Economic Growth

Inversions are back, Pyongyang Standard Time and Japanese rates

The daily briefing “FirstFT” from the Financial Times. 

Inversion fever is back, despite concerted efforts by the Obama administration to stop US businesses from pursuing takeovers that let them escape the country’s high corporate tax regime. On Thursday two big deals offered the latest evidence of how little impact the White House efforts have had. (FT)

In the news:

Pyongyang Standard Time

North Korea is creating its own time zone. Come next Saturday – the 70th anniversary of Korea’s liberation from Japanese rule – the country will turn back the clocks by 30 minutes in a bid to redress historical grievances, such as being deprived its own standard time. (FT)

Ignore at your peril

Jeremy Grantham, the influential fund manager who correctly predicted the Japanese crash, the dotcom bubble and the global financial crisis, has put out another ominous forecast: the markets will be “ripe for major decline” around the time of the US presidential elections late next year. (FT)

Trump takes centre stage

The GOP presidential debate bounced between two big subjects: America and nominee hopeful Donald Trump. The businessman and real estate magnate hogged the limelight, with the conversation repeatedly returning to his over-the-top statements and controversial views. (WaPo)

Hacking a Tesla

Cyber security researchers have found six significant flaws in the electric carmaker’s Model S cars that allowed them to take control of the vehicles, mirroring thestrategy employed by the Penguin in 1992’s Batman Returns. (FT, YouTube)

The usual suspect

US officials have labelled Russia as the leading suspect in a sophisticated cyber attack that forced the Pentagon to restrict access to portions of its network. The online intrusion comes amid a “massive escalation” in cyber attacks tied to the Russian government since sanctions were imposed last year over Moscow’s actions in Ukraine. (Reuters)

Catching a break

A convicted sex offender has escaped a Norwegian island prison – by surf board. The prison has no fences, encourages organic farming and is often regarded as the ultimate symbol of the country’s humane incarceration policies. (Reuters)

It’s a big day for:

Japanese rates The country’s central bank is set to announce monetary policy at the end of a two-day meeting in Tokyo, after holding rates steady last month. The bank’s deputy governor has dismissed suggestions that the BoJ should raise rates to prevent the yen from falling too fast in the wake of expected rate increases from the UK and US. (Reuters)

Food for thought:

Leave them kids alone

Here is a study that students worldwide will readily get behind: school starts too early and its depriving them of the sleep needed to learn and stay healthy. “It makes absolutely no sense. You’re asking kids to learn math at a time their brains are not even awake,” said one doctor. (USA Today)

A toast to old age

A 110-year-old New Jersey woman credits her longevity to her religious faith and to drinking three bottles of Miller High Life – tagline: “the Champagne of Beers” – and a shot of Johnny Walker Blue Label whisky every day for the past 70 years. (NY Daily News)

Stand up for your steak

How long would you queue for a seat at a good steakhouse? How long would you queue to stand at a good steakhouse? In Japan, at least, the answer to the second question is 45 minutes. Stand-up steak restaurants have sprung up across the nation, providing high-end meat to the canny consumer. (FT)

The Lebanese Kardashians

The Abdelaziz sisters would prefer not to be known as the Arab equivalent of the LA-based clan – but their reality series begs the comparison, even as it attracts and divides viewers. (WSJ)

Fun facts for the pub

The weekend is quickly approaching, which – for many – means at least one or two alcoholic beverages may be consumed. Here is a helpful infographic that shows exactly how beer affects the body in the 24 hours following consumption. (Business Insider)

Video of the day:

The Jon Stewart crash

As the UK braced for Super Thursday, the media sector in the US witnessed Black Wednesday, hitting on the day when the now legendary Jon Stewart hosted his last show for Viacom’s Comedy Central. John Authers explains a rout for media stocks. (FT)

This article is published in collaboration with The Financial Times. 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.

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