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AT&T is taking aim at Netflix, with plans to use its proposed $85bn acquisition of Time Warner to build a digital video platform to rival the streaming service and transform itself into one of the world's biggest media companies. But investors remain sceptical, particularly of whether regulators will actually allow the deal to go through: shares in Time warner were well below the $107.50 price of a transaction that has been criticised by both Democrats and Republicans.

Here’s what the deal would mean for the US market. (FT)

In the news

Cyrus Mistry replaced as chairman of Tata Group India’s salt-to-steel conglomerate abruptly ousted its head just four years after he took over a job many assumed he’d have for decades, amid growing investor concern about an uninspiring financial performance. The company may have trouble replacing the only non-Tata family member to lead the company in its nearly 150-year history. (FT, Economist)

Wallonia sinks EU-Canada trade deal European trade policy has been thrown into disarray after Belgium’s government said it could not overcome regional objections to an EU-Canada trade deal despite weeks of talks. The so-called Ceta pact is on the brink of collapse, raising serious doubts about the EU’s ability to strike future trade deals. Wolfgang Münchau writes about how it bodes ill for the UK — if it can’t strike a deal with Canada, how will the EU be in any position to strike one with Britain as it seeks to exit the bloc? (FT)

HNA checks in to Hilton The Chinese conglomerate has extended its push into the global leisure industry with a deal to snap up a 25 per cent stake in Hilton for $6.5bn — adding to a portfolio of hotel investments as it seeks to tap growing revenues from Chinese tourists. (FT)

France starts to demolish the ‘Jungle’ French authorities have started an operation to tear down a makeshift camp in Calais and relocate 9,000 migrants to more than 100 smaller centres. The move comes less than six months before presidential elections in which the anti-immigration far-right National Front party is expected to make a strong showing. (FT)

The Brexit winners Four months after Britain’s vote to leave the EU, there have already been winners and losers, mainly because of the sharp fall in sterling. On the winning side are overseas buyers of property, corporate lawyers, some exporters, stock market investors and the tourism industry. (FT)

Read our daily Brexit Briefing. FT subscribers can sign up to receive it daily by email here.

Chinese money begins to look a bit less attractive Germany has withdrawn approval of the Chinese takeover of Aixtron, a German semiconductor group, amid growing concern in Berlin about China’s appetite for German industrial companies. Chinese companies have been buying German companies at the rate of one a week since January, according to Dealogic. (FT, WSJ)

Number of the day

$40bn The price of proposed Chinese takeovers of foreign companies that have been scuppered since mid-2015 because of stiffening resistance in the west to investment from Beijing. (FT)

It's a big day for

Apple The tech giant reports earnings. Here’s what to expect. (Quartz)

Keep up with the important business, economic and political stories in the coming days with the FT’s weekahead.

Food for thought

Inside the battle to succeed Iran’s supreme leader  Reformists and hardliners are vying to influence the choice of the Islamic republic’s next most senior cleric. (FT)

Struggling to serve at Harvard Rosa Ines Rivera was kicked out of her apartment after falling behind on her rent. She skips important doctor’s appointments so she can afford her young daughter’s visits. She works in a cafeteria at Harvard — the US’s richest university — and she is on strike, along with 750 coworkers, demanding an annual salary of $35,000. (NYT)

Death from overwork The suicide of a 24-year-old female employee who worked at Dentsu, an advertising agency, after graduating from a top university in Japan, has brought the issue of death by overwork back into the spotlight in Japan. (NAR)

‘Extreme cruelty’ warning A Hong Kong judge has warned jurors to be prepared for images of “extreme cruelty and violence” as the trial of former British banker Rurik Jutting got under way. Mr Jutting has pleaded not guilty on the grounds of diminished responsibility to the torture and murder of two Indonesian women. (Reuters, BBC)

The third year of a US presidential term is the best time to invest Research shows investors can capture returns of 2.5 per cent per month for seven months, if they can just get their timing right. (FT)

Keep track of the 2016 presidential race with our daily US politics newsletter. Sign up here.

Video of the day

Sapone: the CEO on a butler start-up  Andrew Hill, FT management editor, interviews Marcela Sapone, chief executive and co-founder of online concierge company Hello Alfred about the stresses of starting up, and dealing with high expectations. (FT)

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