Dell is poised to announce a $53bn acquisition of data storage maker EMC as early as Monday, according to people familiar with the matter. EMC has agreed to an offer worth $33 a share in what is set to be the largest deal in tech history. (FT)
In the news
US banks build defences Wall Street’s biggest banks are beginning to build their defences against downturns, signalling an end to the steady thinning of reserves that has helped boost profits in the past five years. Tapping into reserves set aside for bad loans has become a reliable source of income for the banks in the post-crisis environment. However, the practice is expected to have a limited impact on the banks’ third-quarter profits – which begin to be presented this week – because reserves have been run down about as far as they can go. (FT)
Turkey death toll continues to rise Ankara suspects Isis is behind a double suicide bombing in the Turkish capital on Saturday, which killed at least 128 people at a pro-Kurdish rally. The bombings – the deadliest in the country’s history – come at a particularly sensitive time for the government, as a fragile peace with its restive Kurdish population unravels ahead of fiercely contested elections on November 1. (FT)
Qatar: oil prices have bottomed out The country’s oil minister said growth in non-Opec oil supply slowed “substantially” this year and is likely to remain flat or turn negative next year. (Bloomberg)
Fed official on global risks Stanley Fischer, vice-chairman of the Fed’s board of governors, said that recent US jobs reports have been disappointing and warned that global developments could restrain the economy further. But he reiterated predictions that rates would rise before the end of the year. (FT)
The city where VW was king More than 200km west of Berlin lies Wolfsburg, one of Germany’s richest cities and home to Volkswagen’s largest factory and headquarters. Employing more than half the local population, the company was always regarded with reverence. But attitudes are now changing, with fear and anger over the diesel emissions scandal trumping the hard-earned admiration. (FT)
It’s a big day for
Ferrari The Italian supercar maker will pull into some of the western world’s wealthiest pit stops in the coming week on an initial public offering roadshow aimed at securing a market valuation of $10bn. (FT)
Economists The Royal Swedish Academy of Sciences names its choice for the Nobel Prize in economics. (WSJ)
Read more about upcoming events this week.
Food for thought
The age of banana Republicans The GOP, beholden to a small group of far right wingers, is devouring its own , trashing the spirit of the constitution and making a “sorry spectacle” of democracy, writes the FT’s Ed Luce. “Their thirst is impossible to quench, which means the revolution is never-ending.” (FT)
The island where men are disappearing With its azure waters, swaying palm trees and easy lifestyle, the small Caribbean island of Old Providence is like a dream world. But underneath the pristine surface lies a dark secret: a huge percentage of the island’s men are disappearing, victims of the Latin American drugs trade. (BBC)
Saudi Arabia oil: No gain without pain The decision by Riyadh to maintain oil output, even as prices fell, has hobbled its rivals and upended an energy order in place for decades. But it has also exposed the kingdom’s economic weaknesses, with spending now under threat as the budget deficit soars. “The stakes are high. And the economics are biting ,” said one economist. (FT)
Mind that boarding pass Discarding your boarding pass after a flight may seem like a very normal thing to do. But a security blog has urged caution after revealing how much personal information, including travel records, is stored in the barcode and can be easily accessed by hackers. (Yahoo)
If you can’t escape them, try editing them Throngs of tourists are an inevitable part of many holiday destinations and, while you may not be able to escape them, at least now you can cut them out. Adobe has developed a new camera app that can detect and delete the unwanted masses huddling in the background of your holiday snaps. (The Independent)
Video of the day
VW’s home town blues Richard Milne visits Wolfsburg, the home of Volkswagen’s headquarters, to gauge the mood among locals and customers. (FT)
This article is published in collaboration with FirstFT. Publication does not imply endorsement of views by the World Economic Forum.
To keep up with the Agenda subscribe to our weekly newsletter.
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: A view shows the headquarters of a French business in Courbevoie, outside Paris. REUTERS.