Migrant influx breaks symbolic threshold, oil benchmarks converge and hope and fear in Greek crisis

This article is published in collaboration with FirstFT.

Deutsche Bank’s internal investigation into transactions involving its Russian business has identified $10bn of potentially suspicious trades, rather than the $6bn previously thought.

Germany’s biggest bank told authorities earlier in the year that it was investigating possible mirror trades, which involved Russian clients buying securities in roubles through Deutsche Bank’s Moscow office and then selling identical ones for foreign currency, including US dollars, through the bank’s London office. (FT)

In the news

Migrant influx breaks symbolic threshold More than 1m migrants have reached Europe this year, passing a symbolic threshold that will confirm the refugee crisis as the continent’s most divisive political issue. The International Organisation for Migration reported on Tuesday that the number of migrants had hit 1,005,504 — the highest migration flow since the second world war. (FT)

Conoco quits Russia ConocoPhillips, one of the pioneers of foreign investment in the Russian oil and gas industry, has completed a full retreat from the country by selling out of its Polar Lights joint venture with Rosneft. The company’s decision to leave Russia after more than 25 years highlights the challenges facing foreign investors in the country’s energy sector. (FT)

Oil benchmarks converge Prices of the world’s two main oil benchmarks became equal on Tuesday, reflecting different paths for crude supplied from the US and elsewhere. At midday in New York, Nymex February West Texas Intermediate, the US marker, and ICE February Brent, its international counterpart, both traded at $36.35 a barrel. (FT)

Attack foiled in France Authorities have foiled a terror attack on police and army personnel in the region of Orleans, the country’s interior minister said. Bernard Cazeneuve said on Tuesday that two men, aged 20 and 24, were arrested on December 19 and were being held for questioning. (BBC)

The battle of Sangin Afghanistan’s Taliban rebels appear poised to retake the strategically vital town of Sangin, raising fears that Islamist militants could control the important poppy-growing areas of Helmand province. (FT)

It’s a big day for

Guo Guangchang The Fosun chairman, known as China’s Warren Buffett, has returned from the US in a further sign that he has resumed normal business activities after four days in detention earlier this month. Mr Guo is the most high profile private sector businessman to have been ensnared so far in the Chinese government’s anti-corruption and anti-graft campaign. (FT)

Food for thought

A vintage year for the City of London Since the financial crisis, Britain’s bankers have been vilified, fired and mocked. One was even sent to prison. But the mood music has changed in the past six months and bankers may — whisper it — now be on their way to rehabilitation. Here are 12 of the choicest gifts the City has received in 2015. (FT)

Hope and fear in Greek crisis Is there a good chance that economic recovery will take hold in Greece next year? Martin Wolf concludes that is there is a chance but “it is not, alas, that good”. (FT)

Sarah Palin gets revenge Seven years ago, the then-vice presidential candidate was the butt of the joke thanks to some high-profile spoofing by comedian Tina Fey on late-night television. Now, Ms Palin has turned the tables by creating a mock version of Ms Fey’s hit sitcom 30 Rock, with a cameo from John McCain. (The Guardian)

Big diamonds, opaque pricing It turns out that it’s quite difficult to figure out exactly how much the world’s biggest diamonds are worth. A look at how miners that seek out some of the rarest diamonds are solving the problem. (Bloomberg)

Rise of the emojis What do the Pope, Pepsi, Playtex tampons and reality-television star Kim Kardashian have in common? They all exist in emoji form, the messaging icons that have gone beyond smiley faces to become a marketing phenomenon. (FT)

Video of the day

Year zero John Authers on a remarkable year in which the total returns on US stocks, bonds and cash were all within a percentage point of zero. (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 European Union flag (L) flutters next to a Greek flag on the facade of the Bank of Greece headquarters in Athens. REUTERS/Alkis Konstantinidis.