Asian markets roiled by Swissie move, fantasy sport entrepreneurs and mafia farms

The daily briefing “FirstFT” from the Financial Times:

Asian markets have been roiled by Switzerland’s central bank scrapping the Swiss franc’s currency ceiling. Equities were sold off while currencies and bonds rallied, with investors eyeing the Australian and New Zealand dollar as attractive alternatives for parking cash.

The removal of a cap on the Swissie sparked a financial rout in Poland and Hungary, where hundreds of thousands of mortgages are priced in the Swiss currency, but it also provided awindfall for Swiss importers. If you’re wondering why Switzerland’s currency had a ceiling in the first place – here’s our guide to the Swiss National Bank move. (FT, Bloomberg, FT)

In the news:

Two killed in Belgian anti-terror raid

Two young men died in a shootout and a third was arrested in the southeastern town of Verviers. The men had been under close observation since returning from fighting in Syria. (FT)

Google Glass’s new frame

Sales of the test version have been suspended and the smartglasses business was handed tohave been put under different management. The project had a troubled trial period and had come under attack for threatening privacy.during which it was criticised as a threat to privacy. (FT)

Schlumberger axes 9,000 jobs

The world’s largest oil services company will cut about 7 per cent of its 126,000-strong workforce as a result of the oil price drop and cutbacks in spending from the energy groups it serves.that are its customers. (FT)

UBS $14.5m dark pool settlement

The Swiss bank will pay to settle allegations by the Securities and Exchange Commission that it failed to disclose certain information about its private stock trading system, or dark pool. The settlement includes a $12m penalty that the SEC said was the largest it had ever levied against an alternative trading system.

Banking on disappointment

Bank of America and Citigroup missed analyst estimates and reported sharp declineser than expected declines in fixed income trading. The disappointing fourth-quarter results sent banking sector stocks to the lowest level since August. (FT)

It’s a big day for:

JD Sports, which unveils its Christmas performance today. The sports retailer delivered record first-half results and declared the British high street “alive and well” in September. (FT)

US industrial production – In spite of labour market strength, analysts expect today’s figures to show industrial output stagnated in December after increasing 1.3 per cent in November. (WSJ$)

Food for thought:

Humans are on the verge of causing unprecedented damage to the oceans and marine life, according to scientists who pulled together data ranging from fossil records to container shipping statistics. As technology advances, humans are likely to cause even more large-scale habitat loss. (NYT$)

The spread of the dark net

The move toward anonymity on the internet is a positive one, argues Jamie Bartlett. “Anonymous trolls are a nuisance, but you can’t start outing them without also revealing the human rights activist or undercover journalist.” (Aeon)

The armchair terrorist tracker

The wave of jihadis broadcasting their activities and recruiting online has led to a growth in bloggers tracking their activity. Some do it professionally, while others are still hoping that they will be paid for their efforts. (FT)

Fantastical wins in fantasy sports

Participation in fantasy sports has soared as the leagues have moved online. More than 40m people took part in North America last year, equivalent tohe equivalent of 30 per cent of US adult males. But fantasy sports entrepreneurs have the casino problem of keeping both the heavy spenders and the casual players happy. (Businessweek)

The mafia is farming its work out

As Italy’s economy has deteriorated, the mafia has expanded into agriculture and 32 per cent of the country’s agricultural business in 2013 was linked to illegal activities such as producing counterfeit mozzarella. (FT)

The cost of powerful new cancer drugs is pushing health budgets to the limit. The UK has introduced rationing and the pressure is on for other countries to follow. (FT)

Video of the day:

Behind Swissie volatility

Izabella Kaminska discusses whether a move of this size was really the intention of the Swiss National Bank. (FT)

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

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Author: Amie Tsang is a Journalist for the Financial Times. 

Image: A man talks on a mobile phone near the Pudong financial district in Shanghai July 17, 2014. REUTERS/Carlos Barria