Royal Gold agrees acquisitions worth $3.7bn as record prices drive sector consolidation

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Mining royalty company Royal Gold has agreed two acquisitions worth $3.7bn, in the latest deals to show how record bullion prices are driving consolidation in the highly fragmented sector. The Nasdaq-listed company said on Monday … Read more

America’s police-industrial complex has a meme stock

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Violent encounters between police and US residents claim about 2,000 lives a year. Axon Enterprise claims it has a way to reduce the frequency of such tragedies: by selling “neuromuscular incapacitation” devices to law enforcement. Readers … Read more

AI data centre group CoreWeave strikes $9bn deal to buy rival Core Scientific

Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. CoreWeave has struck a $9bn deal to acquire its rival Core Scientific, in a transaction set to eliminate $10bn of expensive lease costs for the artificial intelligence data centre operator. CoreWeave announced on Monday that … Read more

A chance for Europe to rise

This article is an on-site version of our Swamp Notes newsletter. Premium subscribers can sign up here to get the newsletter delivered every Monday and Friday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Hello readers, I’ve returned from my first tranche of book leave and eager to wade back into … Read more

The economy: still solid, slowing slightly

This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters Good morning. President Donald Trump’s Big Beautiful Bill became his large lovely law on Friday. The law creates dubious debt … Read more

Another problem with IRRs

Stay informed with free updates Simply sign up to the Fund management myFT Digest — delivered directly to your inbox. We (should) all know (by now) quite how awful the “internal rate of return” is as a measure of your private equity manager’s long-term performance record. But this hasn’t stopped them bragging. Ludovic Phalippou, professor … Read more