Oil glut to last until 2020, blocks on road to Paris climate deal and is a new tech bubble upon us?

The daily briefing “FirstFT” from the Financial Times.

On Tuesday the UK prime minister unveiled a four-point reform plan intended to keep Britain in the EU ahead of a promised referendum by the end of 2017. (FT)

In the news

Valeant warns of tough road ahead The crisis-stricken Canadian drugmaker warned of asignificant impact on its largest business unit after it severed ties with a pharmacy chain charged with boosting sales of its medicine. (FT)

Oil glut to last until 2020 The oil market will remain oversupplied until the end of the decade as an unstoppable push for cleaner fuels and greater efficiency offsets the effect of lower prices, the International Energy Agency said. (FT)

Charges in JPMorgan hack Two Israelis and an American with Russian ties have been charged in connection with a massive alleged hacking scheme against JPMorgan Chase, Fidelity Investments and the Wall Street Journal, among others. They are believed to have stolen the personal information of at least 100m people. (FT)

Russian doping crisis deepens The head of the anti-doping laboratory in Russia hasresigned after being accused of destroying more than 1,400 samples to foil an investigation into the systematic use of performance-enhancing drugs in athletics. (FT)

Raising a glass Anheuser-Busch InBev is poised to announce on Wednesday that it hasclinched a deal to buy SABMiller for GBP68bn by selling a joint venture interest, seen as essential to help AB InBev win approval from US regulators for the SAB takeover. (FT)

It’s a big day for

Chinese retailers Singles Day, the Chinese online shopping event, last year generated five times the sales of Cyber Monday in the US. But buyer beware: it is also a big day for counterfeiters. (FT)

You can see more upcoming events here. (FT)

Food for thought

Beyond Banking European bank chief executives are being paid less than half the amount of their US counterparts, after average remuneration in Europe fell 6 per cent between 2010 and 2014, but grew 15 per cent in the US. (FT)

The only way is down Silicon Valley valuations may be seen as marketing numbers in the face of the reality of an IPO. Is a new tech bubble upon us? (FT)

Obituary of Helmut Schmidt The German statesman and former chancellor, who employed a straight-talking political style, has died at the age of 96. (FT)

Politics of despair Economist Paul Krugman sees a link between the despair reflected in the recent mortality numbers for middle-aged white Americans and the volatility of rightwing politics. (NYT)

Gaming the H1B visa programme Outsourcing companies dominate the lottery for the coveted US work permits for foreigners with exceptional skills. This means small US businesses miss out. (NYT)

Close your eyes Following its heyday in the 1960s and 1970s Transcendental meditation is making a comeback in schools across America where is is used as a tool for stress-reduction and well-being. (The Atlantic)

Video of the day

Blocks on road to Paris climate deal Talks to secure a binding deal to limit greenhouse gas emissions and global warming start in late November but businesses and policymakers tell FT environment correspondent Pilita Clark that major stumbling blocks remain on carbon pricing, compensation and other issues. (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: An aerial view of the Oseberg oil platform in the Norwegian sea prior the visit of  Austrian President Heinz Fischer and  Norwegian King Harald. REUTERS/Helge Hansen.