Fed warns over global growth, lower risk of emerging markets crisis and how technology affects ageing

The daily briefing “FirstFT” from the Financial Times.

A California judge has given the go-ahead to a class-action lawsuit against ride-hailing app Uber, in an employment law case that could prove make-or-break for large parts of the “sharing economy”. The case will determine whether some 160,000 Uber drivers in California should be treated as full employees of the company rather than contractors.

And the woe does not end there for the San Francisco-based start-up. London’s cabbies are staging a fightback, with the unveiling of a system that offers fixed prices on all journeys, as well as discounts on longer trips. (FT)

In the news

Fed member warns over global growth Eric Rosengren, president of the Boston Fed, said the slowdown in Asia and market volatility might prompt a downgrade to his growth outlook. Mr Rosengren, who is at the dovish end of the Fed spectrum, made no explicit comment on when he thought short-term rates should start to rise, but his speech did not suggest that he is in a hurry. (FT)

Communication breakdown Beijing must be mindful about how it communicates policy changes amid continuing turmoil in financial markets, US officials have said. Policymakers and investors have become frustrated in recent weeks with what many see as the poor job China has done in conveying its intentions in the wake of the local stock market collapse. (FT)

Oil bear bets on $25 a barrel Pierre Andurand, the hedge fund manager who booked 51 per cent returns last year by betting against oil, told the FT that he believes prices will head lower again. “There are no quick fixes,” he said, despite the snap rally in crude prices in recent days. (FT).

Kentucky denies same-sex marriage A county clerk rejected licences to gay couples on Tuesday, defying the US Supreme Court ruling, saying she was acting “under God’s authority”.(NYT)

Lower risk of EM crisis Moody’s sounded a note of optimism with its latest research, which found that the turmoil endured by emerging markets this summer was unlikely to evolve into a credit crisis. (FT)

It’s a big day for

The Australian economy, which grew 0.2 per cent quarter-on-quarter, heightening worries that the country might finally be heading towards a recession after 24 years of uninterrupted growth. (fastFT)

Food for thought

Stretching work practices Hospitals in the UK may soon be offering Zumba and yoga classes to employees as part of an initiative to keep NHS staff fit , healthy and in work. The idea is set to be outlined by the service’s chief executive, who is hoping to cut the NHS’s £2.4bn yearly bill for staff sickness. (BBC)

Chinese environment: Ground operation Soil pollution is a $1tn problem that causes serious illnesses and contaminates crops. But can Beijing afford to clean it up? (FT)

Slow down ageing The trick to staying sharp in your old age is to embrace technology. Or at least so suggests new research which found that computer-savvy senior citizens were up to a decade younger, cognitively speaking, than a similar population less than a decade ago. (Quartz)

Poundland products to your door The around-a-pound goods chain is tapping into the online shopping market in a bid to broaden its appeal to customers. The delivery charge, however, has been set at £4. (FT)

Google unveils new logo A month after a major company restructuring, Google has updated its signature logo. The new graphic is intended to improve user experience on mobile devices, the company said. Here is a look at how the logo has evolved over the years. (Vox)

Video of the day

Volatility strikes back The turmoil on world markets is not over yet. John Authers reports on a day when volatility in the oil market reached a peak unseen since the financial crisis. (FT)

This article is published in collaboration with FirstFT. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: The United States Federal Reserve Board building is shown. REUTERS/Gary Cameron. 




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