UK election results, internet surveillance, the price of painted nails

The daily briefing “FirstFT” from the Financial Times.

David Cameron looks set to return to Downing Street while the SNP has swept up in Scotland. It’s been a bruising night for Labour and a bloodbath for the Liberal Democrats. Here’s the state of play – you can head over to our live blog for regular updates.

Early election results pointed to a dramatic Conservative victory but support for its coalition partner has collapsed – the Lib Dems are projected to lose 47 out of their 57 seats. Leader Nick Clegg retained Sheffield Hallam with a smaller majority but Vince Cable, Charles Kennedy, Danny Alexander, Jo Swinson and Ed Davey all lost their seats.

Labour is on course for its worst loss since 1987 and has been swept aside in Scotland with the SNP set for an unprecedented landslide victory north of the border. Labour election chief Douglas Alexander lost his seat to the SNP’s Mhairi Black, a 20-year-old university student.

Ukip has its first-ever MP – Douglas Carswell, who defected from the Conservatives, retained his seat in Clacton. (FT)

In the news

NSA violated US law A US court ruled that the National Security Agency’s mass surveillance initiative exposed by Edward Snowden was illegal. The three-judge panel ruled that the programme violated the Patriot Act, the sweeping counterterror bill passed after the 9/11 attacks. Congress will now decide whether to reauthorise a section of the Patriot Act which has been used to justify collecting the phone calls of tens of millions of Americans. (FT)

Congressional say on Iran deal The US Senate overwhelmingly passed a bill that would give Congress a chance to approve or reject any nuclear deal between Iran and world powers. Although the Obama administration does not welcome the idea of Congress weighing in on a final deal with Iran, officials are confident that there is not a two-thirds majority in the Senate to block any agreement. (FT)

Hutchison’s GBP3.1bn telecoms sale Li Ka-shing has enticed investors from Singapore, Canada and the UAE to buy a third of Hutchison’s merged UK wireless business. The sale will help fund Hutchison Whampoa’s GBP10.3bn acquisition of 02 – Li’s biggest-ever overseas acquisition. (FT)

Fitbit IPO Cashing in on the growth of wearable devices, Fitbit wants to raise at least $100mfrom a New York listing. It currently dominates the fitness-tracking industry with sales of $745m last year but faces strong competition from the Apple Watch. (FT)

A nascent eurozone recovery For the first time since the financial crisis, EU employment rose last year in nearly every country – including those with the most damaged labour markets, such as Greece, Italy and Spain. The proportion of 20 to 64-year-olds working ticked up from 68.4 per cent to 69.2 per cent but forecasts remain gloomy. (FT)

It’s a big day for

Russian companies and Chinese finance Xi Jinping and Vladimir Putin will sign an agreement establishing a debt mechanism to help unlock Chinese financing for Russian borrowers. China is taking no chances – any losses from soured loans will be absorbed by Russian investors, a sign of Beijing’s increasing wariness of the risks attendant on overseas cash-starved businesses. (FT)

US Jobs The non-farm payroll report is out and forecasts are for a net 224,000 new jobs and for unemployment to drop to 5.4 per cent from 5.5. The earnings component will be key as the labour market has yet to deliver meaningfully on wage inflation. (FT)

Food for thought

Poland’s political entrepreneur He’s waved a dildo and a gun at a press conference, used a butchered pig’s head as a prop during a television interview and threatened to smoke a joint in the country’s parliament. Now he’s campaigning to be president. Henry Foy profiles the self-made drinks millionaire who built the world’s 10th largest vodka producer and then turned teetotal a decade ago in a bid to lead the country. (FT)

The price of nice nails The NYT explores the lives of underpaid, exploited workers who provide manicures across New York City. Welcome to their lives: “She would work for no wages, subsisting on meagre tips, until her boss decided she was skilful enough to merit a wage. It would take nearly three months before her boss paid her. Thirty dollars a day.” (NYT)

Paying to work overseas Stiff competition for jobs, particularly from overseas students means undergraduates are looking for new ways to mark themselves out from their peers. Some reckon overseas internships are just the ticket and are so keen, they are willing to pay for the privilege of working in places such as Shanghai and Beijing. (FT)