🧾 The Outrage Trade

🗞️ Top Story

• 🇬🇷 Drone Alone. Greek authorities are investigating a Ukrainian-made sea drone packed with 100 kg of explosives that washed up on Lefkada’s coast after its operator lost control. (El Pais)
• 🇪🇺 Mute Points. The public broadcasters of Spain, Ireland, and Slovenia are boycotting the Eurovision broadcast this year because Israel remains in the lineup. (Le Monde)
• 🇬🇧 Red Alert. Facing unrest after Labour’s defeat, Keir Starmer vows to « prove them wrong » in a speech aimed at halting a growing internal revolt. (Libé)
• 🇷🇺 Old Boys’ Club. Vladimir Putin floats ex-Chancellor Gerhard Schröder as a potential peace broker for Ukraine, hinting Zelensky must come to Moscow if he wants talks. (Die Zeit)
• 🇷🇺 Truce Clues. The Kremlin explores possible ways out of the Ukraine war after Trump helps broker a temporary calm, giving Putin space to claim relief. (Le Temps)
• 🇺🇸 Critical Condition. Donald Trump says the Iran ceasefire is “on life support” and threatens new strikes, while Tehran shrugs off the pressure and demands concessions. (Spiegel)
• 🇺🇸 Ballroom Blitz. Democrats slam a Republican plan to spend $1B in public funds on Trump’s dream White House ballroom, calling it a tone-deaf luxury as families face rising living costs. (Le Parisien)
• 🇳🇬 Lawless North. Armed gangs killed over 40 people in Zamfara and Katsina states, underlining Nigeria’s persistent struggle to restore order in its northern regions. (Le Monde)
• 🌍 Mission: Invisible. Paris and London announce a defensive maritime mission for Hormuz, but with Iran and America at odds, the actual launch date is anyone’s guess. (France Info)

• 🇬🇧 Speechless. Keir Starmer’s attempted reset fails to halt the Labour resignation drumbeat as even more MPs publicly urge him to step down. (The Guardian)
• 🇬🇧 Quarantina Turner. Twenty-two MV Hondius cruise ship passengers exposed to hantavirus are now isolating in Merseyside flats after their evacuation from Tenerife. (The Guardian)
• 🇬🇧 Second Opinion. UK regulator Ofcom reverses course and now probes GB News for broadcasting the Trump interview twice without challenging controversial statements. (The Guardian)
• 🇬🇧 Cold Comfort. The UK is bracing for a midweek Arctic blast, with temperatures set to plunge below the May average and spring warmth on pause. (BBC)

• 🇺🇸 Habeas Corpus Interruptus. The first capital trial at Guantánamo is delayed once more, with the Cole bombing case now on its eleventh start date and counting. (New York Times)
• 🇺🇸 Checkmate, Inc. Representative Mike Lawler faces accusations of steering $720K in political funds to his own former consulting firm, fueling Democratic attacks as watchdogs demand a federal investigation. (New York Times)
• 🇺🇸 Tank You, Next. Alabama’s plan to install septic tanks for Black Belt residents is halted as Trump officials call the Biden-backed funding “illegal DEI,” blocking relief for thousands. (New York Times)

🏛️ Economy

• 🇪🇺 Animal Crossing. Brussels is set to let the UK keep its ban on live animal exports as part of a new agricultural deal, handing Keir Starmer a rare negotiating win. (The Guardian)
• 🇪🇺 Block No More. With Hungary’s new government stepping aside, the finally sanctions Israeli settlers over attacks on Palestinians, ending months of political gridlock in Brussels. (New York Times)
• 🇬🇧 Red Lines, Blue Mood. Keir Starmer reaffirms Labour’s Brexit red lines despite pressure to rejoin the EU single market, offering friendship but not full return. (El Pais)
• 🇬🇧 Exit Regret. Sadiq Khan urges Labour to pledge a return to the EU, arguing that Brexit was a costly mistake the party should be bold enough to reverse. (Cnbc)
• 🇬🇧 Steel Yourself. UK Prime Minister Keir Starmer announces plans to nationalize British Steel, ending Chinese group Jingye’s ownership after failed negotiations and mounting political pressure. (Le Figaro)
• 🇺🇸 Power Trip. Elon Musk, Tim Cook, and 15 other CEOs will join Trump in Beijing, where trade tensions and tech rivalry are very much on the agenda. (BBC)
• 🇺🇸 Bar Watch. Trump says he wants to check Fort Knox’s $700B gold stash with his own eyes, just to make sure the vault is not running on empty. (Le Figaro)
• 🇺🇸 Fill-Up Promise. Trump proposes suspending the gas tax to ease pain at the pump, but talks with Iran stall over irreconcilable demands on both sides. (Bloomberg)
• 🇺🇸 Gag Reflex. The SEC plans to scrap its long-standing « gag rule » after years of complaints from Elon Musk and Mark Cuban about muzzling criticism of settlements. (Bloomberg)
• 🇮🇳 Rupee Rescue. Indian officials are debating urgent measures to shield the country’s foreign exchange reserves, signaling growing concern over currency stability. (Bloomberg)
• 🇵🇰 Gas Crossing. For the first time since the US and Israel-Iran conflict began, a Qatari LNG tanker has made it through the Strait of Hormuz to Pakistan, offering brief relief to a power-starved country. (Le Monde)

• 🇬🇧 Gilt Trip. UK 10-year bond yields hit 5% as Keir Starmer’s big speech does nothing to calm investor nerves about politics or inflation. (The Guardian)

• 🇺🇸 Care Bears. Healthcare and social-assistance jobs now drive California’s job growth, outpacing tech and Hollywood, even if most pay less than you’d hope. (Wall Street Journal)
• 🇺🇸 Index Card. The Conference Board’s labor gauge inched higher in April, giving the U.S. job market another reason to claim it’s still open for business. (Wall Street Journal)
• 🇺🇸 Pump Fiction. California drivers already face $6 gas, but with the last Middle Eastern oil shipment docked, prices are set to climb even higher. (Wall Street Journal)
• 🇺🇸 Return to Sender. A federal court says the IRS may owe millions of Americans refunds for pandemic-era tax penalties, but filers must actively claim their cash by July 2026. (Cnbc)

🏢 Real Estate

• 🇦🇪 Estate of Mind. Brookfield signals bullishness on Dubai real estate, insisting its insight into the region makes the market a smart play. (Bloomberg)

• 🇬🇧 Floating the Rules. Zack Polanski, Green Party leader, admits living on a houseboat without paying council tax and now promises to settle up. (BBC)

• 🇺🇸 Spring Missed. existing-home sales in April barely rose 0.2%, missing forecasts yet again and confirming the housing market’s persistent slump is not over. (Wall Street Journal)
• 🇺🇸 House Arrest. First-time home buyers like Lillian Rouse and Mark Debney are putting purchases on hold as rising costs and high mortgage rates make ownership feel out of reach. (New York Times)

🔗 On-chain

• 🇺🇸 Arcade Funding. Circle pulled in $222M from heavyweights like BlackRock and a16z for its Arc blockchain token presale, valuing the project at $3B and putting institutional finance in play. (Cnbc)

💱 Listed Markets

• 🇪🇺 Crude Awakening. Shell 🇬🇧, BP, and TotalEnergies 🇫🇷 made up to $4.75B from oil market chaos sparked by the Iran war, thanks to their trading desks’ appetite for volatility. (Financial Times)
• 🇺🇸 Power Couple. The new alliance between Ford and CATL 🇨🇳 in battery development is presented as a potential template for thawing US-China relations, even as leaders keep their distance. (Bloomberg)
• 🇺🇸 Kitty Litter. GameStop shares soared and crashed within hours after Roaring Kitty posted online, proving meme magic still has a short half-life. (Bloomberg)
• 🇺🇸 Witness Protection. Microsoft CEO Satya Nadella testified in the Musk v. Altman trial that Elon Musk never raised concerns about Microsoft’s $13B investment in OpenAI violating any agreements. The court drama now shifts to Sam Altman’s turn on the stand.
• 🇸🇦 Barrel Roll. Saudi Aramco warns that a closed Strait of Hormuz could drain 100M barrels of oil from the global market every week, pipeline detours or not. (Wall Street Journal)

• 🇬🇧 Data Risky. MPs warn that NHS England has given Palantir 🇺🇸 “unlimited access” to identifiable patient data, calling the decision dangerous and fueling privacy fears. (The Guardian)

🛎️ Big Deals (M&A)

• Eon 🇩🇪 acquires Ovo 🇬🇧, a UK household gas and electricity supplier, for approximately £550M to £600M.
• Armani 🇮🇹 plans to split a 15% stake among preferred buyers L’Oreal 🇫🇷, EssilorLuxottica 🇮🇹, and LVMH 🇫🇷.
• Prosus 🇳🇱 sells part of its stake in Delivery Hero 🇩🇪 for $395M.
• Intertek 🇬🇧 rejects a $12.1B takeover offer from EQT 🇸🇪 and plans to pursue a spinoff of its unit Intertek Energy & Infrastructure.
• Architect Capital 🇺🇸 acquires a 16% stake in OnlyFans 🇬🇧 at a $3.15B valuation.
• Apollo 🇺🇸 is in talks to sell its MidCap private credit BDC for $3B.
• Fortress Investment Group 🇺🇸 acquires a $125M stake in Rafi Law Services 🇺🇸, a personal injury law firm in Arizona.
• Dream Finders Homes 🇺🇸 bids to acquire Beazer Homes 🇺🇸 for $704M.
• Byron Allen 🇺🇸 to acquire a majority stake in BuzzFeed 🇺🇸 for $120M.
• Bruin Capital 🇺🇸 acquires a 15% stake in Matchroom Holdings 🇬🇧, valuing the sports empire at over £1B.
• Trian Fund Management 🇺🇸 seeks investor backing for a bid to take Wendy’s 🇺🇸 private, amid a significant decline in its share price.
• BMO Financial Group 🇨🇦 to sell its transportation and vendor-finance businesses to Stonepeak 🇺🇸 for $10.6B.
• Hillhouse Investment 🇨🇳 acquires Mercer 🇺🇸’s Private Client Services.
• Sony Music Group 🇯🇵 acquires Recognition Music Group 🇺🇸’s catalogue from Blackstone 🇺🇸 in an almost $4B deal for over 45,000 songs.
• Jardine Cycle & Carriage 🇸🇬 is considering selling its car dealership unit in Malaysia and Singapore for $250M-$350M.
• Dubai Ruler 🇦🇪 acquires additional stakes in Emaar 🇦🇪 for $6.5B.

🧳 Private Markets & VC

• 🇪🇺 Walter Watch. Walter Goodwin, a former VC and PhD, has Europe’s attention as rumors swirl about an Anthropic partnership and his next AI move. (Sifted)
• 🇪🇺 SPAC to the Future. Investors are pouring billions into European quantum firms through SPACs and giant funding rounds, betting big on a breakthrough that is still theoretical. (Sifted)
• 🇬🇧 Ad Libitum. TikTok 🇨🇳 is launching an ad-free subscription in the UK for £3.99 per month, letting users pay for the privilege of scrolling in peace. (TechCrunch)
• 🇺🇸 OpenSecrets. House Republicans launch an inquiry into Sam Altman’s business ties as OpenAI moves toward its IPO, adding fresh drama to the AI gold rush. (Wall Street Journal)
• 🇺🇸 Board of Confusion. Satya Nadella testified that OpenAI’s board never gave him a clear reason for ousting Sam Altman, calling the entire episode “amateur city.” (Financial Times)
• 🇺🇸 Proud Cloud. Satya Nadella told a California court he is « very proud » Microsoft took the OpenAI bet when « no one else was ready » to invest. (Le Monde)
• 🇺🇸 Carry On Regardless. Private equity firms are attacking new research suggesting carried interest tax breaks cost billions in lost revenue, defending their favorite loophole with familiar arguments. (New York Times)
• 🇺🇸 Suit Up. Hedge funds are snapping up stakes in litigation finance as asset values drop, turning distressed lawsuits into the latest alternative bet. (Bloomberg)
• 🇺🇸 Short Circuit. Andrew Left, famed short seller, will face a jury over accusations of market manipulation, proving even bears can be cornered in court. (Bloomberg)

• 🇺🇸 Loan Wolf. JPMorgan and its partners tightened the leash on FS KKR Capital, cutting credit by 14% while KKR scrambled to throw in $300M to steady the sinking ship. (Cnbc)

Fundraising

• DeepSeek 🇺🇸 (AI): $7B (Hillhouse, Tencent)
• Isomorphic Labs 🇺🇸 (Biotech): $2B
• Helsing 🇩🇪 (Defense Tech): $1.2B
• Nscale 🇳🇴 (AI Infrastructure): $790M (ABN AMRO, DNB, Eksfin, Nordea, SEB)
• Astranis 🇺🇸 (Telecommunications): $300M
• Digital Asset Holdings 🇺🇸 (Blockchain): $300M (a16z crypto)
• Cowboy Space Corporation 🇺🇸 (Aerospace): $275M
• Anagram Therapeutics 🇺🇸 (Biotech): $250M
• Blitzy 🇺🇸 (Fintech): $200M
• OpenText 🇨🇦 (Data Management): $150M
• Reserv 🇺🇸 (Fintech): $125M
• Bovicash 🇫🇷 (Agritech): €100M
• Tessera Labs 🇺🇸 (AI): $60M (a16z)
• Heaviside Industries 🇺🇸 (Defense): $28M (Interlagos, Menlo Ventures, Flume Ventures, Cantos, Anorak Ventures)
• Basata 🇺🇸 (Healthcare): $21M (Basis Set Ventures, Cowboy Ventures, PHX Ventures, Zenda Capital, Victoria Treyger)
• Ciridae 🇺🇸 (AI): $20M (Accel, Andreessen Horowitz, General Catalyst, Sunflower Capital, Backcountry Ventures)
• ReFiBuy 🇺🇸 (E-commerce): $13.6M
• Auguste & Ferdinand 🇫🇷 (Food & Beverage): €1.6M
• TwoWay 🇫🇷 (Fintech): €1.5M (welovefounders, Tenity, Plug and Play, SuperCapital, Unorthodox Partners)

Fund Watch

• University of Michigan 🇺🇸: $2B
• S3 Capital 🇺🇸: $1.3B (3rd fund, construction lending)
• Enhanced Games 🇺🇸: $1.2B (merged with A Paradise Acquisition Corp., alternative to Olympics)
• Eric Trump 🇺🇸: $1B (Dominari Holdings unit, investment vehicle targeting Trump-favored sectors)
• Corbin Capital 🇺🇸: $342M
• Greenland Energy Company 🇨🇦: $215M (merger with Pelican Acquisition, oil driller)
• Global Millennial Capital 🇺🇸: $100M
• Kalos Ventures 🇺🇸: $78.8M (inaugural fund, early-stage tech companies in workforce, care, education)
• TriSpan 🇺🇸: Not disclosed (single-asset continuation vehicle for Maman, café-bakery brand)

🔔IPO

• KNDS 🇫🇷🇩🇪 (Defense): revised its IPO valuation downwards to ~$23B while targeting $5.8B in Europe.
• Pluxee 🇫🇷 (Finance): has completed a €100M share buyback program, repurchasing 8.3M shares at an average price of €11.98 each.
• Innio 🇦🇹 (Power Equipment): backed by Advent and ADIA, has filed for an IPO.
• TCI 🇬🇧 (Finance): has sold its entire $8B stake in Microsoft.
• Airtel Africa 🇬🇧 (Telecom): delayed a London IPO for its mobile money business Airtel Money, aiming to raise $1.5B-$2B, now set for H2 due to the Iran war.
• Capita 🇬🇧 (Outsourcing): Oasis Management acquires a 15% stake in the £500M company.
• Sunshine Silver 🇺🇸 (Mining): filed for an IPO to raise funds for reopening its Idaho mine.
• Cerebras Systems 🇺🇸 (AI): increasing IPO price to raise $5B amid over 20x demand, targeting a valuation above $30B.
• Lime 🇺🇸 (Transportation): filed for an IPO targeting a $2B valuation.
• Inspire Brands 🇺🇸 (Restaurants): filed confidentially for a $2B IPO.
• Odyssey Therapeutics 🇺🇸 (Biotech): raised $280M in an upsized IPO focused on the immune system.
• Applied Aerospace & Defense 🇺🇸 (Aerospace): filed for an IPO but no amount has been disclosed yet.
• Safepoint Holdings 🇺🇸 (Insurance): filed for an IPO as a Florida insurance specialist.
• Redwood Materials 🇺🇸 (Energy): raised $425M in a Series E funding round, pushing its valuation to over $6B.
• Cerebras 🇺🇸 (Semiconductors): seeking $4.8B in an upsized IPO.
• Lincoln International 🇺🇸 (Finance): seeking to raise $421M in a IPO.
• Barrick Gold 🇨🇦 (Mining): pledging up to $3B in buybacks ahead of its IPO.
• Kunlunxin 🇨🇳 (Chips): planning a dual IPO in China and Hong Kong aiming for a $15B valuation.
• Go Inc. 🇯🇵 (Ride-hailing): seeking to raise $575M at a $1.3B valuation in its Japan IPO.
• KK Mart 🇲🇾 (Retail): planning an IPO that could value the company at approximately $750M.
• Vodafone 🇮🇳 (Telecoms): working on a proposal to bolster capital for its India-listed unit Vodafone Idea.
• Ninja 🇸🇦 (Delivery): selected banks for a $1B IPO in Saudi Arabia.

🧳 Debt

• LACROIX 🇫🇷: secured a €77.6M syndicated loan to refinance existing debt and finance investments.
• Grèce 🇬🇷: remboursera 6,9B€ de sa dette européenne le mois prochain.
• Broadcom 🇺🇸: negotiating a $35B financing package with Apollo and Blackstone for AI chip development.
• Yahoo 🇺🇸: raised $1.6B in a loan and bond sale to refinance debt from its $5B acquisition.
• Petroperu 🇵🇪: authorized a $2B new emergency loan.
• SoftBank 🇯🇵: downsized margin loan plans from $10B to $6B backed by its OpenAI stake.
• Goswami Infratech 🇮🇳: seeking to raise $3B, including ~$1B dollar bonds.
• Piramal Finance 🇮🇳: seeking to raise $1B FX loans.
• Pakistan 🇵🇰: looking to raise $260M in a debut panda bond sale.

❌ Failures

• Deutsche Pfandbriefbank 🇩🇪: the lender is seeking to sell a non-performing loan on The CalEdison building in Los Angeles.
• General Motors 🇺🇸: the company laid off hundreds of IT workers to hire new employees with stronger AI skills.
• General Motors 🇺🇸: the automaker is laying off 500 to 600 IT workers as part of cost-cutting measures.

🎯 For a Few More Minutes…

• 🇫🇷 Stable Genius. The French horse racing lab marks 50 years and $10.7M in annual funding, boasting 30,000 anti-doping tests and AI on the horizon to keep the odds honest. (Ouest-France)
• 🇳🇱 Family Portrait. A Nazi-looted painting from the Goudstikker collection has been found on the wall of SS general Hendrik Seyffardt’s descendants, after one ashamed heir hired a detective to reveal the truth. The family now faces public shame and demands for restitution. (Libé)
• 🇭🇺 Dancing Minister. Zsolt Hegedűs, Hungary’s incoming health minister, celebrated Péter Magyar’s swearing-in by dancing outside Parliament, stealing the spotlight yet again. (Spiegel)
• 🇺🇸 Cureiosity. A new study shows that a single infusion of engineered immune cells kept HIV undetectable in two patients for up to two years, hinting at a future where lifelong virus control might not require daily medication. (New York Times)
• 🇭🇰 Club Siu Mai. Lin Heung Lau, a legendary Hong Kong tea house, now hosts « dim sum raves » with DJs and cocktails to lure Gen Z partygoers back to the city’s night life. (Boursier)