FirstFT: Inside Paramount’s $108bn hostile bid for Warner Bros
Also in today’s newsletter: Fed and ECB moves on rates, and Revolut’s buyback offer
The Margherita pizza that changed the world
A new book traces Franco Pepe’s farm-to-fork revolution
Abu Dhabi’s Adnoc in deal talks over oil refinery at centre of US sanctions
UAE energy giant emerges as frontrunner to buy Russia’s controlling stake in Serbia’s sole oil-processing facility
BMW chief to step down next year
Oliver Zipse will be replaced by production head Milan Nedeljković in May
China set to limit access to Nvidia’s H200 chips despite Trump export approval
Discussions among regulators come as Beijing seeks to achieve self-sufficiency in semiconductor production
Maternity care failings in England ‘much worse than anticipated’, says review head
NHS in England ‘struggling to provide safe, reliable maternity and neonatal care’
Congo rebels thumb nose at Trump’s peace deal
Rwanda-allied M23 advances towards the eastern city of Uvira less than a week after accord signed at White House
EU opens probe into Google’s use of online content for AI models
Investigation is bloc’s latest challenge to US big tech companies
No, rising ADHD diagnoses are not causing surge in Neets
UK minimum wage, among the most generous in the rich world, is the only plausible explanation
Read the full transcript: FT interview with Kazuo Ueda
BoJ governor says economy has weathered Trump’s tariffs
Kazuo Ueda’s comments feed market expectations of an interest rate rise at next week’s meeting
EU cuts back sustainability law opposed by US
Brussels cuts number of companies forced to comply and removes clause on climate plans for business
Investors increase bets on ECB rate rise in threat to dollar
Prospect of higher borrowing costs in Eurozone, Australia and Canada could leave Federal Reserve as an outlier in 2026
Lithuania declares state of emergency over smuggler balloons from Belarus
Vilnius’s move follows appeals to EU to take more action against ‘hybrid’ attacks from Russia-aligned neighbour
Restructuring pushes Thyssenkrupp towards steep annual loss
Deep cuts at its steel division and weak demand weigh on German industrial heavyweight
FTAV’s further reading
Why ice is slippery; customs union; central bank losses; modern writing; stock market crashes
Zelenskyy tours allied capitals as European-led peace plan comes together
Also in this newsletter: Why battery supply chains may become a national security issue
Watching Netflix makes stocks go down: study
Give it some binge
‘Fight for our lives’: Ford turns to Renault in Europe EV war against China rivals
Carmakers want to lower costs and accelerate development speed for small vehicles to survive the rapid rise of Chinese competition
Debate about the Fed’s balance sheet is heating up
A shake-up of the ample reserves framework cannot be ruled out as the Fed’s leadership baton is passed
North America Innovative Lawyers
The FT Top 35 law firms, plus lawyers under political pressure. Also: the battle to do bankruptcy differently; five women at the top of $3bn-plus firms; the White House rewrites dealmaking; and prison reform focuses on solitary confinement
Ghosting turns hostile: Ellison gatecrashes Netflix’s deal with WBD
Plus, the trader known as ‘Gags’ prevails in court and a reshuffling inside Berkshire Hathaway
Why Britain doesn’t have enough dentists
Plenty of trained foreigners want to work, but slots for the qualification exam seem as hard to get as Glastonbury tickets
Transcript: A double bubble for gold and US equities
Marc Filippino talks to Leslie Hook and Jamie Smyth