Big oil shelves $200bn in projects, giant fighting robots and contagion contained

The daily briefing “FirstFT” from the Financial Times.

The world’s big energy groups have shelved $200bn of spending on new projects in a round of cost-cutting aimed at protecting investors’ dividends as oil prices fell for the second time this year.

The decline in Brent crude, which has more than halved in the past year, was triggered by Opec’s decision not to cut output in the face of a US supply glut and weaker than expected demand. (FT)

In the news:

Bailout monitors raise doubts

Negotiators from Greece’s bailout monitors fly to Athens today to formally begin talks on a EUR86bn rescue after days of delays over whether the Greek government would allow creditors to have full access to staff and facilities. (FT)

Cocaine, prostitutes and politics

Baron John Buttifant Sewel resigned from his position as deputy speaker of the House of Lords amid a scandal over video footage that allegedly showed him consuming cocaine in the company of two prostitutes. Lord Sewel, whose post tasked him with ensuring his fellow Lords behaved with appropriate decorum, is to be investigated by police. (The Times)

Contagion contained

The last suspected Mers patient in South Korea was released from isolation today as the country reported no additional cases of the disease for more than three weeks. Seoul is expected to declare a “de facto” end to the outbreak early next month. (Yonhap)

Trumping his opponents

The GOP may have to reassess its treatment of presidential nominee hopeful and real-estate magnate Donald Trump. The outspoken tycoon topped the country’s latest national telephone poll and is now firmly entrenched in the battle for public opinion and the party’s nomination. (CNN)

Luxury transformation

Indian billionaire Yusuffali Kader has joined forces with UK property developer Galliard to complete a GBP110m deal to create a five-star hotel at Great Scotland Yard, the site of the first headquarters of the Metropolitan police. The investment by Mr Kader, India’s 30th richest man, is the latest in a surge of property deals by investors from the subcontinent. (FT)

Safety first or pay later Road safety authorities in the US have slapped a record $105m penalty on Fiat Chrysler for its allegedly inadequate response to recalls affecting millions of Jeep vehicles, which were prone to fuel tank fires. (FT)

It’s a big day for:

George Osborne, who launches a two-day effort to persuade sceptical French ministers in Paris to back Britain’s bid to reform its relationship with the EU. Mr Osborne is today expected to meet French foreign minister Laurent Fabius, who recently said: “Britain joined a football club. They can’t say now that they want to play rugby.” (FT)

Chinese internet group Baidu, which reports earnings at the close of the US markets today. Traders are betting the Beijing-headquartered company will skirt a global sell-off in tech stocks, with shares up 9.9 per cent in the previous two weeks. (Bloomberg)

Food for thought:

Giant fighting robots

It takes the idea of robot wars to a whole new level: three engineers in California have teamed up to develop and build 15ft-tall martial robots, which they hope one day will compete in an “inherently dangerous” televised fighting league. The first round – against a contender from Japan’s Suidobashi Heavy Industries – is slated for next year. (Quartz)

Selfie centred

Fashion retailers are struggling to keep up with millennials, as females’ anxieties about appearing too many times in the same outfit in their online photos are changing shopping habits. Is this a threat or an opportunity for retailers? (FT)

Satan sparks Mass protest

Hundreds of Catholics in Detroit rallied together in a local church against the unveiling of a 9ft, goat-headed bronze statue of Baphomet by a nearby satanic temple. (ABC)

Game on in China

Computer gamers across China have cause for celebration after the government in Beijing lifted a long-standing ban on making and selling video game consoles. New rules are set to allow both foreign and domestic console makers to manufacture and sell anywhere in the country. (WSJ)

Ethical cheating

An online dating entrepreneur thinks an open mind is the ticket for those who plan to be unfaithful and are willing to tell their spouses ahead of time. (NYT)

Media matters

As Pearson continues negotiations to sell its 50 per cent stake in the Economist Group, the FT’s Henry Mance looks at the company’s unique ownership structurewhich has provided long-standing financial and editorial independence for the flagship Economist magazine. (FT)

Video of the day:

FT chief sees growth under Nikkei Pearson’s sale of the Financial Times to Nikkei for GBP844m means it has a new owner at a time of uncertainty and upheaval in the news business. John Ridding, chief executive, tells associate editor John Gapper what to expect under new ownership.

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: Excess natural gas is being flared, or burnt off, at a flare stack. REUTERS/Henry Romero.