Fresh pressure on commodities, extraterrestrial mining and Obama writes about the global economy

The daily briefing “FirstFT” from the Financial Times.

This article is published in collaboration with First FT. 

Chancellor George Osborne is considering a radical multibillion-pound plan to privatise the stake held by the government in housing associations in an attempt to remove debt from the public books and inject new life into the British housing market.

The move stems from his desire to build more houses as well as his irritation over the decision by the Office for National Statistics last month to deem housing associations as a nationalised industry. (FT)

In the news

China warns US over South China Sea Two US B52 bombers flew a mission over the Spratly Islands in the South China Sea this week and received a verbal warning from Chinese air traffic controllers not to enter what Beijing believes to be Chinese airspace. (FT)

Turkey receives financial help over refugee crisis European leaders faced up to the costsof enlisting Turkey to help contain a rush of migrants heading towards the continent as national capitals agreed at an EU summit to contribute EUR3bn in aid to Ankara. (FT)

Fresh pressure on commodities A renewed sell-off in oil and metals has shaken investors as fears grow that falling demand for commodities is signalling a sharper slowdown in the Chinese economy. (FT)

Violence returns to Lebanon At least 37 people were killed and more than 180 wounded in two blasts that rocked Beirut on Thursday evening, with the Lebanese army saying the explosions had been carried out by suicide bombers. (FT)

TfL anticipates cut in funding The London transport network is facing the loss of GBP700m a year of state subsidy by 2020 following cuts to grant funding to be announced this month. Grants currently make up about a tenth of the operating budget of GBP6.6bn. (FT)

Trouble at the top A top investor in Volkswagen has called for it to replace its newly appointed chief executive and chairman, saying only outside leadership can restore trust in the scandal-hit carmaker. (FT)

Pushing back against Isis Kurdish forces in northern Iraq have launched an offensive to retake Sinjar, a strategically important town near the Syrian border, from Islamic State militants. (FT)

Strike force A US air strike has targeted Mohammed Emwazi, the Isis terrorist believed responsible for beheadings in gruesome Islamic State propaganda videos, known as Jihadi John. (Guardian)

It’s a big day for

The French economy, which reports its GDP reading for the third quarter.

Indo-UK relations Narendra Modi continues his three-day visit with lunch at Buckingham Palace with the Queen. (FT)

Food for thought

Obama writes for the FT Barack Obama argues that while the global economy is growing, it is growing too slowly. The US president will prioritise promoting global growth at a G20 summit next week. (FT)

High pressure in Paris In less than a month countries will meet in Paris to decide on the outcome of UN climate talks. The focus will be on holding nations to their pledges if a deal is struck, after accords in the 1990s failed to prevent a rise in carbon dioxide pollution. (FT)

Extraterrestrial mining New US legislation recognises the right of US citizens to own asteroid resources — if you can get the stuff out, you can own it. (Ars Technica)

The long way back In 1988 Saddam Hussein dropped chemical weapons on the Kurdish residents of the town of Halabja. Thousands died but some infant survivors, subsquently adopted, are returning to find out whether any of their birth relatives are still alive. (BBC)

Storytime Researchers are paying more attention to the way we use neat stories to explain everything from sports matches to symphonies. Imposing a narrative is key to our understanding of them. (Aeon)

Video of the day

Indian prime minister Narendra Modi is visiting the UK, with trade at the top of the agenda for UK premier David Cameron. But issues from visa restrictions to fears of growing intolerance in India are weighing on the trip. (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 Kurdish refugee woman from the Syrian town of Kobani washes dishes at a refugee camp in the Turkish border town of Suruc. REUTERS/Umit Bektas.