Greek banks re-open, gold falls and the wheels on the bus

The daily briefing “FirstFT” from the Financial Times.

Greek banks opened for the first time in three weeks on Monday in an attempt to bolster savers’ confidence in the country’s crippled lenders. However, with Greece down to its last EUR1bn in available cash last week, potential bail-ins of depositors and loan defaults could still lie ahead.

There are also questions over whether the stock market will remain closed. Staff at the Athens bourse are at work, waiting for a decision from the Ministry of Finance as to whether it will extend its cautious relaxation of capital controls. (FT)

In the news:

Shaking the kitty

George Osborne will begin the process of finding another GBP20bn of savings on Tuesday as he launches the government’s spending review, a process that will conclude in November. (FT)

Turkey focuses on security

Turkish Prime Minister Ahmet Davutoglu has promised to boost security along the country’s border with Syria after 30 people were killed by a bomb in a Turkish town last week. (BBC)

Complacent before a fall

SpaceX, the company competing for some of the US’s most sensitive space launches, may have become “a little bit complacent” before a devastating rocket explosion in June, founder Elon Musk said as he published preliminary findings on the crash. (FT)

Shine comes off

Gold fell 4 per cent to its lowest level in five years on Monday as the strengthening dollar and the prospect of rising US interest rates led to a sharp sell-off. (FT)

It’s a big day for:

The luxury industry, as both Rémy Cointreau and Hermès report quarterly results. The focus will be on how well international sales are holding up amid the Chinese economic slowdown.

Food for thought:

Reaching for the sun

The story of how an obscure toy maker was transformed into Hanergy Thin Film, a solar group whose value touched $40bn before a dramatic fall. Former chief executive Ronnie Hui has held prominent roles in several Hong Kong-listed companies. (FT)

Treacherous beauty

The shimmering beauty of a tropical coral reef submerged in a sapphire sea is often regarded as a paradise that needs protecting, but that is a modern view. Until recent times, reefs were regarded as treacherous places. (BBC)

No go IPO

The sudden halt to a frenzy of initial public offerings in China is weighing on the country’s biggest underwriters. They have deals left on hold after the government imposed an indefinite suspension this month. (Bloomberg)

The wheels on the bus

Reported problems with London’s new hybrid Routemaster buses are forcing TfL to replace batteries in 200 of the vehicles as their green credentials come under scrutiny. (Wired)

Drugs war gets a new general

A reporter listens in as a cartel operative, Mexican intelligence official and veteran US counter-narcotics agent discuss the recent escape of Joaquin “El Chapo” Guzman, Mexico’s most powerful drug trafficker. (The Atlantic)

Video of the day:

Gold has become a tough sell, and the FT’s James Mackintosh says perhaps those buying gold should be hoping China recovers its appetite for heavy industry and starts sucking in commodities again.

This article is published in collaboration with The Financial Times. Publication does not imply endorsement of views by the World Economic Forum.

To keep up with the Agenda subscribe to our weekly newsletter.

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: Sixty Euros are seen during a withdrawal operation at a bank branch ATM in central Athens. REUTERS/Christian Hartmann.