FedEx offers to buy TNT, US dollar strength and app designers in the dark

The daily briefing “FirstFT” from the Financial Times.

FedEx sees bargain on TNT Express The US delivery giant offered to purchase Dutch logistics company TNT for EUR4.4bn, a 33 per cent premium to its last trading price. FedEx rival UPS scrapped a $6.9bn bid for TNT more than two years ago as European regulators moved to block a deal. TNT has seen annual losses the past four years and its shares have fallen 40 per cent in the past 26 months. (fastFT, Bloomberg)

In the news

China can’t believe its luck on AIIB First it was the UK to turn a deaf ear to the US protestations about the Asian Infrastructure Investment Bank. Now more than 50 countries have signed up including traditional US partners Australia, South Korea and Israel. The  strategic triumph for Beijing marks a volte face from hard-power projection to soft-power persuasion. Lawrence Summers argued on Monday that the America’s missteps may be “remembered as the moment the  United States lost its role as the underwriter of the global economic system.” (FT)

Oil markets prepare for Iran’s re-entry Following last week’s nuclear agreement with six global powers, Tehran is expected to start preparing the ground for new contracts  with western companies. Total and Italy’s Eni are likely candidates. Some observers say any lifting of sanctions could boost Iranian oil production by 500,000 barrels a day in three to six months and 700,000 b/d within another year. (FT)

Bibi swaps tactics on Iran Benjamin Netanyahu, Israeli prime minister, has moved from trying to abolish the agreement on Iran’s nuclear programme to focusing on damage control. It may not matter: Daniel W. Drezner argues Bibi is “the least important player on the Iran chessboard” and that the White House “no longer cares all that much” about his view. (FT, WaPo)

Larry Fink warns of US dollar strength The chief of BlackRock said the 25 per cent rise in the US dollar over the past nine months could  sap momentum in the US economy. A stronger currency could erode CEOs’ confidence “with the potential to slow both investment decisions and future growth in the US.” BlackRock controls $4.7tn in assets under management, a bigger sum than the Federal Reserve’s balance sheet. (FT)

Billionaire green activist takes aim at Jeb Bush Tom Steyer, the Left’s answer to the conservative Koch brothers, is attempting to discredit the former Florida governor as a serious Republican candidate for 2016. Climate experts say Florida is particularly vulnerable to rising sea levels. (FT)

RBA holds rates The Reserve Bank of Australia held its benchmark interest rate at 2.25 per cent, causing the Aussie dollar to shoot up more than 1 per cent. (fastFT)

Canary in the Iron Ore Mine Atlas Iron,a smaller Aussie miner whose shares have fallen 96 per cent as the price of the steelmaking ingredient tumbles, suspended trading of its shares on Tuesday, to reviews operations. Smaller producers with higher costs may be forced to shutter production as the commodity now fetches less than $50 a tonne, versus $190 in February 2011. (Bloomberg)

Design in the dark Handpicked developers and engineers have had to work on apps for the AppleWatch without ever touching one of the devices , relying on a Mac-based simulator that Apple released as part of its Watchkit development tools last year. Many are using rudimentary techniques, such as taping paper mock-ups to their arms, to figure out what might work best on the Watch’s 38-42mm screen. (FT)

It’s a big day for

Raghuram Rajan The Reserve Bank of India chief will decide whether to cut interest rates for a third time this year. Most expect him to stay on hold, but Rajeev Malik, CLSA analyst, offersseven reasons why a cut is likely. (beyondbrics)

SongBird Estates The developer of London’s Canary Wharf reports 2014 earnings.

Food for thought

China cracks down on media-savvy feminists Security agents from Beijing are on a nationwide hunt for feminist volunteers who took part in theatrical protests last month. Stunts included storming men’s bathrooms to highlight prolonged waits at femals public toilets. Five prominent women have been jailed, spawning the hashtag #freethefive. Samantha Power, American ambassador to the UN, said China should “be working to address the issues raised by these women’s rights activists — not silencing them.” (NYT)

The wrong lessons from Lee Kuan Yew Paul Kagame, Rwanda’s president, isn’t legally allowed to run for office in 2017 when his second-term expires. But he’s known for calling Rwanda the “Singapore of Africa” and his recent praise for the city-state’s late autocrat suggests he could be looking to bend the rules. Christian Caryl asks whether Singapore’s experience could apply to Africa. (Foreign Policy)

The “invisible architecture of daily life” In her latest book Gretchen Rubin takes a “street scientist” approach to figure out how we can adopt better habits. Hanna Rosin calls it “secular self-help lite.” (NYT books)

Video of the day

As the NHS moves to centre-stage in the general election, an analysis of official data for the FT shows that productivity levels fell after the coalition’s controversial health reforms were implemented. But at Salford Royal in Greater Manchester staff are proving efficient, cost-effective care is still possible. Sarah Neville reports.

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: 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 man walks past buildings at the central business district of Singapore. REUTERS/Nicky Loh.