Novartis to buy UK biotech in $1.5bn deal
Cancer-focused company was spun out from Imperial College and the Francis Crick Institute in 2019
Russia hammers Kyiv with missiles and drones on eve of Nato summit
Zelenskyy pleads with allies to provide Patriot interceptors to defend Ukraine
EasyJet reaches outline agreement on £5.5bn takeover by Castlelake
UK airline’s board says it is minded to recommend proposal by US private credit group
Ocado paves way for exit of boss Tim Steiner after succession clash
Founder to stay in post until group concludes succession planning following boardroom pressure to remove him
Sky agrees £1.6bn ITV deal as UK broadcasters take on streaming rivals
Combination will leave US media group Comcast in control of a broadcaster that reaches 21mn households
Bellingham and Kane see England through after high drama at Azteca
Atmosphere crackles at fabled football stadium as Thomas Tuchel’s team hang on against Mexican co-hosts
Honeywell spin-off in merger talks to create $27bn materials group
Combination with Element Solutions would boost Solstice’s role as key supplier of chipmaking inputs
SaaSpocalypse deferred
The moats hold, for now
Erdoğan’s crackdown on comedians and journalists casts pall over Nato summit
Also in this newsletter: Ireland to push faster drug approvals during EU presidency
The great wealth transfer rattling Wall Street
Plus, Elliott Management’s ‘Tiger Cubs’, a lifeline for private credit and mini golf at Battersea Arts Centre
How the Iran crisis undermines the Bank’s QT programme
Unlike the previous crises, this time the Bank carried on selling. It is time for a rethink.
FirstFT: Big investors commit billions to private credit despite turmoil
Also in today’s newsletter: The use of AI in financial services and Turkey’s crackdown
The best of TV and streaming this week
Expertly silly ‘Funboys’, saccharine nostalgia from ‘Elle’ and more. Reviews by Rebecca Nicholson
Transcript: London’s push for AI sovereignty
Marc Filippino talks to Tim Bradshaw
Why OpenAI and Anthropic may struggle to float
The costs of remaining at the frontier of AI are punishing, but the penalties for falling behind may be even worse
Cuban farmers rush to sell land as Trump’s fuel blockade hits harvests
Lack of funds and oil and diesel hamper access to food on communist island as some produce is left to rot in fields
Andy Burnham needs to start by understanding how little he knows
Even if he could do all he wants, it would be unlikely to solve the UK’s growth problem
Baillie Gifford pursues ‘voluntary exits’ under new strategy
Scheme for UK-based staff comes as firm refocuses on areas such as family offices and financial advisers in US and Asia
Five of the best debut novels — lust, longing and a wild night out on the Curry Mile
First-time tales of romantic obsession and the problem with polyamory — plus sibling relationships, secrets and swagger in Manchester and a winning story of dog-racing
UK ministers changed stance on biofuels after officials’ US lobbying tour
Revelation raises concerns that US commercial pressure could weaken Britain’s efforts to reduce carbon emissions
Big investors commit billions to private credit despite turmoil
Institutional investors poured money into funds as retail money fled
Toronto nude spot emerges as unlikely flashpoint over Canada investment
Airport expansion key to $1tn foreign investment plan threatens the birthplace of Canada’s gay pride movement
How modern drone warfare is forcing arms producers to rethink
UK start-up Isembard is linking hundreds of small machine shops into a decentralised military manufacturing network
Virginia wine is very good, actually
Some of the world’s most exciting vineyards are less than two hours’ drive from Washington DC