China stock markets shuttered, a grim year for emerging markets and oil slides below $35

This article is published in collaboration with The Financial Times.

China’s entire equity market shut early — again — after the threshold for its new “circuit breaker” was breached within the first 30 minutes of trading.

Stocks plunged for the second time this week after the renminbi saw its biggest one-day weakening since China’s surprise devaluation in August. Currency concerns have spooked China’s markets which have gone into a replay of last summer’s meltdown and left policymakers struggling to contain the fallout. (FT)

In the news

Netflix expands global push The video-streaming website launched its service in 130 more countries, tripling the number of markets where it offers an inexpensive alternative to cable or satellite television. (FT)

Labour frontbenchers quit in Corbyn protest Three members of Labour’s front bench have quit their posts in protest at Jeremy Corbyn’s reshuffle, undermining his already shaky grip on his party in Westminster. (FT)

A grim year for emerging markets Developing economies last year recorded their slowest growth since the immediate aftermath of the 2008 financial crisis and are facing the prospect of an equally grim 2016, the World Bank has warned. (FT)

Oil slides below $35 Oil’s volatile start to the year continued on Wednesday after Brent crude sank below $35 a barrel for the first time since 2004 as a relentless rise in global production overshadowed geopolitical upheavals. (FT)

Star Wars smashes US records The Force Awakens, the latest in the sci-fi film franchise, has unseated Avatar to become the top of film of all time in North America. Disney said the film had by Wednesday already earned enough to surpass the $760.5m taken in by Avatar over its lifetime. (BBC)

It’s a big day for

Medical marijuana users New York officially launches marijuana as a form of medical treatment, becoming the 23rd US state to do so as the taboo surrounding its legalised medicinal use starts to shift. (Yahoo)

Food for thought

The cost of staying in London Thousands of finance jobs have no need to be done in the English capital — one of the world’s costliest cities — some banks have admitted. The financial institutions are looking at ways to reduce their cost base and moving middle and back-office staff from the city is becoming an increasingly real prospect. (FT)

The age of the Jetsons Stepping into a personal drone that will fly you to your destination seems like the stuff of science fiction, but one Chinese start-up proposes to do exactly that. In one of the most ambitious — some might say outlandish — launches at the CES 2016 event in Las Vegas, drone maker Ehang released the new “184” drone, a self-flying vehicle that can carry a human passenger. (FT)

Explaining the Sunni-Shia divide Since the 7th century, Islam has been divided into two main denominations, Sunni and Shia — a schism that continues to impact the Middle East to this day. The FT’s Heba Saleh looks at the reasons behind the split and the main differences between the two branches of Islam. (FT)

Bidding on a better airline seat More than 30 airlines around the world have started auctioning upgrades to first-class, business-class or premium economy seats, rather than give them away for free to frequent flyers. The move offers an opportunity for travellers who don’t have elite status to enjoy the perks without paying full price. (WSJ)

The triumph of email In the mobile internet age, checking email has for many become both a nervous tic as well as a tether to the office. It works the way it is supposed to but people seem to hate it more than ever. Why does one of the world’s most reviled technologies keep winning? (The Atlantic)

Video of the day

Why Cameron will survive Europe vote FT editor Lionel Barber and political columnist Janan Ganesh discuss the decision by UK Prime Minister David Cameron to allow his ministers a free vote in the 2016 referendum on membership of the EU. (FT)

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 petro-industrial factory is reflected in a traffic mirror in Kawasaki near Tokyo. REUTERS/Thomas Peter.