Shale industry hit by outflows, G20 tries to dispel fears and the Chinese economy

The daily briefing “FirstFT” from the Financial Times.

US shale producers reported a cash outflow of more than $30bn in the first half of the year, a sign of the challenges facing the once-booming industry as the slump in oil prices begins to take effect.

The shortfall points to a rise in bankruptcies and restructurings in the sector, which has expanded rapidly in the past seven years but has never covered its capital expenditure from its cash flow. (FT)

In the news

All eyes on the iPhone Apple is set to debut the ninth iPhone this week during a product launch that will be closely watched by Wall Street for clues as to whether the once groundbreaking smartphone still has the potential for more innovation and growth. (FT)

Runway not a runner for Johnson A proposal to build a third runway at Heathrow airport was doomed to fail, according to London mayor Boris Johnson. “By expanding Heathrow, we would merely be investing in decline,” said Mr Johnson in comments likely to complicate analready fraught issue for the government. (Reuters)

Military moves in Syria raise concern US officials have expressed concern about a possible military build-up by Russia in Syria, warning that Moscow’s efforts to bolster President Bashar al-Assad could add to a refugee crisis in Europe and complicate America’s own efforts tocombat jihadi militants. (FT)

G20 tries to dispel fears Finance ministers from the G20 nations have insisted the global economy has nothing to fear from a China slowdown as they tried to dispel the pall of gloom cast by sagging growth and market turmoil. At a meeting in Turkey, European ministers showed firm support for Beijing, which convinced many G20 officials that its new currency management arrangements constituted a step towards a more market-determined exchange rate rather than a ploy to boost exports. (FT)

Frogman sorry for bombing The French intelligence agent who sank a Greenpeace vessel more than 30 years ago has apologised for his actions. The Rainbow Warrior was mined to stop the activist group from intruding on French nuclear tests in the Pacific, resulting in the death of a Greenpeace photographer. (BBC)

It’s a big day for

The Chinese economy Authorities in Beijing revised the country’s annual growth rate for this year to 7.3 per cent from the previously released figure of 7.4 per cent. (FT)

David Cameron, who will suffer an embarrassing defeat when MPs return to work unless he halts the “dirty dealing” over the EU referendum, according to a former cabinet minister. Owen Paterson, a former environment secretary and a leading eurosceptic, said ministers were attempting to rush through laws that risked rigging the vote in favour of those hoping to keep Britain in the EU. (The Times)

Food for thought

Hang up that conference call Email is said to be the bane of modern office life but conference calls are surely worse. “To hold a meeting where you can never be sure who is talking — and often can’t hear them anyway — and where no one has done any preparation because they know they won’t get rumbled is to guarantee a discussion of the lowest possible order,” says the FT’s Lucy Kellaway. (FT)

The weirdest job in medicine Specially trained actors are helping medical schools in the US teach the art of probing patients – and they are willing to use their bodies as guides for some of most delicate and dreaded exams. (WaPo)

Gigantic stone monument discovered A semi-circle of 90 huge stones has been discovered near Stonehenge in the UK. Archaeologists say the find, announced at the opening of the British Science Festival in Bradford, is the most exciting addition for many years to their knowledge of neolithic Britain. (FT)

Multi-tasking: how to survive the 21st century Modern life now forces us to do a multitude of things at once. But can we – and should we? (FT)

Driven to kill Perverse laws on victim compensation mean drivers in China will often intentionally kill the pedestrians they hit. For such drivers, a once-off settlement for a fatality is preferable to paying for a lifetime of care for an injured victim – even if that arrangement means prison time. (Slate)

Video of the day

Payrolls and the Fed Chief investment columnist John Authers analyses the latest US jobs data with chief economics commentator Martin Wolf. What effect will the numbers have on when the Fed raises rates? Should it raise rates at all? (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 worker walks down the stairs of an oil tank. REUTERS/Umit Bektas.