Software 🇬🇧, a leading platform for database DevOps and lifecycle management.
• The Sterling Group 🇺🇸 acquires Healthcare Linen Services Group 🇺🇸.
• STG 🇺🇸 acquires Carrier Logistics Inc. 🇺🇸, a provider of transportation management software for LTL carriers.
• STAPLE Investments 🇺🇸 partners with Corporate Travel Services (CTS) 🇺🇸 to support long-term growth.
• OpenAI 🇺🇸 acquires Hiro Finance 🇺🇸, a personal finance startup founded in 2023.
• Perella Weinberg Partners 🇺🇸 acquires Gleacher Shacklock 🇬🇧 in a cash-and-stock deal.
• Palo Alto Networks 🇺🇸 to acquire Liberty Bank 🇺🇸 for an AI revamp.
• Baker Hughes 🇺🇸 sells its Waygate Technologies 🇩🇪 unit to Hexagon 🇸🇪 for around $1.45B.
• Somnigroup 🇺🇸 acquires Leggett & Platt 🇺🇸 in an all-stock deal worth $2.5B.
• Otis 🇺🇸 acquires WeMaintain 🇫🇷 for approximately €300M, specializing in elevator installation and maintenance.
• BlackRock 🇺🇸’s GIP, Brookfield 🇨🇦, EIG Partners 🇺🇸, KKR 🇺🇸, Stonepeak 🇺🇸, and Macquarie 🇦🇺 are considering offers for a stake in Kuwait Petroleum Corp. 🇰🇼’s pipeline network as part of a $7B lease deal.
• Leonard Green & Partners 🇺🇸 is close to acquiring Cumming Group 🇺🇸 from New Mountain Capital at a $3B valuation, including debt.
• Stripes 🇺🇸’s bagel chain PopUp Bagels 🇺🇸 raises funds from Tiger Global 🇺🇸 at a $300M valuation.
• GFL Environmental 🇨🇦 to acquire Secure Waste Infrastructure 🇨🇦 for $4.62B enterprise value.
• Cohere 🇨🇦 and Aleph Alpha 🇩🇪 are in talks to merge.
• Hapvida Participacoes e Investimentos 🇧🇷 is seeking to raise $400M from a sale of its southern Brazil operations.
• Fosun International 🇨🇳 is considering a $3.2B sale of its 20.45% stake in BCP 🇵🇹, Portugal’s largest listed bank.
• Japan 🇯🇵 approves $4B in additional subsidies for Rapidus Corp. 🇯🇵 to enter the AI chipmaking sector.
• International Holding Co. 🇦🇪 acquires a majority stake in Caprice Holdings 🇬🇧 for over $1.3B.
• Egyptian Natural Gas Holding Company 🇪🇬 acquires the entire output of the Aphrodite gas deposit from Newmed Energy 🇨🇾.
• Botswana 🇧🇼 is keen on acquiring a controlling stake in De Beers 🇬🇧 from Anglo American 🇬🇧.

🧳 Private Markets & VC

• 🇫🇷 For You, For Sale. After a report revealed pimps recruiting teenage girls on TikTok, Sarah El Haïry refers the platform to Arcom and the European Commission for action. (Le Monde)
• 🇬🇧 Suite Dreams. OpenAI signs for an 88,500 square foot London office, doubling its UK capacity while its Stargate project sits in limbo. (Cnbc)
• 🇺🇸 Risky Business. life insurers are losing investor confidence as their exposure to private credit raises concerns about hidden risks and shaky capital positions. (Financial Times)
• 🇺🇸 Bubble Trouble. OpenAI investors question whether its $852B valuation can hold up as Sam Altman pivots and Anthropic gains ground. (Financial Times)
• 🇺🇸 Bedrock Bottom. OpenAI tells staff the Amazon alliance will boost its enterprise market share, while Microsoft’s grip has kept OpenAI from reaching more customers. (Cnbc)

Fundraising

• Slate Auto 🇺🇸 (Transportation): $650M
• Aria Networks 🇺🇸 (Networking): $125M (Sutter Hill Ventures, Atreides Management, Valor Equity Partners, Eclipse Ventures)
• Neomorph 🇺🇸 (Biotechnology): $100M (Deerfield Management, Regeneron Ventures, Longwood Fund, Alexandria Venture Investments, Binney Street Capital)
• Modus 🇺🇸 (AI): $85M (Lightspeed Venture Partners, Comma Capital, Garry Tan)
• Endovascular Engineering 🇺🇸 (Medical Technology): $80M (Gilde Healthcare, Norwest, Sante Ventures, 415 Capital, S3 Ventures, Panakes Partners, M&L Healthcare Investments)
• MillTech 🇺🇸 (Fintech): $60M
• Elorian 🇺🇸 (AI): $55M (Striker Ventures, Menlo Ventures, Altimeter)
• Elevate Renewables 🇺🇸 (Energy): $50M
• True Footage 🇺🇸 (Real Estate): $40M
• Critical Loop 🇺🇸 (Energy): $26M (Conifer Infrastructure Partners, Hanover, Better Ventures, Climate Capital, Adapt Nation Capital, Cyrus Ventures)
• Quartzy 🇺🇸 (Life Sciences): $23M (Avenue Capital Group, BroadOak Capital Partners)
• Mastra 🇺🇸 (Software): $22M
• Eastern Union 🇺🇸 (Real Estate): $18.5M
• Citra Space 🇺🇸 (Space Technology): $15M (Washington Harbour Partners, Industrious Ventures, Reliable Properties, Scout VC, Squadra Ventures, Alumni Ventures, Flex Capital)
• Kelluu 🇫🇮 (Aerospace): €15M (NATO Innovation Fund, Keen Venture Partners, Gungnir Capital, Tesi)
• Citra Space Corp 🇺🇸 (Space Technology): $15M (Washington Harbour Partners, Industrious Ventures, Reliable Properties, Scout VC, Squadra Ventures, Alumni Ventures, Flex Capital)
• SimpleChain 🇺🇸 (Blockchain): $15M
• Round 🇩🇪 (Fintech): $6M (Alstin Capital, BACKED VC, Love Ventures, Passion Capital)
• Lupin & Holmes 🇫🇷 (Cybersecurity): $5.9M (20VC, Seedcamp, Purple Fund, Kima Ventures)
• Technique Solaire 🇫🇷 (Renewable Energy): €5M
• Hairdex 🇫🇷 (Healthcare): €1M

Fund Watch

• Ares Management 🇺🇸: $20B (4th flagship direct lending fund, currently raising)
• 26North Partners LP 🇺🇸: $5.9B (inaugural private equity fund, surpassed $4B target)
• Leeds Equity Partners 🇺🇸: $1.9B (Leeds VIII, private equity fund focused on Knowledge Industries)
• Warburg Pincus 🇺🇸: $1.8B (European defense fund, early backing from Munich Re)
• Dominus Capital 🇺🇸: $640M (Dominus IV, 4th private equity fund, oversubscribed)
• Vista Equity Partners 🇺🇸: $250M (software distressed debt fund, currently raising)
• France 🇫🇷: $180M (contribution au FEM, soutien environnemental)
• Newfund 🇫🇷: €60M (HEKA, first European fund for brain digital health)

🔔IPO

• Vercel 🇺🇸 (Dev Tools): recently valued at $9.3B after a $300M Series F round, signaling IPO readiness amid rising AI-driven app creation.
• HawkEye 360 🇺🇸 (Space): filed for an IPO with a recent valuation of $2B following a $173M Series E round.
• Suja Life 🇺🇸 (Beverages): filed for an IPO, details on the amount are pending.
• Third Point 🇺🇸 (Finance): has sold its entire stake in CoStar and will not pursue a proxy fight.
• IOI Properties Group 🇲🇾 (REIT): planning a $500M IPO in Malaysia to establish a REIT for its retail, hotel, and office assets.
• Maxivision Eye Hospitals 🇮🇳 (Healthcare): preparing for an India IPO backed by Quadria Capital.

🧳 Debt

• Akiem 🇫🇷: finalized a €1.52B green refinancing in senior debt.
• Rolls-Royce 🇬🇧: secured £599M from the UK government for small modular reactor development.
• Barclays 🇬🇧: exploring refinancing options for Apollo-backed Shutterfly amid stalled private credit talks.

❌ Failures

• Gestamp Sofedit 🇫🇷: l’usine fermant en mai 2026 entraînera la suppression de 59 emplois dans le cadre d’un plan de réduction des coûts.

🎯 For a Few More Minutes…

• 🇫🇷 Step by Step. A 14-step section of the original Eiffel Tower staircase is going up for auction in Paris, with bids expected to top $163K. The climb to own a piece of history is open to all, except maybe the French. (Le Parisien)
• 🇩🇪 Scroll and Convert. Social media platforms like TikTok and Telegram see a massive rise in jihadist content aimed at German minors, often disguised as lifestyle advice. (Die Zeit)
• 🇨🇿 Cache Me If You Can. During a walk in the Krkonoše mountains, two hikers discovered $330K in gold coins and jewels, securing themselves a museum-worthy payday. (Le Figaro)
• 🇺🇸 Bricks and Entry. Three men were arrested in California after authorities found $1M worth of stolen Lego kits in two hijacked vans. Crime scenes are apparently getting more colorful. (Le Parisien)
• 🇺🇸 Flag Rights. The federal government will allow the rainbow Pride flag to fly permanently at the Stonewall Monument after reversing the Trump-era ban, following a lawsuit by LGBTQ groups. (New York Times)