First Libor convictions, UK rates could stay low until 2017 and TPP countries bar currency wars

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US defence secretary Ashton Carter used a visit to the aircraft carrier USS Theodore Roosevelt — located near the areas of the South China Sea where Beijing is building artificial islands — to deliver a highly symbolic warning to China against its militarisation.

The aircraft carrier visit was the culmination of 10 days of high-stakes military and diplomatic action by the US which Mr Carter hopes will dissuade China from expanding its military presence in the region and will reassure nervous allies about the durability of a US presence in the western Pacific. (FT)

In the news

Risky business ExxonMobil is being investigated by the New York state attorney-general over whether it misled investors and the public about climate change risks and how it could affect the company, according to people familiar with the case. (FT)

First Libor convictions Two former Rabobank traders became the first to be found guilty in the US of manipulating Libor, the latest fallout from the global scandal over rigging of benchmark lending rates by banks. (FT)

UK rates could stay low until 2017 The Bank of England struck an unexpectedly dovish note on Thursday, indicating that British interest rates can stay at historic lows throughout next year without any significant risk of an overshoot in inflation. (FT)

TPP countries bar currency wars The US, Japan and 10 other Pacific Rim countries pledgednot to engage in such tactics and to disclose any interventions in foreign exchange markets. The promise came alongside the release of the full text of the Trans-Pacific Partnership. (FT)

Going for gold Goldman Sachs is promising junior investment bankers faster promotions, more diverse experiences and less menial work as part of an attempt to lure new talent in the face of tough competition on Wall Street. (FT)

US detects Iran hacks American officials said the number of hacks of email and social media accounts of Obama administration officials by the Iranian Revolutionary Guards surged in recent weeks. They believe the attacks are tied to the arrest in Tehran of an Iranian-American businessman. (WSJ)

UK and Russia at odds over Sinai crash Moscow dismissed as speculation a claim by London that the disaster may have been caused by a bomb, while Egypt has also urged caution. (FT, BBC)

It’s a big day for

Berkshire Hathaway which reports earnings that analysts expect will include record profits for the period because of a one-time gain on the Kraft-Heinz deal, which has involved a slew of lay-offs. (USA Today)

The US market Traders are wide-eyed with anticipation ahead of non-farm US payrolls data, which could influence the Fed as to whether it will raise interest rates next month. (FT)

Food for thought

The Chinese learning curve China has emerged in the space of a couple of decades as a world power second only to the US. Philip Stephens argues that it must now learn how to be a great power. (FT)

Eyes on the electoral prize The general election to be held in Myanmar this Sunday will be a landmark event in its transition from military rule, but will also shine a light on how far this process still has to go. (FT)

No atmosphere Scientists think they are getting closer to explaining precisely how Mars lost much of its atmosphere. The most likely explanation is that the Sun has simply stripped it away, turning Mars from a warm and wet world into a cold and dry one. (BBC)

Are books dangerous? Sociologist Frank Furedi examines the history of the idea that some books are dangerous, which is having a modern comeback as some university students complain certain texts contain vivid descriptions of crimes like rape or domestic violence. (Aeon)

Pick your own What do professional apple farmers think of people who pick apples for fun?Some are downright bemused, while others are glad to have an extra way to make money from tourists visiting their farms. (The Atlantic)

Video of the day

FT economics editor Chris Giles digests the key points announced by the Bank of England on Super Thursday.

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.

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