Eurozone unemployment, Iranian talks and the gene influence

The daily briefing “FirstFT” from the Financial Times.

Unemployment is here to stay in Europe, where it now stands at 11.2 per cent. The ECB projects that one in 10 workers in the eurozone will be unemployed even after the ECB’s quantitative easing programme has taken effect. (FT)

Yet Mario Draghi hit back at QE critics, rebuffing accusations that the programme will result in governments jettisoning economic reforms, instead insisting “growth is gaining momentum”. It seems even the US stands to gain from European QE – Stanley Fischer, a leading Federal Reserve policy maker, foresees a boost to US exports as a result, even if the strong dollar offsets some of those gains. (FT)

In the news

Normalise or face the bubble James Bullard, a senior Federal Reserve official and head of the Reserve Bank of St Louis, thinks keeping rates at zero risks inflating asset price bubbles with “devastating consequences”. He said the Fed “should get a move on with normalisation” to avoid having to raise rates aggressively later and create market volatility. (FT)

Tsipras and Merkel pledge to work together They struck a conciliatory tone but said that their meeting was not the place for detailed talks about the eurozone’s Greek rescue programme. Meanwhile, Greece is fast running out of cash. Peter Spiegel explains where it can turn when that day comes. (FT)

Pharmacyclics chief wins $3.6bn from takeover That is a seventy-fold plus return for Robert Duggan, who amassed his stake in 2009 when the share price was languishing at $1. AbbVie dug deep to outbid four rival suitors for the Californian group, stoking fears that big pharma is overpaying for biotech groups. (FT)

Ted Cruz launches presidential bid The firebrand Republican senator from Texas pledged to “restore the promise of America”. Speech and venue – a Christian university synonymous with the country’s evangelical movement – were of a piece: “Imagine millions of courageous conservatives all across America rising up together to say in unison, ‘we demand our liberty'”. (FT)

Vivendi urged to spin off Universal Music Activist investor P Schoenfeld Asset Management wants the French media group to cash in on investor excitement over streamed music via a spin-off and unlock value in UMG. (FT)

China forgoes AIIB veto power China won over US allies in Europe by offering to surrender veto power at the Beijing-led Asian Infrastructure Investment Bank . That concession, a major departure from standing US practice, helped win over the UK, France, Germany and Italy. (WSJ)

It’s a big day for

Iranian talks Senior Israeli officials are in London – as they were in Paris yesterday – in an attempt to influence the final terms of any nuclear deal with Iran. Negotiations resume tomorrow in Lausanne. (NYT)

Food for thought

Cementing the deal The merger of Holcim and Lafarge, the two largest players in the cement industry, had many pitfalls but – as with many multimillion dollar deals before – it was a classic ego clash that nearly undid it. (FT)

The gene influence Julian Baggini delves into the nature vs nurture debate and what it means for our free will. He advises readers that “unfettered freedom is not only an illusion; it makes no sense.” (Guardian)

Harmony of the spheres The alliance between music, mathematics and astronomy should make for harmonious music based on mathematical principles. But it doesn’t quite pan out like that: composers have to revise their scores to make them scientifically correct. The BBC looks at the best science-inspired music out there.

How to move up the investment ladder John Authers looks at what you need in your investment toolkit beyond equities and bonds. Green wellies at the ready: options range from farmland to hedge funds. (FT)

Video of the day

The FT talks to Ukraine’s finance minister Natalie Jaresko secured a $40bn IMF bailout but the country needs more. She tells Neil Buckley why countries such as the UK and the US should cough up.

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

To keep up with the Agenda subscribe to our weekly newsletter.

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: European Union flags fly outside the European Commission headquarters in Brussels. REUTERS/Thierry Roge.