Greece: time to decide, Twitter changes, and Uber in China

The daily briefing “FirstFT” from the Financial Times.

The time for compromise is over. That was the message Greece’s creditors sent to Alexis Tsipras, prime minister, as the International Monetary Fund withdrew its negotiating team and European leaders issued their starkest warnings to Athens since the start of a five-month stand-off over the country’s soon-to-expire EUR172bn bailout.

The IMF’s decision to pull its technical team out of the talks is a move intended to inject some urgency into the negotiations. But it’s particularly troubling for Berlin, which has been adamant throughout the crisis the Fund should remain fully involved in the talks, and favours its technical skills and rigour over those of the European Commission.

Any hopes of thrashing out a deal unravelled, with Mr Tsipras labelling a plan hammered out with the European Commission as “absurd”, and a counter-offer from Athens – demanding lower budget surpluses in place of a redistribution of cuts – deemed as lacking by Greece’s creditors.

In the news

Twitter chief #stepsdown Dick Costolo quit as head of the messaging platform he has led since 2010. The pressure was on as user growth wilted and revenues consistently missed expectations and investors cheered, sending shares up as much as 10 per cent in after-hours trading. Co-founder Jack Dorsey will lead the company as it searches for a new chief executive. Trending: #ThankYouDickC (FT)

The sons rise at 21st Century Fox Rupert Murdoch will pass the chief executive position to James Murdoch, while Lachlan Murdoch becomes co-chairman as part of the company’s long-term succession plan. Chase Carey, the company’s most senior non-family executive, will give up his operational responsibilities but stay on as an adviser. Lex noes that Murdoch pére is notleaving the C-suite on a high note. (FT)

Withdrawal symptoms Some $9.3bn was pulled out of emerging market funds this week, their biggest outflow since the financial crisis, as investors pull billions of dollars from frothy Chinese equities. (FT)

Draghi denies hedge fund leak The European Central Bank chief rejected claims that top officials disclosed privileged financial information to a select group of hedge fund managers and bankers. The facts, he said, were already publicly available. (FT)

UK steps up sell-offs George Osborne is to start selling the state’s GBP32bn stake in Royal Bank of Scotland. The UK chancellor admitted he would take a political hit for selling the bank for less than the cost of RBS’s bailout in 2008; the taxpayer would lose GBP7.2bn if all shares were sold at current prices. Separately, the government raised GBP750m from the sale of half of its remaining 30 per cent stake in Royal Mail.

Drying up Investors, bankers and analysts have in recent years been worrying over the deteriorating trading conditions in corporate bond markets, but some are fretting more about the liquidity of the biggest and most actively traded market of them all — US Treasuries. (FT)

Taxi! Uber drivers are making close to 1m trips every day in China, almost as many as on the entire ride-hailing service globally just six months ago, as it pours huge resources into one of its most challenging markets. (FT)

It’s a big day for

Dominique Strauss-Kahn A court in Lille, France, is due to decide today whether the former International Monetary Fund chief is to be found guilty of charges of “aggravated pimping”, for procuring prostitutes for “beast-like” orgies in Belgium, France and the US. The state prosecutor recommended earlier this year that DSK be cleared of all charges. (The Guardian, FT)

US trade The US House is set to vote to grant President Barack Obama the fast-track authority he needs to close a massive trade deal with 11 Pacific Rim nations. Some Democrats, labour unions and progressive groups strongly oppose the deal, but the unusual alliance between Mr Obama and House Republicans is poised for a victory. (The Hill, HuffPo)

Food for thought

Watch out Following an almighty battle, it seems like the rich world’s fight against financial chaos and deflation may have been won. But all manner of hazards are lurking around the corner for the global economy, ranging from Greece’s debt saga to China’s wild markets. (The Economist)

Why so serious? Christopher Nolan’s ‘Batman Begins’ was hailed for revitalising the Caped Crusader as a dark icon of intimidation, yet the trailer for the upcoming ‘Batman v Superman’ film, directed by Zack Snyder, has been criticised for being too serious. This is the complicated legacy of ‘Batman Begins’, writes David Sims. (The Atlantic)

The shape of jazz to come Ornette Coleman, who has died at the age of 85, was the saxophonist pioneer of free jazz . He dedicated a lifetime to searching for fresh musical ideas and, remarkably, he found them on a regular basis. His transcendent melodies wrenched jazz from the tyranny of preset harmony and laid the foundations of a fully improvised music. (FT)

Just another moonlight mile The Rolling Stones’ 1971 album Sticky Fingers is being re-released in three expanded versions this week, backed by a money-spinning band tour. The album – which received a lukewarm reception from critics at the time, but is heralded as a classic today – is ” [Mick] Jagger’s finest hour“, writes Jack Hamilton. (Slate)

Panic! at the mansion Inside the world of panic rooms and bunkers, with the people who are installing them at the homes of the wealthy in ever greater numbers. (FT)

Video of the day

Mark Carney’s City regulation: a tipping point? Will other countries follow the Bank of England governor’s lead in extending penalties for market abuse? (FT)

This article is published in collaboration with The Financial Times. 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 Greek national flag flutters as the parliament building is seen in the background. REUTERS/Alkis Konstantinidis.