China stock market falls, emerging markets, and YouTube business

The daily briefing “FirstFT” from the Financial Times.

Chinese equities fell more than 8 per cent in early trading, leading a sell-off across Asia that prompted fresh questions about what policymakers might do to staunch the losses.

The benchmark Shanghai Composite fell 8.5 per cent in the morning session, erasing all of its 2015 gains, while the tech-heavy Shenzhen Composite tumbled 7.6 per cent. Hong Kong’s Hang Seng Index lost more than 4 per cent, extending its August decline to nearly 13 per cent. (FT)

In the news

Investors capture China metals exchange head The boss of a Chinese exchange that trades minor metals was captured by angry investors in a dawn raid and turned over to Shanghai police, as the investors attempted to force the authorities to investigate why theirfunds have been frozen. (FT)

Corbyn takes aim at executive pay Jeremy Corbyn, the hard-left frontrunner to lead the UK’s opposition Labour party, has attacked “ludicrous” corporate pay levels, criticised Nato over its stance with Russia and threatened to break up Rupert Murdoch’s media empire in an interview with the FT. (FT)

Israel taps into Kurdistan oil Israel has imported as much as three-quarters of its oil from Iraq’s semi-autonomous Kurdish north, providing a vital source of funds to the cash-strapped region as it fights Isis militants. The sales are a sign of Iraqi Kurdistan’s growing assertiveness and the further fraying of ties between Erbil and Baghdad, which has long harboured fears that the Kurds’ ultimate objective is full-scale independence from Iraq. (FT)

Biden’s bid US Vice-President Joe Biden met Senator Elizabeth Warren, a left-wing firebrand, at the weekend, stoking speculation that he will challenge Hillary Clinton for the Democratic presidential nomination. The private meeting with the populist senator at Mr Biden’s Washington residence came as Mrs Clinton’s campaign is dogged by falling poll ratings and questions about her use of private email while secretary of state. (FT)

Swiss launch 1MDB probe Attempts by Najib Razak, Malaysia’s embattled prime minister, to contain a financial scandal have taken a knock after Swiss authorities said they had opened criminal proceedings related to the state development fund at the centre of the affair. (FT)

Trump’s new target Not even hedge fund managers are safe from the ire of Donald Trump. The presidential nominee hopeful on Sunday called them “paper-pushers” who do not pay their fair share of tax. (FT)

It’s a big day for

The Korean peninsula, which remains on high alert after militaries on both sides of the North-South border exchanged fire last week. Negotiations to ease tensions continued overnight and into Monday morning. (Reuters)

Food for thought

Emerging markets turmoil: in charts Turmoil across emerging markets intensified during August, and for many veteran fund managers, there is a very real concern that selling pressure will escalate and draw comparisons with past implosions, notably the emerging market crisis of 1998. Here are some charts that show just how bad things have become in local equity and bond markets in the developing world. (FT)

Why aren’t the British happier? The UK is only the 21st most happy nation in the world, according to the World Happiness Report 2015. We know that our happiness affects the economy — we’re more productive when we’re happier. And happiness affects our wellbeing also. If happiness is so good for us, can we get happier? (BBC)

Canadian English The standard stereotype among Americans is that Canadians are like Americans, except they say ‘eh’ a lot and pronounce ‘out and about’ as ‘oot and aboot’. Many Canadians, on the other hand, will tell you that Canadian English is more like British English.Canadian history helps to explain a lot. (BBC)

Pumpkin Spice Latte to Pinot Noir Starbucks is turning baristas into bartenders by adding booze to the menu at a growing number of coffee shops around the US. It is serving beer and wine at five more locations this week, bringing the total to 70 nationwide. (CNN Money)

Red October redux Packed with two nuclear reactors and measuring 574 feet in length, the recently unveiled Moscow submarine is at the forefront of Russia’s attempts to revitalise its dilapidated navy. Although the hulking vessel appears to have a multifaceted mission – part science, part espionage, part transport and part “mothership” – no one outside the Kremlin and the ship’s crew knows for sure. (The Daily Beast)

Video of the day

YouTube stars get down to business As the digital video market explodes, creators with large followings such as Joey Graceffa, iJustine and DaveyWavey have to learn to manage businesses that include contracts with big brands.

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

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Author: 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: Pedestrians walk under red lanterns. REUTERS/Aly Song.