China-UK relations, Apple pull hundreds of apps and where do dogs come from?

The daily briefing “FirstFT” from the Financial Times.

Xi Jinping, China’s president, arrived in London last night for a state visit bathed in rhetoric about a “golden era” in China-UK relations but dogged by questions about the impact of Chinese dumping on domestic steel producers and human rights concerns.

David Cameron wants Mr Xi’s four-day visit to seal his claim that Britain is China’s number one global partner, highlighted by his decision to let Beijing build the next generation of British nuclear power stations. (FT)

In the news

Deutsche Bank’s $6bn blunder The German lender accidentally paid $6bn to a US hedge fund client in a “fat finger” trade on its foreign exchange desk this summer. The bank recovered the money the next day, but it raises fresh questions about its operational controls at a time when it is already under intense scrutiny from regulators. (FT)

Morgan Stanley profits dive Chief executive James Gorman has promised an “intense focus” on underperforming parts of the Wall Street bank, as weaker bond trading and a collapse in investment management revenues lowered third-quarter profits by 40 per cent. (FT)

UN tries to decriminalise all drugs An attempt by UN officials to get countries to decriminalise the possession and use of all drugs has been foiled. The recommendation – which the officials said was “consistent with international drug control conventions” – waswithdrawn after pressure from at least one member country. (BBC)

Apple pull hundreds of apps The tech company removed more than 250 apps on Monday after security researchers found that they were all using the same technique to collect personal information, including users’ email address and device serial numbers. The apps, which had been mainly developed in China, had been downloaded an estimated 1m times. (FT)

China capital outflows topped $500bn … in the first eight months of this year, reflecting theshifting fortunes in the global economy. The outflows peaked at $200bn in August, according to US Treasury data, and contributed to Washington dropping its previous assessment that China’s currency was “significantly undervalued”. (FT)

It’s a big day for

Justin Trudeau’s Liberal party, which was heading for victory in the Canadian general election after sweeping early results in the country’s Atlantic Provinces. Exit polls for votes tallied so far showed 120 seats being won by the Liberals, 68 for the Conservatives and 12 for the leftwing New Democratic party, according to CBC. (FT)

Read more about upcoming events this week.

Food for thought

It’s tough at the top A look at the world of wealth therapists , who specialise in making sure the 1 per cent don’t feel guilty about being rich. One of them compares telling people you are rich to “coming out of the closet as gay — there’s a feeling of being exposed and dealing with judgment”. (The Guardian)

What China wants from Britain On the surface, all is set fair for a celebration of mutual friendship between the two countries. But awkward political issues, such as Britain’s existential navel-gazing over EU membership and Beijing’s disdain for “western values”, lurk beneath, writes George Magnus. (FT)

Where do dogs come from? Likely central Asia, according to a comprehensive genetic study of canines around the world. Their ancestors were grey wolves, but more than 15,000 years ago puppies started roaming the steppes. (NYT)

An epic escape from Syria In 2012, Ghaith, a 22-year-old law student, fled suburban Damascus with a backpack containing four shirts, a pair of pants, and a black scarf knitted by his wife. He would cross 10 borders before reaching Sweden. (New Yorker)

Video of the day

Safaricom’s shift to platforms Safaricom is Kenya’s leading mobile phone operator, with customers using their devices for everything from finance to healthcare. John Aglionby talks to chief executive Bob Collymore about the company’s expansion into financial services. (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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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: A flag hangs from the Bank of China offices in the City of London. REUTERS/Toby Melville.