EU set to clear Paramount’s $111bn takeover of Warner Bros

David Ellison’s media group is discussing remedies with Brussels in order to clear key regulatory hurdle

Burnham draws up plans for devolution blitz ahead of key City speech

Likely next prime minister has signalled he wants to draw on Manchester example and shift power away from Westminster

Tankmaker KNDS kicks off process for listing in Frankfurt and Paris

IPO will test investor appetite for defence stocks and comes as region embarks on rearmament drive

SK Hynix bets on AI demand with bumper $29bn US listing

South Korean chipmaker capitalises on central role in global AI boom

FirstFT: Venezuela to initiate world’s largest sovereign restructuring

Also in today’s newsletter, Hegseth forces out top US army officer in Europe and Colombian president-elect’s inspirations

Australia spy chief warns of rising threat of Iran-backed terrorism

ASIO’s Mike Burgess says war in Middle East could fuel further violence by Tehran-aligned groups abroad

Hollywood says: show your collar

When it comes to red-carpet dressing, it’s all about the clavicle

The Indian entrepreneur who will lead WhatsApp

Kunal Shah has experience in building transaction platforms and insights into emerging markets

Segro rejects £12.6bn takeover bid from US data centre rival Prologis

UK landlord’s shares jump almost a fifth after its suitor urges shareholders to pressure the board to engage

Hyundai workers in South Korea vote to strike over fears of robots replacing them

Union at country’s largest carmaker wants greater say over how AI and automation are introduced

Is this teenage girl North Korea’s next dictator?

Emergence of Kim Jong Un’s daughter at many public events fuels speculation that she is being lined up as a leader

England’s lack of imagination against Ghana brings back bad memories

Players and fans chastened by team’s struggle to reach a 0-0 draw in World Cup football group-stage match

Euro sinks to one-year low as falling oil prices ease pressure on ECB

Traders back away from bets on further interest rate rises as economy slows

Burnham’s first hire helps win over his doubters

James Purnell, set to be chief of staff, reassures Labour MPs about presumptive PM’s management of the economy

Nationalising Thames Water can be easier than it looks

The UK’s next PM faces some hard decisions. Bringing the failing utility into state ownership isn’t one of them

Bank of Japan’s summary of opinions shows support for further rate rises

Policymakers worried about upside risks to inflation but most did not see a case to accelerate tightening

South Korea stock volatility hits record high amid AI doubts

Shares of chipmakers Samsung and SK Hynix gyrate in choppy trading

Darren Jones says Burnham understands fiscal rules as he rules out leadership bid

Former Treasury minister says prospective prime minister has reassured him over economic plans

China’s premier says competitiveness not down to subsidies

Li Qiang dismisses trading partners’ complaints at World Economic Forum’s ‘Summer Davos’

SpaceX stumbles

Ordinary IPO behaviour

MSCI delays Indonesia downgrade verdict and frustrates South Korea

Index provider cites need to further evaluate reforms set out by regulators

European leaders seek joint Nato stance as US weighs troop cuts

Also in this newsletter: legal experts say Israeli trade ban does not require EU unanimity

FTAV’s further reading

Alan Greenspan; Tartan Army; presenteism; MC Escher; Brexit quiz

Transcript: The US dollar’s ‘immigrant’ origins

Gillian Tett and Robin Wigglesworth talk to Brendan Greeley