Alphabet to become world's most valuable company, the 500 euro question and Germany’s refugee entrepreneurs

Alphabet, the holding company for Google, looks set to overtake Apple to become the world’s most valuable company when the US stock market begins trading on Tuesday. Shares in Alphabet rose more than 6 per cent in after-hours trading on Monday, pointing to a market capitalisation of about $550bn, topping Apple’s $540bn. It had already overtaken Apple measured by enterprise value, which strips out net cash, though market capitalisation remains a more widely followed yardstick.

The change in tech leadership points to a new milestone in the maturing smartphone world, as purchases of new devices slow and the fortunes of companies that benefit from selling advertising or services to the new mass mobile market boom. (FT)

In the news

$7.6bn China Ponzi scheme uncovered More than 20 people associated with a scam that allegedly took more than Rmb50bn ($7.6bn) from investors have been arrested, according to the official Xinhua news agency. Police had to use two excavators to uncover some 1,200 account books that had been buried deep below ground, according to Xinhua. (FT)

The battle for the ‘new settlement’ Proposals intended to keep Britain in the EU will be published on Tuesday when Donald Tusk, European Council president, circulates a draftBritish deal to EU capitals. (FT)

Revenues beyond oil Russia is lining up seven major state companies, including Aeroflot, diamond miner Alrosa and Rosneft, for potential privatisation as the Kremlin debates drastic options. The decision to consider the first such comprehensive push in years comes as the latest slide in crude prices is expected to drive Russia into a second year of recession. (FT)

UK permits human ‘gene editing’ Scientists at the UK’s Francis Crick Institute have been granted permission to genetically modify human embryos. They aim to deactivate genes in leftover embryos from IVF clinics to see if it hinders development. The experiments will take place in the first seven days after fertilisation and could explain what goes wrong during miscarriages. (Telegraph, BBC)

The 500 euro question The 500 euro note is being investigated for ties to terrorism. The EU Commission on Tuesday will pledge to investigate the suspiciously high number of the notes in circulation in the eurozone as part of a plan to choke off financing for terrorists in the wake of the Paris terror attacks. (FT)

The final stretch Ted Cruz, the firebrand Texas senator, has won the Iowa Republican caucus, delivering a blow to Donald Trump, the New York property mogul who had dominated the GOP race for months. (FT)

It’s a big day for

Oil major BP, which reports fourth-quarter results. Profits are expected to have declined 66 per cent from a year ago following the collapse in oil prices. The group, in the middle of a steep cost-cutting programme, may outline even deeper reductions to this year’s capital spending, which was projected at $19bn in October.

Food for thought

Seeing clearly To restore sight to damaged eyes doctors often need to transplant the cornea — the transparent covering of the iris and the pupil — from a deceased donor. There is a worldwide shortage, but one country, Sri Lanka, is doing its best to satisfy demand. (BBC)

Terror goes global A surge in Isis-claimed attacks suggests the Sunni Islamist extremist group and its violent, ultra-conservative ideology are extending their influence to Asia. (FT)

Fiddling while Rome burns Brexit is no way out of a Europe in crisis, argues the FT’s Gideon Rachman. In its own interests, Britain must contribute to stability on the European continent — debate for minor changes in their relationship with the EU seem “almost bizarrely besides the point”. (FT)

No country for babies The rapid spread of the Zika virus across Latin America and its suspected link to an outbreak of birth defects has prompted some governments to urge people to hold off on having kids. What will be the consequences? (The Atlantic)

Germany’s refugee entrepreneurs Germany has a relatively low level of entrepreneurial activity compared with other advanced economies and the overall number of companies founded each year has shrunk by more than 40 per cent over the past decade. But somerecent refugee arrivals are challenging that. (Reuters)

Video of the day

Santorum on Trump and Cruz Rick Santorum won the Iowa caucus in 2012 but this year he is trailing fellow evangelical Ted Cruz. He tells Washington bureau chief Demetri Sevastopuloneither leading candidate has a record of working with other people to get things done. (FT)