Why the term “emerging markets” is obsolete, drawing up a dose and hypersonic aircraft

The daily briefing “FirstFT” from the Financial Times.

Tom Hayes, a former star trader at UBS and Citigroup, was found guilty of eight counts of conspiring to rig Libor, the first conviction in the global scandal over the manipulation of benchmark interest rates. Mr Hayes was sentenced to 14 years in jail, in a major victory for the UK’s Serious Fraud Office, which had risked its reputation in pursuing the case.

Here’s everything you need to know about a man who was either the venal “Machiavelli of Libor”, or an Aspergic numbers-obsessed trader dubbed “Rainman” who was used as a political football. Here are the key quotes from the prosecution and defence. (FT)

In the news:

Heath named in abuse inquiry

Police in the UK have named former prime minister Edward Heath as a suspected paedophile and have appealed for victims to come forward. The revelation comes amid claims that the authorities dropped a criminal trial in the 1990s after the defendant – an unknown person – threatened to expose the late politician. (Telegraph)

Falling Apple

Intense competition in the second quarter saw Apple lose its top spot in the Chinese market to local upstart Xiaomi. Shares in the US tech company also took a hit, falling 2.5 per cent on investors’ concerns about growth in China. (FT)

Drawing up a dose

Health officials in the US have for the first time approved a drug that is manufactured using 3D printing technology. The decision could pave the way for the customisation of drugs to suit the needs of individual patients. (Reuters)

The disappearing monk

The mystery surrounding China’s most famous Buddhist continues to deepen after the abbot missed a scheduled meeting in Thailand. Shi Yongxin – the “CEO monk” who turned the Shaolin Temple into one of China’s most recognisable brands – has been at the centre of a number of lurid allegations over the past weeks, including claims he fathered several children. (FT)

China demands US return businessman

Chinese authorities have told the US to hand overa wealthy and politically connected businessman who fled to the US. If Ling Wancheng were to seek political asylum, he “could become one of the most damaging defectors in the history of the People’s Republic”. (NYT)

It’s a big day for:

South China Sea tensions, which should not be discussed at today’s Asean meeting in Kuala Lumpur, according to Chinese vice foreign minister Liu Zhenmin. “This is not the right forum. This is a forum for promoting co-operation. If the US raises the issue we shall of course object,” he said. (Reuters)

Food for thought:

Hypersonic jet-setters

Airbus last month patented “an ultra-rapid air vehicle” that pundits believe could cut the flight time between London and New York to just one hour. (Business Insider)

Raising wages, and expectations

Inside the tumultuous world of the CEO whose decision to raise all of his employees’ salaries to $70,000 shook up the inequality debate – and roiled a burgeoning business. (NYT)

Fly me to the moon

If being the second man on the moon was not enough, Buzz Aldrin can now comfortably lay claim to having the most remarkable expense reports. The former Nasa astronaut has released paperwork that shows he was reimbursed $33 for an itemised travel agenda that includes a number of days on the moon. (Quartz)

New powers, old categories

The term “emerging markets” is obsolete and in need of an overhaul. It no longer accurately describes a world in which such countries contribute a bigger share to global GDP than their developed counterparts, commentators say. (FT)

The lost cities of … Egypt

Ancient treasures from the submerged ruins of two Egyptian cities will be exhibited for the first time next month. The cities were almost erased from human memory in the eighth century AD after surrendering to the sea following a series of earthquakes and tidal waves. (Guardian)

A hitchhiker’s guide to destruction

A hitchhiking robot, which successfully crossed Canada, Germany and the Netherlands, met its demise in a Philadelphia alley. HitchBOT – as it was known by its loving creators and fans – had taken in the jazz in New Orleans and a baseball game in Boston, before its journey was cut short at the tender age of one. (NYT)

Video of the day:

$50 oil John Authers looks at the implication as Brent crude drops below $50 per barrel once more, squelching hopes in the industry that it would steadily recover. Will this delay the Federal Reserve’s plans to raise interest rates? (FT)

To keep up with the Agenda subscribe to our weekly newsletter.This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

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: People cross a street in Mong Kok district in Hong Kong. REUTERS/Bobby Yip.