Germany’s border controls, bubble trouble in the US and a tale of 2 cities

The daily briefing “FirstFT” from the Financial Times.

Germany introduced emergency border controls in an attempt to stem the surge of migrants into the country, in a sign of the pressure the refugee crisis has placed on Europe’s cherished system of free movement.

The move comes as European interior ministers prepare for a crucial meeting on Monday to decide how to divvy up the new arrivals. (FT)

In the news

John McDonnell becomes shadow chancellor The appointment of the hardline left-winger is a strong signal that new Labour leader Jeremy Corbyn is likely to keep business at arm’s length in the coming years. (FT)

Bubble trouble in the US? A growing number of investors believe that stocks are overvalued, creating the risk of a significant bear market, according to research by Yale University’s Nobel laureate Robert Shiller. (FT)

Electricity system at breaking point Energy experts warned that a wave of power plant closures threatens to push Britain’s creaking electricity system over the edge. The rapid pace at which old coal-fired plants are being closed, ahead of a deadline for compliance with new EU air quality rules, has prompted the National Grid to buy emergency back-up power this year for the second winter in a row. (FT)

Franklin Templeton suffers record outflows Analysts have sliced their earnings forecast for the US asset management group as it wrestles with some of the worst outflows from its mutual funds in its history. Investors pulled more money from the Templeton Global Bond fund last month than in any previous month. (FT)

China shake-up With the economy continuing to slow, Beijing has finally revealed guidelines for reform of its state-owned enterprise sector . The country has more than 155,000 such enterprises, employing tens of millions – and while the vast majority are managed by local governments, there is a core of more than 100 large nationally strategic groups. (FT)

It’s a big day for

Former Greek prime minister Alexis Tsipras , who faces off against Evangelos Meimarakis, leader of the centre-right New Democracy party, in a televised pre-election debate. Mr Meimarakis is proving an unexpectedly formidable opponent for Mr Tsipras, with opinion polls suggesting the vote will be too close to call. (FT)

Food for thought

What makes a good parent The FT’s Lucy Kellaway struggles with a difficult question – and one that is all too easy to avoid answering. “In the end, parenting is not like cooking. There is no accepted process, and neither is there any product or customer,” she says. (FT)

Frozen dreams Cancer claimed Kim Suozzi at age 23 but she chose to have her brain preserved using cryonics, with the dream that neuroscience might one day revive her mind. (NYT)

The Democrats’ best insurance Just months ago, the very idea that Joe Biden would run for the US presidency was fanciful. Now, he is the obvious back-up to a beleaguered Hillary Clinton, with the vice-president already polling well despite not having officially entered his name. (FT)

A tale of two cities There is no point comparing cities by the wealthy areas as they will always be exceedingly inhabitable. One should look at the poorer districts – and in this regard London is a much better deal than Paris. (The Guardian)

Airbnb confident of China welcome Apartment-sharing website Airbnb has played down the risks of interference by the Chinese government as it embarks on a major expansion drive. Chief executive Brian Chesky told the FT that he was confident the company would avoid the rough treatment handed out to Google, Facebook and other US internet groups. (FT)

Video of the day

Turning point in Syria Four years into the civil war, President Bashar al-Assad’s regime remains, while Isis controls vast swaths of the region. With reports of increased Russian support for Mr Assad, and an escalating refugee crisis, FT experts assess whether the Syrian war is at a turning point. (FT)

This article is published in collaboration with FirstFT. 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 German national flag is seen.  REUTERS/Fabrizio Bensch.