Brexit, the global economic slowdown and preventing future taxpayer bailouts

David Cameron will unveil a four-point reform plan intended to keep Britain in the EU on Tuesday. The British prime minister is hoping to negotiate a new settlement between the UK and the 27 other members before a promised referendum by the end of 2017.

The unveiling is regarded by Brussels as a watershed moment, but senior officials fear it could trigger a wave of counter-demands from other European countries, hugely complicating the British negotiation. (FT)

In the news

Watchdog calls for Russian athlete ban Russian athletes could be banned from the Olympic Games in Rio de Janeiro next year after investigators alleged they had uncovered evidence of the blanket use of performance-enhancing drugs and a systematic cover-up by the Russian authorities. (FT)

Global growth slows The OECD cut its global growth forecasts to 2.9 per cent this year and 3.3 per cent next year amid a dramatic slowdown in world trade prompted by shifts in China and other emerging markets. This compares with earlier projections of 3 per cent and 3.6 per cent respectively. (FT)

Big banks, big bucks International institutions must raise as much as EUR1.1tn by 2022 in special debt designed to prevent taxpayer bailouts, says the Financial Stability Board, which makes policy recommendations to leaders of the G20. (FT)

Saudi Arabia to tap bond markets The kingdom will go to the international markets for the first time , increasing debt levels to as much as 50 per cent of GDP within five years, up from a forecasted 6.7 per cent this year and 17.3 per cent in 2016. (FT)

Netanyahu tells Obama he wants peace The Israeli leader affirmed his commitment to a two-state solution with Palestinians during a meeting with the American president as they sought to mend ties strained by acrimony over Middle East diplomacy and Iran. (Reuters)

Going going gone A portrait by Modigliani has been sold to Chinese collectors for $170.4m, the second-highest price ever paid at auction for a work of art. (WSJ)

It’s a big day for

Fox Business Network, which will host its first Republican presidential debate on Tuesday evening. It will seek to use the event to differentiate itself from its larger rival, CNBC. (FT)

You can see more upcoming events here. (FT)

Food for thought

Wild mercury sound David Remnick explores the 15-month period from early-1965 to mid-1966 when Bob Dylan created some of the greatest albums of all time. (New Yorker)

The south-east Asian slave trade Inside the lives of the Filipino villagers who are tricked into working on ships notorious for poor safety and labour records with false promises of high wages. (NYT)

Making music For many years, the Taliban banned music and the education of girls in Afghanistan. Now one 17-year-old has become the country’s first female conductor. (BBC)

Mind the gap Across the globe there is a backlog of projects that are needed to drive growth, while institutional investors are desperate to diversify from the volatility of the stock and bond markets. So why is there still an annual $1tn shortfall in spending for public sector projects? (FT)

Not so splendid isolation The South China Sea. Hong Kong. Taiwan. Gideon Rachman argues that China is facing problems on several diplomatic fronts. It might be time to change tack. (FT)

Video of the day

Chinese shoppers opt for mobile payment The Chinese economic slowdown is spooking global stock markets. Patti Waldmeir looks at some of the habits of Chinese consumers and how they are spending. (FT)

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 man walks past buildings at the central business district of Singapore. REUTERS/Nicky Loh.