Barclays to announce new CEO, China’s new Silk Road and deep water

The daily briefing “FirstFT” from the Financial Times.

Barclays plans to appoint Jes Staley as its new chief executive, turning to the former JPMorgan investment banker to lead the UK lender through a period of hefty restructuring and strategic uncertainty. The American will join from Blue Mountain Capital, the US hedge fund he joined in early 2013 after more than three decades at JPMorgan where he rose to head its investment bank.

The appointment is expected to be announced in the next two weeks providing it is approved by regulators, said two people familiar with the matter. Barclays declined to comment. (FT)

In the news

Deal by Dell Michael Dell sealed the biggest deal in tech history after his privately run PC maker agreed to acquire data storage maker EMC in a roughly $63bn transaction. EMC shareholders will receive $33.15 per share, in an unusual structure that will allow Mr Dell to pull off an audacious buyout while retaining majority control of VMware, a maker of data centre software that is controlled by EMC and will remain publicly listed. (FT)

Do not get sick in the US Prices of the 20 top-selling medicines in the US average aboutthree times those in Britain, six times those in Brazil and sixteen times the average in countries such as India, according to a University of Liverpool study. The report highlights the transatlantic gulf in prices for drugs that are a major source of profits for the largest pharma companies. (Reuters)

Russia ramps up bombing campaign Over the weekend, Moscow more than doubled the rate of strikes seen at the beginning of its operations in Syria. Gideon Rachman argues that Russian intervention shows that the US has largely lost control of the Middle East, and is part of a bigger problem: the White House is under pressure to restore the image of American strength. (WSJ, FT)

AB InBev raises SABMiller offer The brewer increased its takeover proposal to £67bn, raising the stakes in a battle to create the biggest brewing company in the world. (FT)

Angus Deaton wins economics Nobel The British-born economist at Princeton university was awarded the prize for his analysis on consumption, poverty and welfare. (FT)

It’s a big day for

Libor traders The first US trial over alleged manipulation of the benchmark begins against former Rabobank employees Anthony Conti and Anthony Allen, both Britons. (FT)

Hillary Clinton The Democratic presidential nomination frontrunner has spent months all but ignoring her chief rival, Senator Bernie Sanders, even as he gained on her in the polls. Duringthe first debate for the party, she will try to confront him without alienating his passionate supporters, while he will attempt to persuade sceptical Democrats that he would be a viable nominee. (WSJ)

Read more about upcoming events this week.

Food for thought

The new great game Bolstered by $4tn in foreign currency reserves, overflowing granaries and massive surpluses of real estate, cement and steel, Beijing is looking beyond its borders for investment opportunities and trade. An FT Series explores the new Silk Road at the centre of Chinese foreign policy. (FT)

Ganja economics Sales of newly legal marijuana brought in $11m during the first five days of retail sales in Oregon, well ahead of official expectations. With a 25 per cent tax it could prove a boon to state coffers. But weed remains illegal at the federal level, and sellers are pariahs to banks, so retailers have nowhere to put their cash. But one American Indian group is hoping reservations could become the banking system for the legal pot industry’s estimated $3bn in annual revenue. (NPR, Bloomberg)

Miniature ivories The illegal trade in elephant tusks is well known but another form of ivory comes from a bird which lives in the forests of East Asia. The helmeted hornbill is under threat, with thousands of specimens killed each year for the lump of keratin that grows on their heads. (BBC)

The crocodile millionaire Profile of Honduran banking magnate Jaime Rosenthal, who has a $690m family fortune, owns 10,000 crocodiles and is embroiled in a tussle with the US. He and two relatives were indicted last week on charges they laundered money for drug traffickers. (Bloomberg)

Deep water Coastal topography maps can show to within a few inches where the water level would be when if the sea level rises. Enjoy certain places while you can – many coastal cities and towns will someday be under water. (Wired)

Video of the day

Turkey after deadly attack What will happen next in the country after a bombing that left 128 dead in Ankara? The FT’s Roula Khalaf and Hugh Carnegy assess the motives behind the attack amid high political tensions. (FT)

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

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Image: A sign for Bank Street and high rise offices are pictured in the financial district Canary Wharf in London. REUTERS/Luke MacGregor.