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Intertek set to agree £10.6bn takeover by private equity group EQT

Sweden-based buyout firm made ‘final’ offer of £60 a share for UK company

Defence tech start-up Anduril doubles valuation to over $60bn

Peter Thiel-backed company raises $5bn as the US administration turns to smaller players for latest military kit

Starmer to meet Streeting as he clings to power

Prime minister will meet potential leadership rival ahead of King’s Speech

Transcript: Why money is the biggest shared hallucination in human history

Gillian Tett and Robin Wigglesworth talk to macroeconomist and author Felix Martin

India more than doubles tariffs on gold imports

The government wants to curb non-essential imports to protect the rupee

Bank stocks under pressure after Australia targets property investors

Commonwealth Bank slides 10 per cent amid budget changes and darkening economic outlook

FTAV’s further reading

Denethor’s tomato scene immortalised in plastic bricks; Polymarket’s odds calculated; America’s ailments diagnosed; Schliemann’s legacy destroyed;

Rich northern states demand strict rule-of-law conditions for next EU budget

Also in this newsletter: EU edges closer to a social media ban for children

Miami got NYC’s billionaires. Will it get their businesses?

Wall Street South vs Wall Street North

Letter: A mistake markets make when they value software groups

From Neil Lawrence, DeepMind Professor of Machine Learning, University of Cambridge; Chair, ai@cam, Cambridge, UK

Letter: Carbon impact of turning US farms back to prairie

From Craig Sams, Executive Chairman, Carbon Gold, Hastings, East Sussex, UK

Letter: Dollar-denominated debt didn’t help the Mexicans

From Henry Ma, Manila, Philippines

Letter: Reasons to question an original hypothesis

From David Crook, CEO, Tail Wind Advisory & Management, London WC2, UK

Letter: Northern Ireland electoral maths adds a further twist

From Robert Gibson, Milngavie, East Dunbartonshire, UK

Letter: Any move to PR must be put to a referendum

From Charles Mercey, Tellisford, Somerset, UK

Letter: Ruminating on wealth and favour — and the afterlife

From Jon Johannessen, Venice, CA, US

Letter: Here’s a plan to get HS2 back on the right track

From Chris Gibb, Former COO, Virgin Trains, Board Member Network Rail and DfT Operator, Harbury, Warwickshire, UK

FirstFT: Starmer battles to stay in power

Also in today’s newsletter: global construction stalls and Europe’s AI winners

BoE chief economist becomes an outlier on the Monetary Policy Committee

Huw Pill no longer speaks for the collective position of mainstream views in the BoE

This series features conversations between FT journalists and the technology industry’s leaders, innovators, and thinkers. In the latest instalment, Amazon’s Panos Panay, the head of the group’s device unit talks about the hardware push that follows Alexa+

MSCI to cut some of Indonesia’s biggest companies from global indices

Tycoon-owned Barito Renewables and Chandra Asri among stocks to be removed from Global Standard Index

Correction: Heard and McDonald Islands

The islands hit by Donald Trump with a tariff were the Heard and McDonald Islands, not the Marshall Islands