All eyes on the Fed, EU unveils border force and the end of the Nazi gold train mystery

This article is published in collaboration with The Financial Times.

All eyes are on the Fed, which is widely expected to raise rates for the first time in nearly a decade on Wednesday. Investors will focus on the language of policymakers, and many will view a rate rise as an affirmation of what the central bank sees as the strength of the US recovery.

But is the Fed jumping the gun? For those in the struggling US industrial economy, the answer may be yes. But money market funds are applauding the possibility, and stocks rose on Tuesday. (FT)

In the news

EU unveils border force The new agency, under a highly controversial plan , would be capable of deploying guards to a country’s frontiers in an emergency — even if the national government objected. It is the latest in a series of German-backed proposals to deal with the refugee crisis by centralising power in Brussels. (FT)

Hanergy faces heat over unpaid rent Hanergy Thin Film Power, the solar equipment maker being investigated by Hong Kong’s stock market regulator, is facing legal action for allegedly failing to pay rent on its high-rise office in the heart of the city. The dispute comes seven months after trading in shares of HTF was suspended, and suggests cash flow has suffered at mainland parent Hanergy Group. (FT)

Saudi Arabia’s anti-terror coalition The kingdom unveiled a military alliance of Muslim nations to fight terrorism, another sign of the conservative Gulf monarchy’s growing interventionist approach amid proxy conflicts with rival Iran and the rise of Sunni militancy. Saudi officials said they would set up a joint operations centre in Riyadh to support the 34-nation coalition. (FT)

Coffee and taxes Starbucks UK paid £8.1m in corporation tax in the past 12 months — almost as much as it contributed between 1998 and 2012 — after posting its largest ever profit in the market. The coffee house had argued unprofitability in its troublesome UK business has been to blame for its historically low payments to the exchequer on earnings from approximately 400 branches. (FT)

Iran missile test violated UN ban The medium-range Emad rocket that Tehran tested in October was capable of delivering a nuclear warhead, making it a violation of a UN Security Council resolution. The conclusions by the council’s panel of experts on Iran is likely to lead to calls for expanding sanctions against Tehran in Washington and other western capitals. (Reuters)

It’s a big day for

US pharma Valeant is set to discuss its financial outlook and drug development programmes with investors and analysts. The company’s stock has inched up recently after tumbling to a three-year low last month amid concerns over its business model. (NYT)

Food for thought

Isis Inc: tax and spend The jihadi group may have ambitions of statehood but the budget for the self-proclaimed caliphate shows that its priorities are still those of a militant organisation. Isis has built an efficient war machine that lavishes money on loyal members while squeezing others. (FT)

Britain’s bizarre laws Centuries of legislating by Westminster have resulted in the accumulation of many laws that are nowadays either irrelevant or downright absurd . For example, it is illegal “to handle salmon under suspicious circumstances”. So voluminous and eccentric is the collection of 44,000 pieces of primary legislation that there is even a small team of officials whose sole task is to prune it. (NYT)

On the cutting edge of shaving Around the globe, the market for razor blades is being shaken up by eager, young start-ups that are selling more stylish products at a cheaper rate. And they believe they know what accounts for their popularity: “Guys today are not upset about the price of razor blades in the abstract . . . but they know big brands are deliberately trying to take advantage of them and they do not like that in life.” (FT)

A solution to no signal A lightweight mobile antenna that you can strap to your backpack or jacket might just prove enough for keeping you in touch with the outside world if — and when — your mobile phone reception drops. Engineered to assist the likes of skiers or campers, GoTenna connects via Bluetooth to your smartphone from where it can send and receive messages. (WSJ)

Nazi gold train . . . no more Scientists have quashed the claims — and dreams — of two amateur treasure hunters that they had discovered a legendary gold train hidden by the Nazis in southern Poland at the end of the second world war. “There is no train,” said one scientist, crushing the hopes of Indiana Jones types worldwide. (The Guardian)

Video of the day

Fed caught in a bind Bond market veteran Dan Fuss from Loomis Sayles discusses whether traders are prepared for an interest-rate increase and the outlook for further rises in 2016. (FT)

Publication does not imply endorsement of views by the World Economic Forum.

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Image: A migrant walks towards Gevgelija in Macedonia after crossing Greece’s border, Macedonia, August 22, 2015. REUTERS/Ognen Teofilovski.