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Bill Ackman’s Pershing Square offers to buy Universal Music Group

Proposed deal would combine world’s largest music group with a blank-cheque company

First trip by a Kuomintang chair in a decade comes shortly ahead of planned Beijing summit with Donald Trump

Communist Party leader To Lam’s election as president cements his grip on one of the world’s fastest-growing economies

Still a third of the S&P 500 — and wobbling a bit

British right x Orbán; events; Sam Altman; instant coffee; trams; the Strait of Hormuz; and Belarus

To infinity back-scratching and beyond

Also in this newsletter: Brussels calls out Trump’s ‘illegal’ Iran threat

Plus, government bond demand booms, asset manager consolidation wave and Vincent in Brixton at the Orange Tree

Campbell Wilson’s ambition to turn carrier into world-class airline marred by fatal crash of Boeing Dreamliner jet

President steps up threats to target civil infrastructure if Tehran does not agree deal by Tuesday night

Also in today’s newsletter: JPMorgan’s Canary Wharf tower and Anthropic-Google chips deal

Donald Trump congratulates crew and promises Nasa will establish human lunar presence

The JPMorgan chief warns that private credit losses will be larger than many expect

Marc Filippino talks to Jude Webber and Henry Foy

One executive says there is ‘no path’ towards licensing deal under current proposal

Kyle Kosic joins Project Prometheus, the secretive start-up working on systems that can understand the physical world

Do digital bananas in Hawaiian shirts chatting up pineapples need to be saved for posterity? Probably not

Concern that efforts to boost European defence spending could also be damaged

A new infrastructure is being built rapidly to avoid the strategic chokepoint and ensure global energy and food security

Repeated cost shocks make a transition to cleaner energy critical

Lost aircraft and radars contribute to estimated $500mn daily price tag and leave US exposed elsewhere

Labour figures point to Gordon Brown’s response to financial crash as a template for embattled prime minister

Hospitality sector already hit by increases to business rates and wages

The former Brazilian president’s eldest son, Flávio, has emerged as a strong candidate