The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

- France’s richest man Bernard Arnault ordered to pay €22.5 million in back taxes

- EasyJet reaches outline agreement on £5.5 billion takeover by Castlelake

- UK regulator warns of ‘arms race’ to keep up with AI use in financial services

- European space deal to create SpaceX rival draws antitrust claims

Overview

- France has ordered Bernard Arnault, the country’s richest man, to pay €22.5 million of back taxes after a years-long legal battle.

- EasyJet EZJ.L and Castlelake have come to a preliminary agreement on a £5.5 billion takeover of the UK budget airline by the US private credit group.

- Regulators are in an “arms race” to keep up with the use of artificial intelligence in financial services, Sheldon Mills, an executive director at the Financial Conduct Authority, warned.

- German satellite maker OHB's CEO warned that a proposed merger of the space businesses of Airbus AIR.PA, Leonardo LDOF.MI and Thales TCFP.PA would weaken competition while doing little to strengthen the bloc against rivals such as Elon Musk’s SpaceX SPCX.O.