The transatlantic tax tussle, China shakes the world and when robots say nothing at all

The Obama administration helped wipe more than $20bn off the market value of the drugmaker Allergan by unveiling a new push to curb the kind of tax-cutting deal it is pursuing with Pfizer.

Allergan’s share price plunged more than 22 per cent in after-market trading on Monday after the Obama administration announced its third effort in two years to deter deals known as inversions. (FT)

In the news

‘Don’t fight the Fed’ loses its bite It has been a pretty good bet in recent years that if you fight the Federal Reserve, you will probably lose. But worries that the central bank may be running out of ammunition have undercut the Fed’s effect on the markets in recent months. (FT)

China shakes the world Emerging markets such as China pose a growing risk to advanced economies, with events in developing economies increasingly responsible for price movements in financial markets in richer countries, the International Monetary Fund has warned. (FT)

Pride in the name of cars Tesla Motors has acknowledged its own hubris played a role in a string of production shortfalls, as the US electric car maker revealed continuing glitches with the ramp-up of its ambitious falcon-wing vehicle, the Model X. (FT)

A passage to India UK business secretary Sajid Javid is today heading to Mumbai to meet Tata chairman Cyrus Mistry over the disposal of its threatened UK steel operations. Tata Steel said last week it was conducting a strategic review of its UK operations, which were acquired for £6.2bn in 2007 but are now lossmaking amid a global steel glut. (FT)

Saudi Arabia looks to slow Iran oil exports The kingdom has taken steps aimed at slowing the Islamic Republic’s efforts at increasing oil exports, banning vessels that transport Iranian crude from entering its waters, according to traders and shipbrokers. (FT)

It's a big day for

Donald Trump, who is under pressure ahead of the Wisconsin Republican primary. The last six surveys in the US have him trailing Texas senator Ted Cruz by an average of 6.5 points. (FT)

Food for thought

The transatlantic tax tussle The stage is set for another clash this week between the powerful EU competition enforcer Margrethe Vestager and US officials, led by Treasury secretary Jack Lew. Washington has accused the EU of conducting a crusade against tax avoidance that is unfairly singling out American companies, including Apple, Amazon and Starbucks. (FT)

Lost for words Despite being a degenerative brain disease, people with primary progressive aphasia can still plan, reason and multitask. Their memories stay healthy and their personalities remain unchanged. The ill effects? They are gradually robbed of their language skills. (The Atlantic)

Shifting sands in the Middle East Saudi Arabia’s warming ties with Russia surely speak of the waning regional influence of the US, writes the FT’s David Gardner. “After Barack Obama started a thaw in US relations with Iran through last year’s nuclear deal, and Mr Putin stormed into a Syrian war the US president has sought to avoid, the Saudis seem to have decided to work with Moscow, in the belief that it can influence Tehran.” (FT)

Scientists v conspiracists The European Organization for Nuclear Research, or Cern, is gearing up for another run at smashing particles together to unlock the secrets of the universe. That means another round of battling conspiracy theories that its real aim is to blast open a gateway for apocalyptic demons. (WSJ)

Why US voters are so angry Deep discontent in the American electorate explains the rise of two candidates whose presidential campaigns would, in previous years, have been killed off long ago. At its heart, the fury is economic: people do not expect better incomes in the future. (FT)

When robots say nothing at all When it comes to popular culture, at least, surveys show that humans have a soft spot for robots that do not talk. Think R2-D2 in Star Wars. Now, driven by this fascination with non-verbal communication, Japanese tech entrepreneurs are developing robots that will not speak but rather comfort humans in the manner cats and dogs do. (NAR)

Video of the day

Fund managers’ miserable quarter John Authers attempts to explain a terrible quarter for active equity fund managers’ performance — and at new labour market data that helped stay the Federal Reserve’s hand. (FT)