The top 3 stories from today's briefing, narrated as a short audio episode.
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Briefing Notes
Capital Markets
SK Hynix raises $26.5bn in US market debut in one of the largest equity offerings of 2026
A $26.5bn US debut by a Korean chip maker shows London must compete harder for the world's largest AI-era listings.
M&A
Blue Owl Capital acquires portfolio of 12 UK private hospitals from Malaysia's EPF in £1.3bn deal
Sovereign-to-PE hospital deals create layered work: M&A, real estate, and potential CMA review all run in parallel.
Disputes
Intellectual property specialist Justice Birss named as next Master of the Rolls and head of civil justice in England and Wales
An IP judge leading civil justice signals that English courts expect technology disputes to define the next decade of litigation.
Banking & Finance
US direct-lending volume falls 55% quarter-on-quarter in Q2 2026 even as private credit fundraising rebounds sharply
When fundraising surges but deal flow shrinks, covenant discipline weakens as lenders fight for fewer borrowers.
Regulation
FCA details crackdown on illegal financial promotions and financial crime as enforcement posture sharpens
Simultaneous FCA enforcement on promotions and financial crime means no single compliance function can treat these as separate risks.
Energy & Tech
EU approves new antidumping duties on Chinese car and light truck tyres as trade tensions in the auto supply chain escalate
EU antidumping duties on Chinese tyres force a contractual renegotiation across every supply chain that assumed stable import costs.
International
New global law firm Novara launches with offices in Singapore, Tokyo, London and New York targeting cross-border M&A and ASEAN work
Singapore-anchored boutiques are competing with Magic Circle firms on ASEAN cross-border work by offering partner-led agility at lower cost.
AI & Law
Legal AI governance debate intensifies as commentators argue different AI roles in legal practice require fundamentally different regulatory frameworks
Governing all legal AI identically is like applying the same negligence standard to a stapler and a barrister.