🎬 Pass the Popcorn

🗞️ Top Story

• 🇮🇹 Known Unknown. Italian authorities say Salim El Koudri, who injured eight in a Modena car attack, shows no ties to terrorist groups after investigation. (Boursier)
• 🇪🇸 Left Behind. The Socialists, led by Pedro Sánchez, slump to a historic low in Andalusia while the right celebrates and the far-right gains leverage. (Le Temps)
• 🇬🇷 Party Line. Alexis Tsipras, former Syriza leader and radical left icon, will unveil a new political party on May 26, hoping Greece is ready for another round. (Le Figaro)
• 🇭🇺 Shred Alert. Péter Magyar announces legal action against Orbán’s previous government, claiming 15 to 20 bags of shredded files may reveal state fund abuse and illegal party financing. (Spiegel)
• 🇸🇮 Return Policy. Nationalist leader Janez Jansa strikes a coalition agreement to reclaim Slovenia’s top job, with pledges to restore conservative traditions and silence political NGOs. (France Info)
• 🇺🇸 War and Peace Talks. Trump confirmed plans for another assault on Iran, then halted them after Gulf allies intervened, leaving both war and diplomacy in limbo. (New York Times)
• 🇺🇸 Background Check. Two armed teenagers attacked San Diego’s main mosque, killing three people before taking their own lives, as police investigate a possible hate crime. (El Pais)
• 🇧🇴 Crisis Capital. La Paz is severed from the rest of Bolivia by barricades as President Paz’s government confronts a wave of unrest fueled by economic meltdown. (Le Monde)
• 🇬🇹 Mandate Expired. After weeks of suspense, Maria Consuelo Porras exits as Guatemala’s top prosecutor, ending a tenure seen as a golden era for the country’s “pact of the corrupt.” (Le Monde)
• 🇨🇺 Red Alert. President Diaz-Canel insists Cuba has a « legitimate » right to defend itself, promising dire consequences if the US launches an attack. (Le Temps)
• 🇨🇳 Fortune Cookie. During talks with Trump, Xi Jinping suggested Putin may regret invading Ukraine, serving up rare public skepticism just before welcoming him to China. (Financial Times)
• 🇵🇭 Veep Stakes. Sara Duterte, daughter of ex-president Rodrigo Duterte, stands trial in the Senate, risking political exile if convicted of corruption and public fund diversion. (Boursier)
• 🇵🇰 Kingdom Come. Pakistan deploys soldiers and aircraft to Saudi Arabia, giving the kingdom extra muscle and making its alliance visibly concrete. (Bloomberg)
• 🇮🇱 Fleet Streeted. The Global Sumud Flotilla, carrying activists and supplies, found its journey to Gaza cut short by the Israeli navy, whose idea of border control now includes the Mediterranean. (El Pais)
• 🇮🇷 Crude Awakening. Shidvar Island, a pristine Persian Gulf reserve, is now streaked with oil as videos show wildlife trapped in tar and clear waters clouded. (New York Times)

• 🇬🇧 Tube Unblocked. London Underground drivers have suspended their two-day strike at the last minute, leaving travelers to face only the usual delays this week. (The Guardian)
• 🇬🇧 Ctrl+Brexit. Labour’s Wes Streeting wants to see the UK back in the EU, but reversing that download may require more than a quick reset. (The Guardian)
• 🇬🇧 Gift Receipt. Nigel Farage faces scrutiny after records show his « I’m a Celebrity » fee stayed in his company, while a £5M gift from Christopher Harborne went undeclared in Parliament. (Financial Times)
• 🇬🇧 Red Lines, Blue Faces. Labour deputy David Lammy says the party’s public Brexit brawls could see Reform UK and Farage walk into office without breaking a sweat. (Financial Times)

• 🇺🇸 Norms and Storms. Pete Hegseth ditched Pentagon protocol to back Ed Gallrein against Rep. Massie, making military neutrality look positively optional this campaign season. (New York Times)
• 🇺🇸 War and Piece. Most Americans say Trump’s Iran war was not worth the cost, dragging his approval to a new low and darkening GOP prospects for midterms. (New York Times)

🏛️ Economy

• 🇪🇺 Metal Detector. G7 finance ministers gather in Paris to plot funding strategies for critical metals independence, hoping to dig themselves out of China’s supply grip. (Le Journal des Entreprises)
• 🇪🇺 Barrel Scraper. European oil inventories are running dry faster than expected, say strategists, with shortages now possible in just weeks. (Cnbc)
• 🇺🇸 Peak Interest. Treasury yields are approaching their highest levels since 2007, drawing some investors and scaring others out of the market entirely. (Bloomberg)
• 🇯🇵 Rising Sun, Rising GDP. Japan’s economy grew 0,5% in Q1, helped by massive stimulus and stronger exports, outpacing Bloomberg’s 0,4% prediction. (Le Figaro)

• 🇬🇧 Dock and Roll. Belfast Harbour plans a £1.3B investment to expand quays, modernize terminals, and boost cruise ship traffic, citing strong economic tailwinds. (The Guardian)
• 🇬🇧 Youth Idle. Only half of young people in the UK have paid jobs, according to the Institute for Fiscal Studies, raising alarms about the future workforce. (Bloomberg)
• 🇬🇧 Gilt Trip. The IMF tells the UK to keep borrowing in check as Keir Starmer faces leadership drama and bond markets watch nervously. (The Guardian)
• 🇬🇧 Pitch Invoice. West Ham’s looming relegation threatens to cost Londoners £2.5M a year, as a sweet lease deal cuts their rent in half. Taxpayers are now accidental Hammers supporters. (BBC)

• 🇺🇸 Damage Control. The Justice Department set up an unprecedented $1.8B fund to compensate alleged victims of government legal abuse, as Trump drops lawsuits against his own administration. (Wall Street Journal)
• 🇺🇸 Odds and Ends. Senators Britt and Blumenthal propose federal legislation to end the flood of gambling ads directed at minors on social media, betting on bipartisan support. (Wall Street Journal)

🏢 Real Estate

• 🇬🇧 Crown Estates. Prince William will sell 20% of the Duchy of Cornwall’s property portfolio to fund affordable housing and community projects, raising £500M over 10 years. (BBC)
• 🇫🇷 Colonnade Upgrade. STUDIOS Architecture and Selldorf Architects win the contest to reimagine the Louvre, promising a grand entrance and a 33,000-square-foot Mona Lisa room for $1.2B and a few headaches. (New York Times)

• 🇺🇸 Raising the Roof. homebuilders reported improved sentiment in May, climbing three points as new demand offered a temporary break from housing market gloom. (Cnbc)

🔗 On-chain

• 🇦🇺 Token Gesture. The Reserve Bank of Australia moves past pilot projects by laying out a roadmap to commercialize tokenized asset markets, turning experiments into real infrastructure. (FinExtra)

💱 Listed Markets

• 🇩🇪 Milk It Quietly. Nestlé 🇨🇭 removed tainted baby formula from German and Austrian stores through discreet withdrawals, sidestepping public alerts and raising questions about food safety transparency. (France Info)
• 🇪🇺 Model Citizens. Ford 🇺🇸 will launch seven new vehicles in Europe by 2029, including five brand-new cars designed and built for European drivers. Ford’s commitment to the continent just got a full upgrade. (Le Figaro)
• 🇺🇸 Cloud Control. Google and Blackstone are launching a new AI cloud company with $5B in equity, giving Blackstone majority ownership and plenty of say. (Wall Street Journal)
• 🇺🇸 Prime Exit. Berkshire Hathaway sold its Amazon, Mastercard, and Visa shares this quarter, but more than tripled its Alphabet position, betting bigger on Google’s future. (Boursier)
• 🇨🇦 Charged Crossing. Nissan is preparing to export its Chinese-assembled electric vehicles to Canada, testing both trade routes and political patience. (Bloomberg)

• 🇪🇺 Jet Set, Not Yet. Ryanair claims its jet fuel supplies are secure for summer, but hints that last-minute holidaymakers will pay a premium. (The Guardian)

🛎️ Big Deals (M&A)

• Anglo American 🇬🇧 sells steelmaking coal assets in Australia to Dhilmar 🇦🇺 for up to $3.875B, including $2.3B upfront.
• Whitbread 🇬🇧 faces pressure from investor Corvex Management 🇺🇸 to consider a sale amid poor performance.
• Anglo American 🇬🇧 to sell its Australian coal mine for up to $3.88B.
• Prudential 🇬🇧 acquires a 75% stake in Bharti Life Insurance Company 🇮🇳 for $365M.
• BT 🇬🇧 is reviving talks with AT&T 🇺🇸, Orange 🇫🇷, and Verizon 🇺🇸 for a potential sale or partnership of its struggling international business.
• Groupe M 🇫🇷 acquires Laker Vent Engineering Limited 🇬🇧 for €56M.
• Publicis Groupe 🇫🇷 acquires LiveRamp 🇺🇸 in a $2.2B cash deal.
• Commerzbank 🇩🇪 officially rejects UniCredit 🇮🇹’s €39B merger offer.
• Overgie 🇪🇸 acquires Berrly 🇪🇸, a Barcelona-based CRM startup, to integrate customer management technology into its platform.
• Factorial 🇪🇸 acquires YepCode 🇪🇸, a developer-first platform for AI-powered integrations.
• Norse Atlantic 🇳🇴 seeks to launch a sale with a valuation of $1.2B, including debt.
• Anthropic 🇺🇸 acquires Stainless 🇺🇸, a startup known for its software widely used by major AI labs, for over $300M.
• Merck 🇺🇸 eyes $6B in a seven-part bond sale for a deal involving Terns Pharmaceuticals 🇺🇸.
• NextEra Energy 🇺🇸 is in talks to acquire Dominion Energy 🇺🇸 in a $66B mostly stock deal.
• Blackstone 🇺🇸 and CD&R 🇺🇸 explore bids for Magnum Ice Cream 🇬🇧, valued at $10B, following its spin-out from Unilever.
• KKR 🇺🇸 is exploring a $3B sale of The Bay Club Company 🇺🇸, a West Coast membership clubs operator.
• WHP Global 🇺🇸 and G-III Apparel Group 🇺🇸 to acquire fashion label Marc Jacobs 🇺🇸 from LVMH 🇫🇷 for $850M.
• Thoma Bravo 🇺🇸 is exploring a $750M sale of its 55% stake in Command Alkon 🇺🇸, a construction software maker.
• Entrepreneur Equity Partners 🇺🇸 is looking to buy minority stakes in European soccer clubs, including Benfica 🇵🇹, following a recent deal with Venezia FC 🇮🇹.
• Neuberger Berman 🇺🇸 acquires Schroders 🇬🇧’ wholly-owned China fund unit.
• Uber 🇺🇸 increases its stake in Delivery Hero 🇩🇪 to 19.5% and holds 5.6% in options.
• Providence Equity Partners 🇺🇸 competes to acquire Gamma Communications 🇬🇧, a $1.2B UK-listed telecom services company.
• Aegea 🇧🇷 is raising $1B in fresh capital from shareholders to support a bid for state-owned utility Copasa 🇧🇷.
• SHEIN 🇨🇳 acquires Everlane 🇺🇸 from LVMH 🇫🇷 for $100M.
• Iren 🇦🇺 acquires Nostrum Group 🇪🇸 for €165M, marking its entry into the European market.
• Saudi Aramco 🇸🇦 looking to raise $35B via asset sales to PE firms.

🧳 Private Markets & VC

• 🇬🇧 Minor Threat. MFS, a relatively small UK lender, has triggered outsized anxiety among US credit giants worried about systemic contagion from structured debt. (Cnbc)
• 🇪🇺 Independence Daydream. As Brussels touts new “sovereignty” rules, Synthesia 🇬🇧 claims the EU’s plan to protect tech could end up hurting its own AI stars. (Sifted)
• 🇪🇺 Lobby Baby. Six European chip startups form their own lobby group to counter the influence of semiconductor giants in Brussels, aiming for a bigger piece of the EU’s funding pie. (Sifted)
• 🇺🇸 Jury Duty Free. A jury quickly tossed Elon Musk’s lawsuit accusing OpenAI of betraying its nonprofit roots, clearing the way for an OpenAI IPO and leaving Musk to fume on X. (Wall Street Journal)
• 🇺🇸 OpenAIrony. Elon Musk accused OpenAI and Sam Altman of “stealing a charity,” but the only thing lost was his $150B claim (dismissed for tardiness). (New York Times)
• 🇺🇸 Ship Happens. By pivoting from AI to oil tankers, hedge fund Engineers Gate left its competitors adrift, delivering standout returns with old-school cargo. (Bloomberg)

• 🇺🇸 Prints of Darkness. Hackers breached NYC Health + Hospitals and stole data on 1.8M people, including fingerprints and medical records, in a months-long cyberattack. The hospital’s silence on why it kept biometric data is almost as alarming as the breach itself. (TechCrunch)

Fundraising

• Anduril 🇺🇸 (Defense): $5B (Thrive Capital, Andreessen Horowitz)
• Gradiant 🇺🇸 (Water): $2B (Safar Partners, Hostplus Superannuation Fund, ClearVision Ventures)
• VoltaGrid 🇺🇸 (Energy): $1B (Blackstone Tactical Opportunities, Halliburton)
• Sarvam AI 🇮🇳 (AI): $300M
• Rapido 🇮🇳 (Mobility): $240M
• Destinus 🇳🇱 (Aerospace): $235M
• Full-Life Technologies 🇨🇳 (Healthcare): $150M (Vivo Capital, SK Biopharmaceuticals Co., Ltd., Chengwei Capital, HSG, Junson Capital, Yunion, Plaisance, Sky9 Capital, TSG Capital)
• EOS X Space 🇪🇸 (Tourism): $140M
• Exaforce 🇺🇸 (AI): $125M (HarbourVest, Peak XV, Mayfield, Khosla Ventures, Seligman Ventures, AICONIC)
• Havoc 🇺🇸 (Autonomy): $100M (CCM Capital Markets, Clear Street LLC, Cobalt Capital, Boardman Bay Capital Management, Meet Perry, Mute Ventures, Soren Ventures, SAIC, JA Green, Outlander VC, Scout VC, B Capital, Lockheed Martin, Taiwania Capital, UP.Partners, The Veteran Fund, Vanderbilt University)
• Sigma 🇺🇸 (AI): $80M (Princeville Capital, Databricks Ventures, ServiceNow Ventures, Workday Ventures, Altimeter Capital, Avenir Growth Capital, D1 Capital Partners, K5 Global, NewView Capital, Spark Capital, Sutter Hill Ventures, XN)
• GridCARE 🇺🇸 (AI): $64M (Sutter Hill Ventures, John Doerr, National Grid Partners, Future Energy Ventures, Emerson Collective, Stanford University, Xora, Aina Ventures, Overture, Acclimate Ventures, Clearvision Ventures)
• Lexroom 🇮🇹 (Legal Tech): $50M (Left Lane Capital, Base10 Partners, Eurazeo, Acurio Ventures, Entourage, View Different)
• Accro Bioscience 🇺🇸 (Biotech): $50M (OrbiMed, TCG Crossover, LAV, Cenova Capital, Shenzhen Capital Group, Oriza Holdings)
• Dust 🇫🇷 (AI): $40M (Sequoia, Abstract, Datadog, Snowflake)
• Bunch 🇩🇪 (Fintech): $35M
• Tomorrow.io 🇺🇸 (AI): $35M (Pitango, Harel Insurance)
• Fundamental Research Labs 🇺🇸 (AI): $33M
• Embat 🇪🇸 (Fintech): €30M
• Nord Quantique 🇨🇦 (Quantum Computing): $30M
• Universal DX 🇪🇸 (Healthcare): €29.9M
• Scope 🇬🇧 (AI): $20M
• Arkeus 🇦🇺 (Defense): $18M
• Blink 🇺🇸 (HR Tech): $17M
• Searchable 🇺🇸 (AI): $14M
• Vortex Imaging Inc. 🇺🇸 (Healthcare): $12M (10D Ventures, Entrée Capital, Harel T.E.C Partnership, Connecticut Innovations, PhiFund Ventures)
• Kin Health 🇺🇸 (Healthcare): $9M (Maveron, Town Hall Ventures, Eniac Ventures, Flex Capital, Foundry Square Capital, Pear VC, The Family Fund)
• AEON 🇭🇰 (Fintech): $8M (YZi Labs, IDG Capital, HashKey Capital, Stanford Blockchain Builders Fund, Oak Grove Ventures, SevenX Ventures, Alchemy Ventures, Draper Dragon, Contribution Capital, Uphonest Capital)
• Cala 🇪🇸 (AI): €7M (Lightspeed, Kfund, Kibo Ventures, Masia)
• Dealinka 🇫🇷 (Logistics): €6.5M
• Violet Therapeutics 🇺🇸 (Biotechnology): $4.75M (Lifespan Vision Ventures, Dementia Discovery Fund, UTEC, Ono Venture Investment, Mass General Brigham Ventures)
• Violet Therapeutics 🇺🇸 (Biotech): $4.75M (Lifespan Vision Ventures, Dementia Discovery Fund, UTEC, Ono Venture Investment, Mass General Brigham Ventures)
• Leadbay 🇫🇷 (B2B): $4.3M (Y Combinator, Rebel Fund, Progressive VC, Bright Data Ventures, Inovexus, Roosh Ventures, Station F, Philippe Bouaziz, Alex Bouaziz, Edouard Mascré)
• KD 🇪🇸 (Microelectronics): €3.67M
• Fresh People 🇪🇸 (Talent Management): €2.6M
• Dolfin 🇪🇸 (Sales Tech): $2.5M
• Memorae 🇪🇸 (AI): $2M
• Cigno 🇫🇷 (AI): €1.5M (Lino Finini, Niresh Rajah, Pasha Bakhtiar, Arnaud Denis, Hazem Mulhim)
• Charms 🇪🇸 (Crypto): $1.5M
• DDD Invoices 🇸🇮 (Fintech): €1.31M (Fil Rouge Capital, 500 Global)
• Wio Capital 🇪🇸 (Wealth Management): €1.2M
• Ainovis 🇪🇸 (Healthcare): €680k

Fund Watch

• Michal Strnad 🇨🇿: $12B (new investment firm, targeting acquisitions in Europe and US)
• EQT 🇸🇪: will manage €5B (Scaleup Europe Fund, investing in deeptech startups)
• 1789 Capital 🇺🇸: $3.5B (America-first VC firm, AUM increase)
• HSG 🇨🇳: $3B (CV fund, anchored by ByteDance stake)
• Bain Capital 🇺🇸: $1B
• Lightrock 🇪🇺: $500M (new clean energy fund, Asia and Africa-focused)
• CRB Health Tech 🇪🇸: €50M (3rd fund, CRB Digital Health, targeting digital health startups)
• Cabify 🇪🇸: €20M
• Talenta Gestión 🇪🇸: $10M (Mastertech Capital IV, fund of funds targeting early-stage tech VC)
• Antai Ventures Management 🇪🇸: €1.65M (The Extension Fund II, VC fund for Spanish startups)

🔔IPO

• Gold by Gold 🇫🇷 (Metals): launching a €1.3M capital increase to establish a new division for physical gold reserves.
• OHB 🇩🇪 (Aerospace): planning a $1.2B share offering backed by KKR.
• Berkshire Hathaway 🇺🇸 (Investments): sold $8B worth of Chevron stock.
• Berkshire Hathaway 🇺🇸 (Investments): acquired a $2.65B stake in Delta Air Lines alongside smaller stakes in Macy’s, Amazon, UnitedHealth, Visa, and Mastercard.
• Pershing Square 🇺🇸 (Finance): built a $2.1B stake in Microsoft shortly after TCI sold its $8B stake.
• Thrive Capital 🇺🇸 (VC): made a rare $100M public investment in Shopify.
• Forbright 🇺🇸 (Banking): filed for an IPO to raise capital for its digital consumer banking operations.
• Erock 🇺🇸 (Power): filed for an IPO as a data center power systems supplier.
• Dexcom 🇺🇸 (Medtech): activist Elliott took a stake in the $24B medical device firm and secured the addition of two independent directors.
• DayOne 🇨🇳 (Data Centers): planning to raise $5B in its first dual IPO in Singapore and New York.
• Mizuho 🇯🇵 (Finance): reducing its stake in Orient from 48% to 34% under pressure from Strategic Capital.
• Hana Bank 🇰🇷 (Finance): acquired a 6.5% stake in crypto exchange Dunamu for $670M.
• TSMC 🇹🇼 (Semiconductors): will sell $850M worth of shares in Vanguard International Semiconductor, reducing its stake from 27% to 19%.
• STT Global Data Centres 🇮🇳 (Data Centers): considering raising $500M at a $5.5B valuation an India IPO.

🧳 Debt

• CNP Assurances 🇫🇷: exercising repayment option on subordinated debt of €75M.
• S&P Global Inc. 🇺🇸: plans to sell $2B in notes ahead of its Mobility unit spinoff.
• Blue Owl Fund 🇺🇸: launched a $400M bond offering.
• Advent 🇺🇸: seeking to sell $1.5B of a $4.9B buyout loan for InPost.
• Innovative Motion Technologies 🇺🇸: secured a new senior credit facility to support its growth and M&A strategy.
• RideNow Group, Inc. 🇺🇸: secured an additional $35M in floorplan financing to boost its credit capacity.
• VinFast 🇻🇳: will sell two factories to reduce $6.9B in debt.
• Goswami Infratech 🇮🇳: talks to raise $1.5B a zero-coupon bond at 18.75% YTM.
• Adani Group 🇮🇳: revived plans for a $1B US-listed dollar bond sale.
• Kenyan Fund Manager 🇰🇪: plans to raise $116M for projects fund.

❌ Failures

• Standard Chartered 🇬🇧: the bank plans to cut about 7,800 jobs, over 15% of back-office roles, by 2030 as it increases AI use.
• Thyssenkrupp 🇩🇪: the company will close its U.S. plant in Terre Haute, Indiana, resulting in the loss of around 230 jobs by March 31, 2024.
• Inter Ikea Group 🇸🇪: the company will cut 850 jobs globally to simplify its organization and save costs, amid a 32% drop in net profit to €1.5 billion for the 2024/25 fiscal year.
• Bitcoin Depot 🇺🇸: the largest operator of crypto ATMs in North America filed for bankruptcy, citing an « unsustainable » business model.
• Apollo 🇺🇸: the company is in exclusive talks to sell its remaining operating business due to liquidity struggles.

🎯 For a Few More Minutes…

• 🇮🇹 Holy Faux. The most famous face from Rome’s “sexy priests” calendar admits he’s no priest at all, just a steward caught in a decades-long masquerade. (Libé)
• 🇪🇸 Hips Don’t Tax. A Spanish court orders the tax authority to refund Shakira over €55M, ruling she was not a fiscal resident in 2011 after all. (Libé)
• 🇪🇺 Smile, You’re Orbiting. The ESA and China’s SMILE satellite launches from Kourou to study how Earth’s magnetic shield fends off solar winds, offering a front-row seat to space weather. (Ouest-France)
• 🇺🇸 Drip Rich. A 1948 Pollock “drip” painting shattered records at $181M, joined by Brancusi’s $108M bronze, as Christie’s auctions soar past $1B. (New York Times)
• 🇺🇸 From MAGA With Love. Donald Trump stars as 00Trump in a White House social media post riffing on James Bond, proving presidential self-parody is a renewable resource. (Spiegel)
• 🇯🇵 Size Matters Not. Kei cars rule Japan with 1.3M sales per year, proving that in Tokyo traffic, smaller really is better. If you never leave the country. (Le Monde)