US growth, how Einstein changed everything and do bonuses really work?

The daily briefing “FirstFT” from the Financial Times.

This article is published in collaboration with FirstFT.

Vladimir Putin accused the Turkish government of providing financial and military support to Isis in a furious response to the downing of a Russian fighter jet near the Syria-Turkey border. The Turkish military says it shot down a Russian fighter jet after it violated its airspace along the border with Syria, further escalating tensions between international powers with competing aims in the war-torn country.

The incident complicates international efforts to form a coalition to end the Syrian war and defeat Isis, and is thought to be the first time since the height of the cold war, almost half a century ago, that a Nato member has engaged a Russian military aircraft in air-to-air combat. But Ankara has always aggressively defended its sovereign airspace, including clashes with fellow Nato member Greece. (FT)

In the news

US growth ticks up The US economy grew faster than initially thought in the third quarter, with the strong momentum likely to bolster the Federal Reserve’s case to raise interest rates next month. GDP grew at a 2.1 per cent annual pace, up from 1.5 per cent reported last month. (FT)

Bonuses don’t work That’s what Deutsche Bank chief John Cryan thinks. Or at least that’s what he told a conference in Frankfurt. Needless to say, his opinion wasn’t too popular with his peers, who accused him of playing to the gallery. (FT)

It’s a nuclear pact, not a cyber pact American officials and private security groups say they have seen a surge in sophisticated computer espionage by Iran in the four months since the two countries signed a historic nuclear accord. (NYT)

Five on trial for Vatican leaks Media groups have condemned the trial of five people accused of leaking and publishing secret documents revealing mismanagement in the Holy See . Two journalists who cited the documents in two books will face the tribunal, along with two members of a papal commission and an assistant. If convicted, they could be jailed for up to eight years. (BBC)

To space and back Jeff Bezos has bested Elon Musk in an early private space flight contest after Blue Origin — the space company backed by the Amazon founder — launched a rocket into space and returned it safely to earth . The feat has so far eluded Mr Musk, the entrepreneur behind Tesla Motors. (FT)

It’s a big day for

Rate watchers Tuesday’s positive GDP data bolstered the case for a December rate rise. Fresh data on Wednesday are expected to give it a further boost from a rebound in consumer spending, orders for durable goods and sales of new US homes. An FT explainer details how to interpret the Fed funds futures that predict how policymakers will act. (FT)

Pope Francis, who will travel to Africa on his first papal visit to the continent. He touches down in Kenya this afternoon at the start of a five-day trip that will also take in Uganda and the Central African Republic. (Time)

Food for thought

The $240bn corporate tax black hole Pfizer’s $160bn acquisition of Allergan is just the latest corporate inversion deal that will see a company save billions — $21bn in this case — by redomiciling in low-tax Ireland. It is also the latest evidence that the US urgently needs to close its tax loopholes. (FT)

A uniquely Italian answer to terrorism Prime Minister Matteo Renzi has put aside €1bn to pay for cultural programmes in the hope that a taste of la dolce vita will be enough to turn disenfranchised youths away from terrorism. The money includes a €500 bonus for every 18-year-old to spend at theatres, concerts and museums — activities Mr Renzi hopes will reinforce their sense of being guardians of Italy’s cultural heritage. (FT)

Adele breaks record for US sales The British singer has broken the record for first-week album sales in the US, vindicating her strategy of withholding her new release from streaming services such as Spotify and Apple Music. Her album, 25, has sold more than 2.4m copies in the US since it was released on Friday, beating the previous record set by boyband Nsync in 2000. (FT)

A false alarm on red meat Overstating scientific confidence in a causal connection between red meat and cancer has done the public a disservice, writes Gordan Guyatt. “This is a dismal state of affairs for science and for public health policy. The WHO has erred. It should silence the alarm.” (FT)

How Einstein changed everything One hundred years ago, the scientist set down the equation that rules the universe, and with the theory of relativity forever changed our understanding of how it works. “As compact and mysterious as a Viking rune, it describes space-time as a kind of sagging mattress where matter and energy, like a heavy sleeper, distort the geometry of the cosmos to produce the effect we call gravity.” An interactive graphicbreaks down what exactly that compact equation means. (NYT)

Video of the day

Few investment options for ‘new’ China Beijing’s rebalancing of its economy from exports and heavy industry is working out better than many feared earlier this year. James Mackintosh, investment editor, looks at the difficulty of betting on China’s economy being soft on the inside but hard on the outside. (FT)

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: U.S. dollar notes are seen in this picture illustration. REUTERS/Nicky Loh.