The daily briefing “FirstFT” from the Financial Times.
At their last meeting, Fed policymakers largely stuck to their belief that a rate increase is merited before the end of the year but negative international developments gave them pause, according to minutes from the September gathering.
Rate-setters also expressed caution over risks to US growth and its inflation outlook, as they agreed to wait for further economic evidence before increasing rates. (FT)
In the news
Glencore to slash zinc production The UK-listed resources group is poised to make a dramatic intervention in one of its most important markets by cutting its annual production of zinc by more than a third. The move could put a floor under the price of the metal, which has fallen to a five-year low on concerns about slowing economic growth in China. (FT)
France train hero stabbed Spencer Stone, one of the three Americans who helped thwart a terror attack on a French train in August, has been stabbed in northern California. The airman is in a “serious” condition in hospital, although police do not believe the incident was terrorism-related. (BBC)
Tech titan gets testy Tesla chief Elon Musk’s wide array of talents evidently does not extend to diplomacy. The billionaire entrepreneur had some harsh words for Apple, mocking the iPhone maker’s foray into smart cars. “Did you ever take a look at the Apple Watch? … Cars are very complex compared to phones or smartwatches. You can’t just go to a supplier like Foxconn and say: ‘Build me a car’,” he said. (FT)
Bill Gross sues Pimco for $200m The company founder is suing his former colleagues at Pimco, claiming he was ousted by underlings “driven by a lust for power, greed, and a desire to improve their own financial position”. (FT)
Google buys its ABCs The internet company has acquired abcdefghijklmnopqrstuvwxyz.comas part of its reinvention as a conglomerate called Alphabet. The purchase comes after BMW, the owner of alphabet.com, refused to sell the domain to Google. (FT)
It’s a big day for
Nobel Peace Prize nominees The winner of perhaps the most well-known Nobel Prize is to be announced. Among the top contenders are NSA whistleblower Edward Snowden, German Chancellor Angela Merkel and Dmitry Muratov, editor in chief of Novaya Gazeta, an outspoken, independent Russian newspaper. (CNN)
Food for thought
The drone defeater Three British companies have created a device that can freeze drones mid-flight by blasting them with high-powered radio signals. The new technology has already piqued the interest of aviation authorities, which are increasingly concerned about nuisance hobbyists flying drones close to airfields. (BBC)
A new world of work Employers are starting to see the “human cloud” as a new way to get work done. White-collar jobs are chopped into hundreds of discrete projects or tasks, then scattered into a virtual cloud of willing workers who could be anywhere in the world, so long as they have an internet connection. (FT)
The great Nobel prize prank Winning the prestigious prize is a life-changing event. But many winners react to the Swedish-accented call the same way: they think it’s a prank. (WSJ)
The rise of digital amnesia Having the world at our fingertips around the clock takes a lot of pressure off our minds to remember basic facts. But the ability to find answers on search engines such as Google is also killing our memories, a recent report by cyber security groupKaspersky Lab shows.
Vegetarians’ dirty little secret Here is some food for thought next time you find yourself talking about food: a survey of nearly 2,000 vegetarians found that more than two-thirds admitted to eating meat on a night out, while one in three do it every time they get drunk. (The Independent)
Video of the day
Deutsche Bank’s capital conundrum Lex explains why the bank’s shares rose even after it announced a heavy exceptional loss and a possible dividend cut. (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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Image: The United States Federal Reserve Board building is shown behind security barriers in Washington. REUTERS/Gary Cameron.