Cancer breakthrough, shadow banking clampdown and the curse of the Japanese salaryman

Technology Eye | May. 03, 2016

Leicester City claimed a piece of sporting history last night when they were crowned English Premier League champions for the first time in their 132-year existence. The Foxes won the title after Tottenham, their only remaining challenger, were held to a draw at Chelsea.

Analysts say the victory could offer the club a £150m windfall — a sum comprised of Premier League prize money, Champions League participation cash and increased match day revenues from ticket and hospitality sales . Questions will now be asked: can they do it all again next season ? (FT, BBC)

In the news

Breast cancer breakthrough Scientists say they now have a near-perfect understanding of the genetic events that cause breast cancer, a milestone that could spur the discovery of new ways to treat and prevent the disease. (BBC)

China clamps down on shadow banking Regulators are taking aim at financial engineering that domestic banks have used to disguise trillions of dollars in risky loans as investment products. The clampdown is designed to deflate one of the fastest-growing — and riskiest — areas of the vast shadow banking apparatus, where bad debts are increasing. (FT)

The little engine that could Cambridge university researchers have developed a microscopic engine called Ant — the smallest in the world — that they say is the first one capable of driving nanobots, including medical robots that could travel through the body. (FT)

Draghi v Berlin Mario Draghi has hit back at German criticism of the European Central Bank’s interest rate policy, saying low borrowing costs were symptomatic of a glut in global savings for which Germany was partly to blame. The ECB president’s argument on Monday is a new line of defence against objections from German politicians, bankers and the media over the ECB’s decision to lower its benchmark main refinancing rate to zero. (FT)

Puerto Rico headed for imminent default The US territory's governor ordered a moratorium on debt payments as the island heads for a potentially crippling default . (FT)

Bitcoin founder revealed? Five months after Craig Steven Wright, an Australian computer scientist and businessman, was outed against his will as Satoshi Nakamoto, he says he is indeed the creator of bitcoin . The announcement, if true, would end years of speculation about who is responsible for creating the digital currency. Until now, Mr Wright had never publicly confirmed or denied allegations he was Mr Nakamoto. Still, nagging questions remain . (Economist, FT)

It's a big day for

Europe's economy The European Commission will announce its spring economic forecasts for growth and employment in the 28 EU member states. The reports may provide some insight on whether the continent's economy is regaining its footing . (NYT)

The US presidential race Both parties turn to Indiana , where Democrat Hillary Clinton and Republican Donald Trump will hope to strengthen their front-runner status. Sign up for our daily US politics newsletter here . (FT)

Food for thought

Curse of the salaryman For decades after the second world war, the white collar salaryman — that globally recognised stereotype of overworked, group-thinking, duty-burdened Japan — defined the nation. He was a glorious, indefatigable, all-conquering economic hero. But in 2016, the salaryman — unassertive and allergic to risk — has switched from asset to liability . (FT)

A Roman (working) holiday Chinese police are set to patrol the streets of the Italian capital as part of an experiment aimed at helping tourists from China feel safe. The four officers, who were trained by Italians in Beijing, will wear the same uniforms they wear at home so their compatriots can recognise them easily . (The Guardian)

Hacker philanthropy Tech investor Sean Parker has been involved with everything from Napster to Facebook to Spotify, but the 36-year-old is now turning his attention to cancer research . “Luckily the consumer internet companies are not very mentally taxing at this point. This is both much more intellectually interesting and a lot more rewarding than building yet another product for teenage girls,” he said. (FT)

Gaining weight after ‘The Biggest Loser’ Contestants on the reality show lost hundreds of pounds, but put them on again. A study of their struggles helps explain why so many people fail to keep off the weight they lose — and how our bodies fight against us. (NYT)

Xi Jinping v Li Keqiang Political tensions are rising in China in a prelude of what is expected to be an all-out battle between the country's top two leaders. Relations between the two have deteriorated in the past year or so. This could be seen during the past two annual meetings of the National People's Congress, China's parliament. (NAR)

Video of the day

FT Pub Quiz: US elections Test your knowledge of the US presidential candidates with Washington DC bureau chief Demetri Sevastopulo. (FT)

SOURCE: World Economic Forum

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