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Good morning from the newsroom of the Financial Times.

Today is Tuesday, July 9th. Good morning from the newsroom of the Financial Times.

Today is Tuesday, July 9th, and this is your FT news briefing.

Chinese venture capital investment in US biotech companies fell by more than half in the first six months of 2019.

German Chemical Group BASF says it will cut its full year forecast and Deutsche Bank has started calling 18,000 jobs in the most

radical overhaul in two decades. Plus the FT's Kaddam Sher, explains the details of the indictment of and sex abuse charges

against money manager Jeffrey Epstein.

I'm Mark Filipino, and here's the news you need to start your day.

Chinese investment in American biotech companies has plummeted as the US

tighten scrutiny of funding from overseas.

Investors from China took part in venture capital funding rounds for US biotech companies

worth $725 million in the first six months of 2019.

That's down almost 60% from the same period last year,

says the Seattle-based data provider pitchbook.

In November November Washington began

subjecting foreign investments in several kinds of technologies to

additional scrutiny. Now any investments over 5% must be reviewed by the Committee of Foreign Investment in the US, or

Cipious.

The US has growing concerns over Beijing stealing intellectual property.

As one biotech entrepreneur told the F.T.

...