China’s growth target, the youth of today and the hydrogen-fuelled car

The daily briefing “FirstFT” from the Financial Times.

The US has ramped up its probe into Deutsche Bank’s activities in Russia, as a money laundering investigation of its Moscow unit widens to examine possible sanctions violations.

The probe is one of the first known US investigations of a Wall Street bank tied to potential breaches of western sanctions against Russia since the measures were first imposed in the wake of Russia’s 2014 annexation of Crimea. (FT)

In the news

The hydrogen-fuelled car Toyota has unveiled its next big visionary bet: a hybrid car powered by two tanks of high-pressure hydrogen and an electric motor. Named Mirai — meaning “future” in Japanese — the fuel-cell sedan forms part of an ambitious plan by the carmaker to virtually eliminate petrol and diesel engines from its fleet by 2050. (FT)

China plays down growth target Li Keqiang, the country’s premier, said his government would not “defend to the death” its goal of 7 per cent economic growth this year — a day after Beijing cut interest rates for the sixth time in 12 months. His remarks come ahead of a Communist party gathering today that will shape the upcoming five-year plan, a blueprint for the economy. (FT)

EU failed to heed emissions warnings in 2013 The bloc’s former top environmental official alerted his colleagues that carmakers were gaming European tests more than two years before US authorities uncovered widespread cheating by Volkswagen. Meanwhile, the company is on a suspension spree, from low-level technicians to board-level executives. (FT, WSJ)

Tony Blair apologises for Iraq ‘mistakes’ The former British prime minister conceded that the war contributed to the rise of Isis and admitted he had not fully understood the chaos that would follow the removal of Saddam Hussein. His comments come as Sir John Chilcot prepares to set out a timeline for the release of his long-awaited report on the war, which is expected to be critical of Mr Blair. (FT)

Taxi wars heat up Karhoo, a little-known group founded by a Briton and based in New York, is set to join the taxi app wars . It has raised $250m and will launch in January in London, New York and Singapore after securing a network of 200,000 cars. (FT)

It’s a big day for

Poland The conservative opposition Law and Justice party has won parliamentary elections, with exit polls suggesting it has enough seats to govern alone. If the numbers are confirmed, it would be the first time since democracy was restored in Poland in 1989 that a single party haswon enough seats to govern alone. (BBC)

Argentina Centre-left candidate Daniel Scioli is leading exit polls in an election that signals the end of a dozen years of rule by President Cristina Kirchner and her late husband. Here’swhat’s at stake for the economy. (BBC, FT)

Read more about upcoming events this week.

Food for thought

South Africa: barriers to entry More than two decades after Nelson Mandela led the country through its first democratic election, South Africa is again being rocked by mass protests reminiscent of the apartheid-era struggle. Ostensibly against planned increases in university fees, the demonstrations reflect a wider frustration among black youths over the lack of racial and structural change. (FT)

Hell hath no fury like … the global meat industry, which has reacted angrily to a new report, to be published today by the cancer research arm of the World Health Organisation, that found that processed meat such as bacon and sausages is carcinogenic, while red meat probably is too. In an attempt to undermine the findings, the North American Meat Institute accused the body of “dramatic and alarmist over-reach”. (FT)

The youth of today A survey by the World Economic Forum found that millennials — aged 20 to 30 — worry most about social and economic equality, remain sceptical of the government and media and count tech entrepreneur Elon Musk as one of their heroes. And their top objective when selecting a job? To make a difference in society. (USA Today)

The assassination of peace in the Middle East When Israeli prime minister Yitzak Rabin was killed in 1995, did the prospect of peace in one of the world’s most volatile regions die with him? This podcast explores the conspiracies surrounding the assassination and how the actchanged the fate of Israel. (New Yorker, This American Life)

Martin Wolf takes Ben Bernanke to lunch The FT’s chief economics commentator and the former Fed chair go deep on the financial crisis, and why Mr Bernanke is relieved to no longer be making the “tough calls”. (FT)

Video of the day

Toyota and the hydrogen economy Toyota’s new car is fuelled by high-pressure hydrogen. But costs and a lack of infrastructure mean it is years from widespread adoption. Motor industry correspondent Andy Sharman takes the Mirai for a spin in Hamburg. (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 Chinese national flag flutters in front of the headquarters of the People’s Bank of China. REUTERS/Petar Kujundzic.