The Turkish election, Greek banks recapitalise and the dangers of equity crowdfunding

The daily briefing “FirstFT” from the Financial Times.

The ruling AK party in Turkey surged to victory in national elections on Sunday in a triumph for President Recep Tayyip Erdogan after his setback at the polls five months ago. With more than 99 per cent of the votes counted by late evening, the AKP had secured a clear majority of parliamentary seats, more than reversing the losses it suffered in a previous election in June.

Foreign allies and investors, while concerned about authoritarian tendencies, nonetheless hope that the victory will restore stability in a key regional political and economic power. Nato and the EU in particular are looking to Turkey to help deal with the war in neighbouring Syria and the tens of thousands of refugees fleeing the fighting. (FT)

In the news

Sinai tragedy Investigators probing the crash of a Russian aircraft over Egypt in the Sinai Peninsula on Sunday began to focus on the cause of an apparent mid-air break-up of the plane. At least 163 bodies of the 224 on board have been recovered as investigators continue their search. Russia held a day of mourning on Sunday for the group of mostly young families on holiday. (WSJ, FT, NYT)

US-Russia tensions on the high seas The US is debating whether to place naval assets in Europe as Russian warships and submarines operate at levels not seen in two decades, according to the new head of the US Navy. (FT)

Greek banks recapitalise The four biggest banks in Greece will this week finalise recapitalisation plans to raise the EUR14bn the European Central Bank says they require, in the latest move to stabilise the Greek economy. The banks have until Friday to present their recapitalisation plans for approval by the ECB. (FT)

Unknowledgeable city The biggest training school for London black cab drivers is set to close this December, blaming the twin pressures of Uber and increased property prices. For years it has taught London cabbies the Knowledge, or how to learn their way around 25,000 streets. (FT)

Asian diplomacy Leaders from the three main powers in east Asia have agreed to work towards resuming the long-stalled talks aimed at dismantling the North Korean nuclear programme while working towards greater economic integration. The meeting in Seoul on Sunday between South Korean President Park Geun-hye, Japanese prime minister Shinzo Abe and Chinese premier Li Keqiang was the first of its kind in more than three years. (FT)

Chinese boost to QE Eurozone central bankers have received help from Beijing in delivering their EUR1.1tn quantitative easing plan thanks to sales of German government debt by the Chinese central bank. (FT)

It’s a big day for

US bipartisanship President Barack Obama is set to sign a two-year bipartisan budget that avoids a US debt default, increases spending and ends months of turmoil among Congressional Republicans. (Bloomberg)

You can see more upcoming events here. (FT)

Food for thought

Sex crimes and the thin blue line An AP investigation reveals hundreds of American police officers have been kicked off the force for rape and other sexual assault. The news agency discovered about 1,000 officers had lost their badges for sex crimes over a six-year period, and suggest this is an undercount because many states do not provide data or fire officers for such offences. (AP)

Two big mistakes that ruined Europe The single currency is a trap and eastern expansion forced the EU to take its eye off the ball, argues Wolfgang Münchau. The EU is struggling both with foreign policy issues and looking after its economy. (FT)

Oil slides out of control The plunge in the price of crude since last summer has made it clear that the markethas is not controlled even by the producers. But while there are no exact precedents, history offers some clues as to the future. (FT)

The dangers of equity crowdfunding New rules will allow ordinary US investors to go beyond the Kickstarter model and emulate venture capitalists by taking stakes in the companies they fund online. But the start-up game remains the same, and the vast majority are bound to fail. (Wired)

How a community got itself online The residents of rural Orcas Island in Washington state were frustrated by their slow and unreliable internet service. So they decided to do something about it — they created their own network using radios hung in the trees. (Ars Technica)

Blockchain banking Banks are racing to harness the power of blockchain technology, the shared database technology that gained notoriety as the platform for the crypto currency bitcoin, believing it could cut up to $20bn off costs and transform the way the industry works. (FT)

Video of the day

US oil majors show resilience Third-quarter results from ExxonMobil and Chevron showed that mid and downstream operations could cushion the pain of sustained low oil prices. FT reporters discuss. (FT)

This article is published in collaboration with FirstFT. 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 man walks by the headquarters of the Bank of Greece. REUTERS/Yannis Behrakis.