Suspense is building ahead of the summit between Donald Trump and Vladimir Putin in Alaska on Friday. Our correspondent has been to the war’s front line, where Russia has launched an offensive to improve its negotiating position. We gauge what Mr Putin might want from the summit, and how Ukrainian soldiers are feeling about the deals that could be hashed out without Ukraine’s participation.

Palantir is an American data-analysis outfit named after a magical orb in “The Lord of the Rings”. It is also the hottest stock of 2025. Its revenue growth is certainly impressive, but its market value is more than 600 times annual earnings. That is expensive enough to make even Sauron’s eye water. We ask whether Palantir is the most over-valued firm of all time.