Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• French Government Collapses – France’s government fell after lawmakers passed a no-confidence vote against Prime Minister François Bayrou, marking President Macron’s second government collapse in under a year and intensifying the country’s political and fiscal turmoil.

• Turkey Eyes Multibillion-Dollar Bridge Deal – Turkey is considering selling operating rights to two iconic Istanbul bridges and a series of highways, a potential multibillion-dollar privatization that would be one of the largest in its history.

• China’s U.S. Shipments Plunge 33% – China’s exports to the U.S. dropped sharply in August, down 33%, dragging overall export growth to a six-month low despite the U.S. remaining China’s largest export market.

• Poland Seeks NATO Talks After Drone Incursion – Poland requested NATO consultations after shooting down Russian drones that crossed into its territory during Moscow’s latest large-scale strike on Ukraine, calling it an “act of aggression.”

• Trump Blocked From Firing Fed Governor – A federal judge blocked President Trump from firing Fed Governor Lisa Cook while a lawsuit over her dismissal proceeds. Trump has been critical of the Fed for not cutting rates faster.

• NASA Blocks Chinese Citizens From Programs – NASA barred Chinese nationals with U.S. visas from working on its projects, escalating U.S.–China tensions over space as both nations race toward lunar milestones.

• Mexico Plans Tariffs on Chinese Goods – Mexico will raise tariffs on Chinese cars, steel, and textiles from 20% to as high as 50%, targeting imports from countries without trade agreements.

• US Producer Prices Fall – Wholesale inflation declined for the first time in four months, reinforcing expectations of Fed rate cuts.

• ECB Signals End to Rate Cuts – ECB kept borrowing costs unchanged; Christine Lagarde said risks are now balanced, suggesting the euro area’s rate-cut cycle may be over.

• Poland Seeks NATO Talks – Poland requested NATO consultations after downing Russian drones that entered its airspace during a major strike on Ukraine.

• US Soybean Farmers Hit Hard – China, usually buying 25% of US soybeans, placed zero orders this season, sparking a crisis for American growers.

• Nadine Menendez Sentenced – Wife of ex-Senator Bob Menendez received 4.5 years in prison for bribery, blaming her husband for masterminding the scheme.

• US Pushes G-7 on Russian Oil – The US is urging allies to impose tariffs up to 100% on China and India for buying Russian oil, as Trump says his patience with Putin is “running out fast.”

Public Markets

• Oracle Jumps on Cloud Outlook – Oracle’s stock soared 30% after projecting $144B in cloud infrastructure revenue by 2030 (up from $10.3B in 2025), despite missing near-term earnings estimates. Deals with Google and OpenAI helped boost sentiment.

• Novo Nordisk Cutting 9,000 Jobs – Wegovy-maker Novo Nordisk announced plans to slash about 11.5% of its global workforce, citing cost pressures. The cuts will cost $1.26B in one-offs but reduce 2025 profit growth forecasts to 4–10%.

• Gold Breaks Record – Gold prices hit an all-time inflation-adjusted high, surpassing levels set in 1980, amid economic uncertainty.

• Opendoor Stock Jumps 78% – Shares surged after naming ex-Shopify executive Kaz Nejatian as CEO and welcoming back co-founder Keith Rabois.

• Apple Falls Post-Launch – Apple shares sank 1.5% after its new product event.

• Gemini IPO Pops – Gemini, the crypto exchange founded by the Winklevoss twins, surged 14% in its Nasdaq debut after raising $425M.

• AI Translation Race – Apple, Google, and Meta are racing to perfect “universal translator” devices, with Apple spotlighting real-time translation in its new $250 AirPods Pro 3.

• Amazon & Google Probed – The FTC launched an investigation into whether Amazon and Google misled advertisers in online search ad placements.

Real Estate & Private Equity

• Turkey Privatization Push – Alongside bridges, Turkey’s privatization agency is also seeking proposals from investment banks for a broader infrastructure divestment, signaling urgency in raising funds.

• Nuclear Renaissance Gains Momentum – Investors are pouring into nuclear power as a reliable 24/7 clean energy source. Investments in the nuclear value chain are projected to hit $2.2T by 2025, with national security and global power dynamics driving urgency.

• NYC Developers Skirt Wage Rules – Developers in New York are increasingly building projects capped at 99 units to avoid wage requirements tied to a new tax program, reshaping construction planning.

• California Boosts Wildfire Fund – State lawmakers agreed to add $18B to its wildfire utility fund over the next two years.

M&A, IPO’s, Bankruptcies

• Anglo American Nears Teck Deal – Anglo American is close to acquiring Canada’s Teck Resources in what could be the largest mining deal in over a decade, with a transaction potentially announced soon.

• Starlink in Talks for EchoStar Spectrum – SpaceX’s Starlink is in advanced talks to buy wireless spectrum from EchoStar, a deal that would strengthen its satellite communications capabilities.

• Bending Spoons Acquires Vimeo – App developer Bending Spoons agreed to acquire video platform Vimeo for $1.38B in cash, pending stockholder and regulatory approval.

• ASML Invests in Mistral AI – Dutch chip giant ASML is investing €1.3B in France’s Mistral AI, becoming its largest shareholder and bolstering Europe’s push to compete with U.S. and Chinese AI players.

• Klarna IPO Pops on NYSE Debut – Buy-now-pay-later giant Klarna priced its IPO at $40 per share, valuing the firm at $15B, above expectations. Shares surged 15% on debut, joining a wave of major tech listings this year.

• Paramount Skydance Prepares Warner Bid – Backed by the Ellison family, Skydance is preparing a cash-heavy offer for Warner Bros. Discovery.

• Tricolor Bankruptcy – Subprime auto lender Tricolor Holdings, focused on undocumented immigrants, filed for liquidation amid alleged fraud and lender write-downs.