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The battle for Warner Bros is a prelude to the real streaming war

Professionally made shows face tough competition from independent makers

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More reasons for America’s friends to plan for the worst

A strategy that scorns Europe, bullies Latin America and is vague on Asia

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Ven and the art of hemispheric maintenance: America’s national-security posture

Also on the daily podcast: the sorry state of America’s working-from-home capitals and how Pepsi won over one world region

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The Hermès heist: how an heir to the luxury dynasty was swindled out of $15bn of shares

Nicolas Puech had a 6% stake in the French fashion house. Then his stock went missing

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Oracle and the hard truths about software

Running a giant digital business is not as fun as it used to be

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The US in brief: Healthy disagreement

Our daily political update, featuring the stories that matter

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Germany has a lawyer problem

Its endless bureaucratic rules trap would-be reformers

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What a stiff drink says about China’s economy

The baijiu business is the latest to be struck by “involution”