Greek countdown, UK budget analysis, and out of tune

The Chinese market sell-off abated on Thursday morning, as Beijing rolled out further measures to boost liquidity and calm investor nerves following days of sharp share price falls. The banking regulator said it would allow lenders to ease margin requirements for some wealth management clients, and encouraged banks to offer financing to companies seeking to buy their own shares.

The authorities had taken drastic action to try to prop up sinking stocks on Wednesday by banning listed company shareholders with big stakes from selling shares and using central bank money to bolster the market. The securities regulator banned listed company shareholders with stakes of 5 per cent or more from selling any shares for six months. The ban also applies to senior company executives and board members, regardless of the size of their stakes. (FT)

 In the news

Greek countdown EU leaders have given Greece until the end of the weekend to reach an agreement with its creditors or face crashing out of the euro – but before that the country is racing to meet another deadline today. In their letter to the eurozone bailout fund, known as the European Stability Mechanism, to request a new three-year bailout Greek authorities have vowed to set out proposals for a comprehensive and specific reform agenda by Thursday. (FT)

UK Budget analysis Chancellor George Osborne set out a new version of Toryism that sprawled across the political spectrum, from a focus on fiscal discipline and welfare cuts to tax raids on banks and the rich. What does this say about Mr Osborne’s further political ambitions? (FT)

Barclays runners and riders Following the sacking of Antony Jenkins as chief executive on Wednesday, the names of potential contenders  for the top job have emerged. Tushar Morzaria, group finance director, was named by several analysts as the frontrunner. (FT)

Expensive phone bill Time Warner Cable has been ordered to pay a woman $229,500 after a judge ruled it had harassed her with automated calls. Texas resident Araceli King received 153 calls which continued after she had asked the company to stop. (BBC)

Saved before the bell The New York Stock Exchange managed to reopen shortly before its closing bell, more than three hours after it was scuppered by a technical issue that halted trading in all $28tn worth of stocks listed on the bourse on Wednesday. The NYSE said there was no reason to suspect a cyber attack lay behind the disruption. (FT)

Greece’s bailout negotiating team They are racing to convince the European Stability Mechanism to approve a new bailout by Thursday. Eurozone leaders have warned that any such deal must be more comprehensive than that negotiated only two weeks ago. You can read breaking developments on the Greek crisis here. (FT)

Food for thought

Out of tune Fifteen years ago, Kim Cheol-woong was a successful pianist living in North Korea. But when he played a western love song one day, someone filed a report to the state security department. (BBC)

Perspective on Chinese markets The stockmarket plays a surprisingly small role in China, with the free float value of Chinese markets about a third of GDP, compared with more than 100 per cent in developed economies. Less than 15 per cent of household financial assets are invested in shares. (Economist)

What time was that? An American sailor kisses a nurse among the crowd in Times Square who are celebrating the end of WWII in August 1945. A physicist works out what time the photo was taken, and explains how he figures out what time it was when other famous paintings or photographs were created. (Wired)

On the rocks Filipinos living on a remote island in the vast South China Sea are watching as China dredges sand nearby to build on reefs and rocks they claim as their own. Around 120 people, accustomed to a quiet life spent fishing, are the first witnesses to a new geopolitical flashpoint. (Bloomberg)

Lost in space SpaceX, the commercial space launch venture founded by Elon Musk, was recently granted permission to compete for work on national security space launches. Yet there are concerns over whether the business of launching US spy satellites should be treated in the same way as other industries, as well as over the technology itself. (FT)

Video of the day

Could plans to raise the UK living wage to GBP9 an hour change the legacy of the Tories and chancellor George Osborne? Michael Stott talks to political commentator Janan Ganesh and delves into the numbers behind the Summer Budget with Ferdinando Giugliano.

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: People walk past a Greek national flag on main Constitution (Syntagma) square in Athens. REUTERS/Alkis Konstantinidis.