Number of the day

1/3

That’s (almost) the proportion of Tuvalu’s population who just applied for an Australian climate visa, the first of its kind. The Pacific archipelago, home to around 11,000 people, rests just five metres above sea level.

Finance watch

It’s Friday, it’s hot up north, and we don’t want to stand between you and the weekend.  

So let's cut right to the chase: there’s been a lot of intriguing M&A activity we think you oughtta know about (though our titles get progressively worse — the heat’s getting to us):

• Oil me up! Shell and BP keep it low-key 

Fleece vests paused everywhere on Wednesday, after the WSJ claimed British oil giant Shell is now in early talks to acquire its British rival BP.

But in a riveting twist (at least by finance standards?) Shell then denied the reports, labelling them nothing but “market speculation”. And BP’s share price has been on a real trip as a result, soaring 10% on the initial reports then fading on the denial.

But given a) BP’s rough year (losing almost a third of its value over external shocks plus internal missteps), and b) Shell’s record profits, the match-up has logic. 

Still, it's early days, and the latest rumours suggest maybe it’s less a full buyout (the hurdles would be intense), and more a BP split-and-sell to multiple rivals.

Either way, it’s another example of the energy sector consolidating and pivoting as boardrooms hustle to adapt to a complex transition and broader global environment.

• Godzilla smash: Japan crushes it 

Meanwhile, Japan said “hold my Asahi” and notched up $232B in M&A deals in the first half of the year, 3x-ing this time last year. And it might just be getting started. Why? 

It’s a mix of low rates, low valuations (partly a product of Japan’s corporate culture), and an economy relatively well insulated from the outside world.

• Change your tune: China’s new Spotify

Apparently podcasts are a thing now? China’s tech giant Tencent already got the memo, buying one of China’s biggest podcasting startups Ximalaya for ~$2.4B. 

And sure, it’s fascinating to get a window into how podcast culture is evolving in other languages — one local smash-hit is Kou Aizhe’s Story FM, featuring everyday folks telling true stories from China.

But the intriguing thing about this deal is the implication that maybe China’s Big Tech is finally out of President Xi’s political freezer — if Tencent is out there spending again, it must feel safe again. But abroad, the US-China tech war is still taking its toll: just look at the recent merger between local computing players Hygon and Sugon, a sign China’s tech sector is consolidating as external pressure mounts.

• Snack on this! US-EU spat over Pringles?

A US regulator just greenlit the Mars family’s $36B acquisition of Pringles, but EU regulators are investigating whether that’d drive snack prices higher. Europe gotta snack.

Is this a bargaining move by Brussels to build leverage ahead of President Trump’s 9 July tariffs deadline? Perhaps. Or a vivid illustration of the differing antitrust philosophies between a more business-leaning Trump 2.0 and consumer-leaning EU? Definitely. 

Intrigue’s Take

For the second time this week, we’ve rounded up a wild array of tales across distinct markets and sectors, but three big picture observations emerge:

• First, there’s clearly an opportunistic element to this M&A boom — it’s always been a part of the creative destruction at the heart of the free market philosophy.

• But second, we’d argue these M&As are also a barometer for global uncertainty: amid wars, disputes, and disruption, boardrooms are prioritising resilience and scale to hedge against a splintering world.

• And third, these M&A tales also reveal something about cabinet rooms, too: technical topics like competition or energy policy are now getting wielded like cudgels in a broader race for geopolitical influence.

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Meanwhile, elsewhere…

Extra Intrigue

In other worlds…

• Fashion: Anna Wintour is giving up her coveted title of Vogue’s Editor-in-Chief, though she’s ✌️handing the reins✌️ to an underling still reporting to her.

• Museums: London authorities are opening a vast secret network of tunnels to the public, with plans for an underground bar and an intelligence museum.

• Corporates: The administration is ditching the ‘revenge tax’ in president Trump’s ‘One Big Beautiful Bill’, which critics feared could’ve spooked foreign capital.

From our sponsors

Resort of the day

Aaahhhhhhh. Is there anything more relaxing than putting on a dark suit and observing sternly as some guy absolutely launches himself from a yellow water slide?

We might have to ask North Korea’s Kim Jong Un who, after nearly eight years of construction, decided to launch a massive water resort rather than ballistic missiles this week. His special guest? None other than the Russian ambassador to Pyongyang.

Now, before you go jump online to book that weekend girls’ trip to Wonsan, it’s unclear which or even if any foreigners (beyond Russians) will be allowed in. So why build this thing at all? It’s a flex to project internal stability, keep the local elites happy, and deepen alignment with Russia.

Friday Quiz