🪑 Two Chairs, No Questions

Bring a table, lose your taxes. That’s the whole trick.

23 avril 2026

Two identical flats, same street, same three-year lease, same tenant. The first is let empty. Its income pays the full income-tax scale, offset only by mortgage interest. The second comes with a bed, a table, chairs, a cooker, bedding, and the rest of a statutory inventory laid out by decree. Same rent, same tenant. This one shifts into a commercial-profit regime, building and furniture can be amortised, and taxable income evaporates for fifteen to twenty years. No hotel service, no turnover threshold, no parahotelier obligation. A mattress, and two decades of tax-free yield.

The scheme is called LMNP, Loueur en Meublé Non Professionnel, and rests on a 1935 decree and a 1949 circular drafted for postwar student housing. What reads elsewhere as a hospitality carve-out here covers ordinary long-term residential lettings. Britain binned its Furnished Holiday Lettings regime in April 2025, but that one required 210 days of availability, 105 days actually let, and no stay over 31 days. It applied to a different activity: turnover, linen changes, check-ins. The American short-term rental loophole, which Congress quietly supercharged in July 2025 by restoring 100% bonus depreciation under the One Big Beautiful Bill Act, still demands an average stay of seven days or less. In France, the tenant signs a three-year lease and never leaves. The furniture stays. The tax break stays. The activity is identical to the unfurnished let across the landing.

The logic is familiar to anyone who has tried to touch the Crédit d’Impôt Recherche. That one costs €7.7B a year and flows overwhelmingly to large groups employing the country’s best tax counsel. The Jeune Entreprise Innovante status is claimed by startups whose principal research output is the next Series A deck. The same founders who insist payroll taxes are strangling innovation will explain that closing their own carve-out would finish the nation. The niche of the rich is called an incentive. The niche of the poor is called benefit fraud. The Cour des Comptes catalogues 474 schemes worth €85B in forgone annual revenue, 206 with beneficiaries nobody can identify and 23 with none at all. The report returns each spring to the same drawer.

What sustains any of this is not economic merit. It is the ecosystem that lives off the complexity: chartered accountants, wealth managers whose sales pitch is decoding postwar Bercy paperwork, notaires, federations, specialist firms. Simplify the code and the trade dies with it. The British closed their narrower version in one Budget paragraph. The Americans reopened theirs the same year and wrote 100% back into the statute. France, ninety years on, still cannot tell a housing activity from a hotel one, and has quietly agreed that the line between taxable rent and deductible rent runs through a kitchen table. Past the jokes about two chairs, that is the quiet thing no government has yet found the nerve to touch.

🪑 Two Chairs, No Questions

🗞️ Top Story

  • 🇫🇷 Dex and the City. Authorities nab « HexDex », who allegedly targeted sports federations and public agencies, just as he was about to drop more stolen data. (Le Parisien)
  • 🇫🇷 Green Screen. France hosts the G7 environment ministers but quietly erases climate from the agenda to keep the US from storming out, showing climate unity is just for the cameras. (Le Figaro)
  • 🇪🇺 Hungary Games With Viktor Orban’s opposition gone, officials clear the way for a $105B loan to Ukraine, finally breaking the deadlock. (Washington Post)
  • 🇪🇺 No Reset. Baltic officials advise partners that reconciliation with Russia is off the table and urge policies that reflect this new reality. (Bloomberg)
  • 🇷🇺 Final Offer. Moscow insists Putin is open to meeting Zelensky only if it means signing a deal to end the conflict. (Le Figaro)
  • 🇺🇸 Fleet Sheet. Navy Secretary John Phelan is out effective immediately, as the Pentagon swaps its civilian boss for a MAGA-favored ex-officer with Trump ties. (BBC)
  • 🇺🇸 Mail Storm Trump once again declared the Virginia vote a sham, blaming mail-in ballots for the Democrats’ redistricting win and hinting at legal battles ahead. (Le Temps)
  • 🇺🇸 War Games. Donald Trump claims he would have won the Vietnam and Iraq wars quickly, adding Venezuela and Iran to his list of imaginary conquests. (Le Parisien)
  • 🇧🇷 Gang Control. In Rio’s favelas, criminal factions run the show, overseeing drug sales, utilities, and daily life while police tread lightly and rarely. (Le Figaro)
  • 🇸🇻 Trial and Error. El Salvador opens a mammoth trial for 486 alleged MS-13 members, charged with 47,000 crimes including 29,000 murders, as critics warn of due process shortcuts. (Le Parisien)
  • 🇹🇷 Social Block. Turkey passes a law banning anyone under 15 from joining social media, with platforms now required to implement strict age verification for all users. (Le Monde)
  • 🇮🇷 Strait Shooter. An Iranian Revolutionary Guard boat fired on a container ship off Oman without warning, causing major damage but sparing the crew, according to UK authorities. (Spiegel)
🇬🇧 United Kingdom
  • 🇬🇧 Pressure Cooker. Morgan McSweeney is set to face MPs over allegations he rushed civil servants to clear Lord Mandelson for the US ambassador post, adding heat to Labour’s internal drama. (BBC)
  • 🇬🇧 Whip Lash. Keir Starmer’s ex-chief of staff Morgan McSweeney is to be grilled by MPs about the controversial Mandelson vetting and ambassadorial appointment push. (The Guardian)
  • 🇬🇧 Garden State of Alarm. Cornwall’s push to use glyphosate on pavements sparks fury among locals who fear the herbicide’s impact on people and wildlife. (The Guardian)
🇺🇸 United States
  • 🇺🇸 Vote-a-Rama Drama. The Senate launched an all-night marathon of amendment votes as Republicans advanced a $70B ICE funding boost, sidelining Democrats on immigration policy. (New York Times)
  • 🇺🇸 Nicotine Fit. Social media influencers are touting nicotine as a natural health hack, reframing an old vice as the latest wellness trend. (New York Times)

🏛️ Economy

  • 🇮🇹 Debt and Circumstance Italy revises its growth forecasts downward, projecting debt at 138.6 percent of GDP for 2026 and 2027. Exceptional times, same old numbers. (Boursier)
  • 🇪🇺 Fiscal Boomerang. After a brief drop in deficits for 2025, the eurozone faces a new surge as Middle East conflict forces up energy support costs. (Wall Street Journal)
  • 🇪🇺 Block Party Over. After months of obstruction by Viktor Orban, ambassadors agree to advance a $106B loan and new sanctions for Ukraine. (New York Times)
  • 🇪🇺 Tax and the City. The OECD reports both real wages and effective tax rates are rising in 2025, especially for working families, shrinking their net gain. (Le Figaro)
  • 🇬🇧 Pump Fiction. U.K. inflation hit 3.3% in March as the Iran war sent fuel prices surging, but the Bank of England is not expected to hike rates. (Wall Street Journal)
  • 🇺🇸 Greenback Slide. The dollar loses ground against major currencies after Iran war fears fade and traders bet on possible Fed rate cuts. (Financial Times)
  • 🇰🇷 Chip Happens. South Korea’s economy grew 1.7% in Q1, bouncing back from contraction as semiconductor exports outpaced Middle East war jitters and energy shocks. (Wall Street Journal)
  • 🇮🇷 Cease and Seize. Iranian forces grabbed two vessels in the Strait of Hormuz only hours after Trump’s ceasefire gesture, making peace a short-lived luxury. (Washington Post)
🇬🇧 United Kingdom
  • 🇬🇧 Flat Rate. Rishi Sunak says AI is making it harder for young people to get jobs, urging the UK to scrap National Insurance to encourage hiring. (BBC)
  • 🇬🇧 Regulation Lite. UK regulators will water down post-crisis rules that once held finance bosses to account, promising “better” not “less” oversight. City firms rejoice. (Financial Times)
🇺🇸 United States
  • 🇺🇸 PAC to the Future. Senator Josh Hawley urges Republicans to reject $300M from pro-AI Super PACs, warning that Big Tech is buying influence and shaping policy. (Financial Times)
  • 🇺🇸 Visa Versa. Federal prosecutors have launched two major fraud cases in Louisiana involving U visa applications, spotlighting abuse in the program meant for crime victims seeking citizenship. (Wall Street Journal)

🏢 Real Estate

  • 🇲🇨 Suite Life. Rinat Akhmetov spent €471M on a 21-bedroom Monaco apartment, setting a new price record and redefining « prime real estate » on the Riviera. (Le Parisien)
🇬🇧 United Kingdom
  • 🇬🇧 Palace Intrigue. The poshest London boroughs suffered double-digit house price drops in February, wiping years off property values and shaking up the luxury market. (Financial Times)
🇺🇸 United States
  • 🇺🇸 Rate Race. mortgage rates fell to 6.35% for a 30-year fixed, prompting a 10% jump in home purchase applications as buyers rush back in. (Cnbc)

🔗 On-chain

  • 🇺🇸 Banana Republic. Crypto billionaire Justin Sun files suit against Trump-linked World Liberty Financial, alleging his $1B in WLFI tokens were seized in a scheme as surreal as his art purchases. (Financial Times)
🇬🇧 United Kingdom
  • 🇬🇧 Pound for Pound. Coinbase 🇺🇸 has listed its first British pound-backed stablecoin, tGBP, from BCP Technologies, marking a push for local currency in UK crypto. (FinExtra)

💱 Listed Markets

  • 🇫🇷 Credit Where Credit’s Due. Crédit Agricole boosts BforBank with €30M now and €140M in backup, just as client numbers surge 50 percent. (Mind)
  • 🇫🇷 Stateside Scoop. Increased U.S. demand pushed Danone to a better-than-expected 2.7% sales rise last quarter, with both volume and prices up. (Wall Street Journal)
  • 🇩🇪 Merge Ahead. Shares in Deutsche Telekom slipped after reports surfaced about a possible merger with T-Mobile US 🇺🇸, leaving investors dialing down their enthusiasm. (Wall Street Journal)
  • 🇪🇺 Page Sharing. Europe targets Google with new rules to make its search data available to competitors and AI platforms, shaking up Big Tech’s monopoly playbook. (Cafetech)
  • 🇺🇸 Quarter Back. Boston Consulting Group reports AI work delivered a neatly rounded 25% of its 2025 revenue, turning hype into actual billing. (Bloomberg)
  • 🇺🇸 Cash and Carry. Tesla surprised analysts with $1.4B in free cash flow and $22.4B in revenue for Q1, sending Wall Street recalculating its doubts. (Wall Street Journal)
  • 🇺🇸 Cloud Control. Thinking Machines Lab, led by ex-OpenAI exec Mira Murati, just signed a multi-billion-dollar deal for Google Cloud’s latest AI infrastructure powered by Nvidia’s newest chips. (TechCrunch)
  • 🇺🇸 Processor Wars. Google launches distinct chips for AI model training and inference, hoping to lure customers from Nvidia without naming names. (Cnbc)

🛎️ Big Deals (M&A)

  • MWM 🇫🇷 acquires Picnic 🇬🇧, a photo management app startup.
  • Deutsche Telekom 🇩🇪 is considering a full combination with its $215B-listed US unit T-Mobile 🇺🇸.
  • Axel Springer 🇩🇪 invests in BRYGHT 🇩🇪 to support its platform for creators.
  • Enagas 🇪🇸 acquires Terega 🇫🇷’s 31.5% stake from Singapore SWF GIC 🇸🇬 for $675M.
  • Fracttal 🇪🇸 acquires TCMAN 🇪🇸 after raising €30M.
  • Nova 🇪🇸 acquires Revenue Squared 🇪🇸, a community for Spanish-speaking tech sales professionals.
  • Bawag Group 🇦🇹 will acquire Permanent TSB 🇮🇪 for $1.9B.
  • EQT 🇸🇪 makes an improved £9.7B offer for Intertek 🇬🇧 after an initial proposal was rejected.
  • Bonnier News Business 🇸🇪 acquires Breakit 🇸🇪; the deal marks a new chapter for the tech news platform.
  • Codery 🇧🇬 acquires Elfshock 🇧🇬 to launch a new AI automation division.
  • CVC 🇬🇧 and Prudential Financial 🇺🇸 are leading a consortium to acquire a £1B+ stake in Standard Life 🇬🇧’s pension-risk transfer business.
  • EY 🇬🇧 acquires Supply Nexus 🇬🇧 for €5M, a supply chain consulting firm with 60 employees.
  • SpaceX 🇺🇸 signs a deal to potentially acquire AI coding startup Cursor 🇺🇸 for $60B or pay $10B for collaborative work.
  • United Airlines 🇺🇸 and American Airlines 🇺🇸 face opposition from the US government regarding their ~$40B merger.
  • Insight Partners 🇺🇸 and Five Arrows 🇺🇸 are involved in the sale of a minority stake in commodities data and analytics firm Kpler 🇫🇷, valued at $5B.
  • Fermi 🇺🇸, a $3.2B-listed data center REIT, is being called for sale by co-founder Toby Neugebauer after his dismissal as CEO.
  • Arsenal Resources 🇺🇸 is exploring a $1.5B sale.
  • 2717 Partners 🇺🇸 offers to acquire D2L 🇨🇦 at a $420M equity value.
  • CannonDesign 🇺🇸 acquires Ennead Architects 🇺🇸.
  • Uber 🇺🇸 invests in HysetCo 🇫🇷 through a convertible loan, marking its first investment in a French company.
  • Foundation Medicine 🇺🇸 acquires SAGA Diagnostics 🇸🇪 for €504M.
  • Uber 🇺🇸 invests in HysetCo 🇫🇷 through a convertible loan to support hydrogen mobility development.
  • Hitachi 🇯🇵 acquires Arcelik 🇹🇷’s 60% stake in a home appliance JV for $260M.
  • Tamatem 🇹🇷 acquires Playable Factory 🇹🇷.

🧳 Private Markets & VC

  • 🇫🇷 Cycle of Abuse. Meal delivery giants Deliveroo 🇬🇧 and Uber Eats 🇺🇸 face criminal complaints in France for allegedly exploiting vulnerable, largely immigrant riders. (Le Figaro)
  • 🇸🇪 Plugged Out. EQT blames new AI plug-ins for spooking software investors, warning that private equity exits in the sector will be put on ice. (Financial Times)
  • 🇪🇺 Chat à la Carte. OpenAI appoints former Airbnb EMEA boss Emmanuel Marill as its first regional chief, betting French leadership can charm regulators and users alike. (Maddyness)
  • 🇺🇸 Rocket and Roll. SpaceX and Tesla are on a collision path, showing that even Musk’s companies cannot avoid a head-on rivalry. (Financial Times)
  • 🇺🇸 Prime Mystery. Jeff Bezos’ stealthy AI startup Project Prometheus is raising $10B at a $38B valuation, with details as elusive as its business model. (Businessinsider)
  • 🇺🇸 Occupy Wallets. SpaceX dials down its Mars ambitions and pivots to A.I. deals, including a $60B Cursorth acquisition, with an I.P.O. in sight. (New York Times)
  • 🇮🇳 Wizard of Fraud. Indian authorities accuse Builder.ai 🇬🇧 founder Sachin Dev Duggal of benefiting from millions siphoned from Videocon, as his unicorn’s legacy grows murkier by the day. (Financial Times)

Fundraising

  • Vast Data 🇺🇸 (AI): $1B (Drive Capital, Access Industries, Nvidia, Fidelity Management and Research Co., NEA)
  • Zeller 🇦🇺 (Fintech): $1B
  • Blue Energy 🇦🇺 (Energy): $380M
  • Veradermics 🇺🇸 (Healthcare): $256M
  • Reliable Robotics Corporation 🇺🇸 (Aerospace): $160M
  • Ray Therapeutics 🇺🇸 (Biotech): $125M
  • AcuityMD 🇺🇸 (Medtech): $80M
  • Point2 Technology 🇺🇸 (AI): $76M
  • Wayve 🇬🇧 (Mobility): $60M (AMD, Arm, Qualcomm Ventures)
  • Storm Therapeutics 🇬🇧 (Biotech): $56M (M Ventures, Pfizer Ventures, Taiho Ventures LLC, IP Group, UTokyo IPC, Fast Track Initiative)
  • Courier Health 🇺🇸 (Biopharma): $50M (Oak HC/FT, Norwest, Work-Bench)
  • NeoCognition 🇺🇸 (AI): $40M (Cambium Capital, Walden Catalyst Ventures)
  • Afresh 🇺🇸 (AI): $34M (Just Climate, High Sage Ventures)
  • ATMOS Space Cargo 🇪🇺 (Aerospace): €25.7M (Balnord, Expansion, Keen Defence and Security, European Innovation Council, OTB Ventures, High-Tech Gründerfonds, APEX Ventures, Seraphim, Faber, E2MC, Kirch Ventures, Lennertz & Co., Mätch VC, MBG Baden-Württemberg, Tech Horizons)
  • Humble 🇺🇸 (Mobility): $24M
  • Collov 🇺🇸 (AI): $23M
  • Mosaic 🇺🇸 (AI): $18M
  • spektr 🇩🇰 (Fintech): €17M (NEA, Northzone, Seedcamp, PSV Tech)
  • Amperos Health 🇺🇸 (Healthcare): $16M (Bessemer Venture Partners, Uncork Capital, Neo)
  • Kelluu 🇫🇮 (Deeptech): €15M
  • OrangeQS 🇳🇱 (Quantum): €15M
  • Shade 🇺🇸 (Cloud Storage): $14M (Khosla Ventures, Construct Capital, Bling Capital)
  • Exergy3 🇬🇧 (Clean-tech): €11.5M (Axeleo Capital, Bayern Kapital, Kibo Invest, Scottish Enterprise, Zero Carbon Capital, Old College Capital)
  • VisioLab 🇩🇪 (Retail Tech): $11M (eCAPITAL Entrepreneurial Partners, Simon Capital, High-Tech Gründerfonds, zwei.7, Heartfelt)
  • Ideally 🇺🇸 (Market Research): $10M
  • Health Net 🇺🇸 (Healthcare): $10M
  • Smart Robotics 🇳🇱 (Robotics): €10M (Rotterdamse Havendraken, Innovation Industries, Ernij Next)
  • GRAI 🇺🇸 (Music Tech): $9M (Khosla Ventures, Inovo VC)
  • Seapoint Finance 🇮🇪 (Fintech): €7.5M (13books, Frontline Ventures, Tapestry VC)
  • Alesi Surgical 🇬🇧 (Surgical tech): £7M (IW Capital, IP Group, Mercia Ventures)
  • Schematic 🇺🇸 (SaaS): $6.5M (S3 Ventures, MHS Capital, Active Capital, NextView Ventures, Ritual Capital)
  • Shorta 🇺🇸 (Media): $6M (Vercel, Auth0)
  • HOOTL 🇺🇸 (Tech): $6M+
  • Firenze 🇬🇧 (Fintech): £6M (AlbionVC, Outward VC, Form Ventures)
  • Lua 🇮🇪 (AI): $5.8M (Norrsken22, Flourish Ventures, 20VC, P1 Ventures, Phosphor Capital, Y Combinator)
  • Stendr 🇳🇴 (AI): $5.4M
  • &Charge 🇩🇪 (Mobility): €5M (Warsaw Equity Group, Porsche Ventures, InnoEnergy, Redstone)
  • Bubble Robotics 🇬🇧 (Robotics): $5M (Episode1 Ventures, Asterion Ventures, Norrsken Evolve)
  • Finnish Proteins.1 🇫🇮 (Biotech): €4.7M
  • Clean Food Group 🇬🇧 (Biotech): £4.5M (Clean Growth Fund, New Agrarian)
  • Realm 🇫🇮 (Tech): $4.5M (Frontline Ventures, HubSpot Ventures, Cal Henderson, Alex Bouaziz)
  • BigBuy 🇪🇸 (E-commerce): €4M (Zamit Capital, GVC Gaesco Alternative Investments)
  • Axomove 🇫🇷 (Healthcare): €4M (Go Capital, Fonds Prévention Numérique de Bpifrance, Inco Ventures, Faraday Venture Partners)
  • Flare 🇩🇰 (Tech): €3.6M (Byfounders, 20Growth)
  • inploi 🇬🇧 (Talent Tech): €3.4M
  • Openlaw 🇩🇪 (LegalTech): $3.3M (Jawed Karim, Moonfire Ventures)
  • SPiNE 🇩🇪 (Clean Energy): €3M (BayBG Venture Capital, Smart Energy Innovation Fund, VERBUND X Ventures, Bayern Kapital, Scrape Ventures, Superangels)
  • Modern Relay 🇪🇸 🇺🇸 (AI): €3M (Point Nine, Emerge, Amino Collective)
  • Lumnion 🇹🇷 (Insurtech): $2.5M (Sabancı Holding, StartersHub, OBSS Teknoloji, Vakıf Katılım, Kuveyt Türk Portföy, Maxis Girişim, Yüzüncü Yıl Fonu, İTÜ ARI Teknokent, Re-Pie, Sharks & Partners)
  • brainjo 🇩🇪 (Digital Health): €2M (High-Tech Gründerfonds, Andreas Weinhut, better ventures)
  • Linexa 🇩🇪 (Manufacturing): €2M (Project A, angel investors)
  • Sapient Perception 🇩🇰 (Drones): €2M
  • Outcraft AI 🇱🇹 (AI): €2M
  • Spacebackend 🇪🇸 (Aerospace): €1.8M (Bynd Venture Capital, Athos Capital, Draper B1)
  • Traza 🇪🇸 (AI): €1.8M (Base10, Kfund)
  • urfuture 🇬🇧 (HR tech): £1.7M
  • Vox Talk 🇮🇪 (AI): €1.35M (Delta Partners, Act Venture Capital, Enterprise Ireland)
  • GuruSup 🇪🇸 (SaaS): €1.3M (4Founders Capital)
  • StirLight 🇬🇧 (Manufacturing): £1.25M
  • ScrapAd 🇫🇷 (AI): €1.1M
  • BlueWalker Capital 🇪🇸 (Finance): $1M (Halo Capital, Wouter Gort, Hummingbird Ventures)
  • Bel Community 🇫🇷 (Edtech): €800K
  • The Little Loop 🇬🇧 (Fashion): £750k (The FSE Group’s growth fund, FSE’s Business Angel Network)
  • Zynt 🇵🇱 (B2B): $0.5M (24Ventures, several angel investors)
  • nureo 🇨🇭 (Engineering): €163K
  • Goldwise 🇬🇧 (Fintech): £505,000 (Wales Angel Co-Fund, Angels Invest Wales, syndicate of business angels)

Fund Watch

  • EQT 🇪🇺: $15B (9th APAC PE fund)
  • VBL 🇩🇪: $8.2B
  • Cerberus Capital Management 🇺🇸: $2.3B
  • Forge Nano 🇺🇸: $1.6B
  • Hillhouse 🇨🇳: $1.5B (growth fund, seeking capital)
  • UK Government 🇬🇧: £500M (Sovereign AI fund, investment in UK AI)
  • Baird Capital 🇺🇸: $450M (3rd lower MM PE fund)
  • Japanet Holdings 🇯🇵: $200M
  • Spanish Government 🇪🇸: $200M (VC/PE fund for biotech development)
  • British Business Bank 🇬🇧: £100M (largest commitment, health tech fund)
  • Always Summer 🇸🇪: €90M
  • Kemel Kharbachi 🇪🇸: €85M (aerospace fund, target by 2028)
  • DFF Ventures 🇳🇱: €70M (3rd fund, pre-Seed VC for software & AI)
  • Passion Capital 🇬🇧: $55M (4th Seed fund, targeting AI and FinTech startups)
  • UK Government 🇬🇧: £50M
  • British Business Bank 🇬🇧: £35M (Fund IV, early-stage VC for AI and deeptech)
  • Crowpire 🇪🇺: €11.5M (investment vehicle, real estate crowdfunding)
  • Enzo Ventures 🇺🇸: (currently fundraising for fund II, plans in progress)

🔔IPO

  • Silex 🇸🇪 (Semiconductors): aiming for a Stockholm IPO with a valuation of nearly 9 billion SEK.
  • Wise 🇪🇪 (Fintech): plans to relocate its primary listing to the US, targeting a Nasdaq debut on May 11, 2026.
  • Associated British Foods 🇬🇧 (Retail): will spin off budget fashion chain Primark from its $17B listing.
  • Boots 🇬🇧 (Pharmacy): planning a London IPO in 2027 following a $23B LBO by Sycamore Partners.
  • UBS 🇨🇭 (Banking): proposed to increase capital by $20bn amid new regulations following the Credit Suisse collapse.
  • National Healthcare Properties 🇺🇸 (REIT): raised $462M in an IPO priced below the marketed range.
  • Tailored Brands 🇺🇸 (Retail): filed confidentially for an IPO six years post-bankruptcy.
  • Victory Giant 🇨🇳 (Electronics): surged 50% in its trading debut after raising $2.6B in Hong Kong’s biggest IPO in seven months.
  • PixVerse 🇨🇳 (AI): considering a Hong Kong IPO backed by Alibaba.
  • Inox Clean Energy 🇮🇳 (Energy): revived plans for a $1B IPO India.
  • Dar Al Balad Business Solutions 🇸🇦 (IT Services): proceeding with a $75M Saudi IPO despite Iran disruptions.

🧳 Debt

  • Equisolar 🇫🇷: secured over €20M in senior financing for a portfolio of 70 rooftop solar projects in Northern France.
  • Groupe Partouche 🇫🇷: émis un emprunt obligataire EuroPP de 37M€ pour anticiper le refinancement de sa dette existante.
  • Estée Lauder 🇺🇸: JPMorgan leads a $6B debt package for a potential $40B merger with Puig Brands.
  • Core Scientific 🇺🇸: planning a $3.3B junk debt sale to fund AI infrastructure.
  • Switch 🇺🇸: raised $2.6B in bank debt to fund electricity power.
  • Mercuria 🇺🇸: seeking over $200M in financing in Asia.
  • Sotheby’s 🇺🇸: raised $100M in asset-backed financing from KKR.
  • TuHURA Biosciences 🇺🇸: secured a $50M credit facility to support its cancer therapy pipeline.
  • Canyon Partners Real Estate 🇺🇸: provided a $123.8M senior loan for a Class-A residential community in Miami.
  • SoftBank 🇯🇵: seeking a $10B loan backed by its shares in OpenAI.
  • MTR 🇭🇰: raised $2.4B in its first-ever Hong Kong dollar public bond sale.
  • AirAsia Aviation 🇲🇾: seeking to raise $230M in private credit backed by ticket sales.
  • Thailand 🇹🇭: plans to unlock $30B in bond sales for stimulus measures.

❌ Failures

  • Cabasse 🇫🇷: the luxury audio company entered judicial liquidation on April 20, 2026, after failing to submit a recovery plan, leading to significant losses for creditors and shareholders.
  • Lufthansa 🇩🇪: the airline will cut 20,000 flights over six months to save 40,000 metric tons of jet fuel amid surging prices.
  • Epidemic Sound 🇸🇪: the company plans to cut 150 jobs following a previous reduction of 50, amid a reported loss of over 400 million SEK in 2024.
  • Electrolux 🇸🇪: the company will incur a $65M restructuring charge due to the closure of its Jaszbereny factory in Hungary by the end of 2026.
  • Jolidon International 🇷🇴: the famous Romanian lingerie brand has entered insolvency again, reporting a loss of approximately 750,000 lei in 2024 and total debts of 29.17 million lei.
  • Saastock 🇪🇺: after 10 years of operation, Europe’s largest SaaS event has shut down due to declining investor interest amidst the AI boom.
  • Lone Star Funds 🇺🇸: the private equity firm took over a San Francisco office tower after no bids in an auction, previously valued at $230M.
  • Spirit Airlines 🇺🇸: the government is considering a bailout for the bankrupt airline but prefers finding a buyer instead.
  • Banco de Brasilia 🇧🇷: agreed to create an investment fund with Quadra Capital to transfer $3B in assets linked to failed Banco Master.
  • China Vanke 🇨🇳: the distressed developer secured creditor backing to extend payments on a $300M yuan bond by one year.

🎯 For a Few More Minutes…

  • 🇫🇷 Case Closed. French customs at Roissy airport ramp up searches as passengers try to sneak pangolin, bat, and porcupine meat through in their luggage. (Le Parisien)
  • 🇫🇷 Hotline Bling. France’s anonymous Stop hotline lets people attracted to children call in for help before acting, logging over 4,000 calls in 2025. (Libé)
  • 🇫🇷 Back to the Stacks. Despite launching Horses, Patti Smith imagined a quiet life among books rather than rock stardom. (Libé)
  • 🇫🇷 String Theory. An association claims a $10M Stradivarius stolen by Nazis in 1944 resurfaced at a Colmar concert, though organizers deny it is the missing violin. (Libé)
  • 🇳🇱 Lost and Founders. A Dutch government panel unveils a new plan for handling “orphaned” Nazi-looted art, aiming to resolve the fate of works with no known heirs. (New York Times)
  • 🇫🇮 Skywriting Wrongs. Finnish Air Force trainee pilots have been disciplined after their flight paths drew penis shapes in the sky, delighting FlightRadar24 users and disappointing their commanders. (Le Parisien)
  • 🇲🇩 Capital Punishment. Vlad Plahotniuc, once the capital’s kingmaker, is hit with 19 years in jail for pocketing millions from Moldova’s $1B banking collapse. (BBC)
  • 🇰🇪 Ghost Writers. Kenyan “chatters” operate multiple OnlyFans accounts at once, selling intimacy that isn’t theirs, all for a fraction of the profits. (Le Monde)

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