Mistral raises $830mn to build Nvidia-powered AI centres in Europe

French company’s debut debt financing follows rising demand for alternatives to US groups

Short rates have overshot

Plus the social media lawsuits

FTAV’s further reading

Futures treason; Nazis are people too; Five Nights at Epstein’s; sperm whale birth

Distressed-debt funds excited about private credit bargains

Plus, Millennium shifts staff from Dubai, the Trump pain index and Keith Haring in London

Is THG about to make some mAjOr gAiNs? Over nearly 2,000 words, we struggle to say

Bulk bye

G7 crisis talks as Iran war continues to roil global economy

Also in this newsletter: Drones enter Finnish airspace as Ukraine hits Baltic ports

FirstFT: Trump says US could ‘take’ Iran oil

Also in today’s newsletter: Hungary’s low fraud funds recovery rate and ABN Amro’s chief on bank overhaul

Transcript: How Trump’s tariffs ripped up the global trade order

Victoria Craig speaks to Katie Martin and Alan Beattie

The best of TV and streaming this week

Five stars for HBO’s standout medical drama ‘The Pitt’; the British ‘Saturday Night Live’ debuts; Riz Ahmed is a wannabe 007 in ‘Bait’; ‘Something Very Bad Is Going to Happen’ is a road trip to hell. Reviews by Rebecca Nicholson

Raphael — the Met’s Renaissance blockbuster shows an artist in pursuit of perfection

Quietly subversive, this New York exhibition illuminates the friction and experimentation behind the paintings’ polish

Private capital: what are the risks?

As investors seek to retrieve their money, the $22tn industry rejects comparisons with 2008. Regulators aren’t so sure

UK ministers explore ‘targeted’ energy bill relief for those most in need

Lower-cost scheme could be delivered through councils under one option being considered

WTO reform talks collapse over US-Brazil stand-off

Dispute over ecommerce tariffs derails agreement on overhaul of global trade body

What to do when the ‘public good’ of information goes bad

The creation and dissemination of reliable news is at an economic disadvantage

TotalEnergies made bumper profit on Middle East oil bet

Fewer contracts increased volatility and made it possible for a single trader to dominate the market

America’s gig economy

Self-employment, at both the high and the low end, is keeping consumption afloat — but for how long?

Eli Lilly pushes for NHS drug price increases in return for its UK investment

US pharmaceutical group ‘optimistic’ about reaching deal with British government

Ineos flagship project risks delay from Strait of Hormuz crisis

Disruption comes as investors see Jim Ratcliffe’s chemicals group boosted by energy market ructions from Iran conflict

Can the Valhalla supercharge Aston Martin’s fortunes?

A first drive in the sleek new V8 hybrid

Insurers give Emirates ‘outrageously’ cheap war insurance cover

Dubai-based airline paying additional $100,000 a week while others face far higher charges

The lords and alleged lawbreakers among MFS’s eclectic borrowers

Market Financial Solutions’ loan recipients included sportsmen, TV personalities and those accused of financial crimes

Queen Elizabeth II’s ‘unswerving elegance’ celebrated in London show

A sweeping exhibition at Buckingham Palace prompts a reconsideration of the late monarch’s style

Trapped seafarers suffer as Iran war rages

Near-closure of Strait of Hormuz has left thousands of ships stuck in the Gulf with limited protections for crew

Slow burn thrills from The Killing’s Søren Sveistrup — and other new crime books

Jane Harper’s Last One Out takes us into the Australian outback, and Camille de Peretti spins an intriguing tale around a stolen Klimt painting