UN climate talks kick off, EU and Turkey reach migrant deal and the renminbi is set for reserve currency status

This article is published in collaboration with FirstFT.

The daily briefing “FirstFT” from the Financial Times.

Rich nations have a moral imperative to lead the fight against global warming as they “powered their way to prosperity on fossil fuel,” Indian Prime Minister Narendra Modi writes in the FT in comments that highlight the challenges facing UN climate talks starting today in Paris.

The remarks are likely to irk wealthy nations, which insist there can be no deal unless large emerging economies take on more responsibility for fighting climate change. (FT)

In the news

Deutsche Bank’s anti-tax plan The German bank pitched complex tax avoidance strategiesto several clients with offices in Brazil, including AB InBev, Archer Daniels Midland, Bunge and Cargill, according to documents seen by the FT. (FT)

EU and Turkey reach migrant deal Ankara agreed to help stem the flow of refugees into Europe in return for cash, visas and renewed talks on joining the bloc. One key element is $3.2bn in EU aid for the 2.2m Syrian refugees in Turkey. (FT)

Israel retaliates over EU labels move Israel has suspended its co-operation with the EU on the peace process in retaliation for the bloc’s decision to begin labelling some goods made in Jewish settlements on Israeli-occupied lands. The move by Jerusalem marked its first formal response to the decision by Brussels on November 11 to require member states to begin labelling products made on lands occupied by Israel since the 1967 Six-Day War. (FT)

Rising fears of Russian isolationism Vladimir Putin all but banned his citizens from the Turkish beaches of Antalya this weekend, making good on his promise of “serious consequences” following the downing of a Russian warplane by Turkey last week. (FT)

AB InBev to offload Peroni and Grolsch In order to head off regulatory concerns, the brewing group plans to sell the beer brands it would gain in its proposed £71bn acquisition of SABMiller. (FT)

It’s a big day for

Climate change Leaders from more than 100 countries meet in Paris for the UN COP21 conference, which aims to reach a deal to reduce carbon emissions to curb global warming. Corporate sponsors of the event are coming under fire for using the event to help them look more environmentally friendly than they really are. (FT)

The renminbi The IMF is expected to admit the Chinese currency to its elite basket of reserve currencies on Monday in what would be a major vote of confidence in Beijing’s economic reforms. It comes amid questions over just how much the fund has been forced to bend its own rules to accommodate China. (FT)

Food for thought

The best books of 2015 The FT’s annual list of the year’s best in economics, business, politics, history, science, art, fiction and beyond. (FT)

‘LiFi 100 times faster than WiFi’ A new method of delivering data, which uses the visible spectrum rather than radio waves, has been tested in a working office. LiFi can deliver internet access 100 times faster than traditional WiFi by using a light source, such as a standard LED bulb, an internet connection and a photo detector. (BBC)

The rise of liberal intolerance This should be a triumphal moment for American liberalism: the country has legalised gay marriage and twice elected its first black president. Yet the revival of political correctness on US campuses tells another story, writes the FT’s Ed Luce. “Instead of championing free speech, the left is trying to shut it down. In the name of diversity,it demands conformity.” (FT)

Saudi Arabia’s wake-up call Ten months after acceding to the throne, King Salman bin Abdulaziz, 79, faces the daunting challenge of managing the kingdom as the age of $100-a-barrel oil has receded and budget surpluses have been replaced by yawning deficits. (FT)

The death of hope for America’s friends For years following the 2003 invasion, the US relied on Iraqis to navigate the country’s alien terrain and sectarian loyalties. Now they are getting the cold shoulder. US visas have been denied “as a matter of discretion” and the relevant officials refuse to give an explanation, writes FT investigations editor Christine Spolar. (FT)

Video of the day

Lucy Kellaway’s Office Space: Lego Activity Based Working is a concept for office design taken on by Lego in its new London HQ. The FT’s Lucy Kellaway pays a visit to find out if having no fixed desk and moving between areas depending on your task is for her. (FT)

Publication does not imply endorsement of views by the World Economic Forum.

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Image: Cracked earth marks a dried-up area near a wind turbine used to generate electricity at a wind farm. REUTERS/Carlos Barria.