Global growth slumps, a month to forget for hedge funds and what’s killing Mars?

The daily briefing “FirstFT” from the Financial Times.

The IMF said global growth this year would fall to its slowest pace since the financial crisis, with a deep slowdown in China and other emerging economies masking a recovery in rich countries.

Despite predictions that advanced economies will post their best performances since 2010, the drag from emerging markets looks set to pull growth rates down to 3.1 per cent. (FT)

In the news

Tech giants scramble The EU’s top court has suspended a transatlantic data-sharing deal, leaving internet companies such as Amazon and Facebook racing to overhaul their businesses to avoid breaking the law. The European Court of Justice declared the agreement invalid because it stops Europe’s data protection watchdogs intervening on behalf of citizens who complain their privacy has been infringed. (FT)

VW prepares for pain New Volkswagen chief executive Matthias Müller signalled that the company was preparing to slash costs to help foot the bill for the diesel emissions scandal, in moves he warned would “not be painless”. The company will need to “save massively to manage the consequences of the crisis ”, he said. (FT)

Shell warns of oil price spike The company said there was a risk of a rise should Opec keep pumping in the face of an expected decline in output after spending cuts by energy groups outside the cartel. (FT)

A month to forget Hedge funds have suffered their biggest monthly loss since the financial crisis in the wake of market turbulence that battered the portfolios of some of the industry’s best known investors. The sector as a whole lost $78bn in August, the worst monthly absolute fall in assets since October 2008. (FT)

UN diplomat charged in bribery scheme John Ashe, the Antiguan representative and former general assembly president, has been charged with receiving about $1.2m from a Macau real estate mogul and others. (FT)

It’s a big day for

Samsung Shares in the South Korean electronics group rose nearly 5 per cent after the company said operating profit was up about 80 per cent from a year ago. It was the company’s biggest daily gain since June 4. (fastFT)

Food for thought

The best place to die The UK has topped a quality-of-death index, which measured the level of palliative care in 80 countries around the world. The ranking was attributed to the extensive integration of relief care in the NHS, as well as “deep community engagement on the issue.” (Quartz)

What’s killing Mars? An ancient ocean once covered a quarter of the Red Planet’s surface — it once may have looked something like Earth. What turned it into a dry red husk? (The Atlantic)

Canada: To the left The country is set to go to the polls later this month in an election that could end the Conservatives’ nine-year hold on power. All eyes are on Liberal party leader Justin Trudeau, a man once mocked because of his youth but who is now leading a surge that has thrown the vote wide open. (FT)

Ignoble laureates Racists, misogynists, frauds. As the Nobel season kicks off, meet therogues’ gallery of past winners , including William Shockley (Physics, 1956; famed eugenicist), Kary Mullis (Chemistry, 1993; Aids denialist) and James Watson (Physiology or Medicine, 1962; racism, anti-Semitism, you name it, the co-discoverer of the structure of DNA “doesn’t miss an opportunity to offend”). (NatGeo)

Facebook vigilantes It started as a Facebook page: the Peruvian villagers were tired of ineffective police forces and took to the internet to vent their frustrations and call for justice. But their message – “Chapa tu choro” or “catch your thief” – went viral, sparking a vigilante movement across the country that has seen savage reprisals against petty criminals – andsometimes innocent bystanders. (The Guardian)

Video of the day

Japan’s economy v company reform Abenomics has one bright point: Japanese corporate governance is improving fast. Unfortunately, says investment editor James Mackintosh, even the best-run company is not immune to the economic cycle. (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 Jordanian boy poses with an image of Mars projected on a wall. REUTERS/Ali Jarekji.